London, EC4M 7LG
Quoting Terms: Offers are invited in excess of £17,500,000 reflecting a net initial yield of 5.02% (assuming 6.80% purchaser’s costs) and a capital value of £802 per sq ft, subject to contract and exclusive of VAT.
- • Prominent corner building fronting Farringdon Street, a prime Central London location.
- * Prime business district with a diverse high profile global occupier pool including Amazon, Unilever, JP Morgan, Saatchi & Saatchi and Goldman Sachs.
- • Excellent transport connections with four stations within a 10 minute walking distance, providing access to the London Underground network, Mainline Rail Services and the recently opened Elizabeth line at Farringdon Station.
- • The location is set to benefit from numerous redevelopment and regeneration projects including Smithfield Market and the new Culture Mile.
- • Attractive warehouse style mixed use building comprising 21,826 sq ft (2,027.7 sq m) office and retail accommodation arranged over lower ground, ground and five upper floors.
- • Multi-let to two office and three retail tenants providing a total passing rent of £938,325 per annum (inclusive of vendor top ups), reflecting £42.99 per sq ft.
- • The current WAULT on the let office accommodation is 1.37 years to earliest determination and 2.15 years to expiries.
- • Substantial reversionary potential with the entire office accommodation let off passing rents below £50.00 per sq ft, a 30% discount to prime City rents in excess of £70.00 per sq ft.
- • Asset management opportunities include:
- • Re-gearing with existing tenants
- • Undertaking a refurbishment of the office floors on vacant possession
- • Enhancing reception and end of trip facilities
The Gate House is advantageously positioned on the western side of the City, at the border with Midtown and Farringdon, two of London’s most diverse and sought after office markets. The locations central placement, sitting between the City of London (the financial district) to the east and the West End to the west, ensures the locality attracts a diverse range of occupiers seeking the vast array of local amenities.