UK industrial property investor Stenprop has placed its London property asset Euston House on the market as it continues to focus on multi-let industrial opportunities.
Gerald Eve, which has been hired to market the property, is quoting a guide price in excess of £90 mln (€101 mln) for the freehold, reflecting an initial yield of 4.9%.
According to Lloyd Davies, partner at Gerald Eve who is leading the sale process, the asset represents 'one of the most attractive value-add opportunities to come to the market in recent years offering short, medium and longer-term reversionary possibilities in an exciting area of significant regeneration'.
The Art Deco building is located adjacent to Euston Station, where Camden Council's Euston Area Plan foresees the regeneration of 54 acres around the station. Euston House will benefit directly from the infrastructure improvements as well as being close to the HS2 hub and proposed Crossrail 2 interchange, the agent said.
The 113,000 ft2 (10,500 m2) office building is fully let at an average rent of £40 per ft2 to tenants including Siemens PLC, Learning Tree International and i2 Offices. The asset has a potential 'block' lease expiry date of 2022.
