RARE FETTER LANE BEAUTY HITS THE MARKET FOR THE FIRST TIME IN 40 YEARS
British Steel Pension Fund has instructed CBRE to sell 15 Fetter Lane, an 85,000 sq. ft., prime Midtown office building, which provides an exceptional opportunity to secure a core freehold investment in the heart of one of London’s most dynamic sub markets.
CBRE is seeking offers in excess of £92.5 million for the seven-storey building, reflecting a Net Initial Yield of 5.00% and a capital value of £1,084 per sq. ft.
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 floor plates are highly efficient and flexible, ranging between 5,593 sq. ft. (519.6 sq. m) to 11,700 sq. ft. (1,087.0 sq. m) and provide excellent levels of natural light through the floor to ceiling glazing on three elevations.
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 and meets the Sharia compliant guidelines.
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.