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Office & retail investment opportunity

London, United KingdomUnlock address

88%

£37.500.000

Mixed use

#16828

Core+

19 Apr 2024

Property Details

Broker

Sold

33,448 sq.ft.

3,107 m²

Leasable area

1,121 £/sq.ft.

12,069 £/m²

5.87 %

6

Leasehold

112

X

Fees

0.00 %

0.40 %

0.00 %

0.40 %

Investment Overview

Prominently located at the corner of Bloomsbury Street and New Oxford Street in the heart of Midtown, one of London’s most exciting and dynamic submarkets. The Property was comprehensively refurbished in 2017 to provide 33,448 sq ft (3,107 sq m) arranged over lower ground, ground and five upper floors benefitting from excellent levels of natural light throughout. Exceptional ESG credentials: BREEAM rated ‘Very Good’ and EPC rating of ‘B’. Tenants benefit from considerable amenity including recently refurbished end of trip facilities, a communal club room and large communal roof terrace, offering unrivaled panoramic views across Central London. Held long leasehold for 150 years expiring in December 2135 (approximately 112.5 years remaining) subject to a current head rent of £500 per annum. Multi let to four office and two retail tenants with the first floor under offer and one vacant retail unit. The topped up gross passing rent is £2,350,835 per annum, reflecting a low overall rent of £70.28 per sq ft. Total net passing rent of £2,350,335 per annum. Weighted average unexpired lease term of 6.27 years to expiry (3.09 years to earliest determination).