Sold

The Diamond Collection – a Portfolio of Four Central London Refurbishment Opportunities

12-22 Theobalds Road, London WC1 and 116-117 Saffron Hill, London EC1

Undisclosed

Property Types:
Commercial, Development Opportunity
Sub Types:
Office, Conversion to Residential
Tenure:
Freehold
Site Area:
24,879 sq.ft [2,311 sq.m]

Tenancy

22a Theobalds let to Media and Data Services Ltd for a term of five years, from 01 March 2016, at a passing rent of £70,000 per annum, outside of the security of tenure provisions of the Landlord & Tenant Act 1954.

12 -18 Theobalds Road to be sold with the benefit of vacant possession.

20 Theobalds Road is let on five Assured Shorthold Tenancy (AST) Agreements currently producing an income of £146,739.84 per annum.

A surrender is being negotiated at 22 Theobalds Road. It is envisaged that vacant possession will be granted on completion.

116 - 117 Saffron Hill is let on four Assured Shorthold Tenancy (AST) Agreements currently producing an income of £74,716.16 per annum.

Description

12 – 22 Theobalds Road is Grade II Listed.

12 – 22 Theobalds Road comprises 22,652 sq ft (2,104.4 sq m) of NIA accommodation over three self- contained terrace buildings and a separate self-contained lower ground floor unit at 22A Theobalds Road.

116-117 Saffron Hill comprises 2,227 sq ft (206.89 sq m) of NIA accommodation over ground and three upper floors arranged as 1 x 1 bedroom, 2 x 3 bedroom and 1 x 4 bedroom flats.

A planning application has been submitted in relation to 22 Theobalds Road for 2 x studio flats and 1 x 3 bedroom maisonette under application no. 2016/2284/P

Outstanding asset management opportunities to enhance value through comprehensive refurbishment or alternative uses, subject to obtaining necessary consents.

To be sold as part of the Diamond Collection which includes the Freehold interest of 12-22 Theobalds Road, WC1 and 116- 117 Saffron Hill, London EC1.

Offers are sought in excess of £18,250,000 for 100% of the shares in the UK Limited Company that owns the Freehold interest of 12-22 Theobalds Road and 116-117 Saffron Hill, subject to contract and exclusive of VAT.

Assuming acquisition costs of 1.8% a purchase at this level reflects a capital value of £709 per sq ft overall.