Business centre 1,200 m² in London

Commercial building in the center of London.

Description

The brick construction with a total area of 1,200 m² is a Grade II listed building, and, currently, consists of a bar-restaurant (basement floor), a retail unit (ground floor), and office premises (1–8 floors).

There is an elevator and air conditioning.

The plot is in ownership (Freehold).

Asset management opportunities:

• Undertake a comprehensive refurbishment of the existing office accommodation;

• Planning consent has been obtained for the conversion of the existing commercial accommodation to provide 20 serviced apartments (2–8 floors) and a lounge area with a roof-top terrace.

Offers are invited in excess of £ 6,000,000, subject to contract and exclusive of VAT, for the Freehold interest in the property. This reflects £ 583 per ft² on the existing NIA and £ 458 per ft² on the existing GIA, after purchaser’s costs of 6.6%.

Currently, the basement floor is fully let. The tenant is a bar-restaurant.

The tenancy agreement has been concluded till 2039.

The remaining 7 floors are vacant.

The annual income is £ 65,000 (~ 76,000 €).

The yield is 1%.

The expected yield is 3 – 3.5%.

The property is located in the heart of London, near the City Tower Cluster and 2 underground stations, less than 1 km from St Paul’s Cathedral.

London is the capital and largest city of the United Kingdom of Great Britain and Northern Ireland and the 3rd largest city in Europe. The population of the city is more than 8.6 million people.

London is the main political, economic and cultural center of the United Kingdom.

London belongs to the global cities of the highest rank and the world's leading financial centers. Its economy is 1/5 of the country's one.

The tourism industry employs more than 250 thousand people. Every year tourists leave in London more than 10 billion pounds.