Sold

Landmark Aldgate Refurbishment and Investment Opportunity, London EC3

Ibex House, 42-47 Minories, London EC3

Sold for £121,250,000

Property Types:
Commercial, Development Opportunity
Sub Types:
Office, Retail, Leisure
Tenure:
Freehold
Net Initial Yield:
5.21%
Site Area:
191,144 sq.ft [17,758 sq.m]

Tenancy

Multi-let to 28 tenants including the London Headquarters of PLP Architecture, Capita Business Services, BBC Media Action, Breast Cancer Now, Lark (Group) Ltd and Virgin Active Health Clubs Ltd.

Income

£6,428,989.80

Description

  • Ibex House occupies a prominent position to the east of the core of the City of London, close to Aldgate and Whitechapel, in the heart of London’s Tech Belt.
  • Iconic Grade II listed Art Deco 1930s building comprising 17,757.86 sq m (191,144 sq ft) of office, restaurant, retail, public house and gym accommodation arranged over basement, lower ground, ground and eight upper floors.
  • Located on a substantial island site of 0.75 acres on the east of Minories, bounded by Portsoken Street to the south and Haydon Street to the north.
  • The weighted average unexpired term is 5.25 years to expiry and 2.98 years to breaks (excluding the Public House).
  • The vendor will provide 12 month rental top ups on all vacant units (approximately 19,625 sq ft).
  • Rental evidence in neighbouring comparable buildings is in the region of £52.50 psf – £57.50 psf.
  • Immediate active management opportunities to increase rental income through refurbishment and re-letting of vacant accommodation and numerous well timed rent reviews and lease events.
  • Potential to reposition the building via major refurbishment, and appeal to the creative industries.