Long Leasehold Office Investment Available - Part Second Floor
The subject property is located in a converted Grade II Listed building, built originally as a factory warehouse, on the east side of Wharf Road adjacent to Wenlock Basin (part of Regents Canal). Wharf Road is just off City Road and within easy walking distance of both Old Street and Angel Underground Stations.
The building was built in c. 1990 and comprises mainly the ground, first and second floors. The development has approximately 35 units in total and is split into four sections.
The available property comprises of two self-contained units on the second floor each with bathroom and kitchenette facilities, with the possibility of being interconnected. Both units overlook the Canal Basin and Unit 27 also overlooks the central courtyard. The units are currently fitted and used as offices with wooden flooring, perimeter trunking and recessed lighting throughout. The space benefits from a particularly high ceiling height of 3.5 metres. Unit 27 is mainly open plan with two large meeting rooms and Unit 26 is completely open plan.
Floor Areas: sq. ft. sq. m.
Unit 26 1,073 100
Unit 27 1,519 141
Total 2,592 241
Unit 26 is let to Translate Plus Limited on a 5 year lease from 20 July, 2011 at a passing rent of £28,000 per annum (approx. £26 per sq. ft.) Unit 27 is let to Artis Education Limited on a 4 year lease from 22 November, 2013 at a current passing rent of £40,000 per annum (approx. £26 per sq ft).
Both leases are outside the Landlord & Tenant Act and therefore provide an opportunity for an owner occupier to take vacant possession from the 21 July, 2016 and the 23 November, 2017 for units 26 and 27 respectively. Market Rent We consider the current passing rent to be below the market level and propose a rent more in line with £45 per sq. ft.
Held by way of long leasehold with 96 years remaining at a peppercorn rent.
Offers in the region of £1,550,000 for long leasehold purchase (£597 per sq. ft.)
Approximately £6.00 per sq. ft.
Each party to bear their own legal costs.