John Lewis’ former Victoria HQ up for sale

A freehold Victoria office block formerly occupied by John Lewis has been brought to market for £46m, reflecting a yield of 5%.  Partnership House, on Carlisle Place, SW1, brings in a passing rent of nearly £2.5m from an overriding lease to John Lewis, which is set to expire in early 2028. It comprises 37,460 sq ft of office accommodation, Due to a restriction on the number of occupiers in the building within John Lewis’ lease, the offices could only be sub-let to four tenants – Hawthorn Advisors, Green Park Interim & Executive, Quantinium and Itsu – meaning two floors, totalling 10,958 sq ft, are vacant. Architects dMFK were assigned with exploring options for asset enhancement in the future, which could involve the addition of a seventh floor and a floorspace uplift of 53,950 sq ft. The asset is, however, being marketed as an opportunity for alternative uses as well, through a change of use to a hotel, residential, embassy, care, student or medical facility. Koopmans has been appointed to market the asset.