83-85 Mansell Street, London, E1 8AN, UK

83-85 Mansell St, E1 - City Investment - Disposal - 2024

Attributes

Year built

1991

Building area net

2,559 m²

WAULT to expiries

2.82 years

WAULT to breaks

2.34 years

Total Annual Rent

NT$31,218,182.42

Investment strategy

Value Add

Asset Description

Freehold.
Excellent connectivity within an 8-minute walk of five underground and railway stations.
Unique glass façade providing excellent natural light to all floors.
Comprises approximately 27,545 sq ft of office and ancillary accommodation arranged over basement, ground, and five upper floors.
Multi-let to 3 tenants with 66% of the income secured against The Secretary of State for Communities and Local Government. The third floor is currently vacant.
Current passing rent of £760,618 per annum, reflecting £32.81 per sq ft on the let accommodation.
WAULT of 2.82 years to expiries (2.34 years to breaks).
Opportunity to undertake a comprehensive rolling refurbishment.
Potential for 83-85 Mansell St to secure dual office (E) and educational (F1) use classes through planning applications to the London Borough of Tower Hamlets (subject to the necessary consents).

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Investment Highlights

83-85 Mansell Street was originally designed by renowned 20th Century architect John Winter. The building provides 27,545 sq ft of office and ancillary accommodation arranged over basement, ground and five upper floors and its unique glass façade provides excellent natural light to all floors. It benefits from excellent floor-to-ceiling heights throughout the building and has recently undergone a part refurbishment to the common parts which include new showers, lockers and bike racks. The vacant third floor has undergone a refurbishment delivered to CAT A specification.

Mansell Street is strategically located in the heart of Aldgate, which sits immediately East of the City of London. The area appeals to a broad range of global occupiers including insurance, finance and tech companies and benefitting from the 'tech belt'. 83-85 Mansell St is situated within the established Spitalfields-Aldgate education cluster, benefiting from dynamic amenities including Positioned at the gateway of the City, Mansell St benefits from the excellent amenities of St Katharine Docks, Spitalfields Market and the City Tower

Cluster.

JLL are joint sales agents with Colliers.

Offers are invited for the freehold interest, subject to contract.