Comprising 58,727 sq ft (5,455.9 sq m) of institutional grade office and retail accommodation arranged over lower ground, ground and eight upper floors. Flexible floor plates of c. 6,500 sq ft arranged around a light-filled atrium with additional natural light from Kingsway and Kean Street. Substantially refurbished in 2024 at a cost of c.£8.2m, including a remodelled reception, lift refurbishment, extensive end-of-journey facilities and dedicated tenant gym and interactive fitness studio run by reFIT. Six out of nine floors, including ground, have been refurbished or have works that are due to be completed imminently. Two of the remaining floors are currently vacant, offering immediate opportunity to refurbish. The final unrefurbished floor is let until 2029 with a tenant only break in 2027. Opportunity to immediately let up vacant refurbished floors (ground, 5th and 7th). Future-proofed sustainability credentials with BREEAM ‘Excellent’ rating and Activescore ‘Platinum’. Refurbished floors are all-electric with an EPC ‘B’. Multi-let to six tenants, with a post refurbishment stabilised ERV of £4.5 million per annum. WAULT of 6.30 years to expiries and 4.11 years to break options on the let space.
Additional Information
Sales process
Offers are invited in excess of £63,000,000 net of all top-ups, reflecting a capital value of £1,072 per sq ft and a stabilised yield of 7.00% (assuming purchasers cost of 1.80%) for 100% of the issued share capital in the Jersey SPV which holds the freehold interest
Development opportunity
Clear opportunity to refurbish remaining floors and let vacant space to drive a rent in the region of £4.5 million per annum.
Overview of the tenants
Property Market Analysis (PMA) , Zanders , Intent HQ , Rithum, Pret a Manger, reFIT , Rice Search Partners
