Legal & General launches Procession House to market, London EC4

09 February 2018

LGIM Real Assets (Legal & General), on behalf of its Managed Fund, has appointed Savills to bring Procession House, 55 Ludgate Hill, London EC4 to the market, seeking offers in excess of £67.5 million, representing a capital value of £641 per sq ft and a net initial yield of 6.15%.

Developed in 1999, the building comprises 105,200 sq ft (9,773 sq m) of high specification office and retail accommodation across an island site in a prime City of London location, close to Farringdon Station. The office accommodation is single let to Goldman Sachs, on a lease expiring September 2024, subject to a tenant only break option in September 2019.  Inclusive of the retail the property generates a total income of £4,446,785 per annum (£42.27 per sq ft overall).

In November 2017 Legal & General successfully secured planning consent for a John Robertson Architects designed scheme, which will significantly enhance the existing configuration and appearance of the building.

 
 

General Enquiries

Savills Margaret Street

 

Key Contacts

Simon Ewart Perks

Simon Ewart Perks

Director
Central London Investment

Savills Margaret Street

+44 (0) 20 7 409 8003

 

Robert Buchele

Robert Buchele

Director
Central London Investment

Savills Finsbury Circus House

+44 (0) 207 409 8007