Gaw Capital is formally launching a sale of the Paddington, London, headquarters of Marks and Spencer Group PLC with an asking price of roughly £250 million on behalf of the Korean Federation of Community Credit Cooperatives, CoStar News U.K. reported.

The asking price reflects a net initial yield of 4.5%.

The grade A property spans 237,801 square feet and is fully occupied by Marks & Spencer for 10 years as its global headquarters. Marks & Spencer, which has occupied the property since 2003, is carrying out a refurbishment program across the building, the June 13 report noted.

CBRE and Eastdil Secured have been appointed to sell the Waterside House property, the report noted.