For Sale

The Dumont, London SE1 – Single Let Office Investment

The Dumont, 22-29 Albert Embankment, London SE1

Offers in excess of £6,000,000

Property Type:
Commercial
Tenure:
Freehold
Net Initial Yield:
6.30%
Site Area:
7,601 sq.ft [706 sq.m]

Tenancy

Single let to National Schizophrenia Fellowship (t/a Rethink Mental Illness) for a term of 10 years (without break) from 15th November 2021 expiring 14th November 2031. Approximately 9.5 years unexpired.

The current rent is £384,050 pa reflecting a£50.52 psf overall, rising to £403,052.50 pa (£53.03 psf) in year four. The lease includes two car parking spaces. The Vendor will top-up to the year four rent of a£403,052.50 pa.

The lease is drawn on full repairing and insuring terms and is granted inside the security of tenure and compensation provisions of the Landlord and Tenant Act 1954, Part II (as amended). The lease is subject to an upwards only open market rent review at the anniversary of the fifth year, with the next rent review due on 15th November 2026.

Description

  • The Dumont is an attractive, newly developed, single let office investment opportunity.
  • Located on Albert Embankment in Vauxhall, one of London’s most vibrant submarkets.
  • New 999 year long leasehold interest at a peppercorn rent.
  • 7,601 sqft NIA office over part ground and 1st floors.
  • Single let to National Schizophrenia Fellowship until November 2031, c. 9.5 years unexpired (without break).
  • Total passing rent £403,052.50 pa, reflecting £53.03 psf (including Vendor top-ups).
  • Potential for future conversion to alternative uses, including residential, subject to all necessary consents.

Offers are invited in excess of £6,000,000, subject to contract and exclusive of VAT. Pricing at this level reflects a Net Initial Yield of 6.30% (after allowing for full purchaser’s costs of 6.63%) and equates to a capital value of £789 psf.