International real estate firm Hines is selling One Bartholomew Lane on behalf of the Korean Investment Corporation (KIC), seeking offers in excess of £104 mln (€117 mln) for the 79,800 ft2 (7,400 m2) London office building.
CBRE has been instructed to find a buyer for the 10-storey asset which stands adjacent to the Bank of England in the heart of the City of London. The guide price reflects a net initial yield of just over 4%, and a capital value of £1,303 per ft2.
One Bartholomew Lane was acquired in 2012 by Hines on behalf of the Korean sovereign wealth fund, which is one of a number of occupiers, predominantly from the banking and finance sector, in the fully let building.
'One Bartholomew Lane is a prime City office building in a supreme location on an island site facing the Bank of England,' said Ross Blair, senior managing director and head of Hines UK.
'There will undoubtedly be strong appetite from investors, and we look forward to opening dialogue with interested parties in the coming weeks.'
'The building represents a rare opportunity for investors to acquire such a special asset in a highly sought-after location,' said Stephen Pearson, director of CBRE capital markets.
'With its period façade, large, flexible floorplates, panoramic views of St Pauls and central London and excellent covenant strength, the building has a highly reversionary income profile and we are anticipating a strong level of interest,' Pearson added.
'In keeping with Hines’ strategy of recycling assets in its portfolio, we have secured successful sales of a number of assets in central London and are actively seeking new opportunities in a market which remains very important for our business,' Blair concluded.
