The building is let on 16 separate leases producing an annual rent roll of £1.8 million ($2.54 million) averaging just £28.28 ($39.87) per sf. Tenants include Allied Irish Bank, Citibank, Eden Group and Angela Mortimer. The headlease, which is held from the Grocers Company, expires in June 2032.
The price reflects a net initial yield of 10.8% but Mactaggart and King plan to improve this by refurbishing office suites as they come available, increasing rents to a projected £45.00 ($63.45) per sf. Smiths Gore Commercial advised the purchasers. Henderson Global Investors, Insignia Richard Ellis and NAI Gooch Webster advised NPI.
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