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23 - 24 Newman Street, London, LND

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23-24 Newman Street

London, W1T 1PJ

Property type:Office Sub Type:Office/Residential Status:Existing , Renov 2011 Year built:1987
Floors:8 Typical floor:3,485 sq ft Building size:4,975 sq ft
For sale price:£5,200,000 Price:£1,045.23 sq ft
Yield:4.30 %
Parking:5 Surface spaces are available; Ratio of 1.04/1,000 SF Amenities:Air Conditioning, Balcony, Raised Floor, Storage Space

23 Newman Street is an award winning building designed by architects Emrys. The redeveloped property provides office space arranged over ground and lower ground, 16 private residential apartments sold off on long leases and seven affordable flats sold on a long lease to A2 Dominion Homes Limited. Located in the heart of Fitzrovia, just to the North of Oxford Street, between Marylebone, Soho and Covent Garden, the building is within easy reach of bars and restaurants and Oxford Circus, Tottenham Court Road and Bond Street Underground stations.

Sale Notes:
— Excellent transport links with the new Crossrail interchange at Dean Street only 250 metres away.
— Excellent local amenities within immediate area.
— Established office location with strong rental growth prospects.
— Modern offices totalling 5,109 sq ft (474.6 sq m) over ground and lower ground floors, and 23 residential apartments let on long leases above.
— Offices let off only £45.02 per sq ft with recent Fitzrovia lettings in excess of £85.00 per sq ft.
— Single let to Freesat (UK) Limited until 29/01/2022 producing £230,000 per annum, reflecting only £45.02 per sq ft.
— Estimated rental value of £257,270 per annum, equating to £50.36 per sq ft.
— Private residential apartments producing £7,850 per annum.
— WAULT of 3.47 years to expiry.
— Total income £237,850 per annum.

Price: £5,200,000
Net Initial Yield: 4.3%
Reversionary Yield: 4.8%
Capital Value: £982 per sq ft (office element only)

Michael Elliott
Nathan Sugar
020 7529 5716

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