Clearbell Capital has put the 71,703 sq ft The Kodak office and retail building on Keeley Street, Covent Garden, on the market for £80.38m+.
The sale price would reflect a net initial yield of 6.50%. The building, which was formerly the European headquarters of Eastman Kodak, has been comprehensively repositioned since Clearbell acquired it in 2019.
The Kodak comprises office, retail and ancillary accommodation across a basement, ground and seven upper floors, alongside an extensive range of amenities including a dual-aspect reception, communal roof terrace, new lifts, meeting suite and cycle storage.
One remaining vacant floor is currently under offer at The Kodak and on completion of the deal the building will be fully occupied. The Kodak has achieved EPC A and BREEAM Excellent ratings.
Alice Murray, head of asset management and sustainability at Clearbell Capital, said: “The Kodak is a strong example of our approach to active asset management. Through targeted investment in the building, we’ve been able to protect the building’s distinctive heritage while delivering the high quality, sustainable workspace that today’s occupiers are looking for. The strength of the leasing activity since the refurbishment – including the calibre of tenants we’ve attracted – reflects that strategy. With the building now approaching full occupancy, we believe it’s well positioned for the next phase of ownership.”
Ollie Thornton, partner at Knight Frank, which has been appointed to market the opportunity, added: “The Kodak offers a compelling opportunity to acquire a fully stabilised freehold with best-in-class sustainability credentials in the heart of one of Central London’s most desirable locations. With rents averaging £75/sq ft across the building, the asset offers significant reversionary potential in the context of recent leasing transactions in the immediate vicinity, offering attractive scope to drive performance over the duration of an investor’s business plan.”
