Art Deco corner building

Opportunity to acquire a highly prominent, Art Deco corner building positioned within the City of London's insurance and financial market. Excellent connectivity with Aldgate, Tower Hill and Liverpool Street stations all within a short walking distance, providing access to multiple Underground lines and national rail services, including the Elizabeth Line. Originally constructed in 1928, the property comprises 48,486 sq ft of multi-let office and retail accommodation arranged across basement, ground and eight upper floors. Held on a long leasehold interest from the City of London Corporation, for a term expiring December 2117 (91 years unexpired), geared to 15.50% of rents receivable (subject to a minimum of £269,500 per annum). The current head rent payable is £269,500 per annum. Currently 88% let to 21 office and retail tenants, with office suites ranging from 205 sq ft - 5,233 sq ft. Weighted average unexpired lease term of 1.6 years, provides near term opportunities to drive rental performance. Current topped up net passing rent of £2,659,716 per annum, reflecting a low average rent of £55.72 per sq ft overall. After deduction of the head rent, the current net passing rent is £2,390,216 per annum, inclusive of top ups. Three retail units at ground floor providing further occupier amenity and income diversification.