Avison Young has been instructed to re-market the long leasehold interest on 8-20 Pocock Street, SE1, for offers in the region £8m on behalf of a private overseas investor. This reflects a net initial yield of 7.2%.
The building is held on a long leasehold from Legal & General for a term of 150 years from 1 September 2000 at a peppercorn ground rent. This provides approximately 127 years term certain.
The building has 13,759 sq ft of office space on the ground and first floors, part of which is let to the Department for Levelling Up, Housing and Communities at a rent of £50 per sq ft until the lease expires in March 2027.
It was previously marketed for offers in excess of £10.6m – a 6% yield – in 2020 by Colliers, but falling capital values have led to the lower guide price.
The ground floor is vacant and underwent refurbishment in 2023 to provide 6,217 sq ft of new office space. It holds an EPC of B.
View investment comparables for the South Bank office market >>
To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige
