111 Buckingham Palace Road

111 Buckingham Palace Road, London, SW1W 0SR, UK

Asset Description

217,698sq ft NIA of highly-specified office accommodation Grade A office accommodation
96% occupancy, multi-let to eight tenants across the financial, technology and media sectors
Total topped-up passing rent of £14,977,695 per annum, reflecting a low average rent of £68.80 per sq ft
Diverse income profile and attractive WAULT of 6.0 years to expiries and 4.0 years to breaks
Benefitting from unrivalled connectivity, situated adjacent to Victoria Station, one of the UK's busiest stations
Large, easily divisible, open plan floorplates of 40,000 - 65,000 sq ft with external roof terraces
Recently refurbished reception and sky lobby café
Planning permission secured for large communal roof terraces on the 5th floor, enhancing amenity
Held on a 250-year long leasehold interest from Network Rail, commencing on the 16th December 2020 at a peppercorn rent with 245.6 years unexpired
86% of tenants have an EPC 'B', with a clear pathway to 100%
The property is held in a Jersey SPV

...

Land area net

20,225 m²

Number of floors

Tenure

Leasehold

Total Annual Rent

NZ$33,328,581.47

BREEAM

Very Good

EPC

Grade B

Occupancy

96%

Investment strategy

Core Plus

LANDMARK HQ BUILDING - 96% occupancy rate with a diverse and dynamic tenant mix including high growth tech companies.
EXCELLENT CONNECTIVITY - Located adjacent to Victoria Station, one of the UK’s busiest mainline and London Underground stations(Circle, District, and Victoria lines),serving over 110 million passengers annually.
VICTORIA TRANSFORMATION - Victoria’s recent regeneration has transformed the Zone 1 location into an exciting vibrant neighbourhood with thriving theatres, restaurants and bars.
STRONG TENANT RETENTION - In the last four years, 80% of the building has been regeared with existing tenants.
OPPORTUNITY TO GROW ANNUAL RENT FROM £14.98M TO £20.80M - 51% of the space has been refurbished with an average passing rent of £77.19 per sq ft. 49% is still to be refurbished with a passing rent of £57.97 per sq ft.
FOUR PANORAMIC ROOF TERRACES - Opportunity to create additional communal terraces and a clubroom facility on the 5th floor.
ABILITY TO REFURBISH AND RE-LET 20,000 SQ FT IN Q4 2025 - This would establish a mark to market ERV and drive future rental performance.
POTENTIAL MASSING GAIN OF UP TO 200,000 SQ FT - Through atrium infills, infill of level 2 and additional floors on levels 6 and 7.