Information
Address
116 - 118 Chancery Lane
London, WC2
Price
Freehold £20,000,000
Size
12,945 sqft
Beds
N/A Bedrooms
116 – 118 Chancery Lane
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%



