Savoy Court

Savoy Court 7, London, WC2R 0EZ, UK

Asset description

Occupying a prominent corner location on Strand directly adjoining the prestigious Savoy Hotel
Located in the prime submarket of Covent Garden in London’s West End
Situated in the immediate vicinity of major London railway termini, including Charing Cross and Waterloo Station, and within short walking distance of seven underground stations
56,132 sq ft (5,214.8 sq m) of office and retail accommodation, arranged over lower ground, ground, and eight upper floors
Diverse multi-let income, producing a total topped up income of £3,560,333 per annum, reflecting a reversionary office rent of £59 per sq ft
Office WAULT of 3.65 years to expiries and 3.11 years to earliest determinations
Significant potential to enhance value and improve sustainability credentials through clear asset management initiatives
Virtual Freehold interest with approximately 954 years unexpired at a fixed peppercorn rent

Offers are invited in excess of £55,000,000 reflecting £980 per sq ft and a Net Initial Yield of 6.06%, assuming purchaser’s costs of 6.8%

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Attributes

Building area net

5,215 sm

WAULT to breaks

3.11 years

WAULT to expiries

3.65 years

Rent PSF

€70.17

Asking price

€65,411,000

Total Annual Rent

€4,234,226.35

Media

Investment highlights

Average passing rent of £59 per sq ft (assuming a 4th floor top-up) across the office accommodation, reflecting a 37% discount to current prime Covent Garden office rents.
Opportunity to capture significant reversion, with 91% of the contracted income having a lease event in the next five years.
Prime occupational market dynamics support 18% projected rental growth by 2029.
Deliver a fitted/managed solution on the 4th floor, to set a new benchmark rent in the building.
Proven strategy to improve sustainability credentials through clear asset management initiatives, with refurbished 2nd and 4th floors having achieved EPC A certification.