DTZ Investors has moved a step closer towards selling its Mark Lane Estate in London with the asset going under offer.
DTZ Investors first brought the office asset to market more than a year ago in June 2020, but the process petered out after disappointing offers. It was eventually withdrawn for sale.
However, PropertyEU understands the estate comprising two offices has now gone under offer to a European buyer/investor for the £103 mln (€120 mln) asking price, though no more details of the purchaser are known.
Mark Lane Estate is a substantial freehold site of 0.78 acres in central London providing 132,440 ft2 of office, retail, and ancillary accommodation. The multi-let property has 22 tenants such as AXA Insurance and IBM UK with an AWULT of 2.3 years (2.17 years to breaks) and a target block date in 2024.
The assets come with a low passing rent of £39.97 per sq ft with options for repositioning, redevelopment, or alternative use.
DTZ Investors acquired the freehold in November 2014 from Land Securities for £73.3 mln. At the time, the firm said the site offered a mixed-use, multi-let income in a strong growth area. In October 2019, it became the company’s first Fitwel certified asset.
BNP Paribas Real Estate and Cushman & Wakefield are the agents advising DTZ Investors.