City of London Business Centre Investment and Potential Refurbishment Opportunity
1 Temple Avenue, London EC4
Sold for £18,050,000
- Property Type:
- Sub Type:
- Long Leasehold
- Site Area:
- 29,349 sq.ft [2,727 sq.m]
A new 150 year lease, subject to a gearing of 7.50% of Rack Rental Value will be granted by the Freeholder. The Lease will be subject to an initial ground rent of £50,000 per annum for the first five years, with five yearly reviews thereafter.
- Located in a prime Central London location, Hamilton House is operated as a Business Centre by the Freeholder, the City of London Corporation.
- Prominently situated on the north side of Victoria Embankment and served by Temple and Blackfriars Underground Station and City Thameslink.
- Grade II Listed building providing office and ancillary accommodation comprising approximately 29,349 sq ft (2,726.80 sq m) arranged over basement, lower ground, ground and five upper floors.
- The Business Centre (www.hamilton-house.co.uk) currently produces a gross income of approximately £1,237,179 per annum and a net income of approximately £532,174 per annum. The current occupancy rate is approximately 96%.
- There are currently approximately 76 licences held by 41 occupiers, the majority of which are quarterly.
- Outstanding asset management opportunities to enhance value, either through upgrading the existing Business Centre operation or carrying out a comprehensive office refurbishment, subject to obtaining necessary consents.