Prime West End mixed-use investment opportunity: 37/38 Margaret Street & 21/22 Great Castle Street, W1
The properties, which back onto one another, extend to 18,312 sq ft over basement, ground and three to four upper floors.
The restaurant tenants include the ever-popular Meat Liquor and Japanese BBQ venue Kintan, offering secure core income for over 10 years which accounts for 65% of the overall rent. The multi-let offices above are also let at reversionary rents, reflecting an average of just £45.07 per sq ft. Combined, the properties offer a long WAULT of 8.55 years to expiries.
Alongside the potential to regear leases with existing tenants, these properties also provide further asset management opportunities, which include, subject to planning, change of use to residential and student accommodation across the upper floors, and the chance to increase massing by joining the two buildings on the upper floors to create a more ESG-compliant and contemporary building.
Located just 1 minutes’ walk from Oxford Circus underground station and 4 minutes from Bond Street’s Elizabeth Line station, the properties also offer exceptional connectivity across the capital.
We’ve been instructed to seek offers in excess of £19.5m for the two properties, reflecting a blended initial return of 4.51%. Get in touch with Simon Hall, Simon Beckett and Guy Harris to find out more details and to book an inspection.