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London N1

12-27 Swan Yard, Islington N1 1SD

Status: Available

Type: Offices

Details: Download PDF

Single Let Office Investment with extension potential

  • Prime City Fringe office building totalling 10,428 sq ft.
  • Excellent location, 2 minutes walk from Highbury & Islington Station.
  • Strong local amenity with plentiful shops, restaurants, pubs, bars and leisure on Upper Street.
  • Well specified Headquarters building constructed in 2002 providing modern, air conditioned office accommodation arranged over lower ground, ground and two upper floors.
  • Let to Wowcher Limited with a guarantee from DMG Media Ltd (5 A1) with a weighted income of 6.14 years to expiry and 1.14 years to (Landlord or Tenant) break.
  • Current passing rent of £367,587 per annum exclusive, equating to £35.25 per sq ft overall. 
  • Recent feasibility has identified the potential to enhance/vary the previous mixed use planning consent, to extend the building by up to a further £5,430 sq ft.
  • We are instructed to seek offers in excess of £6,265,000 (Six Million Two Hundred and Sixty Five Thousand Pounds) subject to contract and exclusive of VAT.
  • This equates to a net initial yield of 5.50%, after standard purchase costs. A purchase at this level reflects an attractive rate of £600 psf overall.