55-56 Poland Street, London W1F 7NN
Rare opportunity to purchase a prime former warehouse building in Soho.
The property is arranged over lower ground, ground and five upper floors, totalling 9,358 sq ft (NIA) and 12,343 sq ft (GIA).
The property comprises offices from Lower Ground to the Fifth floor with one retail unit at ground floor.
Multi let to six tenants at a total passing rent of £665,280 p.a.x (including vendor’s rental top up on 2nd floor) equating to a low £71.09 per sq ft overall.
Excellent potential for rental growth with prime Soho and Fitzrovia rents now in excess of £100 per sq ft.
Planning consent granted in May 2019 to extend at the rear on ground level and at the fifth floor creating 1,508 sq ft (140 sq m) of extra B1 office accommodation.
We are instructed to invite offers in excess of £12,500,000, subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 5% after purchaser’s costs of 6.72% and a capital value of £1,336 per sq ft on the NIA and £1,013 per sq ft on the GIA.