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Riverscape, 10 Queen Street Place, London, EC4R, Queen Street Place, EC4R 1BE

For sale: £239,000,000.00|216,593 Sq Ft|Office, Offices

Property details

FOR SALE£239,000,000.00
SIZE216,593 Sq Ft
ADDRESSRiverscape, 10 Queen Street Place, London, EC4R, Queen Street Place, London, EC4R 1BE
TYPEOffice, Offices
TENUREInvestment Opportunity
POSTED ON4th November 2021

Description

Landmark Multi-let City Core Investment - The property offers approximately 216,593 sq ft (20,122 sq m) of accommodation over basement, ground and four upper levels providing floorplates of a rare quantum.

Consisting predominantly of Grade A office space, the property also includes two retail units, a private members’ club and NCP car parking over four basement levels.

Excellent tenant amenity provided, with one of London’s largest panoramic roof terraces, totalling over 20,000 sq ft.

Multi-let to nine tenants, the property produces a gross passing rent of £11,829,301 per annum, equating to £54.62 per sq ft overall and £55.43 per sq ft on the office accommodation.

Weighted average unexpired term certain of 6.9 years to expiries and 6.4 years to the earliest determination.

Held long leasehold from the City of London, providing approximately 133 years unexpired, at a head rent of 4.99% of the rack rental value of the office accommodation only. The current head rent is £513,500 per annum.

Offers are invited in excess of £239,000,000 for the Jersey SPV which holds the leasehold interests, subject to contract and exclusive of VAT.

A purchase at this level represents a net initial yield of 4.65%, assuming purchaser’s costs of 1.80%, and a low capital value of £1,103 per sq ft.

Location

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Location: Riverscape, 10 Queen Street Place, London, EC4R, Queen Street Place, London, EC4R 1BE

Mansion House (0.1 miles)

Cannon Street (0.1 miles)

Bank (0.3 miles)

Cannon Street (0.1 miles)

Bank (0.3 miles)

Blackfriars (0.4 miles)

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