A portfolio of Vodafone Enterprise's data center and office freeholds in central London has been put up for sale.
EGI and Telco Titans report Savills is seeking buyers for the Network Portfolio, a portfolio of six facilities spanning a total of 260,000 sq ft (24,155 sqm).
The portfolio is reportedly valued at £100 million ($128.3m).
The properties are let to Vodafone Enterprise UK on leases expiring in April 2032. They generate total passing rent of £6.1 million ($7.8m) per annum.
EGI said the sites are being marketed with scope for medium to long-term redevelopment potential for uses including student and residential, as well as more offices and data centers.
The sites included are:
- Addison House, Chart Street, Old Street, N1
- Wakefield House, Chart Street, Old Street, N1
- 24-40 Dock Street, Wapping, E1
- Mobility House, Croft Street, SE8
- Smale and Solaglass House, Great Suffolk Street, SE1
- 21 Miles Street, Vauxhall, SW8
The three-story Smale House, formerly a glassworks site, was home to Cable & Wireless from 1958 until the company was acquired by Vodafone in 2012. It is named after John Smale, Cable & Wireless’ Engineer-in-Chief. It was recently renamed the Speechmark and is largely an office facility.
The Dock Street site, built around 2000 and formerly known as the Turret Business Centre, is a former Cable & Wireless facility used as a data center. The site was previously a telecoms facility for C&W subsidiary Mercury Communications during the 1980s. Prior to that, the site was an industrial sugarhouse warehouse.
Judging from the large amount of roof infrastructure, Addison House/Wakefield House on Chart Street appears to be another multi-story data center. UK property company British Land lists the site on its website as a "data storage building with ground and four upper floors."
Mobility House on Croft Street is another multi-story data center previously operated by Cable & Wireless.
Last year Keppel DC REIT acquired a Vodafone data center in the Bracknell area of London in a sale-leaseback deal for $57 million ($76.9m).
2022 also saw Vodafone announce it was looking for “sale-and-leaseback and repositioning opportunities” for its Newbury headquarters campus. The campus consists of 486,270 sq ft of office space across seven self-contained buildings.
