Other

109 Kingsway & 51-53 Parker Street, London WC2B 5PT

 

Price: £7,300,000 - Initial Yield:5.00%

Date: Q3 2019

Acting on behalf of Parham Developments we advised on the sale of this central London long income leisure investment to James Hay Pension Trust for £7.3m, reflecting a net initial yield of 5.00%. 

The property provides 25,145 sq ft of accommodation arranged over eight floors, comprising two units on the basement and ground floors (a restaurant and bar) and self-contained office space on the upper floors. The ground floor units are fully let to Secrets (Western) Ltd and Muldale Limited t/a Parkers Restaurant at a current passing rent of £371,001 p.a (£43.73 psf). AWULT of 32.7 years to expiry, subject to a landlord’s option to extend on Muldale Ltd’s lease. The office accommodation over 1st to 6th Floors is let on a 125 year lease at a peppercorn, providing 105.6 years unexpired.

Contact

Jeff Ellis

Tel: 020 7493 3330
Mob: 07775 582 719
jellis@lewisellis.co.uk

Fred Daeche-Marshall

Tel: 020 7493 3330
Mob: 07785741700
FDMarshall@lewisellis.co.uk


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