33 Kingsway, WC2

33 Kingsway, London, Greater London, WC2B 6UF, UK

Asset description

Freehold
Located close to the heart of Covent Garden, in London's West End
Situated within 300m of Covent Garden Piazza
Excellent transport links with Covent Garden, Holborn, Tottenham Court Road and Temple all within a short walking distance
Comprising 58,727 sq ft (5,455.9 sq m) of institutional grade office and retail accommodation arranged over lower ground, ground and eight upper floors
Flexible floor plates of c. 6,500 sq ft arranged around a light-filled atrium with additional natural light from Kingsway and Kean Street
Substantially refurbished in 2024 at a cost of c.£8.2m, including a remodelled reception, lift refurbishment, extensive end-of-trip facilities and dedicated tenant gym and interactive fitness studio run by reFIT
Six out of nine floors, including ground, have been refurbished or have works that are due to be completed imminently
Two of the remaining floors are currently vacant, offering immediate opportunity to refurbish
The final unrefurbished floor is let until 2029 with a tenant only break in 2027
Opportunity to immediately let up vacant refurbished floors (ground, 5th and 7th)
Future-proofed sustainability credentials with BREEAM 'Excellent' rating and Activescore 'Platinum'. Refurbished floors are all-electric with an EPC 'B'
Multi-let to six tenants, with a post refurbishment stabilised ERV of £4.5 million per annum
WAULT of 6.30 years to expiries and 4.11 years to break options on the let space

Offers are invited in excess of £63,000,000 net of all top-ups, reflecting a capital value of £1,072 per sq ft and a stabilised yield of 7.00% (assuming purchasers cost of 1.80%) for 100% of the issued share capital in the Jersey SPV which holds the freehold interest.

For further information or to arrange an inspection, please contact JLL or joint agents, Michael Elliott.

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Attributes

Building area net

58,727 sf

Year renovated

2024

WAULT

6.3 years

Asking price

$85,480,000

BREEAM

Excellent

Media

Investment highlights

Ability to execute an accelerated business plan with all 'heavy lifting' already completed via recent refurbishment works
2024 refurbishment included newly refurbished reception and lifts, new end of trip facilities and dedicated tenant gym with interactive fitness studio
Institutional Grade Building with Numerous Asset Management Opportunities with excellent fundamentals including generous floor to ceiling heights and excellent natural light
Optionality to refurbish to a CAT A or CAT A + specification at an enhanced rental tone
Proven ERV in the building on both CAT A and CAT A + basis, demonstrated through recent lettings
Forecasted strong rental growth performance in the Covent Garden submarket
Letting history demonstrates the draw from both West End and City Midtown occupier markets
Flexible floors plates offer ability to split floor with minimal loss of NIA
Accretive debt will enhance returns both on an IRR and Cash on Cash basis for a longer term hold period
Existing consent for the substantial south facing terrace at roof level, with further potential to convert the 9th floor plant enclosure into lettable space to further drive rental performance
Recent capital investment has delivered CAT A+ specification across floors three, five and six. The ground floor is also being delivered to a CAT A + specification completing in August 2025
The seventh and eight floors have been refurbished to a CAT A specification, whilst the first, second and fourth floors remain unrefurbished
Clear opportunity to refurbish remaining floors and let vacant space to drive a rent in the region of £4.5 million per annum