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Mixed use opportunity in Soho

England, United KingdomUnlock address

78%

£17.750.000

Mixed use

#13531

Core+

27 Mar 2024

Property Details

Broker

For sale

11,842 m²

Leasable area

1,498 £/m²

4.12 %

2

Freehold

X

Fees

0.00 %

0.40 %

0.00 %

0.40 %

Investment Overview

Situated in a prime Soho location, the cultural heart of London. Three distinct and characterful buildings totalling 11,842 sq ft (1,100.3 sq m). Office buildings were comprehensively refurbished in 2016 to provide 9,720 sq ft (903.20 sq m) warehouse style office accommodation arranged over basement, ground and three upper floors, with the benefit of a large private roof terrace. Let for a term expiring on 24th November 2026. The lease is inside the 1954 Landlord & Tenant Act. Passing rent of £699,999 per annum reflecting £72.02 per sq ft overall. Second part comprises a 801 sq ft (74.4 sq m) ground and basement retail unit with sold off residential upper parts. Let for a term expiring on 5th May 2026 subject to a mutual break in 2023. Current rent of £55,000 pa subject to fixed uplift to £80,000 pa in 2023. The vendor will top the rent up to the fixed income in 2023. Three sold off 1-bedroom apartments totalling 1,321 sq ft (122.7 sq m) currently producing a total ground rent of £300 per annum. The total current rent is £780,299 per annum. Asset management opportunities in the short to medium term including potential office regear.