Woolgate Exchange, London: City , EC2V 5HA
£290,000,000.00
Ref No. jll27748

Location Woolgate Exchange, 25 Basinghall Street, London: City , EC2V 5HA, Greater London, London

For Sale, Investment

Description • Landmark core City of London office building developed in 2000 by MEPC plc
• Prominently situated in one of the world’s foremost business districts
• Exceptional location within 150m of the Bank of England
• Large freehold site area of approximately 0.66 hectares (1.625 acres)
• Approximately 32,632 sq m (351,263 sq ft) of very highly specified office and ancillary accommodation over three basement levels, ground and eight upper floors
• Typical floorplates of between 2,508 sq m to 4,125 sq m (27,000 sq ft to 44,400 sq ft) being some of the largest in the City
• Single let to WestLB AG with in excess of 9 years unexpired
• WestLB’s obligations are guaranteed by the German State of North Rhine-Westphalia, rated Aa1 (stable) and AA- (stable) by Fitch and S&P respectively
• The rent passing is £16,743,686 per annum which reflects a low overall rent of £513 per sq m (£47.67 per sq ft)
• The next rent review is favourably timed in December 2015 when prime headline rents are forecast to have reached £727 per sq m (£67.50 per sq ft) providing reversionary potential
• Substantially sub-underlet, providing the option to pursue active asset management strategies
We are seeking offers in excess of £290,000,000 for the freehold interest in Woolgate Exchange, subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 5.46% assuming purchaser costs of 5.8% and a capital value of £826 per sq ft.

Property Type Office

Size

32,632 sq m







(351,263 sq ft)

Property Contacts:

  • James Beckham
    +44 (0) 20 7399 5631
  • Andrew Hawkins +44 (0)20 7399 5840
  • Julian Sandbach +44 (0)20 7399 5973

Property Location:



Misrepresentation Act: The property details have been produced in good faith, are set out as a general guide and do not constitute the whole or part of any contract. All liability, in negligence or otherwise, arising from the use of the details is hereby excluded.