Advised by Hanover Green, EPIC has sold 9 Orange Street, a prime WC2 office investment for £8.1m.
The freehold office investment totals 5,452 sq ft over part basement, part ground and four upper floors. The price reflects a capital value of £1,585 per sq ft.
The sub basement, part basement and part ground floor are sold off on a 999-year lease to the adjoining theatre. The building was comprehensively refurbished in 2010 and produces a current passing rent of £186,455 pa, equating to an average of £34.35 per sq ft.
Vacant possession can be obtained in nine months and all the leases are outside the Security Provisions of the Landlord and Tenant Act 1954.
There is a existing planning consent in place to convert the existing offices into six luxury residential apartments but the buyers are intending to retain the office use as owner occupiers.