West End office block hits the market

A 42,557 sq ft office block in London’s West End has hit the market for 27% less than it sold for almost 10 years ago. Knight Frank has been instructed to market the freehold of Fitzroy House at 355 Euston Road, NW1. Offers over £31m are sought on behalf of a private investor, reflecting a low capital value of £728 per sq ft. According to Land Registry documents, the site is owned by Gibraltar-based corporate services firm Sovereign. The company bought the freehold in November 2015 for £43m from Lord Sugar’s Amsprop Estates. The building is being marketed with vacant possession of the office space, which spans the lower ground, ground and four upper floors. Two floors are let to concierge company Ten Lifestyle Management, whose clients include Schroders, HSBC, Visa, American Express and Arbuthnot Latham. It has around 14,000 sq ft until June 2024 for around £65 per sq ft. The property is also being offered with a pre-planning application design report from Hale Brown Architects which maps out a refurbishment plan to create best-in-class space, with terraces, new end-of-journey facilities, amenities and enhanced sustainability features. This would increase the space to 42,409 sq ft. There are 10 residential apartments on the top two floors of the building, which have been sold.