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Tiger Developments to sell 9 Clifford Street

By James Buckley - Friday, October 05, 2012 13:36

Tiger Developments has put its 9 Clifford Street office property in the West End up for sale for £18m.

The Irish property developer and investor has instructed Whitmarsh Holt Young to sell the W1 asset for a 3.76% yield.

It is understood that Tiger Developments, which is part of the O'Flynn Group, will recycle the proceeds of the sale into its development pipeline.

Total current passing rent in the 13,398 sq ft Grade II listed building is £716,912 pa, equating to £53.50 per sq ft. During the last Mayfair rental cycle in 2007 this building achieved £95 per sq ft on a part rear floor.

Ground to 4th floor, representing 91.2% of total income, is let to US law firm, Brown Rudnick for an unexpired term of 9.5 yrs without break. The lower ground floor is let to Tiger Developments on the same terms but with a personal tenant break option in 2017.

Clifford Street was built between 1719 and 1723 as part of the Burlington estate. No 9 was built in 1721 for the 25-year-old Earl of Harold, eldest son of the Duke of Kent.

It is the third property Tiger Developments has put up for sale in London in recent weeks. Also in W1, Tiger is selling 130 Jermyn Street for £45.6m, reflecting an initial yield of 5.9% and a capital value of £750 per sq ft. The long leasehold interest is being sold, with 112 years remaining and a 7.5% payaway to The Crown.

In the City, Tiger Developments has instructed Cushman & Wakefield to sell the multi-let St Michael House at 1 George Yard, EC3, for £12m, reflecting a yield of 6.15%.

Tiger bought Michael House in 2004 from Dunedin Property as part of a £170m portfolio of central London offices and regional parks. The portfolio comprised 500,000 sq ft, producing an annual rent of £12m, and also included 55 Moorgate, EC2, and 130 Jermyn Street, W1.

jbuckey@costar.co.uk