Senator House, 85 Queen Victoria Street, London: City , EC4V 4DP

Prime Core City of London location.
Substantial island site comprising 0.717 acres (0.29 hectares).
Landmark headquarters office providing a total net internal area of 155,169 sq ft (14,416 sq m) over lower ground, ground and 6 upper floors.
Well specified rectangular floorplate of c. 20,000 sq ft (1,858 sq m) arranged around a full height atrium.
Substantially refurbished in 2009 including new entrance lobby, WC facilities, raised floors/suspended ceilings, lighting and mechanical/ electrical services.
City of London long leasehold interest expiring 17 August 2157, geared to 9.0% of rents receivable with a minimum ground rent of 585,000 per annum.
Let to 4 tenants, International Power Plc, Commonwealth Bank of Australia, Business Monitor International and Moneygram International Ltd, with a further part floor currently under offer.
Rents in the building vary from 28.00 per sq ft to 57.34 per sq ft (301 - 617 per sq m) with recent lettings in 2011 providing strong prospects for rental growth.
Significant active management opportunities including potential lease re-gears with existing tenants and longer term redevelopment.
The current gross income is 6,909,167 per annum, reflecting a low average overall rent of 44.89 per sq ft (483 per sq m).
The seller will provide 24 months rent guarantee on the unlet accommodation/parking spaces.
The total net income, after deducting the head rent of 585,000 per annum, is 6,324,167 per annum.
The WAULT (including the 24 month rent guarantee) is 5.3 years.
Seeking offers in excess of 91,500,000 for the long leasehold interest, subject to contract and exclusive of VAT.
Assuming acquisition costs of 5.8% this reflects an attractive yield of c.6.50% and low capital value of 590 per sq ft.

Location