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Refurbished Grade II Listed Office Investment

London, United KingdomUnlock address

85%

£18.500.000

Office

#14772

Core

2 Feb 2024

Property Details

Broker

Sold

17,010 sq.ft.

1,580 m²

Leasable area

1,087 £/sq.ft.

11,708 £/m²

5.00 %

1

Freehold

X

Fees

0.00 %

0.40 %

0.00 %

0.40 %

Investment Overview

Landmark row of Georgian Terrace Grade II listed buildings arranged around a central courtyard. 17,010 sq ft of best in class, Grade A office accommodation comprehensively refurbished and remodelled in 2020. Prominently located at the meeting point of the Midtown, Bloomsbury, King’s Cross and Farringdon office sub-markets. Diverse occupier appeal with excellent local amenities and a short walk from four key Underground, Mainline and Crossrail Stations. Long term income WAULT of 14.9 years until July 2037 to lease expiry and 9.9 years to a mutual break. The passing rent, inclusive of a vendor top up in line with the fixed rental uplift level as of 19 July 2025, equates to £989,127 per annum reflecting £58.15 per sq ft overall. The annual rent is to be reviewed on the fifth and tenth anniversaries of the term commencement date. The review is upwards only and is to be to the greater of the open market rent and the RPI reviewed rent, subject to a cap and collar 5% and 2.5%.