The Thackeray Estate has put the now fully let Eastcheap Estate, EC3, up for sale for £45.5m – a net initial yield of 4.52%.
BNP Paribas Real Estate has been instructed to look for a buyer for the estate, located in front of the River Thames-facing side of the Walkie Talkie, following the completion of a comprehensive refurbishment.
The freehold estate, on the site of a former medieval food market, comprises 31,838 sq ft across three self-contained buildings, including the gothic-featured grade II* listed 33 Eastcheap, which provides 8,873 sq ft of space.
The two other buildings are the 15,419 sq ft 25 Eastcheap, and the 7,546 sq ft 39 Eastcheap.
The estate is let to 13 office and seven retail tenants, including ETFS Securities, Prospect Wealth Management, restaurant Blacklock and coffee chain Black Sheep, at a passing rent of just under £2.2m per year, equating to £70.96 per sq ft overall with an average weighted unexpired term of 10 years.
Office occupiers account for approximately 66% of the total income, with an average weighted unexpired term of six years and 3.3 years to earliest determinations, with a passing rent equating to £64.67 per sq ft overall.
The retail element benefits from more than 60m of frontage and has a blended Zone A rent of £187 per sq ft with an average weighted unexpired term of 17.5 years.
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