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The historic office building in London with a 2% yield

7,000,000 £
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Total area: 380 m² Yield: 2.0%
  • Absolute return: 193,200 €
  • Built in 1770
  • 5-floor building
  • Percentage of the rented area: 100%

It is an office building in Marylebone, one of London's most prestigious districts.

Description

The five-storey building with basement total area of 380 m² was built in 1770 and used as the residence of a member of parliament.

The property was used as a dental clinic until 1950s, then is has been subsequently leased to the architect company, which is still rents its premises.

Despite the fact that the building has retained its original features, inside a series of upgrades:

The building provides a mixture of ofices and open plan accommodation including the following amenities:

  • original period features;
  • fan-coil air-conditioning in part;
  • electric storage heaters;
  • perimeter cabling;
  • kitchen & WCs;
  • storage vaults.

Tenure: Freehold.

A reconstruction project has been developed in 2015. Full planning consent was granted for change of use to a single family dwelling with associated external alterations

Financial performance

Absolute income is 138,000 £.

The current yield of 2%.

Tenants

Tenant is an architect company.

The lease agreement is signed until March 2016 with the possibility of another extension in January 2016.

All repair and insurance costs are borne by the tenant.

The cost of ownership

The building is located in the heart of Marylebone.

There are many restaurants, bars, shops and offices of large companies in the immediate vicinity of the area.

Bus stops and the metro station are also located in close proximity to the property.

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Georgiy Buznik
Georgiy Buznik
Real Estate Expert Tranio in Westminster
+44 20 3608 1267
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