Hanover Green have been appointed by Columbia Threadneedle to sell Coda Studios, a multi-let freehold office/studio campus in Fulham, west London. Offers in excess of £43.5m are being sought for the 1.2acre campus where tenants include Gentleman’s Journal, Royal Enfield Motorcyles, TJB Super Yaughts, The Gin Foundry and Tog Clothing.
Simon Hall said: “Coda Studios has benefited from £3.4m of capital expenditure in the last few years and includes a brand new Coda Fit gym, Coda life lounge and Coda Host meeting room.”
“Rents average circa £40 per sq ft, with lettings in 2018 achieving £52.50 per sq ft and there have been 69 transactions since 2014. After allowing for acquisition costs of 6.78%, this ready-made property business offers a net initial yield of 6.70% and a low capital value of £635 per sq ft. It is a real one-off and will never be repeated in the London office market.”
Coda Studios comprises 68,590 sq ft (6,372 sq m) of offices ranging from 320 sq ft to 3,250 sq ft. 12 studios have been leased since January 2018 offering flexible lease terms.