|Property Reference Number||100023432652|
|Last Updated Date||21 Jul 2020|
Prime mixed-use restaurant and office investment located in Covent Garden, one of London’s most renowned restaurant and theatre districts.
- Prominent building adjacent to Leicester Square Underground station, within a short walk of some of London’s most famous landmarks including Leicester Square, Trafalgar Square and Covent Garden Piazza.
- 95% of the gross income secured to Browns (Mitchells & Butlers), an iconic 16,046 sq ft flagship restaurant.
- The office suite is let to Brewery Visual Effects Ltd with a passing rent of £55,000 per annum, reflecting a rate per sq ft of only £53.50.
- Total current gross rent of £1,025,000 per annum.
- Held long leasehold on a recently re-geared headlease for 125 years from the 20th of September 2019, at a current head rent of £51,250 per annum.
- Total current net rent of £973,750 per annum after deduction of head rent.
- Reversionary asset with strong opportunities for rental growth.
- Numerous asset management initiatives, including upcoming rent reviews and restructuring the leases.
- Offers are invited in excess of £21,450,000 (TWENTY ONE MILLION, FOUR HUNDRED AND FIFTY THOUSAND POUNDS) for the long leasehold interest in the property subject to contract and exclusive of VAT. This reflects a NIY of 4.25% and a low capital value of £1,256 per sq ft.