Sold

Prime Multi-let Freehold Investment Opportunity with Exceptional Reversionary Potential

85 Great Eastern Street, London EC2

Sold for £13,600,000

Property Type:
Commercial
Sub Type:
Office
Tenure:
Freehold
Net Initial Yield:
4.25%
Site Area:
16,139 sq.ft [1,499 sq.m]

Tenancy

Fully multi-let to six tenants including Task Systems Ltd, Illuminate Financial Management LLP, and New Solutions Ltd, with weighted income of approximately 2.2 years.

Income

Highly reversionary passing rent of £617,453 per annum reflecting only £38.26 per sq ft overall, with evidence recently created at £60.00 per sq ft on the first floor.

Description

  • Freehold.
  • Situated at the heart of Tech City on Great Eastern Street, one of the major thoroughfares in Shoreditch, forming the southern boundary of the coveted ‘Shoreditch Triangle’.
  • Old Street Roundabout and the Tech City cluster is located just a few hundred metres to the west of the property, with the forthcoming Elizabeth Line (Crossrail) at Liverpool Street/Moorgate within a 10-minute walk to the south.
  • Comprehensively refurbished in 2008 to provide approximately 1,499 sq m (16,139 sq ft) of net internal office, showroom, and ancillary accommodation, arranged over lower ground, ground and five upper floors.
  • Estimated Rental Value in the order of £921,983 per annum (£57.13 per sq ft overall).