Multinational real estate company CB Richard Ellis Investors is marketing its Houndsditch office portfolio in London.
The three buildings, comprising almost 124,000 square feet of office space, are expected to fetch £33.5 million. At present, the buildings are held on a long leasehold from the Worshipful Company of Cutlers, one of the oldest livery companies in the City of London, having been established in the 15th century. Rent is currently in the region of £38 per square foot and net income on the space is over £4 million per year.
Offers are being sought for individual buildings – Cutlers Exchange, 117 to 119 Houndsditch, and Cutlers Court – or for all three properties together. The expected price reflects a yield of 11.6%. Development opportunities potentially exist to create a single, 300,000 square foot development from the three buildings.