21 Lombard Street benefits from a world renowned address in the heart of the City of London.
21 Lombard Street is situated strategically in a core City of London location on a prominent freehold virtual island site on the south side of Lombard Street, close to its junction with King William Street.
The property is in a highly desirable location in close proximity to various major landmarks including the Bank of England, the Royal Exchange and the tower cluster. Whilst Lombard Street represents an internationally recognised banking and financial thoroughfare, its location within the EC3 boundary also means it is close to London's prestigious insurance market, centred on the Lloyds Building, situated to the east of the property.
This location therefore appeals to a wide range of occupiers from the financial, insurance and professional sectors and provides excellent access to some of the City's premier attractions, as well as other key locations across Central London.
21 Lombard Street is a prime, commanding office building providing excellent natural light and flexible floorplates
An impressive Central London office building, 21 Lombard Street provides 115,955 sq ft (10,772.4 sq m) of Grade A office and ancillary accommodation arranged over basement, lower ground, ground and eight upper floors, with terraces on the 2nd, 4th, 5th and 7th floors. The building was completed in 2000 and occupies a virtual island site of 0.416 acres, providing excellent levels of natural light to the office floorplates.
The office accommodation is accessed from an impressive reception with office floorplates of approximately 14,000 sq ft on the 1st to 3rd floors which taper back to approximately 3,850 sq ft on the 8th floor.
The tenant has undertaken refurbishment works to 21 Lombard Street, including refurbishing the office accommodation on the 1st to 8th floors and the reception. In addition, the WCs and lift lobbies on each floor have also been upgraded.
The tenant also has plans to upgrade the internal fit out of the lifts in 2018.
21 Lombard Street is held freehold under title number NGL765734 and is outlined in red below. Areas of the basement also extend beyond this outline and are included within the freehold.
The property is situated on a virtual island site extending to approximately 0.416 acres (0.168 hectares).
Some architectural detailing along the elevations of the existing building protrude beyond the freehold ownership and are subject to an airspace lease from the City of London Corporation for a term expiring 10 May 2075 at a peppercorn rent.
21 Lombard Street is single let on full repairing and insuring terms to UBS UK Properties Ltd for a term of 25 years from 28 March 2001, expiring 27 March 2026.
The current passing rent is £6,500,000 per annum which reflects only £56.06 per sq ft overall. The rent is subject to an open market upwards only rent review on 25 March 2021.
UBS are not currently in occupation of the building and have sublet part of the ground floor to Phaidon International (UK) Limited and the 1st to 4th floors to Novae Management Limited. The Chartered Institute of Insurers are currently under offer to sub-underlet the 1st floor from Novae Management Limited at a rent of £57.50 per sq ft. Further details are available on request.
UBS UK Properties Limited (Company Number 01501299) is a wholly owned subsidiary of UBS AG. UBS AG is a global Swiss financial services firm which specialises in personal, corporate and investment banking, wealth management and asset management.
UBS has its headquarters in Zurich, operates in over 50 countries and has approximately 61,000 employees globally.
UBS UK Properties Limited has an Experian Riskdisk rating of 89/100 representing a low risk of default and a Dun & Bradstreet Rating of 5A 1, which represents a minimum risk of business failure.
Further information is available at www.ubs.com
The property is elected for VAT.
Offers are sought in excess of £143.5 million (One Hundred and Forty-Three Million, Five Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 4.45% and a capital value of £1,238 per sq ft assuming acquisition costs of 1.8% through the purchase of the JPUT.