For Sale

Prime City of London Vacant Possession Opportunity, London EC3

3 Birchin Lane, London EC3

Offers in excess of £3,700,000

Property Type:
Commercial
Sub Type:
Office
Tenure:
Long Leasehold
Net Initial Yield:
5.00%
Site Area:
4,150 sq.ft [386 sq.m]

Lease Term

The Property is held on a 125 year Long Leasehold from The Master, Wardens and Society of the Art or Mystery of Innholders of the City of London from 26th September 2013.

The Headlease is geared to 10% of the Open Market Rent, with a current head rent payable of £18,000 per annum.

Tenancy

The subject property is single-let to Brand Finance Plc for a term of 10 years from 26 September 2013 expiring, September 2023 at a gross passing rent of £215,000 per annum equating to £51.81 per sq ft. The net rent is £197,000 per annum.

Description

  • Core City of London location in close proximity to the Royal Exchange and the Bank of England.
  • The property occupies a prominent location on the western side of Birchin Lane.
  • Attractive mid-terrace Grade II Listed building providing 4,150 sq ft (385.60 sq m) of office and ancillary accommodation arranged over basement, ground and four upper floors.
  • The property was extensively refurbished in 2014/2015.