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The Restaurant Group (TRG) has confirmed plans for a sale and leaseback of its headquarters at 5-7 Marshalsea Road.
TRG have enlisted CBRE to assist with the sale, and will be seeking offers in excess of £25.7 million — reflecting a capital rate of approximately £1,100 per sq ft and a net initial yield of 4.45%.
TRG are also planning a £2.7 million refurbishment of the property, with a view to expanding the space to over 23,000 sq ft, including two roof terraces on the first and fifth floors.
Once the sale is complete, the site will then be let in its entirety to TRG for ten years.
Senior director of Central London investment at CBRE, David Fraser, says: “We are expecting strong interest in 5-7 Marshalsea Road. The combination of its dynamic location, guaranteed long term rental income plus the £2.7 million planned refurbishment to be completed by the current owners, will make it an attractive proposition to a wide range of investors.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.