Documents
Attributes
Property Reference Number | 10033585632 |
Building Area |
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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


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