Aviva is looking to secure offers in the region of £37.5m for the long leasehold interest in 8 Bloomsbury Street, WC1, reflecting a net initial yield of 5.87%.
Savills is marketing the 33,448 sq ft asset. The office is multi-let to four tenants – The New York Times, Woodsford Consulting, Syncona Investment Management and Tetra Consulting – while the retail space comprises three units, two of which are let to Ryman and Mediterranean-style restaurant Myra. The first floor office space is also under offer.
The building has a weighted average unexpired lease term of 3.09 years to breaks and 6.27 years to expiries.
Aviva launched a refurbishment in 2017, with designs spearheaded by Buckley Gray Yeoman, and the building holds an EPC rating of B and BREEAM Very Good grading. It offers a roof terrace and 36 cycle spaces and car parking spaces.
The freehold of the site belongs to the Woburn Estate Company Ltd and Bedford Estate Company, and the long leasehold is for 150 years expiring in December 2135 (112.5 years remaining) subject to a current head rent of £500 per annum.
Topped-up gross passing rent for the five-story building is £2,350,835 per annum, reflecting a rent of £70.28 per sq ft overall. This equals a net passing rent of £2,350,335 per annum.
The building is situated at the corner of Bloomsbury Street and New Oxford Street in Midtown, close to Tottenham Court Road station.
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