116 - 118 Chancery Lane is an attractive Grade II listed office property with significant reversionary potential and further benefiting from an implemented residential consent.

Freehold

Located in the heart of Central London, Chancery Lane is a premier address within the Midtown market

The property comprises 12,954 sq ft NIA of office and retail accommodation arranged over lower ground, ground and four upper floors

The property is multi-let to eight tenants and produces an annual rental income of £326,585 reflecting a highly reversionary overall rent of £25.21 per sq ft

The Vendor will provide a 12-month rental top up on the two vacant floors at current asking rents of £35.00 per sq ft. The total annual rent for the building will therefore be £399,840

Vacant possession of the office accommodation achievable in March 2021

The property offers significant asset management opportunities including office refurbishment or change of use

A residential planning permission has been implemented, to provide 14 private residential flats totalling 11,845 sq ft NSA

We are instructed to seek offers for the freehold interest in excess of £12,250,000, subject to contract and exclusive of VAT

A purchase at this level reflects a low capital value of £946 per sq ft and a net initial yield of 3.06% on a topped-up basis and assuming purchaser’s costs of 6.80%