Withdrawn

Prime Shoreditch Freehold Mixed-Use Investment Opportunity with Asset Management Potential

6-8 Standard Place, Rivington Street, London EC2

Offers in excess of £11,750,000

Property Types:
Commercial, Mixed, Residential
Sub Types:
Office, Multiple Flats
Tenure:
Freehold
Net Initial Yield:
4.71%
Site Area:
10,448 sq.ft [971 sq.m]

Tenancy

Multi-let to 5 office and 2 residential tenants with a WAULT of 3.25 years to expiries and 2.14 years to break options on the let accommodation.
The office accommodation provides a passing rent of £450,947 per annum (£56.10 per sq ft) whilst the residential provides £93,600 per annum. The total passing rent equates to £544,547 per annum inclusive of vendor top-ups.

Income

£544,547 per annum

Description

Prime Shoreditch location situated at the heart of the highly coveted ‘Shoreditch Triangle’.

Old Street Roundabout and the Tech City cluster are located just a few hundred metres to the west of the property, with the forthcoming Elizabeth Line (Crossrail) at Liverpool Street/Moorgate, Old Street and Shoreditch High Street stations all within close walking distance.

746.78 sq m (8,038 sq ft) NIA of recently refurbished ‘media style’ office and ancillary accommodation arranged over ground and 3 upper floors.

Two penthouse apartments with substantial terraces and spectacular City views on the 4th and part 5th floors extending to approximately 223.9 sq m (2,410 sq ft) NSA.

Multi-let to 5 office and 2 residential tenants with a Weighted Average Unexpired Lease Term of 3.25 years to expiries and 2.14 years to break options on the let commercial accommodation.

The office accommodation provides a passing rent of £450,947 per annum (£56.10 per sq ft) whilst the residential provides £93,600 per annum. The total passing rent equates to £544,547 per annum inclusive of vendor top-ups.

Immediate value add potential with a planning consent to extend the residential accommodation by approximately 66 sq m (710 sq ft), and/or to convert the residential accommodation to offices following a positive planning pre-application response.

Potential market rental value of c. £712,000 per annum following the extension and conversion of the top floor to offices.