76-78 Old Street, London, City of London, EC1V 9AZ, UK

Admiral House

Asset Description

Prime Freehold Repositioning Opportunity in London’s Tech Belt.

Constructed in 1992, Admiral House comprises 30,183 sq ft NIA / 43,326 sq ft GIA of office and ancillary accommodation arranged over lower ground, ground and six upper floors, with dual access to Garrett Street.

The configuration of the building provides occupier flexibility, with floor plates ranging from 3,700 to 5,800 sq ft, and benefits from excellent levels of natural light on all sides. Terraces are located on 3rd, 4th, 5th & 6th floors, situated to the rear of the building with views across Central London.

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Attributes

Building area Net

30,183 sf

Occupancy

100.00%

Year built

1992

Media

Investment Highlights

Freehold
Occupies a prominent position on Old Street, a prime tech belt location
Located within 450 metres of Old Street station and 800 metres of Moorgate station (Elizabeth Line)
Existing property comprises 30,183 sq ft NIA / 43,326 sq ft GIA of office and ancillary accommodation arranged over lower ground, ground and six upper floors, with terracing on floors 3,4,5 & 6
Single let until June 2023 at which point vacant possession is achievable
Current passing rent of £1,200,000 per annum, reflecting a low average rent of £39.76psf
Opportunity to comprehensively refurbish and reposition the property, providing high quality office accommodation, appealing to investors, developers and owner occupiers
Following a positive pre app, a full planning application has been submitted for a best-on-class office scheme, comprising 32,258 sq ft NIA / 44,757 sq ft GIA, arranged over lower ground, ground and six upper floors, with impressive terraces on the upper floors
Highly sustainable and efficient scheme, designed to achieve a BREEAM “Excellent” rating