Spectrum provides open-plan accommodation arranged in five interconnecting suites off two central cores. The building extends over lower ground, ground and four upper floors, with stepped tiered roof terraces.
Offers are invited in excess of £12,000,000 (Twelve Million Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects a Net Initial Yield of 19.36% and a Triple Net Yield of 17.06%, based on topped up income and assuming purchaser’s costs of 6.71%. This reflects a low capital value of £105 per sq ft.
The property is held as two long leasehold titles(AV135816 & BL137143). AV135816 is held from 25 December 1986 for a term of 125 years (87 years unexpired).
The ground rent is linked to 7.50% of the occupational rents received. The rent for the year ending 24th December 2023 was £155,366, which has reduced to a budgeted figure of £148,497 based of forecast rents for the year ending 24th December 2024 (rent to be reconciled at the end of each financial year).
BL137143 is held from 31 October 2014 for a term of 97 years expiring (87 years unexpired) at a peppercorn rent.
