TIAA Henderson Real Estate (TH) has appointed property adviser Savills to market a refurbished office building in the City of London.
TIAA Henderson Real Estate (TH) has appointed property adviser Savills to market a refurbished office building in the City of London.
The property at 7 Bishopsgate is being sold on behalf of the 2010-vintage Central London Office Fund (II). Offers will be sought in excess of £47 mln (€65 mln), which reflects a net initial yield of 5%.
Located in a prominent position in the City of London, the building has recently been comprehensively refurbished to provide 5,295 m2 of grade A office space and ancillary accommodation arranged over lower ground, ground and six upper floors. Currently let to or under offer to five tenants, it has a leasehold for a further 105 years.
Clive Castle, fund manager of CLOF II, commented: 'The City of London occupational market continues to strengthen, with office availability at its lowest level since 2001. This is an exciting opportunity to take advantage of the diminishing supply of Grade A offices in the City core and associated strong rental growth.'
