TH Real Estate brings City of London property to market (UK)

TH Real Estate is bringing 7 Bishopsgate to market. Located in a prominent position in the City of London, the building has recently been comprehensively refurbished throughout, to provide 57,433 ft² (5.335 m²) of grade A office space and ancillary accommodation arranged over lower ground, ground and six upper floors. Currently let to or under offer to five tenants, it holds long leasehold for a further 105 years.
The asset is being sold on behalf of TH Real Estate’s Central London Office Fund II (CLOF II) which was established in 2010.
Offers will be sought in excess of £47.25 mln (€65.4 mln), which reflects a net initial yield of 5.0%.
Clive Castle, Fund Manager of CLOF II, commented: “The City of London occupational market continues to strengthen, with office availability at its lowest level since 2001. This is an exciting opportunity to take advantage of the diminishing supply of Grade A offices in the City core and associated strong rental growth.”
Savills is acting on behalf of TH Real Estate.
Source: TH Real Estate