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L&G puts Procession House up for sale

By James Buckley - Monday, February 12, 2018 8:41

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LGIM Real Assets, on behalf of its Managed Fund, has appointed Savills to bring Procession House, 55 Ludgate Hill, EC4 to the market, seeking offers in excess of £67.5m, 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 of office and retail space across an island site in the City of London, close to Farringdon Station. The office space 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 £4.44m per annum (£42.27 per sq ft overall).

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

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