2-4 Cork Street
24
Cork Street

Located in Mayfair, the London’s most sought-after address, the building was acquired in 2020 and has undergone a major refurbishment program of common areas, vacant floors, reception, front entrance and the building services over a one year period.

As of today, the building is fully occupied by AAA tenants with long term lease and Cat A+ to Cat B office floors. The headlease is held by the Pollen Estate with 98 years remaining and it is possible of extending it beyond 100 years.

With an annual gross rent of £1,721,275 with a 15% gearing on the rents received, the building is a pure trophy asset with a long term WAULT (>7 years), AAA tenants and room to improve income with the first floor available next year.

Project Summary
Project
Summary

Location:
Central London – Mayfair
Ownership:
Leasehold
Use:
Office and Gallery
Size:
16,760 sqft (NIA)
Status:
Acquired

Given the quality of the investment, a capitalization rate of 4.2% is in line with the market for the heart of Mayfair and would lead to a valuation for the building of £34.9M.

This is a perfect reflection of the Mayfair market – quality amenities, location and long term tenants.
This is a perfect reflection of the 
Mayfair market  quality amenities, 
location and long term tenants.

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