Attractive and Highly Reversionary Long Let Office Investment
Let to Polyglobe Limited until December 2050 (Approx 33 years unexpired - No breaks)
Valuable Reversion in approximately 33 years
Occupational rent geared to 14% of Rental Value
Period Office Building comprising 7,973 sq ft with Car Parking
Close to Buckingham Palace, St James' Park and Victoria Station in London's Belgravia
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 7
Auction 30th March 2017
Rent Gross: £23,064 per Annum Exclusive
Status Sold
Price £1,505,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
Approx. 400m to Buckingham Palace, Approx. 850m to Hyde Park
Rail
London Victoria Railway Station (approx. 350m away)
Air
London Heathrow, London Gatwick and London City Airports
Situation
The property is situated on the eastern side of Grosvenor Gardens, close to its junction with Lower Grosvenor Place and Beeston Place, in the heart of London's Belgravia. Belgravia is a popular office location with office occupiers including Google, EDF Energy, Bluecrest Capital Management and Royal Bank of Scotland. The National Trust and Moët Hennessy have offices nearby. Belgravia also houses a number of foreign embassies, including those of Germany, Italy and Spain. Victoria Station is located 350 metres away. The Goring Hotel is also located on Beeston Place, to the rear of the property.
Tenure
Leasehold. Long Leasehold from The Grosvenor Estate. Held for a term of 125 years from 24/06/2006 (expiring
23/06/2131) at a rent of £23,670 per annum. The Head Rent payable is reviewed every 5 years to
10% of Rental Value. The next review is in June 2019.
Location
Miles
Approx. 400m to Buckingham Palace, Approx. 850m to Hyde Park
Rail
London Victoria Railway Station (approx. 350m away)
Air
London Heathrow, London Gatwick and London City Airports
Situation
The property is situated on the eastern side of Grosvenor Gardens, close to its junction with Lower Grosvenor Place and Beeston Place, in the heart of London's Belgravia. Belgravia is a popular office location with office occupiers including Google, EDF Energy, Bluecrest Capital Management and Royal Bank of Scotland. The National Trust and Moët Hennessy have offices nearby. Belgravia also houses a number of foreign embassies, including those of Germany, Italy and Spain. Victoria Station is located 350 metres away. The Goring Hotel is also located on Beeston Place, to the rear of the property.
Tenure
Leasehold. Long Leasehold from The Grosvenor Estate. Held for a term of 125 years from 24/06/2006 (expiring
23/06/2131) at a rent of £23,670 per annum. The Head Rent payable is reviewed every 5 years to
10% of Rental Value. The next review is in June 2019.
Description
The property, which is Grade II listed, comprises an office building providing accommodation on ground, lower ground and five upper floors. The property benefits from a passenger lift and car parking for approximately 3 cars.
VAT
VAT is applicable to this lot.
Completion Period
Eight Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, which is Grade II listed, comprises an office building providing accommodation on ground, lower ground and five upper floors. The property benefits from a passenger lift and car parking for approximately 3 cars.
VAT
VAT is applicable to this lot.
Completion Period
Eight Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Basement Ground Floor Mezzanine (Lower and Upper) First/First Floor Mezzanine Second/Second Floor Mezzanine Third Fourth Fifth
Office/Reception Office/Ancillary Office
Office Office Office Office Office
123.56 sq m 142.51 sq m 58.52 sq m
115.85 sq m 85.94 sq m 81.20 sq m 77.11 sq m 56.02 sq m
77 years and 300 days from 01/03/1973 until 25/12/2050
£46,734
24/06/2019 and five yearly thereafter (2)
Totals
740.71 sq m
(7,973 sq ft)
£46,734
(1). Since 1971, The Polyglobe Group has continued to build its reputation as a leading UK hotel agency. 11 retail units across London travel hubs serve international and domestic visitors in the leisure market. For the year ending 30th November 2015, Polyglobe Limited reported a turnover of £11,866,122, pre-tax profits of £-337,890 and a total net worth of £1,851,830 (Sources www.polyglobegroup.com and Experian Group 24/02/2017). Part of the property is sub-underlet to Buchanan Hartley Architects. (2) The rent is reviewed every five years to 14% of Rental Value. NB: The landlord is required to insure the building. The premium is irrecoverable from the occupational tenant.
