8 Fenchurch Place is situated in London's premier business district in the heart of the City of London and in a core EC3 location being only a 3 minute walk from Lloyds, the world's leading insurance market.
Although in the heart of the insurance district, 8 Fenchurch Place is also in a prominent location for occupiers from a variety of sectors, with several major transport hubs being situated in the vicinity.
The immediate location has also been enhanced through the provision of a growing and diverse range of retail, leisure and hotel amenities. This includes the historic Leadenhall Market with a unique boutique retail offering, iconic London landmarks such as the Tower of London and Tower Bridge and a range of high end hotels such as the Four Seasons Hotel, Grange City Hotel and the Hilton Hotel Tower of London.
The building itself is located directly above Fenchurch Street Station and fronts a landscaped square which hosts a bustling street food market. 70 Mark Lane, occupied by Zurich Insurance and Miller Insurance, and AIG's owner occupied headquarters at 58 Fenchurch Street, also border the square.
8 Fenchurch Place was comprehensively refurbished in 2012 providing a high quality office building in the heart of the City of London. The building provides 98,647 sq ft of Grade A office and ancillary accommodation arranged over lower ground, ground, three floors of mezzanine and five upper floors, with flexible floorplates ranging between 11,556 sq ft and 23,707 sq ft and excellent levels of natural light.
The principal office entrance is from Fenchurch Place, which leads into an impressive triple height reception and the main core of the building with three passenger lifts serving all floors. A second reception is accessible from Crutched Friars on the southern elevation, which provides access to a further two passenger lifts which also serve all floors. The ground floor reception areas comprise 1,866 sq ft in total.
The building was originally constructed in 1986 and is of steel frame construction on an acoustic raft. The refurbishment works in 2012 were undertaken by PMB Holdings and Ares Management and designed by ORMS Designers & Architects. The 2012 refurbishment included extensive works to the air conditioning system, a comprehensively remodelled reception area including a prominent white limestone facade around the Fenchurch Place entrance, and the renewal of all internal office finishes including new metal tile suspended ceilings, fully accessible raised floors and new lighting fittings throughout.
8 Fenchurch Place is held on a long leasehold interest from Network Rail Infrastructure Limited (originally British Railways Board) for a term of 200 years from 24 June 1987 expiring on 23 June 2187, providing an unexpired term of approximately 169 years. The headlease is subject to an annual rent of a peppercorn.
A summary of the headlease can be found in this brochure and in the data room.
8 Fenchurch Place is multi-let on effective full repairing and insuring leases to five tenants from the insurance, professional and charitable sectors.
The total passing rent is £4,399,900 per annum, which equates to an overall rent of £44.60 per sq ft, an attractive level compared to prime City headline rents which are currently in excess of £65.00 per sq ft.
The property provides secure income secured against a diverse tenant mix with a weighted average unexpired lease term (WAULT) of approximately 8.7 years to expiries and 7 years to tenant breaks.
A small storage unit at lower ground level and 6 car parking spaces are currently vacant. The vendor will provide a rental guarantee in respect of these elements.