It is a multi-functional commercial building in Mayfair, one of the central areas of London.
The seven-story historic building with total area of 1,102 m² was built in the middle of the XVIII century.
The property underwent a huge renovation behind the new facade in 1957. The building now is in good overall condition.
Basement and the ground floor are occupied by children's clothing store with 9m of prime retail frontage. The first floor accomodates an art gallery and offices, floors from second to fifth are fully occupied with offices.
Sixth floor accomodates apartment with a balcony, which offers a great view of the surroundings.
Offices and apartments can be reached via a separate dedicated entrance.
There is underground parking for 7 places.
Tenure: Leasehold for 41 year.
All areas are fully leased to various tenants.
There are also several options for asset management:
- extension of existing retail unit into the car park;
- extend the upper floors over the first floor gallery;
- dispose of/enfranchise the residential apartment;
- refurbishment of the office floors.
Absolute income is 1,125,300 £.
The current yield of 3,6%.
Transaction costs of 5,8%.
The anchor tenant is a children's clothing store.
The rental contract is signed until 2026, repair and insurance costs are borne by the tenant.
The lease agreement on gallery is signed until 2022.
Apartments and offices are leased to other tenants until 2016.
The property is located in the heart of Mayfair, which is a predominantly commercial district.
There is a huge number of major brand stores, renowned hotels and restaurants, and even the Sotheby's auction house in the immediate vicinity of the area.
There is the metro station within the walking distance, which has access to four lines and provides excellent transport accessibility.