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1 Westferry Circus

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E14 4HA London
Ref: 10385

  • 223,670.00 ft² (20,779.61 m²)
  • 122,500,000
  • 5.15 Initial Yield

Description

Description

• A unique opportunity to acquire a prominent investment in Canary Wharf with significant asset management opportunities.

Executive Summary

- Located on the globally iconic Canary Wharf estate in Central London, benefitting from excellent transport connectivity that will be enhanced by the delivery of the Crossrail in 2018.

- Virtual freehold interest.

- Substantial site totalling approximately 0.86 acres (0.35 hectares).

- 223,670 sq ft (20,779.6 sq m) of office, retail and ancillary accommodation, arranged over three basement levels, ground and eight upper floors.

- Highly specified, flexible floor plates of between 13,463 sq ft (1,250.8 sq m) and 30,059 sq ft (2,792.6 sq m).

- Multi-let to four office tenants and two retail tenants, including Valero Energy Limited, PKF Littlejohn LLP and De Vere Limited.

- Total gross passing rent of £6,424,081.78 pa, reflecting a highly reversionary rent of £28.72 per sq ft overall. This compares favourably with current headline rents at Canary Wharf of £47.50 per sq ft.

- The total net passing rent is £6,422,741.78 per annum.

- Weighted Average Unexpired Lease Term of 5.1 years to lease expiries and 4.1 years to breaks (as at June 2017), with approximately 78% of the office accommodation subject to lease expiry in 2019.

- Offers exceptional reversionary potential for Central London, with 60% of the office income let at rents below £27.50 per sq ft.

- Provides significant asset management opportunites, including re-gears of the leases to the current occupiers, potential to reposition the building through refurbishment of the reception area and the office accommodation, and longer term scope to develop. a tower building on the site, subject to the required consents.

Location

Location

Canary Wharf is one of Europe's premier business districts and extends to over 16 million sq ft (1.5 million sq m) of highly specified office, retail and leisure accommodation.

Amenities

Amenities

  • Air-Conditioning
  • Bike Storage
  • Car Parking
  • Cycle spaces and lockers
  • Disabled WCs
  • Double height reception
  • Finished floor to ceiling heights of 2.70m
  • Lifts
  • Male and female WCs
  • Raised floors
  • Suspended Ceiling
  • Suspended metal tiled ceilings
  • Typical slab to slab heights of 3.60m

Energy Rating

Energy Rating

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Contact

Contact
Edmund Miller
Robert Jackson
  Details

JLL for themselves and for the vendors or lessors of this property whose agents they are, give notice that:

  1. The particulars are set out as a general outline only for guidance and do not constitute, nor constitute part of, an offer or contract;
  2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are believed to be correct, but any intending purchasers, tenants or third parties should not rely on them as statements or representations of fact but satisfy themselves that they are correct by inspection or otherwise;
  3. No person in the employment of JLL has any authority to make or give any representation or warranty whatever in relation to the property;
  4. Any images may be computer generated. Any photographs show only certain parts of the property as they appeared at the time they were taken.

For properties in Scotland:

  1. This correspondence is expressly subject to completion of formal legal missives in accordance with Scots Law.

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