A landmark mixed-use office and retail asset providing 37,405 sq ft NIA arranged across ground and basement with 5 upper storeys. Offering typical floor plates of approximately 5,000 sq ft. Multi-let to 12 tenants (4 office & 8 retail tenants), providing a total contracted rent of £1,375,798 per annum, reflecting a very low average office rent of £51.79 per sq ft and approximately £36.78 per sq. ft. overall. WAULT of 1.06 years to lease expiry (LEX) & to break. 56% vacancy in the office uppers providing a route to Vacant Possession (VP) in less than 6 months. Prime Zone 2 Location: Prominent position adjacent to Hammersmith. Underground Station and Bus terminal; 15-minute journey to Central London via Circle and Hammersmith & City lines. Excellent Road Connectivity: Immediate access to Hammersmith Roundabout / Gyratory system and the A4/M4 corridor. Best convenience retail pitch in Hammersmith with exceptional rental and occupancy history, attracting national retailers, that have all expressed an interest in extending leases.
Zusätzliche Informationen
Verkaufsprozess
We are instructed to seek offers in excess of £13,950,000 subject to contract and exclusive of VAT. A purchase at this level reflects: -Net Initial Yield: 9.24%, Capital Value Per Sq Ft: £373
This equates to £135 psf Cap Val on the office accommodation and 7.25% NIY on the retail income.
Entwicklungsmöglichkeit
The Vendor is currently progressing a pre-application with Hammersmith and Fulham Borough Council, who are open to discussion for redevelopment into alternative uses subject to a full planning application. The building’s narrow floor plates support reconfiguration to residential or the 0.325 island site could be redeveloped entirely, offering a superb massing opportunity of up to 30% in the heart of the Hammersmith.
Übersicht der Mieter
Multi-let to 12 tenants (4 office & 8 retail tenants). Very low average office rent of £51.79 per sq ft and approximately £36.78 per sq. ft. overall.
Andere wichtige Informationen
We understand the property has been elected for VAT and therefore anticipate the sale will be undertaken as a transfer of a going concern (TOGC). The service charge budget for the current YE, March 2025, is £491,061 per annum, reflecting £13.15 per sq ft (based on the service charge areas).
