An opportunity to acquire a prime Central London Grade A headquarters office building, single let to one of the world’s largest law firms, with over 13.75 years unexpired lease term.
LOCATION
Located prominently midway between the City of London and West End in the heart of Midtown. The property benefits from excellent transport links throughout London and is situated on part of an island site bounded by Tudor Street, Temple Avenue, Tallis Street and Carmelite Street.
DESCRIPTION
Headquarters building completed in 2003, comprising a total of 98,949 sq ft (9,192.5 sq m) Grade A office and ancillary accommodation arranged over lower ground, ground and five upper floors.
In addition there are nine secure basement car parking spaces.
TENURE
Held leasehold from the City of London for a term of 125 years expiring 31st December 2125 (approximately 114 years unexpired). The headrent is geared to 10% of rents receivable (subject to a minimum ground rent of £270,000 per annum). The current headrent is £459,900 per annum.
TENANCY
The property is let to 21 Tudor Street Premises Limited, subject to guarantee by Jones Day, by way of a single lease expiring on 28th September 2025 (approximately 13.75 years unexpired). The current rent passing is £4,598,996 per annum (£46.48 per sq ft overall) and is subject to review on
29th September 2013.
INCOME
Gross income £4,598,996 per annum
Headrent £459,900 per annum
Net income £4,139,096 per annum
VAT
The property is elected for VAT.
CAPITAL ALLOWANCES
Capital allowances may be available for a qualifying purchaser by separate negotiation.
INVESTMENT PROPOSAL
Offers are sought, subject to contract and exclusive of VAT, for the long leasehold interest in
21 Tudor Street. Alternatively the entities forming the UK Trust which owns the asset may be available by separate negotiation.