13 Grosvenor Gardens and 13 Grosvenor Mews Belgravia London SW1W 0BD

13 Grosvenor Gardens and 13 Grosvenor Mews
Belgravia
London
SW1W 0BD

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
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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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

Tenure

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

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	(1,330 sq ft) (1,534 sq ft) (630 sq ft) (1,247 sq ft) (925 sq ft) (874 sq ft) (830 sq ft) (603 sq ft)	POLYGLOBE LIMITED (1)	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.