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Prime City of London Mixed Use Investment Opportunity, London EC3

81 - 82 Gracechurch Street, London EC3

Sold for £15,250,000

Property Type:
Commercial
Sub Types:
Office, Retail
Tenure:
Long Leasehold
Net Initial Yield:
5.51%
Site Area:
19,418 sq.ft [1,804 sq.m]

Lease Term

The property is held on a 150 year Long Leasehold from The Master and Wardens of the Guild or Fraternity of the Body of Christ of the Skinners of London from 24th June 2011. The Headlease is geared to the higher of the Minimum Rent of £50,000 per annum and 10% of the Net Income.

Tenancy

The property is multi-let to three office tenants and four retail tenants with a WAULT of approximately 6.19 years to lease expiries and 4.32 years to break options.

Income

Total gross passing rent is £958,073 per annum, total net rent equates to £896,674.60

Description

  • Core City of London location in close proximity to Leadenhall Market and the Bank of England.
  • The property occupies a prominent location on the eastern side of Gracechurch Street.
  • Grade II listed building providing 19,418 sq ft (1,804 sq m) of office, retail and ancillary accommodation arranged over basement, ground and four upper floors.
  • The property wax extensively refurbished in 2012.
  • The office accommodation extends to 12,493 sq ft (1,161 sq m) and is multi-let to three tenants accounting for 63.44% of the income, the passing rent is £607,823 per annum, equating to a reversionary overall rent of £48.65 per sq ft.
  • The retail accommodation extends to 6,925 sq ft (643 sq m) and is multi-let to four tenants at a passing rent of £350,250 per annum equating to £50.58 per sq ft overall.