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Multi-let office building at London Bridge

Office Space for Sale in London, London, UK

  • Price:GBP 58,900,000.00

  • Type:Office Space

  • Reference:OS2999

  • Bedrooms:0

  • Bathrooms:0

  • Furnishings:Unspecified

  • Area:Sq.Mts 4694.00

Mirage Property is pleased to present a stunning office investment just coming to the market and comprises a prime SE1 South Bank office which is multi let.

• Freehold island site comprising 0.45 acres (0.18 hectares).
• Situated immediately opposite London Bridge station, one of London’s busiest stations
• Highly prominent office building with panoramic views of the River Thames, benefiting from a 40 metre frontage to London Bridge
• 50,527 sq ft (4,694.1 sq m) of office and retail accommodation arranged over ground and five upper floors, split into two distinctive east and west sections on either side of a central core
• Multi let to six office tenants and one retail tenant, providing a WAULT of 5.6 years to expiries and 3.8 years to breaks
• Highly reversionary topped-up passing rent of £3,145,285 per annum, reflecting £62.25 per sq ft overall, with all office leases outside the 1954 Act
• Immediate asset management opportunities to undertake new lettings, with rents in the immediate proximity reaching up to £90.00 per sq ft for similar sized floor plates
• Potential to add a dramatic roof terrace and additional floors (subject to the necessary consents)
• Potential to purchase Glaziers’ Hall by way of separate negotiation

The seller is seeking offers are invited in excess of £58,900,000, reflecting a net initial yield of 5.00% and a reversionary yield of 6.00% (assuming purchaser’s costs of 6.80%). This reflects a capital value of £1,165 per sq ft.

GBP 58,900,000.00

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Please mention the reference:

OS2999

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