Sheen Lane Developments is bringing to market for sale its office and redevelopment of the former House of Fraser in Richmond in London seeking £75 million, shortly after securing the Swiss chocolatier for a headquarters relocation.
DTRE has been appointed to market the 68,255-square-foot office and retail development on behalf of Sheen and a syndicate of private investors at a price reflecting a 5.25% net initial yield.
Lindt recently signed to take 28,113 square feet across the second to fifth floor, relocating from Bedfont Lakes in west London.
Lindt took a 15-year lease with breaks at year 10. The rent is understood to be in excess of £60 per square foot. Lindt is a Swiss chocolatier and confectionery company founded in 1845.
Health and fitness group Third Space signed for 30,000 square feet in the first, ground and basement floors last year and Sticks 'n Sushi has taken a 5,000-square-foot restaurant.
Richmond-based privately-owned developer Sheen Lane bought the former House of Fraser department store at 80 George Street in the leafy London location in 2022 from Canadian & Arcadia for redevelopment as a landmark offices and retail scheme to be called The Gosling.
The site was originally purpose built as a Dickins and Jones department store in 1968, but was acquired and rebranded by House of Fraser in 2007. House of Fraser closed the store in 2020.
Jim Remfry, head of alternative capital markets at DTRE, said: “This opportunity underscores the renewed strength of the London office market, particularly for well-located, best-in-class products.
“With a prime location and secured income profile, Lindt house has already attracted considerable interest through its high profile lettings, and we expect strong interest from all over the world for this best in class asset”.
Martin Tynan of Sheen Lane Group added: “The strength of the commercial market in Richmond is of great importance to the vitality of Richmond town centre.”
BrayFoxSmith and JLL advised Sheen Lane on the letting to Lindt. Lindt was advised by CBRE.
DTRE is advising on the sale.