Sold

London, SW1 – Extremely Rare Investment Opportunity

21 St James's Square, London, SW1

Sold for £187,500,000

Property Type:
Commercial
Sub Type:
Office
Tenure:
Freehold
Net Initial Yield:
3.75%

Income

£7,308,024 per annum

Description

  • Extremely rare investment opportunity being one of only 16 freehold office buildings on St. James’s Square, Berkeley Square & Grosvenor Square not in estate ownership.
  • Freehold.
  • Located in the St. James’s area of London’s West End, in a prominent position on the west side of St. James’s Square, London’s premier garden square.
  • Completed in 2018, the building has been redeveloped and refurbished to the highest of standards, blending the design of the Grade I listed façade and modern architecture.
  • 61,381 sq ft (5,702.5 sq m) of Grade A offices arranged over lower ground, ground and six upper floors.
  • Statement reception with concierge service and club room.
  • Exclusive sixth floor roof terrace and ground floor private courtyard.
  • 85% of income secured by Cinven Partners LLP, with an unexpired term certain of 11 years.
  • WAULT of 13 years to expiries and 10 years to breaks.
  • Total income of £7,308,024 per annum (reflecting an average office rent of £118 per sq ft).
  • 21 St. James’s Square offers an opportunity to invest in a highly specified office, let to investment grade covenants with over 10 years of secure income and a building that will require minimal capital expenditure for the next 20-25 years.
  • Offers are invited in excess of £182,500,000 subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 3.75% (after allowing for purchaser’s costs of 6.80%).