British Steel Pension Fund has instructed CBRE to sell 15 Fetter Lane, an 85,000 sq ft (7,900 m2) office building in London's Midtown.
CBRE is seeking offers over £92.5 mln (€104 mln) for the seven-storey building, reflecting a net initial yield of 5.00%.
The property was acquired over 40 years ago and has since undergone multiple refurbishment programmes with the most recent works completed in 2017 to provide high-quality, Grade A office and ancillary accommodation.
The property provides an overall passing rent of £57.90 per sq ft and is multi-let to six office tenants with a weighted average unexpired lease term of 9.1 years to lease expiries and 7.0 years to tenant break options. The diverse tenant mix comprises a range of sectors including a charity, law and recruitment firms.
James Beckham, managing director at CBRE commented 'Being adjacent to the New Street Square Campus and only a short walk to Farringdon Crossrail, this location has everything going for it. We expect to receive good interest in this prominent freehold asset.'
