Property Investment Ref: PI01242
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1 BUCKINGHAM GATE
1 BUCKINGHAM GATE LONDON SW1
- Long leasehold 105 years unexpired.
- Secure income from the UK government for a further 12.25 years.
- Located adjacent to Buckingham Palace in an excellent location.
- Four interlinked buildings of 15,797 sqm (170,041 sqft).
- The building went through a major refurbishment completed by the UK government in 2005 at a cost of £30m.
- The property is held on a long lease from the Crown Estate for a term of 125 years from January 1989 (approximately 105 years unexpired).
- The current net income is of £4.4m (£5.245m rent – head lease £839k)
The seller wants £76m which equates to a 5.78% yield.
The freehold can be bought for around £16m-£17m, it can be part of the deal.
We are not retained and
would require a fee to be agreed further information is available
on receipt of a Letter of Interest and a signed Fee agreement.
The building is located on the south
side of Buckingham Gate, and directly
overlooks Buckingham Palace Mews and its gardens. The building therefore
benefits from an excellent location a few minutes walk from Victoria Station
and the new office developments surrounding Victoria Street.
The location is popular with
Government departments and corporate
occupiers who are attracted by larger floor plates and lower rents that the
Victoria office market has to offer.
Victoria Station (and London Underground Station) provides excellent to
Gatwick Airport via the Gatwick Express with a journey of 30 minutes.
Description: One Buckingham Gate is a complex of four interlinked buildings
which were
extensively refurbished/rebuilt in the late 1980's to provide approximately
15,797 sqm (170,041 sqft) of high quality air conditioned accommodation
arranged around a central glazed roof atrium.
The building also benefits from11 car parking spaces at basement level.
The building went through a major refurbishment completed by the UK
government in 2005 at a cost of £30m.
Tenure: The property is held on a
long lease from the Crown Estate for a term of 125
years from January 1989 (approximately 105 years unexpired).
The head rent is calculated 16% of the rental income received from the
subtenants.
Currently approximately 840,000 per annum.
The freehold can be bought for around 16M-17M pounds. It can be part of the
deal.
Tenancy: The property is let to the Secretary of State for the Environment on a
lease
expiring in September 2020 the lease benefits of five yearly 2.25% fixed
increases.
The current net income is of £4.4m (5.245M rent – head lease 839k). is set to
rise in September 2013 and in September 2018.
Lot size: The seller wants £76m which equates to a 5.78% yield
Comments:
Long leasehold - 105 years unexpired.
Secure income from the UK government for a further 12.25 years.
Located adjacent to Buckingham Palace in an excellent location.
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