Office

111 Strand, Covent Garden, London WC2

111 Strand London, Greater London United Kingdom WC2R 0AG
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income
Cap Rate N/A

Documents

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You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

I accept the confidentiality agreement

You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Property Reference Number 10033585632
Building Area

Property Description

Prime refurbished Covent Garden opportunity with 9 year plus income and opportunity to drive strong Cash on Cash returns

Investment Highlights

  • The property is a Headquarters office building, with three self-contained retail units located moments from Covent Garden Piazza. It comprises of a total of 37,781 sq ft of which 30,549 sq ft are offices, now the subject of a comprehensive Landlord funded Grade A refurbishment
  • The floor plates are circa 5,000 sq ft and well configured offering high levels of natural light and impressive views over the Thames from the upper floors
  • The building benefits from outstanding transport links with six Underground and Two National Rail Stations located under 0.5 miles away
  • The offices are fully let to CVC Advisers a D&B 4A1 rated private equity firm and long term Covent Garden occupier until January 2030, offering over 9 years of income with no breaks for 86% of the income
  • There is a floor by floor rent review in 2025, a year with no significant development forecast creating strong conditions for rental growth
  • Using indicative debt terms provided by JLL Debt Advisory an attractive cash on cash return of in excess of 6.25% can be generated (further details available on request)
  • The property is held long leasehold from the Duchy of Lancaster for a further 130 years at a peppercorn rent
  • We are instructed to seek offers for the Luxembourg SPV that holds the long leasehold interest in excess of £62,000,000 (Sixty Two Million Pounds), subject to contract, reflecting a net initial yield of 4.23% assuming 1.80% purchaser’s costs
Last Updated Date: 07 Oct 2020
James Buckey
James Buckey
Director - Central London Markets
Jonathan Trice
Jonathan Trice
Associate - Central London Capital Markets

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Last Updated Date: 07 Oct 2020

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