89-91 Gresham Street, London, EC2

91 Gresham Street, EC2 - Disposal - City Investment 2025

Attributes

Building area net

14,499 sf

Occupancy

100%

Year built

1912

WAULT to breaks

5.2 years

WAULT to expiries

8.4 years

Rent PSF

$66.21

Asset description

91 Gresham Street is located in the core of the City of London and occupies a prominent position on the north side of Gresham Street, 75 metres from the Bank of England and 450 metres from St Paul’s Cathedral. Other major City of London landmarks including Guildhall (120m), Mansion House (200m), The Ned (200m) and Bloomberg Place (200m) are all within short walking distance.

91 Gresham Street is a highly attractive Grade II Listed corner building of steel frame construction behind a Portland stone façade. Originally constructed in 1912, the building was remodelled and extended in 1982 to include a highly impressive double height restaurant / bar unit with offices above. Since the last comprehensive refurbishment in 2011, all office floors have benefited from a rolling refurbishment programme.

The office accommodation is accessed via an impressive entrance on Basinghall Street which in turn leads into a wood panelled reception with an ornate period staircase and passenger lift. The office accommodation comprises 9,250 sq ft (859.4 sq m) arranged over first to fifth floors. The accommodation provides regular floorplates, generous floor to ceiling heights and good levels of natural light. All office floors have been refurbished to CAT A or CAT B specification, combining modern office finishes with period features to provide open-plan accommodation.

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Investment highlights

A highly prominent corner building, 75 metres from the Bank of England.

A rare opportunity to acquire a prime office and F&B asset in the heart of the City of London.

Unrivalled transport communications, with the Elizabeth Line within a 4-minute walk at Moorgate Station.

Highly attractive Grade II Listed building occupying a prominent corner position with frontage onto both Gresham Street and Basinghall Street, two of the City of London’s most acclaimed thoroughfares.

The building provides 14,499 sq ft (1,347.0 sq m) of office, bar/restaurant and ancillary accommodation arranged over lower ground, ground, mezzanine and five upper floors.

The building has been comprehensively refurbished by the current owner, with every office floor undergoing improvement works through a rolling programme since 2018.

The asset offers exceptional reversionary potential with a gross passing rent of £707,574 pa reflecting £48.80 psf, providing a WAULT of 8.4 years to expiries, 5.2 years to breaks.

Held long leasehold with a term of 130 years unexpired at a head rent of 5% of the gross income receivable.