National Magazine House, 77 Broadwick Street, Soho, Soho, W1F 9EP

Strategically located mixed-use building on a large island site in the heart of Soho and the Carnaby Estate, just 120 metres from Regent Street and Mayfair.
45 metre frontage to Soho’s iconic Carnaby Street
Provides 65,316 sq ft of accommodation comprising 54,097 sq ft of well configured office space over ground to 4th floors and 11 residential apartments let on short leases totalling 11,219 sq ft on 5th and part 6th floors arranged around a central courtyard
2 basement car parking spaces
Large flexible open plan office floorplates of between 8,000 and 16,000 sq ft with excellent natural light, suited to either single or multi-occupancy
Freehold
Offices leased to the excellent covenant of The National Magazine Company Limited, on a lease expiring 17 September 2018 (approximately 4 years unexpired)
Valuable opportunity to increase the current very low passing office rent of £44.42 per sq ft at the outstanding September 2013 rent review. Grade A offices in Soho now commanding £82.50 per sq ft – approximately 80% higher than the passing rent.
11 residential apartments let on short term leases (majority are Assured Shorthold Tenancies) currently producing a gross income of £495,766 per annum (£44.19 per sq ft)
Total current passing rent of £2,953,456 per annum
Exceptionally low Soho Grade A vacancy rate of just 1.6%
Lease expiry in 2018 provides an outstanding opportunity to reposition the asset, significantly increasing the site density through refurbishment, redevelopment or change of use to residential or hotel
Prime residential values in Soho now in excess of £2,000 per sq ft
Offers are invited for the freehold interest in excess of £63,500,000 (Sixty Three Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT, reflecting a net initial yield of 4.40% (assuming purchaser’s costs of 5.8%) and a capital value of £972 per sq ft.

Location