Property Information
Address:
1 Hardwicks Square, London, Greater London
, SW18 4AW
, Greater London
, United Kingdom
Price: Property no longer available.
Size: 27402 sq ft2546 sqm
Primary Category: Investment
All Categories:
Investment, Office,
Property Ref/Movehut: MH668519
Property Ref/Agent: 111178
*Please use the agent ref when calling the agent directly.
Property description
Prime London government let office investment.
- A Prime Greater London office building located in the London Borough of Wandsworth with excellent transport links and connectivity to central London.
- Prime office accommodation totalling 27,402 sq ft (2,545.70 sq m), located in the heart of Wandsworth.
- The property benefits from secure basement parking of 10 spaces.
- Let to the undoubted covenant of The Secretary of State for Housing, Communities and Local Government, operated by the Department for Work & Pensions (DWP).
- Current passing rent of £884,408.50 per annum equating to a low passing rent of £32.27 per sq ft, this equates to a discount of over 25% to the lowest surrounding sub market rent.
- The property is held by way of a 125 year leasehold interest, providing 106 years unexpired.
- The opportunity provides a c.400 bps margin above the UK Government 5 year gilt rate.
- Reflects an attractive Net Initial Yield of 5.75% with significant reversion to be captured at the October 2022 rent review and a low Capital Value of £525 per sq ft after allowing for acquisition costs of 6.73%.
Location Highlights
London is Europe's undisputed Financial and Technology Capital, located in the south east of the country with a total population of approximately 9 million people, which is expected to rise by 1% per annum, more than double the European city average.
Secure basement parking of 10 spaces.
£884,408.50 per annum.
Net Initial Yield of 5.75%.
Low Capital Value of £525 per sq ft.
Let to the undoubted covenant of The Secretary of State for Housing, Communities and Local
Government, operated by the Department for Work & Pensions (DWP).
Current passing rent of £884,408.50 per annum equating to a low passing rent of £32.27 per sq
ft, this equates to a discount of over 25% to the lowest surrounding sub market rent.
Offers are sought in excess of £14,410,000, subject to contract and exclusive of VAT. A purchase
at this level reflects an attractive Net Initial Yield of 5.75% with significant reversion to be captured
at the October 2022 rent review and a low Capital Value of £525 per sq ft after allowing
for acquisition costs of 6.73%.
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