Shoreditch office block up for sale

Aberdeen Standard Investments has put Paxton House at 30 Artillery Lane in Shoreditch, E1, up for sale. Knight Frank has been instructed to seek in excess of £9.5m for the 12,487 sq ft freehold office property, reflecting a net initial yield of 4.5% and a capital value of £761 per sq ft. It is currently let to seven tenants producing a passing rent of £455,657.50 pa, equating to an average of £36.49 per sq ft, well below the £75 per sq ft average for the area. Tenants include developer Generator Group, research and advisory firm 451 Research, and telecoms firm DoubleEdge Professional Services. Vacant possession is achievable in December, providing a refurbishment opportunity, or there is the option to engage with the existing tenants to extend lease terms. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette