Finchley Gate, Regents Park Road, London N3Posted on January 10, 2016
In December 2015 Clay Street acquired the freehold interest in Finchley Gate, Regents Park Road, London N3 2JU on behalf of private clients for £9m.
The property comprises three detached office buildings arranged over 3 floors and totalling 24,641 sq ft. In addition to this the property has 93 on site car parking spaces in two floors of basement parking, providing an excellent ratio of 1:265 sq ft.
The property is multi let to 8 tenants on 9 leases producing a rent of £501,106 per annum, reflecting only £20.34 per sq ft overall, and a WAULT to expiries of 5.2 year (2.8 years breaks). The asset has significant reversionary potential with recent letting interest at circa £28 per sq ft.
The purchase price of £9m, reflected a NIY of 5.25% and a capital value of £365 per sq ft.