Prime Central London Investment Opportunity - 1 Alie Street. London, E1 8DE - • Prominent corner building, located in the heart of Aldgate, one of London's most dynamic sub-markets and an integral part of London's tech belt.
• Excellent transport connectivity with five London stations within a 10 minute walk, as well as being less than a kilometre from Liverpool Street Station, set to benefit from the launch of the Elizabeth Line.
• The property comprises 108,702 sq ft of modern office, retail and ancillary accommodation, arranged over basement, ground and 6 upper floors.
• The property has been subject to a rolling refurbishment programme since 2016, with approximately £11.3 million invested in the building. This has included remodelling the reception, communal areas, WCs and Grade A works to the majority of the office accommodation.
• The property is multi-let to 8 diverse commercial tenants including Samsara, Kuoni Global Travel Services and Thread Online providing a WAULT of 6.27 years to lease expiries and 3.50 years to earliest determinations.
• The property produces a total gross passing rent of £5,529,989 per annum inclusive of vendor top ups equating to £50.87 per sq ft overall. After the deduction of the head rent this equates to a net rent of £5,253,490 per annum.
• Held by way of a long leasehold interest from the City of London Corporation for a term of 150 years from 8th December 2015 (c.145 years unexpired) subject to a gearing of 5.00% of rents receivable with a minimum ground rent of £150,000 per annum.
• A feasibility study undertaken by Gensler architects highlights that there is scope for additional massing, and reconfiguration of the existing floorplates and the reception to increase the NIA to circa 179,000 sq ft, subject to achieving the necessary planning consents.
Offers of £98.50 million are sought, subject to contract and exclusive of VAT, for the long leasehold interest. A purchase at this level reflects a net initial yield of 5.24% and a capital value of £906 per sq ft, assuming purchaser's costs of 1.80%.
For further information please contact Christian Capocci: 020 3826 0666, 07773 258 607.