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Landlords are cashing in as the investment value of commercial properties rise throughout the West End. This turn is welcomed to the market due to the limited amount of stock in the last year. Investment values is hugely influenced by headline rent and lease length certain. In the current market, rental levels are at an all-time high with the minimum lease term demand being 5 year straight.
95 Wigmore Street is currently undergoing refurbishment and is expected to start being marketed in the next couple of weeks. This asset is worth about £200 million and is being taken to the market by CBRE and Colliers.
The long leasehold of 2 Park Street is also up for grabs in the heart of Mayfair for around £75 million which will bring a yield of 3.34%. However, the building is due for a rent review this year which could bring the rents up from £60 a sq. ft. to the current market in Mayfair which is often reaching the £125 per sq. ft. mark. This building has had a huge increase in value since it was sold in 2013 for £52.5 million. It holds just over 20,000 sq. ft. of office space over 6 floors.
Oliver Salter at Morgan Pryce said “The West End market is reaching record highs and investors are making the most of it.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.