1 Hardwicks Square, London, SW18 4AW
For Sale £14,410,000 Offers in excess of
Prime London government let office investment.
- A Prime Greater London office building located in the London Borough of Wandsworth with excellent transport links and connectivity to central London.
- Prime office accommodation totalling 27,402 sq ft (2,545.70 sq m), located in the heart of Wandsworth.
- The property benefits from secure basement parking of 10 spaces.
- Let to the undoubted covenant of The Secretary of State for Housing, Communities and Local Government, operated by the Department for Work & Pensions (DWP).
- Current passing rent of £884,408.50 per annum equating to a low passing rent of £32.27 per sq ft, this equates to a discount of over 25% to the lowest surrounding sub market rent.
- The property is held by way of a 125 year leasehold interest, providing 106 years unexpired.
- The opportunity provides a c.400 bps margin above the UK Government 5 year gilt rate.
- Reflects an attractive Net Initial Yield of 5.75% with significant reversion to be captured at the October 2022 rent review and a low Capital Value of £525 per sq ft after allowing for acquisition costs of 6.73%.