Acquired

Freehold City of London Investment Opportunity, London EC2

222 Bishopsgate, London EC2

Acquired for £21,100,000

Property Type:
Commercial
Sub Types:
Office, Retail
Tenure:
Freehold
Net Initial Yield:
4.36%
Site Area:
23,065 sq.ft [2,143 sq.m]

Tenancy

Multi-let to one office and three retail tenants on full repairing and insuring terms providing a total passing rent of £981,250 per annum.

Description

  • Prominent corner position on one of the City of London’s few seven-day-a-week trading retail pitches, in close proximity to Spitalfields, one of Central London’s most vibrant quarters, and opposite the Broadgate Estate.
  • Unrivalled transport connectivity being only 50m from Liverpool Street Station, which will further benefit from direct access to the Elizabeth Line from the end of 2019.
  • 23,065 sq ft (2,142.8 sq m) of office, retail and ancillary accommodation arranged over lower ground, ground and four upper floors.
  • Multi-let to one office and three retail tenants on full repairing and insuring terms providing a total passing rent of £981,250 per annum.
  • The office accommodation accounts for 46% of the total income and is let to Eden Brown off a highly reversionary rent of £452,500 per annum, which reflects only £30.56 per sq. ft. overall.
  • The retail accommodation accounts for 54% of the passing rent and is securely let to Santander UK Plc,Coral Racing Limited and Snappy Snaps off reversionary rents.