Columbia Threadneedle to sell Courage Yard

Columbia Threadneedle is looking to sell its mixed-use scheme Courage Yard in Shad Thames, SE1, for more than £89m, reflecting a net initial yield of 5%. JLL has been appointed to search for offers for the scheme, which comprises seven buildings on a 2.2 acre freehold site on the south side of the River Thames offering 67,900 sq ft of office space, 17,900 sq ft of shops, 160 residential units and 300 car parking spaces. Tenants include Zoopla Property Group, which prelet the office space for its global headquarters on a 13-year lease ending in 2031. The combined income for Courage Yard is around £4.75m per year with 73% of the total rent payable by Zoopla. It is only the second time in 30 years the property has been offered. Rob Corbett, director in London capital markets at JLL, said: “Courage Yard represents a rare opportunity to acquire a freehold site in one of London’s most vibrant locations.  “South Bank is the capital’s strongest-performing submarket, with low levels of supply and high demand that will support rental growth. In addition to the secure income provided by the office tenants that will facilitate attractive debt finance, the investment offers the opportunity to benefit from the area’s ongoing regeneration and development.” To send feedback, e-mail Louise.Dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette