£12.000.000
Investment Overview
Located in the heart of Fitzrovia, one of London’s most desirable and sought-after sub-markets. Exceptional connectivity – with 7 stations within a 10-minute walk. Comprising 9,303 sq ft NIA (11,184 sq ft GIA) arranged over lower ground, ground and three upper floors. Multi-let to 5 tenants producing a rent of £630,946 pa, reflecting just £67.82 psf, a 55% discount to prime Fitzrovia rents of £150 psf. Full vacant possession can be obtained in December 2027, providing an opportunity to carry out a number of asset management initiatives. Benefiting from two planning consents, summarised as follows: Upward extension to create an additional floor of office accommodation (Class E) with large terrace, increasing NIA to approximately 10,258 sq ft. Conversion of the ground to third floors to 4 lateral residential apartments (Class C3) via permitted development, with no affordable provision. Ideally suited to owner-occupiers, investors and developers.
Additional Information
Sales process
Offers are invited in excess of £12,000,000, reflecting a NIY of 4.92% and a capital value of £1,169 psf on the consented NIA.
Development opportunity
Upward extension to create an additional floor of office accommodation (Class E) with large terrace, increasing NIA to approximately 10,258 sq ft. Conversion of the ground to third floors to 4 lateral residential apartments (Class C3) via permitted development, with no affordable provision.
Overview of the tenants
Full vacant possession can be obtained in December 2027, providing an opportunity to carry out a number of asset management initiatives.
Other relevant information
The property is elected for VAT. It is assumed the transaction will be treated as a Transfer of Going Concern (TOGC).
