Canary Wharf is one of Europe's most established office locations with a diverse occupier mix, coupled with a world-class retail offering.
11 Westferry Circus is a striking office building with stunning views across the River Thames, providing 145,465 sq ft of office, retail and ancillary accommodation arranged over basement levels, ground and nine upper floors.
11 Westferry Circus was designed by architects Koetter, Kim & Associates and developed by Olympia & York. The building comprises 130,643 sq ft of office accommodation and 14,822 sq ft of retail and ancillary space arranged over two basement levels, ground and nine upper floors. The building incorporates an attractive curved facade overlooking Westferry Circus and West India Avenue, with a covered ground floor colonnade.
The building is accessed from the front entrance facing West India Avenue via an impressive 2,101 sq ft reception, along with two alternative entrances to the building, providing access from Columbus Courtyard and Westferry Circus, which are exclusively used by The Secretary of State for Communities & Local Government. The offices benefit from flexible and easily divisible floor plates that range between 12,641 sq ft to 16,980 sq ft. The ninth floor is set back, with an area of 2,977 sq ft and an impressive 3,462 sq ft external terrace offering stunning, uninterrupted views over the River Thames and across Central London.
The building underwent a substantial refurbishment in 2012, with works including the replacement of plant and M&E services, the mechanical refurbishment of the lifts with new destination controls and the remodelling and modernisation of the office reception. In 2017 the fourth and fifth floors were also refurbished to a modern Category A specification, with the addition of new WCs and contemporary lift lobbies.
At basement levels there is car parking, bicycle storage and 10 showers.
11 Westferry Circus is held as a virtual freehold by way of a long leasehold interest from Canary Wharf Investments Limited, under title number EGL345037.
The long leasehold is for a term of 1,030 years and 8 days from 17th July 1987, expiring on 25th July 3017 (999 years remaining) at a fixed ground rent of £100 per annum.
11 Westferry Circus is multi-let to four office tenants and two retail tenants, producing a gross passing rental income of £4,809,162 per annum, which equates to a low overall average rent of £33.06 per sq ft.
The current contracted office passing rent of £2,725,260 per annum equates to a highly reversionary £30.49 per sq ft, which is only c. 55% of the prime headline rents at Canary Wharf.
The property has a Weighted Average Unexpired Lease Term (WAULT) of 7.2 years to lease expiries and 6.3 years to breaks.
The fifth floor is currently under offer at a rent of £37.50 per sq ft. The vendor proposes to provide a 21 month rental guarantee in respect of the remaining vacant fourth floor at a rent of £39.50 per sq ft and the vacant part third floor at a rent of £37.50 per sq ft.
The property is elected for VAT.