Sold

Tech Belt Refurbishment and Repositioning Opportunity, London E1

9 Prescot Street, London E1

Sold for £53,850,000

Property Types:
Commercial, Development Opportunity
Sub Type:
Office
Tenure:
Freehold
Net Initial Yield:
4.45%
Site Area:
96,948 sq.ft [9,007 sq.m]

Tenancy

9 Prescot Street is multi-let to four tenants with a weighted unexpired lease term of approximately 3.6 years to expiry and 2.2 years to the earliest determination.

Description

  • Freehold virtual island site of 0.54 acres
  • Located at the heart of one of Central London’s most dynamic and evolving locations
  • 9 Prescot Street comprises a 96,948 sq ft (9,006.8 sq m) warehouse office building with up to 4.9m ceiling heights and windows on all four elevations
  • The property is highly reversionary and currently provides a total income of £2,560,443, equating to £26.41 per sq ft overall
  • Block date for comprehensive refurbishment to include the Chamber Street plant room site is possible from 2022
  • Various opportunities to increase bulk and massing