- Off market
- Virtual freehold with 999 years unexpired and a head rent of £100 per annum
- SPV sale
- Located on the globally iconic Canary Wharf estate with excellent transport connectivity that will be enhanced by the completion of Crossrail
- Substantial corner site totalling circa 0.42 acres
- 145,465 sq.ft of office, retail and ancillary accommodation arranged over basement levels, ground and 9 upper floors
- Highly specified flexible floor plates of between 2,977 sq.ft and 16,980 sq.ft with the top floor benefitting from a 3,462 sq.ft terrace providing outstanding views over the River Thames
- The property was substantially refurbished in 2012 with the fourth and fifth floors subsequently refurbished in 2017.
- Let to a diverse selection of office tenants including the Secretary of State for Communities and Local Government (Ministry of Housing, Communities Local Government) and Clearstream Banking.
- Total rental income £4,809,162 per annum
- WAULT of 7.2 years to lease expiries and 6.3 years to breaks
- All Clearstream leases have been extended. They have entered into new reversionary leases from the day after the expiry of the existing leases (25 October 2022) for a term until 24 October 2030 subject to a tenant-only break option in all the leases on 24 April 2026
- The rents under the new reversionary leases payable from 25 October 2022 are subject to an upward only rent review at the 5th anniversary of the reversionary lease commencement date
- Rent reviews on other leases not exercised as all of the tenants paid their full rent during Covid. This will enable a buyer to benefit from any rental uplifts that they can exercise after completion
- Selling price £97m.
Where we act as a seller’s mandate, we represent the vendors. Our clients wishing to sell their property off-market benefit from impartial advice and a personalised service tailored to their requirements and circumstances. More importantly, we offer sellers unparalleled access to qualified buyers and we ensure that we address the right audience.
In order to achieve the best possible sales result, your property is presented to individual and corporate purchasers, whose buying behaviour and buying power can be backed by a Letter of Intent (LOI) and Proof of Funds (POF). We will provide vendors with professional support throughout the entire process and beyond, including RICS valuations, coordinating viewings, assessing incoming offers, and protecting your interests during sales negotiations.
For further information, luxury property, off-market, off-plan, developments or investments, marketing or help finding your next property please contact us anytime.
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investments@trellows.co.uk
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