Withdrawn

Dacre House, London SW1 – Freehold Development Opportunity

Dacre House, 19 Dacre Street, Victoria, London SW1

Offers in excess of £18,500,000

Property Types:
Commercial, Development Opportunity, Mixed, Residential
Tenure:
Freehold
Site Area:
17,345 sq.ft [1,613 sq.m]

Tenancy

The property is multi-let to three office tenants and two retail tenants producing a total rent of £595,820 per annum, which equates to a low office passing rent of approximately £42 per sq ft.

Description

  • Freehold.
  • Prominent corner building in a core Victoria location at the junction of Dacre Street and Dean Farrar Street, within close proximity to St. James’s Park, Westminster and Victoria station.
  • Substantial ongoing investment and regeneration of the immediate surrounding area including developments and public realm improvements.
  • 17,345 sq ft (1,613 sq m) of office, retail and ancillary accommodation arranged over lower ground, ground and five upper floor.
  • Multi-let to three office tenants and two retail tenants producing a total rent of £595,820 per annum.
  • Low passing office rent of only £42 per sq ft compared to Victoria rents that are now reaching £95 per sq ft.
  • Full vacant possession in January 2020.
  • Planning Consent for a Grade A office-led redevelopment and extension of the existing building that increases the net floor area by 40% to 24,175 sq ft (2,246 sq m).
  • 2019 Pre-Application for a new build Grade A office-led scheme has been positively received by Westminster City Council.
  • Fantastic opportunity to asset manage, refurbish or redevelop the asset and capitalise on the area’s continuing rental growth.

Offers are invited in excess of £18,500,000 (Eighteen Million Five Hundred Thousand Pounds) for the Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a capital value of £1,067 per sq ft on the existing area and £765 per sq ft on the consented area.