Man Utd’s London office heads for market
THE home of Manchester United FC’s London office and Langan’s Brasserie is likely to be put up for sale for around £170m, according to PropertyWeek.com.
The Schroders-advised West End of London Property Unit Trust is believed to be poised to instruct agents at Strutt & Parker and DTZ to sell Stratton House at 5 Stratton Street, close to Green Park tube station and the heart of Mayfair.
Agents are understood to have recommended a sale of the 65,000 sq ft block at a guide price of £170m, which would represent a net initial yield of 4.25%.
Grafton Advisers, which manages the fund, bought the block for £80m in 2005, and refurbished it comprehensively, then fully let it to tenants including Manchester United and African Minerals.
A rent of £106.50 / sq ft was secured from the top floor tenant, Egerton Capital.
Nigel Kempner, chairman of Grafton, said: “We are reviewing whether to go to the market with this asset, and it is likely. We’ve always told investors we’d consider a sale in the first quarter of 2012.
“This is also the first big instruction for DTZ since the takeover by UGL.”
