RX London launches 14 Berkeley Street, London, W1
June 2022 | News
RX London are delighted to bring this trophy freehold to the market. The building is in a prime Mayfair location situated between Berkeley Square and Green Park benefitting from excellent transport connections being situated very close to Green Park and Bond Street stations.
The highly visible and prominent Berkeley Street asset, directly opposite Stratton Street, comprises 13,979 sq ft (1,298.7 sq m) of Grade A office and car showroom accommodation arranged over basement, ground and six upper floors.
14 Berkeley Street is fully let to seven tenants providing a WAULT of approximately 2.8 years to lease expiries and 2.3 years to breaks.
The upper floors comprise multi-let office accommodation and make up 70.5% of the income. The ground and basement floors comprise a car showroom let to Pendragon Limited (Jaguar Land Rover) until 2025 which accounts for 29.5% of the total income.
The total passing rent is £1,084,863 per annum (including vendor top-ups on outstanding rent free period) which reflects £77.61 per sq ft overall with the office and car showroom rents both being very reversionary.
The majority of the upper floors, common parts and reception were refurbished between 2016 and 2019
Offers are invited in excess of £30,750,000 for the freehold interest, subject to contract and exclusive of VAT.
A purchase at this level reflects a net initial yield of 3.30% (after the deduction of purchaser’s costs at 6.80%) and a capital value of £2,199 per sq ft.