The 93,500 sq ft Stirling Square office building in St James’s in London’s West End has been put up for sale with a price tag of £227.5m+.
Savills and Newmark have been appointed to market the property, which is on a long leasehold with 122.5 years unexpired and would achieve a net initial yield of 5%, reflecting a capital value of £2,431/sq ft, if sold at the asking price.
Stirling Square was designed by Sir James Stirling and has had 100% occupancy since its completion in 1999.
The building, which is currently let to four tenants, has an average passing rent of £134/sq ft. It benefits from a substantial reversion opportunity with 65% of the building’s income due for review in the next two and a half years and prime rents of in excess of £225/sq ft being achieved nearby.
Arranged over lower ground, ground and five upper floors, the island site building benefits from external terraces on four of the office floors.
