UK pension fund hires CBRE to sell €104m London scheme

British Steel Pension Fund has instructed CBRE to sell 15 Fetter Lane, an 85,000 sq ft (7,900 m2) office building in London's Midtown.

CBRE is seeking offers over £92.5 mln (€104 mln) for the seven-storey building, reflecting a net initial yield of 5.00%.
The property was acquired over 40 years ago and has since undergone multiple refurbishment programmes with the most recent works completed in 2017 to provide high-quality, Grade A office and ancillary accommodation.
The property provides an overall passing rent of £57.90 per sq ft and is multi-let to six office tenants with a weighted average unexpired lease term of 9.1 years to lease expiries and 7.0 years to tenant break options. The diverse tenant mix comprises a range of sectors including a charity, law and recruitment firms.
James Beckham, managing director at CBRE commented 'Being adjacent to the New Street Square Campus and only a short walk to Farringdon Crossrail, this location has everything going for it. We expect to receive good interest in this prominent freehold asset.'


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