Thu, 15 Sep 2011 | BUSINESS SALE
BlackRock UK Property Fund and LaSalle Investment Management have put their Tower 42 estate onto the market with an asking price of £290 million.
Alongside the freehold interest of the 324,000 sq ft office tower, which is located in the heart of the City of London, the estate also comprises five other major commercial premises.
The other developments – which are located on a 2.2 acre freehold site nearby – include the 36,000 sq ft 20 Old Broad Street premises, the 49,000 sq ft 30 Old Broad Street and the 3,500 sq ft Plaza Restaurant.
Jones Lang LaSalle has been appointed by the estate's owners to find a new buyer willing to pay close to the asking price, which reflects a capital value of £600/sq ft and a net initial yield of 6.9 per cent, according to Property Week.
Managing director at BlackRock, Jeff Morton, told the publication, “With limited supply and increasing demand exerting upward pressure on rents in the City market, investors can anticipate strong returns and considerable long term growth potential.
"The property affords not only high profile asset management initiatives but redevelopment and refurbishment potential alongside short term lettings of vacant space,” he added.
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