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- The property is situated within Zone 1 in Central London.
- Attractive mixed use investment newly refurbished in 2021.
- Located in close proximity to the River Thames and accessible within 7 minutes of Oxford Circus on the London Underground.
- Freehold – 10,173 sq ft.
- The property is arranged over basement, ground and three upper floors.
- Let to 2 tenants producing a total current income of £300,000 pa.
- WAULT to expiry of 9.84 years and 8.67 years to break.
- The property comprises a pub/restaurant on ground floor & a hotel above, comprising 19 en-suite bedrooms.
- 78% of the income is let to Sonder UK Limited guaranteed by Sonder Canada Inc on a 10 year lease at a passing rent of £230,000 pa (£12,105 per room).
- CPI linked rent reviews with the next review in September 2023.
- The ground floor and basement is let on a 15 year lease at a passing rent of £70,000 pa (£16.46 per sq ft).
- The lease benefits from personal guarantees.
- Uncapped RPI linked rent reviews with the next review in June 2023.
- The property has been in the same ownership for 20 years.
- We are instructed to invite offers in excess of £4,000,000 (Four Million Pounds), subject to contract and exclusive of VAT.
- A purchase the asking price would reflect an attractive Net Initial Yield of 7.04% assuming purchasers’ costs of 6.54% and a Capital Value of £393 per sq ft.