CBRE Global Investors has appointed Hanover Green to market Eagle House, a prime mixed-use investment in the heart of London’s St James’s.
Eagle House is located at 108-110 Jermyn Street, close to Green Park, Piccadilly Circus and Leicester Square Underground stations.
It provides 3,273 sq m (40,077 sq ft) of accommodation, arranged over basement, ground and six upper floors. The property is held on a long lease with approximately 104 years unexpired.
The building is multi let to seven tenants and has a total net income of almost £2.7m. It has an average office passing rent of £75.25 per sq ft and there are opportunities to increase rents through rent reviews, breaks and lease expiries between 2020 and 2046.
Demand for Grade A accommodation has remained well above the 10 year average for the past three years and Jermyn Street continues to benefit from The Crown Estate’s policy of keeping the tenant mix to high end gentleman’s fashion.
Offers in excess of £55m are being sought, reflecting a net initial yield of 4.58% and a low capital value of £1,372 per sq ft.