Sold

New Palace Place, Monck Street, London, SW1

London - M25

dba283

Mixed Use£6,215,000

Tenure: Virtual Freehold
Tenancy: Multi Let

Investment summary

•2005 built London Borough of Westminster property.

•Arranged over ground floor and comprising supermarket, restaurant, retail and office units.

•Virtual freehold.

•Occupiers include Tesco, Coral, Galliard and HDR.

•Approximately 19,092 sq ft.

•A few minutes walk from both Westminster and Pimlico Underground Stations.

•Average weighted unexpired lease term of approximately 6.5 years.

•Strong Government occupational presence locally. The property backs onto the 500,000 sq ft Home Office Head Quarters, which employs over 3,500 people.

•Current rent of £509,390 per annum with reversion to £554,233 per annum on settlement of the Tesco rent review (08/2010) and re-letting of unit 7.

•We are seeking offers of £6,215,000 which shows a net initial yield of 7.75% and a reversion to 8.43%.