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77 Bastwick St 16,837 sq ft 100% Let Office Property London EC1V 3PZ £10,500,000 (£623.63/sq ft) 8.90% Net Initial Yield
EXECUTIVE SUMMARY
77 Bastwick Street represents a rare opportunity to acquire a freehold office building in the heart of Clerkenwell, offering a high yielding medium-term income with clear potential for longer-term value enhancement.
The property is currently multi-let to three tenants with a single floor vacant. The current income produces an annual rent of £796,047 pa, reflecting a low passing rent of £57.92 per sq ft.
Offers are invited in excess of £10,500,000, subject to contract and exclusive of VAT. Pricing at this level reflects a topped-up net initial yield of 8.90% (assuming purchaser’s costs of 6.8%) and a low capital value of £624 per sq ft.
The property is currently multi-let to three tenants with a single floor vacant. The current income produces an annual rent of £796,047 pa, reflecting a low passing rent of £57.92 per sq ft.
Offers are invited in excess of £10,500,000, subject to contract and exclusive of VAT. Pricing at this level reflects a topped-up net initial yield of 8.90% (assuming purchaser’s costs of 6.8%) and a low capital value of £624 per sq ft.
PROPERTY FACTS Sale Pending
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
16,837 sq ft
Costar Property Class
B
Year Built/Renovated
1967/2015
Price
£10,500,000
Price per sq ft
£623.63
Yield
8.90%
NOI
£934,500
Occupancy Rate
100%
Tenancy
Multiple
Number of Floors
6
Typical Floor Size
2,806 sq ft
Plot ratio
1.61
Total Plot Size
0.24 ac
Parking
4 Spaces (0.24 Spaces per 1,000 sq ft Leased)
AMENITIES
- Raised Floor
- EPC - C
- Roof Terrace
- Bicycle Storage
- Demised WC facilities
- High Ceilings
- Lift Access
- Natural Light
- Reception
- Shower Facilities
- Wooden Floors
- Air Conditioning
- Balcony
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77 Bastwick St
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