10-18 Victoria Street occupies a prominent location in the heart of Victoria, one of central London's principal commercial and residential sub-markets.
Historically, Victoria has been a hub for government occupiers due to its proximity to The Houses of Parliament, Downing Street and Whitehall. In recent years, however, the location has benefitted from a plethora of high quality developments and place-making schemes, largely driven by renowned UK REIT Landsec. This has resulted in a vibrant office, retail, leisure and residential destination.
This has attracted a diverse mix of office and retail occupiers including Guggenheim Partners, Jupiter Asset Management, Deutsche Bank and global media and fashion brands such as Microsoft, Google, Burberry, Giorgio Armani and Tom Ford.
Over the coming years there are a number of exciting schemes due to be delivered. The most significant development is Ten Broadway (New Scotland Yard), located adjacent to 10-18 Victoria Street and set to deliver 258 private and 10 intermediate residential units and over 190,000 sq ft GEA of commercial space, due for completion in late 2021.
10-18 Victoria Street benefits from a 65m frontage to Victoria Street and provides 81,597 sq ft of flexible office accommodation arranged over basement, lower ground, ground and nine upper floors.
The ground floor extends to more than 10,500 sq ft and the upper floors range from approximately 5,163 sq ft to 7,100 sq ft and benefit from exceptional levels of natural light. The central core of the building creates an efficient floorplate that provides a degree of flexibility. In addition, the sixth and eighth floors benefit from external terraces with stunning views across historic London.
In addition, there is a residential caretakers flat on the ninth floor.
Freehold. The property is held freehold under title number LN168709.
An extremely low passing rent of £37.99 per sq ft, just 43% of the highest rent achieved in Victoria (£87.50 per sq ft) and 34% of the prime West End rent (£112.50 per sq ft).
The Property is elected for VAT.
We are instructed to seek offers in excess of £95,000,000 (Ninety-Five Million Pounds) subject to contract and exclusive of VAT.
Pricing at this level reflects a net initial yield of 3.21%, and an exceptionally low capital value of only £1,164 per sq ft, assuming an acquisition of the Jersey based SPV which holds the freehold (assuming 1.80% purchaser's costs).