Prime London Office Investment with Government Tenant
Global Real Estate: London, England, United Kingdom
£ 77,000,000 Prime London Office Investment with Government Tenant on lease to November 2022. The property comprises a substantial nine storey office building with ancillary ground floor retail accommodation arranged over lower ground, ground and eight upper floors totalling approximately 172,132 sq ft. Originally constructed in the late 1940’s, the property underwent a substantial refurbishment in 2002. The office floors offer open plan floor plates averaging approximately 18,912 sq ft and benefit from raised floors, suspended ceilings and air conditioning.
The entire property is let to Government on a standard institutional lease for a term expiring November 2022 with five yearly upward only rent reviews to OMRV. There is a tenant break option in November 2017. The property is held on a long leasehold basis for a term expiring in January 2126. The passing rent payable to the freeholder is £7,200,000 pax and is reviewed 5-yearly to the higher of 5% of ERV or 10% of rents receivable; the next review is due in November 2012.
Type : Office Tenure : Long LH Size : 15,997 Sqm (ie 172,132 sq ft NIA) Tenants : One Annual Rent : £7,200,000 pax Head Rent : -£ 720,000 pax Net Income : £6,480,000 pax Occupancy : 100%
