75-83 East Road & 30 Vestry Street, London N1
Freehold Refurbishment and Development Opportunity
- Old Street is one of London’s most sought after locations and is a favoured destination for companies in the creative, technology and fashion industries.
- Situated in a prominent position in the heart of Tech City on the corner of East Road and Vestry Street immediately to the north of Shoreditch and Old Street station.
- Attractive former Victorian warehouse, comprising media style office accommodation and five apartments, arranged over lower ground, ground and three upper floors totalling 15,039 sq ft (1,397.2 sq m).
- Multi-let on eight commercial leases and five assured shorthold tenancy agreements.
- Current rent of £531,469 per annum which equates to a low average rent of £35.34 per sq ft.
- Planning permission obtained for additional fourth and fifth floors of office accommodation totalling 5,070 sq ft (471.0 sq m) of net internal floor area with a roof terrace.
- The vendor is seeking offers in excess of £11,000,000 (Eleven Million Pounds) subject to contract, for the benefit of their freehold interest. A purchase at this level would reflect a net initial yield of 4.52% after allowing for purchasers costs of 6.8% and a low capital value of £731 per sq ft.