Price Offers in excess of £70,000,000

Rates Payable Upon Enquiry

Service Charge n/a

Estate Charge n/a

EPC Rating This property has been graded as D (83)

Description

70 Petty France is a substantial property comprising approximately 87,294 sq ft NIA excluding 4,716 sq ft of continuous perimeter trunking, bringing overall potential net area to 92,010 sq ft of office and ancillary accommodation arranged over lower ground, ground and seven upper floors.

The property was last comprehensively refurbished in 2004 to provide new mechanical and electrical services including three new passenger lifts, and an additional goods lift, with office areas being fitted out to Cat A standard.

The external aspect of the building comprises a red-brick façade, with triple glazed windows. The main Petty France elevation benefits from full height glazing extending from the ground to the first floor resulting in an impressive double height reception at ground floor level.

The configuration of the upper floors around two substantial lightwells located at the east and west elevations provides good natural light throughout all upper floors.

Specifications

Chilled ceiling air-conditioning, supplemented by fan coil units.

Perimeter trunking that serves heating and cooling to the building.

Triple glazed windows.

Suspended metal tiled ceilings.

Cycle storage and shower facilities.

Male & Female toilets on each floor.

Three passenger lifts serving all floors, with an additional goods lift located to the rear of the property, with good connection to the rear loading area and parking.

Spacious, modern, double height reception incorporating a coffee bar, café area.

Secure gated vehicular access from Vandon Street, with access to parking and loading.

Terms

Offers are invited in excess of £70,000,000 (Seventy Million Pounds), reflecting a competitive capital value of £802 per sq ft on NIA and £761 per sq ft when including the areas for perimeter trunking. This reflects an attractive net initial yield of 7.06%, based on standard purchaser’s costs of 6.785%.

Opportunity

Wilkinson Eyre have been engaged to explore potential options for the redevelopment of the site, focusing on a full reconstruction, reimagining the existing space, as well as considering increased massing through lightwell infills and new office floors on top.

Their initial proposals suggest an increase to the NIA of between 30% and 40%, primarily via the rationalisation of the cores, infill of lightwells, consolidation of plant space and adding two new floors. However, further planning advice suggests that it may be possible to increase the height further, beyond and above Wilkinson Eyre’s concept plans.

Planning

70 Petty France is not listed nor located in a conservation area. The property is also located outside an Article 4 Direction.

As such, it presents several refurbishment and redevelopment options from straightforward refurbishment of the existing floorplates to full scale redevelopment, adding additional floors, infilling lightwells and exploring options for change of use, subject to planning.

Additionally, there is opportunity to reimagine the ground floor to deliver retail and/or F&B uses, to take advantage of the busy Petty France thoroughfare.