Sold

City of London Business Centre Investment and Potential Refurbishment Opportunity

1 Temple Avenue, London EC4

Sold for £18,050,000

Property Type:
Commercial
Sub Type:
Office
Tenure:
Long Leasehold
Site Area:
29,349 sq.ft [2,727 sq.m]

Lease Term

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.

Description

  • 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.