On behalf of IVG, Knight Frank West End capital markets team has been appointed to sell the freehold interest of 43, Brook Green, W6 at a guide price of £51.3 million, reflecting an initial net yield of 5.25%.
The 85,672 sq ft modern office accommodation is arranged over ground and five upper floors, together with 45 car parking spaces. It is single let to Halcrow Group Limited, at a rent of £2.8 million per annum, who have recently entered into a reversionary lease expiring on 24th December 2030. This is a low passing rent compared to prime rents in Hammersmith which are currently £50.00 per sq ft, and prime rents in Central London, therefore offering excellent rental growth prospects.
There is also long term residual value underpinned by the potential for change of use to residential, subject to necessary consents.
James McCluskey, partner, Knight Frank capital markets team, commented; “With secure long term income and a low capital value per sq ft, 43 Brook Green offers investors an attractive running yield and a site underpinned by potential for change of use to residential in the future. We expect the opportunity to be very well received by the market.”
