A fully let, Class E corner freehold producing £123,000 per annum, with a clear short-term route to vacant possession of the upper-floor off
Summary
- Freehold corner building comprising a restaurant across lower ground, ground and first floors, with offices on the second, third and fourth floors, all within Class E use.
- Extending to 2,567 sq ft NIA (3,522 sq ft GIA), fully let to three tenants.
- Producing £123,000 per annum, reflecting a low blended rent of £47.92 per sq ft.
- WAULT of 4.13 years to expiry and 0.77 years to break. Upper floor leases are outside the LTA 1954, with mutual break clauses offering potential for vacant possession in the short to medium term.
- Prime Fitzrovia location, just 4 minutes from Goodge Street and 6 minutes from Tottenham Court Road stations.
- Potential for change of use and/or upward development of the existing flat roof, subject to planning and all necessary consents.
- The property is not elected for VAT.
- Guide price of £2,750,000 Subject to Contract. A price at this level reflects a capital value of £1,071 per Sq Ft on the NIA and £780 per Sq Ft on the GIA
Location
31 Windmill Street is exceptionally well connected, with Goodge Street station approximately four minutes' walk away and Tottenham Court Road
around six minutes' walk. The Central, Northern and Elizabeth lines provide fast connections across Central London, the City, Canary Wharf and Heathrow Airport.
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Mainline Stations
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Euston12 mins
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Charing Cross16 mins
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King's Cross18 mins
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St Pancras19 mins
Underground Station
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Goodge Street2 mins
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Tottenham Court Road4 mins
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Oxford Circus8 mins
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Warren Street8 mins
Further Information
Price £2,750,000
Rates Payable £28.86 per sq ft
Service Charge £3.39 per sq ft
Estate Charge n/a
EPC Rating This property has been graded as C
Description
31 Windmill Street presents an opportunity to acquire a fully let freehold Class E investment in the heart of Fitzrovia, occupying a prominent corner position.
Comprising 2,567 sq ft NIA, the property is arranged as a restaurant over lower ground, ground and first floors, with offices above. It is fully let to three tenants, producing £123,000 per annum, reflecting a low blended rent of £47.92 per sq ft.
Despite being fully income producing, the tenancy profile provides a clear route to vacant possession of the upper floors in the short term, with a WAULT of 4.13 years to expiry and 0.77 years to break.
The opportunity to unlock vacant possession in the short to medium term offers significant asset management potential, allowing an incoming purchaser to undertake a comprehensive refurbishment to deliver Grade A office accommodation, with a view to capturing higher rental values. Alternatively, the building presents an attractive opportunity for an owner-occupier seeking a prominent freehold premises in the heart of Fitzrovia.
The property is within a six-minute walk of Tottenham Court Road and four minutes of Goodge Street, with further potential for change of use and/or upward development, subject to planning and necessary consents.
The Opportunity
31 Windmill Street offers an opportunity to secure vacant possession of the second to fourth floor offices and undertake a comprehensive refurbishment to deliver Grade A accommodation. The offices comprise approximately 1,224 sq ft NIA, currently let at an average of £45 per sq ft. The second and third floor tenant has served notice to leave in February 2027, while the fourth floor has a mutual break in December 2027, subject to six months’ notice.
There is further potential to secure the first floor, currently occupied by The Royal Cocktail Exchange, subject to separate discussions and agreement with the tenant. This could increase the potential office accommodation to approximately 1,595 sq ft, subject to necessary consents.
Following refurbishment, the offices could target rents of £65–£110 per sq ft per annum. The accompanying evidence supports this range, with achieved rents of £65 per sq ft at 26 Goodge Street, £105 per sq ft at 3–5 Rathbone Place and £110 per sq ft at 20–22 Mortimer Street, subject to comparable specification and letting terms.
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