Wells & More, W1

Opportunity to acquire a best-in-class GPE developed mixed-use asset, recently reconfigured and refurbished with minimal near-term capex requirements

1. Freehold
2. Prominent corner location on Wells Street and Mortimer Street in the heart of the West End
3. Exceptional connectivity, approximately 400m from three underground stations, including Tottenham Court Road (Elizabeth Line)
4. Striking 116,000 sq ft landmark building
5. 97,342 sq ft of best-in-class offices, arranged over lower ground, ground and five upper floors
6. 15,219 sq ft of medical accommodation and two well-configured retail units totalling 3,439 sq ft
7. Expansive 4,217 sq ft concierge style reception benefitting from a coffee bar, communal breakout space, and a 2,000 sq ft ground floor communal courtyard
8. Private terracing at 4^th and 5^th floors and a private courtyard at lower ground
9. Strong sustainability credentials including all-electric enabled, EPC B and SKA Gold rating
10. Diversified income from an impressive office tenant roster including Lionsgate, Brown-Forman, Synova, Heineken and New Look
11. Current contracted office income of £7,787,022 per annum, reflecting a low average rent of £91.17 psf
12. Recent occupational evidence in Fitzrovia demonstrating rental values in excess of £150 psf
13. 18% rental growth forecast over the next five years
14. Attractive WAULT of 4.6 years to tenant break options and 6.1 years to lease expiries
15. Opportunity to capture exceptional rental performance with lease events on 80% of the contractual income over the next five years
16. Total topped up income of £9,200,267 per annum

Offers in excess £180 million are invited for the freehold interest, subject to contract and exclusive of VAT, reflecting a low capital value of just £1,552 psf and an attractive net initial yield of 4.79% (topped up), assuming purchaser’s costs of 6.80%.