Waterside House, Paddington, Saint Johns Wood, W2 1NW

• An opportunity to acquire one of the most iconic assets in London’s West End.• Prominently located in Paddington within 200 metres of Paddington Station, with impressive views over Central London and the Grand Union Canal.• Designed by one of the world’s leading architects, Richard Rogers, the building was completed in 2003 and is fully occupied by Marks & Spencer plc as their global headquarters.• Held virtual freehold on a 999 year head lease from British Waterways Board at a gearing of 5.00% of the rents received.• The property is let in its entirety to Marks & Spencer plc on a single, full repairing and insuring lease with an effective unexpired term in excess of 15 years.• The current gross passing rent is £11,395,000 per annum, reflecting a rent of £47.75 per sq ft overall and £50.00 per sq ft on best.• The net rent is £10,825,250 per annum.• The lease is subject to five yearly, open market upwards only rent reviews, the next being dated 18th June 2013.• Site area of 1.64 acres / 0.66 hectares reflecting a low site density of 49%.• The property comprises 237,801 sq ft (22,092 sq m) of highly specified office accommodation arranged over thirteen levels. In addition there is secure car parking for twenty vehicles at basement level.• Floor plates provide up to 23,700 sq ft (2,203 sq m) of Grade A office accommodation with a typical office floor to ceiling height of 2.75 metres.• Paddington Station connects to Heathrow in just 15 minutes, allows access to four London underground lines and will be one of only three Crossrail stations in the West End.• The property is held in a Jersey Property Unit Trust. 

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