2 Copthall Avenue is located in the core of the City of London, the world's leading financial and insurance centre.
The property is situated on a highly prominent corner site where Copthall Avenue turns east to join Throgmorton Avenue. This is a key thoroughfare providing direct access south into the traditional core of the City around the Bank of England, or north to the larger developments around Broadgate and London Wall.
The building is situated adjacent to Drapers Gardens, the HQ of BlackRock, and within 200 metres of the European HQ of China Construction Bank Corporation. Other global occupiers nearby include ING, Prudential Regulation Authority, Deutsche Bank and Legal & General.
The immediate vicinity has seen continued investment in landmark developments such as the redevelopment of 60 London Wall (346,000 sq ft including 18,000 sq ft of retail). The redevelopment of Angel Court (311,600 sq ft including 16,000 sq ft of retail) to the immediate south has improved the public realm and enlivened the ground floor streetscape with high profile restaurants including Coya and Temper.
London Wall to the north and Moorgate to the west are key routes through the City, and the retail activity along these streets contributes to the vibrancy of the area. Operators include Pizza Express, Wasabi, Coco di Mama, Leon, Pod and Caffè Nero.
2 Copthall Avenue is a highly prominent corner building, which provides 30,833 sq ft of office, retail, D1 and ancillary accommodation arranged over basement, ground and six upper floors.
The property is constructed of a reinforced concrete frame with concrete floor slabs. It was comprehensively redeveloped and extended in 2008-9 at which time the internal area was increased from circa 15,000 sq ft to 30,000 sq ft. At that time all fixtures, fittings and mechanical and electrical services installations were renewed.
Office floor plates are between 3,000 sq ft and 4,300 sq ft, arranged with the core located at the north eastern corner. The corner site and curved façade provide a long frontage of 135 ft (41 metres) with aspects to both the south and the west, providing an excellent level of natural daylight to all office areas.
The retail unit comprises a total of 3,156 sq ft mainly over the ground floor with a small basement kitchen, and the D1 unit comprises 3,162 sq ft mainly over the basement (with an entrance lobby at ground floor).
2 Copthall Avenue benefits from the following high specification:
The property is held by way of a long leasehold from the Master Wardens and Commonalty of Freemen of the Art of Mystery of Clothworkers of the City of London, on a lease expiring on 25th June 2128 (approximately 110 years unexpired).
The current head rent payable is £104,233 per annum, which is based on a gearing of 10% of rents received.
2 Copthall Avenue is multi-let to five office tenants, one retail tenant and one D1 tenant, producing a gross annual topped up rental income of £1,480,430 per annum, equating to a low overall average rent of £48.01 per sq ft.
The income from the office tenants equates to 88% of the total passing rent, at an average of £53.06 per sq ft. There is one vacant office floor totalling 4,364 sq ft. The Vendor will provide an 18 month rental top up.
The retail and D1 units are both let on leases until July 2026 and make up the remaining 12% of the rent passing.
Assuming completion of the Allsop LLP reversionary lease, the overall weighted average unexpired lease term is 4.3 years until lease expiries and 3.4 years until breaks (there is one lease break on the fourth floor).
The service charge for the year ending 2018/2019 is estimated to be £9.50 per sq ft.
Offers are invited in excess of £25,000,000 (Twenty-Five Million Pounds), subject to contract and exclusive of VAT, for our client's long leasehold interest in 2 Copthall Avenue.
This represents an attractive net initial yield of 5.41% and a capital value of £811 per sq ft, assuming acquisition costs of 1.80% through the purchase of the Luxembourg SARL.
2 Copthall Avenue is part of the Amundi Collection of eight UK properties located in London, Glasgow and Cardiff. These assets are available individually or as a portfolio.
Full details can be found at www.amundicollection.com