Two assets in E1 have been put up for sale for in excess of £30m each, highlighting an increase in values in the area.
Colliers International and Allsop have been instructed by Schroders to sell 69-89 Mile End Road, E1, (pictured) for more than £38m, as a redevelopment opportunity. The art deco Dept W building once housed Wickham’s department store.
Planning granted in March proposes a Buckley Gray Yeoman-designed refurbishment and extension from 99,000 sq ft to 127,000 sq ft, as a co-working office hub, shops and restaurants.
The building provides a rental income of £747,000 a year, with Tesco and Sports Direct among the occupiers
CBRE is marketing the freehold to the 56,000 sq ft 25 Camperdown Street for offers in excess of £32.5m – a 4.4% yield.
The office building is let to six tenants that together generate a rent of £1.5m pa, equating to £26.81 per sq ft. The average weighted unexpired lease term is 5.9 years.
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