18 September, 2017
DTZ Investors is marketing the freehold interest in 19-21 Great Tower Street, London EC3.
The property comprises of a 17,831 sq. ft. (1,656.5 sq. m.) retail and office building arranged over lower ground, ground and 7 upper floors. The building is multi let to 3 retail tenants (19% of income), 6 office tenants (70%) with one vacant office floor on which the vendor is proposing a 12 month rental top up (11%). The property currently provides a total rent passing of £876,727 per annum (inclusive of rental top ups) and a weighted average unexpired lease term of approximately 5.0 years (3.4 years to the earliest termination). The opportunity also provides investors with potential short to medium term asset management initiatives. Savills have been instructed to seek offers in excess of £14 million, which reflects an attractive net initial yield of 5.86%.
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