Sold

Prime Central London Freehold Investment and Refurbishment Opportunity

193 Fleet Street, London EC4

Sold for £4,328,000

Property Type:
Commercial
Sub Types:
Office, Retail
Tenure:
Freehold
Site Area:
4,144 sq.ft [385 sq.m]

Tenancy

The property is multi-let to one retail tenant and two office tenants. The second and third floors are currently vacant.

Income

The current overall passing rent is £93,500 per annum equating to a highly reversionary rent of £32.13 per sq ft overall over the let accommodation only.

Description

  • Prominent corner office and retail building.
  • Freehold.
  • Grade II Listed building providing office, retail and ancillary accommodation comprising approximately 384.99 sq m (4,144 sq ft) arranged over basement, ground and four upper floors.
  • The ground floor is operated as a high class retail unit and the upper parts comprise four floors of offices, of which the second and third are currently vacant. The fourth floor is subject to a rolling mutual option to determine on six months’ notice (operable after 25th November 2017).
  • Outstanding asset management opportunities to enhance value through upcoming lease events, potential comprehensive refurbishment of the 2nd and 3rd floors and common parts.
  • The ground floor retail unit is subject to a rent review on 29th November 2017. The current rent passing is £60,000 per annum which equates to £35.29 per sq ft overall and is therefore considered to be highly reversionary.
  • The WAULT is 4.62 years to expiry and 4.00 years to breaks over the let accommodation only.