20 Moorgate, City of London, EC2R 6DA

Unique opportunity to acquire the UK headquarters of the Prudential Regulation Authority, part of the Bank of England.Highly prominent City of London office building, located less than 100 metres from the Bank of England, with 34 metres of prime frontage onto the internationally recognised Moorgate.Exceptional transport connections, located less than 200 metres from seven London Underground lines, including the City’s two Crossrail stations at Liverpool Street and Moorgate from 2018.Developed in 2002 this headquarters property provides approximately 154,854 sq ft (14,386.5 sq m) of Grade A office, retail and ancillary accommodation.The offices provide long secure income from the Bank of England, expiring 30 June 2027 (approximately 11 years unexpired).The offices are entirely let to JP Morgan Chase Bank N.A. on full repairing and insuring terms and further sublet to the Bank of England until 23 March 2019, with a reversionary lease to the Bank of England from 23 March 2019. The Bank of England are liable for JP Morgan’s lease obligations, providing an undoubted covenant.Beneficial restrictive alienation provision in relation to the occupational office lease restricts assignment only to an entity with a minimum long-term credit rating of AAA stable (Standard & Poor’s).Reversionary rental profile, with an overall office rent payable of £7,401,224 per annum (£49.24 per sq ft overall), which compares favourably to the prime City rent of £70.00 per sq ft.The office accommodation benefits from a well timed upward only rent review on 25 December 2016.A single retail unit is arranged over part of the lower ground and ground floors and is let to Fuller, Smith & Turner Plc until 24 December 2039 (approximately 23.5 years unexpired), at £137,500 per annum (£30.24 per sq ft overall).Total gross rental income of £7,538,724 per annum, providing a total net income of £6,784,852 per annum.Offers are invited for 100% of the shares in the Guernsey Unit Trust which owns the long leasehold interest in 20 Moorgate, subject to contract and exclusive of VAT.

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