Longmead Capital Appoints Savills and Fineman Ross for 10 Old Bailey Sale

• Longmead Capital has launched the sale of 10 Old Bailey, a 74,261 sq ft City of London office building, through Fineman Ross + Partners and Savills. There is no guide price, but the price is understood to be in excess of £70m. The building is held on a long leasehold with 107 years remaining, with the City of London as freeholder.
• 74,261 sq ft Grade A office building across basement, lower ground, ground, and six upper floors; multi-let to eight tenants across diverse sectors (construction, insurance, law, recruitment) with a WAULT of 7.1 years to expiry and 3.1 years to break; held long leasehold (107 years unexpired); BREEAM Excellent and EPC A rated following an £11.8m refurbishment.

Real estate investment firm Longmead Capital has formally appointed joint disposal agents Savills and Fineman Ross + Partners to launch the sale process for 10 Old Bailey in the City of London. The asset is held under a long leasehold interest from the freeholder, the City of London Corporation, with approximately 107 years remaining on the headlease. The 74,261 sq ft Grade A office building produces a gross passing rent of £4.9 million per annum, providing the buyer with a net income of approximately £4.4 million per annum. The multi-let workspace is fully occupied by eight office tenants across legal, construction, recruitment, and insurance sectors, offering a WAULT of 7.1 years to expiry and 3.1 years to break. The marketing process is being conducted on an unguided price basis. The sale test comes after an extensive £11.8 million capital expenditure programme, which future-proofed the building into a fully electric, high-sustainability asset featuring an EPC 'A' rating, BREEAM Excellent certification, and WiredScore Gold accreditation.