Another commercial investment opportunity has arisen after Mitsubishi Estate Company put its Bow Bells House scheme up for sale.
Mitusbishi Estate Company's Bow Bells House has become the latest
commercial development scheme to be introduced to the City of London market, it has been claimed.
The company is believed to have instructed Cushman & Wakefield to sell the scheme for a price of £140 million, which would provide a yield of 5.75 per cent, according to Property Week magazine.
Most of the 140,000 sq ft building has a let price of £64 sq ft, agreed for the next 14 years with the Bank of Ireland.
The move means that nearly £3 billion worth of real estate in the City is being offered to
property investment companies, the publication claims.
Last week, it was widely reported that BlackRock & Hermes had put the City's tallest building, Tower 42, up for sale for £300 million.
The decision to sell was taken after the property investment firms had seen demand for City property increase, with prices reaching the 2007 peak.
Posted by Allan Flowers.
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