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The property was developed in 1989 by Stanhope Kajima Developments Limited and has been extensively refurbished andupgraded by Cable & Wireless over the last five years.

26 Red Lion Square is a well specified headquarters office building providing approximately 107,755 sq. ft. of office and ancillary accommodation arranged over basement, ground and six upper floors.

In addition, there is ground floor retail accommodation fronting Theobalds Road, a basement gym and 9 car parking spaces.

Freehold

The entire property is let to Cable & Wireless Plc for a term of 25 years from 1st February 1998, expiring 31st January 2023.

There is a tenant’s break option which may be operated with effect from 1st February 2013, subject to the tenant serving 13 months prior written notice.

The total net rental income is £4,900,000 per annum exclusive.

Cable & Wireless have sub-let part ground, first and second floors to The Economist and have also sub-let part ground, fourth, fifth and sixth floors to TSL Education Ltd on leases co-terminus with the Cable & Wireless break.

Offers in excess of £52,500,000, subject to contract.

The property is held in an off-shore single asset company hence there may be an opportunity to acquire the company with a resulting Stamp Duty Land Tax saving.

A corporate purchase at this level offers a buyer an attractive net initial yield of 9.25% and 8.83% on a property deal.

The vendor has elected to waive the VAT exemption and as such VAT will be payable on the purchase price.

 Freehold headquarters office building

Prominent corner site overlooking Red Lion Square

Modern air-conditioned office building with flexible floor plates

designed around a central atrium

Over-riding lease to Cable & Wireless expiring in January 2023,

subject to a break option in February 2013

 Net rental income of £4,900,000 per annum

Recently modernised and upgraded by Cable & Wireless

LOCATION

26 Red Lion Square occupies a prominent corner site on the north east side of Red Lion Square, immediately north of High Holborn.

The property overlooks Red Lion Square, with substantial frontages to Theobalds Road to the north, Old North Street to the west and Red Lion Square to the south.

Holborn Underground Station, at the junction of High Holborn and Kingsway, is situated approximately 150 metres to the south west, which provides easy access via the Central Line to both the City and the West End.

The area is traditionally known as “midtown” and has proved popular for many years with professional companies although now has a very diverse occupier base.

Some of the more notable occupiers in “midtown” include, Nabarros, Warner Brothers, British Telecommunications, Olswangs, London School of Economics and Goldman Sachs.

We understand that Red Lion Square was originally laid out in 1694 by the architect, Nicholas Barbon, as a fashionable residential district occupied by barristers, professionals and the gentry. Over the years, the character has changed and major new developments on Theobalds Road by Land Securities and Midcity Place by Mitsubishi Corporation Plc have regenerated the area, making it a popular headquarters office location

Specification

The office floors benefit from the following

specification:

Please Contact PL2L for more info on: