Marks and Spencer HQ building in Paddington hits the market

Waterside House, the 237,801 sq ft office building in Paddington, has been launched to the market.

Designed by architect Lord Richard Rogers, Waterside House is let in its entirety to Marks and Spencer plc, acting as the company’s global headquarters.

Marks and Spencer is currently undertaking a refurbishment programme across the building which it has occupied since 2003.

Other notable occupiers in the area include Microsoft, Visa and Mars.

Global real estate advisors CBRE and Eastdil Secured have formally launched Waterside House to the market for sale.

The Grade A office building is being sold by Gaw Capital, which is seeking a base price on the passing rent which reflects a net initial yield of 4.5% plus a second tranche payment.

The ongoing commercial and residential developments, which are underway and in the pipeline, including Derwent London’s Brunel Building, make Paddington the largest regeneration project in the City of Westminster.

Waterside House is located within 200 metres of Paddington Station, one of the busiest transport hubs in London.

James Rood, senior director of Central London investment at CBRE, said: “There is proven investor appetite for high quality assets with secure, long income.

“With the excitement around Crossrail and overall growth potential of the Paddington market, we are confident that Waterside House will generate significant international and domestic interest.

“The occupier market in Paddington remains robust and further growth is likely, strengthening the investment rationale.”