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Freehold Investment / Development Opportunity

For sale: £15,000,000.00|26,716 Sq Ft|Office, Offices

Property details

FOR SALE£15,000,000.00
SIZE26,716 Sq Ft
ADDRESS1 Vincent Square, London, SW1P 2PN
TYPEOffice, Offices
TENUREFor Sale Freehold
POSTED ON28th February 2024

Description

Prominent freehold corner property with views of Vincent Square, ideal for investors, developers and owner occupiers. Arranged over basement, ground and five upper floors totalling 26,716 sq ft, plus 5th floor roof terrace and small basement car park. Part-let with a WAULT of 1.4 years to break and 4.4 to expiry on let accommodation. Passing rent £414,195 per annum reflecting a low average rent of £36.13 per sq ft per annum. Significant asset management opportunities including a comprehensive refurbishment and reletting of the offices. Potential (STTP) for the following: - Increase the massing and reconfigure the cores and WCs - Medical/Senior Living Use - Suitable for Educational Use - Conversion to Residential The Vendors are seeking offers in excess of £15 million for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 2.59% and a reversionary yield of 6.48% assuming the vacant floors are let at a rent of £45.00 per sq ft. Taking into account the purchaser's cost of 6.73%, a sale at this level equates to a low capital value of £561 per sq ft. Air conditioning Part underfloor trunking Manned reception 2 passenger lifts 3 showers Bike storage LG7 lighting CAT 6 cabling (4th) Ground floor DDA compliant Secure drop off parking Storage space Excellent natural light

Location

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Location: 1 Vincent Square, London, SW1P 2PN

St. James Park (0.3 miles)

Pimlico (0.4 miles)

Victoria Station (0.5 miles)

St James's Park (0.4 miles)

Victoria (0.5 miles)

Vauxhall (0.6 miles)

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