9/10 Tokenhouse Yard London EC2

Approx. 7,550 sq.ft ( 701 sq.m )

General Overview

A new long leasehold interest of 150 years, successfully sold on behalf of a private owner and subject to an occupational lease to JP Morgan for a term to 2063 at a rent of £150,000 per annum, subject to periodic reviews. Details provided below.
This was a unique investment opportunity with potential for vacant possession and long term development and was acquired by a private individual who paid £3m reflecting a yield of approx. 5.25%.

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Location

9/10 Tokenhouse Yard London EC2R 7AN is located in the heart of the City almost adjacent to the Bank of England.

Demise

9/10 Tokenhouse Yard is not listed, however it does lie within the Bank Conservation Area and benefits from an established B1 Office Use throughout. No surveys have been undertaken, however potential purchasers are at liberty to undertake any surveys deemed appropriate and subject to agreement with the existing leaseholder.

Plans are provided however we stress that these are subject to significant variation due to occupier modifications. The floor areas are provided as a guide only and are subject to confirmation.

Net Lettable Floor Areas

(As provided and measured as net lettable area defined under the RICS Code of Measuring Practice)

FLOORSQ.FTSQ.M
3rd48044.59
2nd1350125.42
1st1650153.29
Ground (upper)1500139.35
Ground (lower)1670155.15
Basement900 83.61
Total7550701.41

Existing Leasehold Interest

9/10 Tokenhouse Yard is let to JP Morgan Chase Bank for a term expiring June 2063 at the current rent of £150,000 per annum exclusive. The rent is due for review on 24th June 2016 and again in 2027, 2037, 2048 and 2058. The basis for assessing the rent at review is defined in the lease (a copy of which is available on request). We are informed that the head leaseholder would consider a surrender of their interest subject to terms being agreed.
The building is currently subject to a sub-tenancy of the whole for a term to July 2014 subject to a mutual break option from 1st May 2014, on terms outlined in the sub-lease.

VAT

We are informed that the building is not registered for the purposes of VAT.

A New Long Leasehold Interest

A new 150 year leasehold interest is available for purchase subject to a rent equating to 5% of the market rent (as defined in the lease) and reviewed every 10 years to the higher of the existing or assessed rent at the time of each review.

Price On Application

Get in touch

Please use the form below for any queries you may have or call me on 0207 118 3456.

Acquisition & SearchMarketing & DisposalLease Renewals & Rent ReviewsPlanning AdviceBusiness RatesCity & City FringesMidtown & BloomsburyB1 OfficesD1 Education / Health

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