The Relay Building | 1 Commercial St
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The Relay Building 1 Commercial St
98,216 SF 76% Leased 4-Star Office Building London E1 6BF £45,300,000 (£461/SF) 11% Net Initial Yield
Investment Highlights
- Situated on Commercial Street near Aldgate underground station
- Many other retailers located near by
- The subject property is close to the London Royal Hospital
Executive Summary
The building at 1 Commercial Street is arranged over lower ground, ground and six upper floors, alongside 207 residential apartments which have already been sold off. Savills is quoting a guide price of £45.3 million reflecting a net initial yield of 11%.
Excellent connectivity situated above Aldgate East Station and within a short walking distance of Liverpool Street, Bank and Fenchurch Street stations
Liverpool Street, the UK’s busiest station, is only a short walk or 1 tube stop away from the Relay Building, providing easy access to the Elizabeth Line for the building’s occupiers
·Constructed in 2014, the landmark tower was designed by Sigma Seifert and developed by Redrow
The building comprises 102,416 sq ft of Grade A office, education and retail accommodation arranged over basement, ground and six upper floors. 207 residential apartments above have been sold off
Multi-let to four office and educational tenants and three retail tenants generating a topped up passing rent of £5,323,697.98 per annum reflecting a low overall rent of £51.98 per sq ft
WAULT of 2.4 years to expiries and 1.8 years to breaks on the let accommodation
The provisions of Section 5 under the Landlord and Tenant Act 1987 “Qualifying Leaseholders’ Right of First Refusal” do not apply to the transaction
Positive pre-application for change of use to education across the office floors
The building is situated outside London Borough of Tower Hamlets’ Article 4 designation and therefore benefits from permitted development rights and the opportunity to seek prior approval for change of use to residential
We are instructed to seek offers in excess of £45.3 million, reflecting a highly attractive net initial yield of 11.00% and a low capital value of £442 per sq ft(assuming purchaser’s costs of 6.80%). Subject to contract and exclusive of VAT.
Excellent connectivity situated above Aldgate East Station and within a short walking distance of Liverpool Street, Bank and Fenchurch Street stations
Liverpool Street, the UK’s busiest station, is only a short walk or 1 tube stop away from the Relay Building, providing easy access to the Elizabeth Line for the building’s occupiers
·Constructed in 2014, the landmark tower was designed by Sigma Seifert and developed by Redrow
The building comprises 102,416 sq ft of Grade A office, education and retail accommodation arranged over basement, ground and six upper floors. 207 residential apartments above have been sold off
Multi-let to four office and educational tenants and three retail tenants generating a topped up passing rent of £5,323,697.98 per annum reflecting a low overall rent of £51.98 per sq ft
WAULT of 2.4 years to expiries and 1.8 years to breaks on the let accommodation
The provisions of Section 5 under the Landlord and Tenant Act 1987 “Qualifying Leaseholders’ Right of First Refusal” do not apply to the transaction
Positive pre-application for change of use to education across the office floors
The building is situated outside London Borough of Tower Hamlets’ Article 4 designation and therefore benefits from permitted development rights and the opportunity to seek prior approval for change of use to residential
We are instructed to seek offers in excess of £45.3 million, reflecting a highly attractive net initial yield of 11.00% and a low capital value of £442 per sq ft(assuming purchaser’s costs of 6.80%). Subject to contract and exclusive of VAT.
Property Facts Sale Pending
Sale Type
Investment
Sale Condition
Distress Sale
Property Type
Office
Tenure
Freehold
Property Subtype
Office/Residential
Building Size
98,216 SF
Building Class
A
LoopNet Rating
4 Star
Year Built
2014
Price
£45,300,000
Price Per SF
£461
Net Initial Yield
11%
NOI
£4,983,000
Percent Leased
76%
Tenancy
Multiple
Number of Floors
22
Typical Floor Size
4,655 SF
Slab to Slab
10 ft
Building FAR
5.24
Lot Size
0.43 AC
Amenities
- 24 Hour Access
- Raised Floor
- Security System
- EPC - C
- Bicycle Storage
- Lift Access
- Reception
- Wi-Fi
- Air Conditioning
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
New leases are available direct from the Landlord
New leases are available direct from the Landlord
| Space | Size | Space Use | Condition | Available |
| 5th Fl-Ste Front | 7,600 SF | Office | Full Build-Out | Now |
| 6th Floor | 7,000-15,897 SF | Office | Full Build-Out | Now |
5th Fl-Ste Front
| Size |
| 7,600 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
6th Floor
| Size |
| 7,000-15,897 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
5th Fl-Ste Front
| Size | 7,600 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
New leases are available direct from the Landlord
6th Floor
| Size | 7,000-15,897 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
New leases are available direct from the Landlord
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Contacts
-
Paul Bassi -
Edward de Jonge -
Hannah Heslop -
Luke Woodmansee -
Felix Rabeneck -
Savills
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The Relay Building | 1 Commercial St
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