A weekly round up of the latest planning and property news from the central London boroughs
City of London
PW reported that the Lime Street Estate, a pair of office buildings totalling 121,255 sq ft, has been put on the market by Grainmarket Asset Management at an asking price of £78m. Hall Kemp and Cushman & Wakefield have been appointed to find a buyer for the long-leasehold interest in the estate, which comprises 37-39 and 40 Lime Street, at a net initial yield of 7%.
EG reported that South Korean investor Mirae Asset Management has placed Blackstone’s 283,000 sq ft office Cannon Bridge House, EC4, under offer for around £250m – a 5.25% yield. It would be Mirae’s first property deal in the UK. Savills and HFF are advising on the sale.
City of Westminster
PW reported that Tishman Speyer’s Verde development in London Victoria has reached full occupancy after two leasing deals for a total of about 28,000 sq ft. The developer has signed up online car buying website Carwow for the second floor, taking 14,751 sq ft, and agreed a deal with an unnamed party for 13,566 sq ft on the fifth floor.
PW reported that Schroder UK Real Estate Fund has appointed agent Allsop to sell Palace House on London’s South Bank for £55.4m, representing a yield of 4.4%. The 45,012 sq ft office building is located in Borough Market at 3 Cathedral Street.