21-22 Poland Street, Soho, London W1
Freehold Investment Opportunity
Attractive Art Deco building in a prime Soho location, offering both leisure and office accommodation.
- Prime Soho location prominently situated on the east side of Poland Street.
- Excellent transport links and well positioned to benefit from the opening of the Elizabeth Line (Crossrail) in Autumn 2019 at Tottenham Court Road.
- Attractive Art Deco building providing 8,651 sq ft (803.7 sq m) of restaurant/bar and office accommodation arranged over basement, ground and five upper floors.
- The office accommodation was comprehensively refurbished in 2016 to a high specification and benefits from excellent natural light.
- Multi let to five tenants including Pepsico International Limited and Brewdog Bars Limited (guaranteed by Brewdog Plc).
- Average weighted unexpired lease term of 6.8 years to expires.
- The total current rent is £640,225 per annum.
- The restaurant / bar rent equates to only £90 psf on ground floor trading which provides good opportunity to increase the rent at the May 2019 rent review.
- The vendor is seeking offers in excess of £14,500,000 (Fourteen Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 4.13% after allowing for purchaser’s costs of 6.73%.