HINES BRINGS ONE BARTHOLOMEW LANE TO MARKET
Hines, the international real estate firm, is selling One Bartholomew Lane, the 79,800 square foot office building adjacent to the Bank of England in the heart of the City of London.
CBRE is seeking offers in excess of £104 million for the freehold in this 10-storey office building, reflecting a net initial yield of just over 4 percent, and a capital value of £1,303 per square foot.
One Bartholomew Lane was acquired in 2012 by Hines on behalf of an Asian investor client, who are one of a range of occupiers, predominantly from the banking and finance sector, in the fully let building.
Ross Blair, Senior Managing Director and Head of Hines UK, said: “One Bartholomew Lane is a prime City office building in a supreme location on an island site facing the Bank of England. There will undoubtedly be strong appetite from investors, and we look forward to opening dialogue with interested parties in the coming weeks.
“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.”
The building represents a rare opportunity for investors to acquire such a special asset in a highly sought-after location. 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.
Hines UK has advised on more than four million square feet of projects acquired, completed or in the pipeline in the UK with a total UK portfolio under management valued at in excess of £2 billion. The company’s portfolio includes a range of assets under management in London and key regional cities including Manchester, Birmingham, Edinburgh and Glasgow.