Investment Highlights

• Freehold office building totaling 10,949 sq ft (1,017.16 sq m) arranged over lower ground, ground and four uppers.
• Highly prominent and well positioned on the corner of Clerkenwell Road and St John Street within the ‘heart’ of Clerkenwell.
• Situated within immediate walking distance to Farringdon Underground and Mainline Station – a major Crossrail hub, and Barbican Underground Station.
• Single let and providing a total income of £270,575 pa reflecting a low passing rent of only £24.71 psf.
• Highly reversionary with ERV’s of £40 psf on the ground and upper floors, and £25 psf on the lower ground.
• Lease expiry in January 2015 providing 2.2 years unexpired.
• Exceptional asset management opportunities to enhance value including the repositioning of the plant to create additional accommodation on 3rd & 4th floors, subject to obtaining the necessary consents.
• Potential change of use to retail (A1/A2/A3) on lower ground and ground floors, and residential on the upper floors, subject to obtaining the necessary consents.
• We are instructed to seek offers in excess of £5,500,000 subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 4.65% (assuming the deduction of purchasing costs of 5.80%), a reversionary yield of 6.91% based upon our assessment of ERV’s, and a capital value of £502 psf.

< Back