berkeley square

Property Investment Ref: PI01238

There is little chance of a quick return to a housing boom despite the possibility of UK prices rising over the course of the year, surveyors say.

New

Berkeley Square, W1

Prime Mayfair Office Investment

Tenure The property is Leasehold

The property is held from the Grosvenor (Mayfair) Estate Ltd for a term of 99 years from 25 March 1997.

The tenant has the right to extend by a further 26 years.

The current head rent payable is the greater of the current base rent of £395,700 per annum or 15% of rents received, currently calculated at £675,000 per annum.

The base rent is reviewed every 5 years, next falling on 25 March 2012 to 10% of open market rental value.

Location

The Mayfair submarket is the most established of the West End office submarkets providing approximately 11.8 million square feet of office accommodation, which represents approximately 10% of the total stock in the West End Market.

The Mayfair submarket is bound by Oxford Street to the north, Regent Street to the east, Piccadilly to the south and Park Lane to the west.

Mayfair is also an internationally renowned location for hotels and high value residential property as well as the world famous shopping facilities lining Oxford Street, Regent Street and Bond Street.

The office specification includes

• Full height atrium                                     • Double height entrance hall

• 4-pipe fan coil air conditioning                 • Fully accessible raised floors of 100 mm

• Perforated metal tile suspended ceiling     • M / F & disabled WC’s on each floor

• Aluminium framed double glazing             • Excellent floor to ceiling heights of 2.75m

• Roof terraces at sixth floor level               • Three 13-person 1,000 kg passenger lifts

• Basement car parking for 8 vehicles via a 2,800 kg lift

• Rear loading bay from Bourdon Street     • Separate residential entrance

Constructed in 1997, this full specification headquarters building comprises approximately 49,180 sq ft of offices, two residential flats and 8 car parking spaces.

The property is arranged over sub-basement, basement, ground and six upper floors, benefits from light on 3 sides and has dual elevations to Berkeley Square and Davies Street.

The following net internal floor areas are set out in the lease:

Floor Use Area sq ft

Sixth Residential 1,840 Sixth Offices 2,475

Fifth Offices 5,855 Fourth Offices 7,070

Third Offices 7,265 Second Offices 7,265

First Offices 6,770 Ground Offices 4,695

Ground Reception 1,440 Basement Offices (double height) 2,355

Basement Offices (single height) 2,150

Total 49,180

There are 8 car parking spaces at basement level.

The entire premises are held, by way of assignment, under a single full repairing and insuring occupational lease by GE Capital Europe Ltd for 15 years from 24 June 1997.

The current rent payable is £4,500,000 per annum.

The current rent reflects £90.81 per sq ft overall net of car parking.

The lease is on assignment from RSA Insurance Group plc and is also guaranteed by IGE USA Investments.

The net rent is £3,825,000 per annum.