Reposition Opportunity for Sale in London, EC3N

This property is marketed by:
Colliers

Key Features

• A substantial repositioning opportunity
• Excellent transport connectivity, with Fenchurch Street located 25 metres away
• WAULT of 2.8 years to lease expiries and 1.6 years to earliest determinations
• A low capital value of £281 per sq ft and an attractive NIY of 8.28% (assuming purchasers costs of 6.80%).

Exciting and unique value add opportunity to provide a Grade A Office building. The asset could also be repositioned to include Hotel, PBSA or Co-living, subject to the necessary consents.

Originally constructed in 1991, the property is positioned on the south side of Crosswall, with dual access onto America Square. The location benefits from excellent transport connectivity, with Fenchurch Street located 25 metres away, and six other stations within a 10-minute walk.

Ability to rationalise further lettable space within the envelope of the existing building, with a current gross to net ratio of 67% across the whole building (342,841 sq ft GIA).

Multi let to five office tenants, two retail tenants and a conference centre, with a contracted passing rent of £5,750,300 per annum, reflecting a highly reversionary £35.92 per sq ft on let accommodation.

Held long leasehold from the freeholder, Network Rail, for a term until June 2241 (216 years unexpired) at a rent of £50 per annum.

Offers in excess of £65,000,000 for the long leasehold interests, reflecting a low capital value of £281 per sq ft and an attractive NIY of 8.28% (assuming purchasers costs of 6.80%).