Lothbury is seeking a buyer for a multi-let parade of six buildings on the corner of James Street and Floral Street in Covent Garden, WC2.
The investor has instructed Colliers to seek offers in excess of £90m for 25-31 James Street and 7-8A Floral Street, which offer a total of 20,001 sq ft split across retail, vacant offices and residential accommodation. The asking price reflects a net initial yield of 4.28%.
Tenants in the 11,727 sq ft of retail space include Skechers, Mac, Rituals and Swatch. The weighted average unexpired lease term is 4.62 years to expiries and 2.84 years to breaks, and net passing rent is £3.9m per annum.
The freehold opportunity also includes 10 flats, which are let on assured shorthold tenancies.
In July, planning permission was submitted to convert 3, 710 sq ft of vacant office space into additional residential accommodation above 28-30 James Street.
According to marketing materials seen by EG, the properties are subject to an intermediate leasehold interest owned by the Covent Garden Area Trust and have been let to the trust for a term of 150 years which in turn leases them back to the freeholder at a rent of £18,704 per annum.
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