West Ham co-owner David Sullivan is understood to have decided to put Wingate House, in the heart of the London’s theatreland, up for sale.
Located on Shaftesbury Avenue, the 70,000 sq ft mixed use building is expected to fetch around £81m, reflecting a 3.8% net initial yield.
Current tenants include Curzon Cinema, and feature film post-production equipment hire firm Hireworks, which has provided equipment for Game of Thrones and films Bohemian Rhapsody and Rocketman.
It is expected to be brought to the market by Savills and presents a prime redevelopment opportunity to create more than 100,000 sq ft.
The property is held by Sullivan’s investment business Conegate, which according to Radius Data Exchange acquired the property in 2014 for £60m.
It is the latest development opportunity to hit the market, which have enticed several domestic investors back into the arena, including the sale of 25 Lavington Street, which was acquired in December by Landsec after a self-imposed 10-year investment hiatus.
More recently Stanhope and the Baupost Group were awarded the chance to develop a 5.5 acre site in Waterloo by Guy’s and St Thomas’ Charity.
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