A £77.5m for-sale sign has been hoisted over music streaming service Spotify’s West End HQ.
Stenham Property has appointed CBRE to sell 65,565 sq ft office building 25 Argyll Street, W1.
The price sought for the recently refurbished block reflects a 4.4% net initial yield.
The instruction comes around nine months after Estates Gazette tipped that fashion retailer H&M and Spotify were set to sign leases at the building.
It is held long leasehold from The Crown Estate for a term of 125 years expiring in December 2132 at a peppercorn rent. Total rental income is now £3.6m pa.
There is further scope for asset management of upcoming lease events including Live Nation (Music) UK, which has a lease expiry in November 2016 on two floors.
