142-146 Old Street, EC1, City of London, EC1

Churchill House

Asset Description

Churchill House is an attractive period-style office building, refurbished in 2014, delivering 26,265 sq ft (2,440.1 sq m) NIA of high-quality office accommodation arranged over lower ground, ground and five upper floors.

The property offers partially and fully fitted office accommodation with flexible floor plates ranging from 2,910 sq ft to 4,138 sq ft. A dedicated entrance for the ground and lower ground floor provides further leasing optionality.

There is implemented consent for a new sixth floor and roof terrace providing the ability to create additional value in the medium term.

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Attributes

Building area Net

2,440 m²

Occupancy

40.00%

Year built

1930

Property Reference Number

5300069639

NOI

₫23,363,966,000

Media

Investment Highlights

Freehold
Prime tech belt location, within 100 metres of Old Street station and 700 metres of Moorgate station (Elizabeth line)
The property comprises 26,265 sq ft (2,440.1 sq m) NIA of high-quality office accommodation arranged over lower ground, ground and five upper floors
Comprehensively refurbished in 2014, providing fitted and partially fitted office accommodation, with excellent tenant amenities including 30 bike racks, newly fitted showers and a terrace on the 5th floor
Currently multi-let to two office tenants, providing a WAULT of 1.0 year to earliest determination and 2.3 years to expiries, on the let accommodation
WeWork surrendered their lease in January 2023 over lower ground, ground and first floor, providing an incoming investor the opportunity to relet this space to stronger credit tenants
Proposed passing rent of £1,566,933 per annum, reflecting an average rent of £59.66 psf (inclusive of vendor top ups)
Opportunity to drive investment performance through asset management initiatives, including letting the vacant accommodation
Ability to create a highly attractive running yield once stabilised
Implemented consent for a new sixth floor and roof terrace, providing the opportunity to drive value in the medium term

Offers invited for the freehold interest, subject to contract and exclusive of VAT