Watling House, 33 Cannon Street, London, City of London, EC4M 5SB

 Prime City of London location with prominent position at the junction of Cannon Street & Bread Street Long leasehold interest expiring September 2148 (c.134 years unexpired) geared to 10% of net rents received with a current head rent payable of 399,799 per annum Developed in 1999 by British Land and providing 86,366 sq ft (8,023.4 sq m) of Grade A office and ancillary accommodation arranged over basement, lower ground, ground and six upper floors Two retail units fronting Cannon Street and a public house on Watling Street totalling 8,966 sq ft (833.0 sq m).  Total area of 95,332 sq ft (8,856.7 sq m) Flexible, open plan office floorplates of 12,000 sq ft (1,113.0 sq m) to 14,300 sq ft (1,330.0 sq m) with excellent natural light Multi-let to seven tenants on full repairing and insuring leases Gross passing rent of 3,997,991 per annum (inclusive of rental top-ups and rental cover on the vacant retail unit) reflecting a low passing rent of 44.03 per sq ft overall on the office accommodation and an average Zone A rent of 55.92 on the retail accommodation Weighted average unexpired lease term (WAULT) of approximately 10.3 years to expiries and 8.1 years to tenants options to determine, as at September 2014 Well-timed lease events to capitalise on the forecasted rental growth in the City occupational marketOffers are sought in excess of 66,000,000 (Sixty Six Million pounds), for the long leasehold interest, subject to contract and exclusive of VAT. On the basis of acquisition costs at 5.80%, a purchase at this level reflects an attractive net initial yield of 5.15% and a low capital value of 692 per sq ft.

Location