Commercial property for sale in London, England

An opportunity to acquire a recently developed single-let office investment located in the heart of Brixton, South West London.  Extremely well located in Brixton Village and just 0.3 miles from Brixton Station, offering excellent connectivity benefitting from both the Victoria Line and Overground services.  The property is situated on the ground floor of a Berkeley Homes scheme completed in 2017, the offices are decorated to an extremely high specification comprising 10,813 sq ft NIA (11,591 sq ft GIA) with a state-of-the-art animation studio fit-out and a large outdoor private terrace.  Excellent ESG credentials - EPC rating of B29 and BREAAM 'Very Good' rating.  The property is let to Jellyfish Pictures Limited a 15 year FRI lease from March 2022, with no tenant break options and 5 yearly open market rent reviews, thus having c.12 years to expiry.  Current passing rent of £448,740 per annum, reflecting £41.50 per sq ft overall.  The tenant is an award winning production company, established in 2001, specialising in visual effects and high quality animation, some of their biggest clients include Netflix, BBC and HBO.  Extremely low risk covenant with a turnover in 2024 of £44,500,000 and a pre-tax profit of £2,600,000. Jellyfish Pictures have also grown their company from 98 employees in 2022 to 368 employees.  Virtual freehold ownership by way of a 999 year lease from 1st September 2016 at a peppercorn rent.  We are instructed to seek offers in the region of £5,750,000 subject to contract and exclusive of VAT. Pricing at this level reflects an attractive Net Initial Yield of 7.32% and a Low Capital Value of £531 per sq ft assuming purchaser's costs of 6.5%.

Commercial property for sale in London, England

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