26-28 Hammersmith Grove, London, Hammersmith, W6 7HA

- Majority freehold multi-let mixed use property comprising 204,561 sq ft
- Landmark 2.3 acre site benefitting from an unusually low site density of 44% and 100m frontage onto Hammersmith Grove.
- Situated on Hammersmith Grove, Hammersmith's pre-eminent office location, benefitting from excellent amenity and connectivity.
- Multi-let to 31 tenants with an exceptionally low average passing rent of £27.95 per sq ft overall, compared to prime rents in excess of £50.00 per sq ft.
- Total passing rent of £5,698,102 per annum with a weighted average unexpired term to lease expiry of 7.23 years and 4.25 years to lease break.
- Significant opportunity to increase rental income with 86% of the building by floor area (c.175,000 sq ft) benefitting from lease events between 2015-2017.
- A multitude of asset management opportunities exist including comprehensive refurbishment, net area gains following reconfiguration, rent reviews and lease regears and renewals.
- Architectural studies highlight three distinct development opportunities totalling c.93,500 sq ft providing a range of uses on site including a self-contained office/ hotel, additional office extension and incubator suites.
- Our client is seeking offers in excess of £118,000,000 for either the freehold and long leasehold interests or 100% of the issued share capital in the UK Limited Partnership owning the property.
- A purchase at this price reflects a low capital value of £576 per sq ft and a net initial yield of 4.74%.

Upon letting the vacant office accommodation and settlement of the outstanding Agilisys and London Underground rent reviews the running yield increases to 5.71%.

The above is based upon purchaser's costs of 1.8%.

Location