Capgemini’s City office hits the market at £100m+

J Safra Group, controlled by the Safra family, has brought its long leasehold interest in a City office block to market for an asking price of more than £100m. The investor is inviting offers in excess of £102.5m, which reflects a net initial yield of 5.34% and a capital value of £1,029 per sq ft. The asset at 95 Queen Victoria Street, EC4, near Mansion House Tube station is comprised of 84,770 sq ft of office and 10,596 sq ft of leisure accommodation arranged over the building’s seven storeys. The building also has two basement levels. Currently let to French multinational tech company Capgemini, the recently refurbished office space in the building is fully let on a 10-year term from April 2024. The space is rated EPC A and BREEAM Excellent. The gross annual rent for the building brings in roughly £6.1m and equates to £63.2 per sq ft overall. The asset is held as a long leasehold from the City of London, with 129 years remaining and 8% of rents received paid to the freeholder. Safra acquired the asset for £72.4m from Invesco in 2018. Savills has been instructed to lead the sale.