2-4
Cork Street
2–4Cork 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
ProjectSummary
- 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.
