Tavis House, 1-6 Tavistock Square, WC1
Tavistock Square 1-6, London, WC1H 9NA, UK
5 846 mètres carrés
Descriptif
- Freehold
- Located close to the heart of Covent Garden, in London's West End
- Situated within 300m of Covent Garden Piazza
- Excellent transport links with Covent Garden, Holborn, Tottenham Court Road and Temple all within a short walking distance
- Comprising 58,727 sq ft (5,455.9 sq m) of institutional grade office and retail accommodation arranged over lower ground, ground and eight upper floors
- Flexible floor plates of c. 6,500 sq ft arranged around a light-filled atrium with additional natural light from Kingsway and Kean Street
- Substantially refurbished in 2024 at a cost of c.£8.2m, including a remodelled reception, lift refurbishment, extensive end-of-trip facilities and dedicated tenant gym and interactive fitness studio run by reFIT
- Six out of nine floors, including ground, have been refurbished or have works that are due to be completed imminently
- Two of the remaining floors are currently vacant, offering immediate opportunity to refurbish
- The final unrefurbished floor is let until 2029 with a tenant only break in 2027
- Opportunity to immediately let up vacant refurbished floors (ground, 5th and 7th)
- Future-proofed sustainability credentials with BREEAM 'Excellent' rating and Activescore 'Platinum'. Refurbished floors are all-electric with an EPC 'B'
- Multi-let to six tenants, with a post refurbishment stabilised ERV of £4.5 million per annum
- WAULT of 6.30 years to expiries and 4.11 years to break options on the let space
Offers are invited in excess of £63,000,000 net of all top-ups, reflecting a capital value of £1,072 per sq ft and a stabilised yield of 7.00% (assuming purchasers cost of 1.80%) for 100% of the issued share capital in the Jersey SPV which holds the freehold interest.
For further information or to arrange an inspection, please contact JLL or joint agents, Michael Elliott.
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Attributs
Superficie du bâtiment nette
5 456 mètres carrés
Année de rénovation
2024
WAULT
6.3 années
Prix demandé
115 884 000 $
BREEAM
Excellent
Média
Points forts de l'investissement
- Ability to execute an accelerated business plan with all 'heavy lifting' already completed via recent refurbishment works
- 2024 refurbishment included newly refurbished reception and lifts, new end of trip facilities and dedicated tenant gym with interactive fitness studio
- Institutional Grade Building with Numerous Asset Management Opportunities with excellent fundamentals including generous floor to ceiling heights and excellent natural light
- Optionality to refurbish to a CAT A or CAT A + specification at an enhanced rental tone
- Proven ERV in the building on both CAT A and CAT A + basis, demonstrated through recent lettings
- Forecasted strong rental growth performance in the Covent Garden submarket
- Letting history demonstrates the draw from both West End and City Midtown occupier markets
- Flexible floors plates offer ability to split floor with minimal loss of NIA
- Accretive debt will enhance returns both on an IRR and Cash on Cash basis for a longer term hold period
- Existing consent for the substantial south facing terrace at roof level, with further potential to convert the 9th floor plant enclosure into lettable space to further drive rental performance
- Recent capital investment has delivered CAT A+ specification across floors three, five and six. The ground floor is also being delivered to a CAT A + specification completing in August 2025
- The seventh and eight floors have been refurbished to a CAT A specification, whilst the first, second and fourth floors remain unrefurbished
- Clear opportunity to refurbish remaining floors and let vacant space to drive a rent in the region of £4.5 million per annum
Contactez les courtiers
33 Kingsway, WC2 (0 Propriétés)
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Dernière mise à jour
25 juin 2025
