The Grimaldi Building, 154a Pentonville Road, King’s Cross, London N1 9PE

Investment Highlights

• Situated on the north side of Pentonville Road, equidistant between Angel and King’s Cross/St Pancras underground and mainline stations.
• A highly prominent and characterful self-contained office building constructed from new in 1991 and comprehensively refurbished in 2012 to an excellent standard.
• The property extends to a net internal area of 15,636 sq ft and has the benefit of 13 onsite car parking spaces.
• Single let to Eviivo Limited on an FR&I lease for a term of 10 years from 30th March 2012, subject to an upwards only rent review and a tenants option to break at the 5th year.
• Current passing rent of £480,000 pax devaluing to £30.70 psf.
• Prime rents in King’s Cross are approaching £50 psf and as such we believe that the property has strong reversionary potential.
• A new 150 year head lease from 6th March 2013. The current head rent payable is £32,000 per annum rising from 2nd January 2014 to £60,000 per annum, being 12.50% of either rents received or open market rental value, and will be reviewable upwards only on a 5 yearly basis in line with RPI.
• Current net passing rent of £448,000 pax.
• We have been instructed to seek offers in excess of £6,500,000 subject to contract and exclusive of VAT for the benefit of our clients long leasehold interest. A purchase at this level would reflect a capital value of £416 psf and the following yield profile after the deduction of the ground rent and standard purchaser’s costs of 5.80%:

6.51% Net Initial Yield
7.55% Reversionary Yield*

* Assuming our opinion on ERV of £30 psf on lower ground and £40 psf on ground to 3rd floors, and after the deduction of the head rent payable at 12.50% and standard purchaser’s costs of 5.80%.

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