The properties are held by way of a single headlease from the Carpenters Company which expires on 29/09/2156 i.e. circa 138 years unexpired.
The Freeholder is entitled to 15.00% of rents receivable from underletting(s), subject to a minimum rent of £355,000 per annum. The minimum rent increases by £25,000 per annum on 29/09/2031 and twenty-five yearly thereafter.
Please see the brochure for further information.
The Estate is let in accordance with the tenancy schedules set out in the brochure.
The gross rent is £6,921,416 per annum exclusive equating to £64.24 per sq ft overall in respect of the tenanted accommodation. Following deduction of the headrent, the net rental income is £5,883,204 per annum exclusive.
We would draw your attention to the following:-
Occupiers include: Everest Advisors, Tokio Marine HCC, Skuld Services and White Oak Underwriting Agency.
Please see the brochure for further information and a full schedule of tenants.
The Estate is not elected for VAT.
Offers in excess of £78,000,000 (Seventy-Eight Million Pounds) are invited, subject to contract, for the long leasehold interest.
This reflects a net initial yield of 7.0% allowing for purchaser's costs of 6.8% and a capital value of £643 per sq ft.