* Freehold Located
at the crossover between the increasingly vibrant Aldgate district popular
with TMT occupiers and the established City of London Financial and
Insurance heartland
* 45,062 sq ft of offices over ground and 7 upper floors as
well as 7 basement car parking spaces
* Multi-let
to include 12 office tenants, producing a total passing rent of £1,319,326
per annum
* Very
low average rent of approximately £28.24 per sq ft for the ground and
upper floor office space
(this compares to the ground floor
west unit which is now under offer £50.00 per sq ft)
* The
assumed ERV of £2,230,000 per annum based on £50 per sq ft on best is 69%
higher than the total current rent passing
* All
occupational leases are outside of the Act
* Well
timed lease events to enable rents to be driven forward in the short to medium
term with weighted average terms of just over 3.1 years to breaks
* Considerable
active management and repositioning opportunities in the short to medium
term
* Medium
to longer term redevelopment (c. 75,500 sq ft)/alternative use
potential, subject to planning
* Offers
in the order of £30,850,000, subject to contract and exclusive of VAT
* The
above price reflects a net initial yield of 4.00% (assuming a
purchaser’s costs at 6.77%) and a net capital value £685 per sq ft
* Assuming
rents market rents of £50 per sq ft on the best accommodation the reversionary
yield would be in excess of 6.75%