The Market Exchange - Hanover Green

Search results Next property

The Market Exchange London, WC2B 5NF

Size 19,568 sq ft - 19,568 sq ft

For Sale £18,250,000

Covent Garden Multi Let Office Investment

Download brochure

Specification

Freehold
Tottenham Court Road Station and the Elizabeth Line within 5 minutes’ walk.
Constructed circa 1927 in traditional warehouse style with Crittal windows and concrete frame with brick facings. It is a bold utilitarian statement that has been respectfully renovated by the present owners.
Comprising 19,568 sq ft of offices arranged over ground and two upper floors.
Majority comprehensively refurbished since 2021 with EPC B rating.
High-quality open-plan warehouse-style offices, arranged across two units per floor, benefitting from excellent natural light and high ceilings.
New end of journey facilities including bike parking and shower facilities at ground level.
The offices are multi let to 3 tenants at a low overall rent reflecting £59.61 psf, subject to a guarantee on the vacant 2nd floor suite at £65 psf.
There are 8 residential units on the 3rd to 5th floors which have been sold off, currently producing £3,200 pa.
Combined overall rent of £1,170,863.50 pa.
Asset management opportunities to increase rental tone through lease extensions, refurbishment and setting a new rental tone on letting of the 2nd floor suite and investigating residential extension premiums.
Offers are invited in excess of £18.25 million subject to contract for the asset, representing an initial yield of 6.00% and a capital value of £932 psf, assuming purchaser’s costs of 6.8%.

Property overview

8–14 Macklin Street was built in c. 1927 and extended at roof level in 1997.

Having started life as a fruit & veg warehouse, the property now comprises an office and residential building, arranged over ground and five upper floors.

The main entrance is located on Macklin Street and there is a secondary entrance via Parker Street for the residential car parking.

The 19,568 sq ft of office accommodation is arranged across ground, first and second floor levels, with third to fifth floor levels comprising eight residential apartments.

The majority of the building, excluding the 2nd floor east, was extensively refurbished in 2021 with a scheme designed by architects Spratley & Partners.

The Market Exchange is located in Covent Garden, the West End’s most vibrant sub-market boasting a culturally rich and diverse business, retailing and leisure offer.

Covent Garden was London’s principle fruit, flower and vegetable market for over 300 years. Today, it is at the centre of London’s cultural heartland, with internationally recognised institutions such as The Royal Opera and The Royal Ballet, more than twenty thriving theatres, the National Gallery and is soon to be the permanent home of Cirque Du Soleil.

The arrival of the Elizabeth Line has been the catalyst for significant investment and consolidated Covent Garden’s reputation as the go-to destination for business, retail and leisure.

The area attracts over 44 million visitors annually, and is centred around Covent Garden Piazza, Long Acre, Neal Street and Seven Dials, some of London’s finest shopping and dining streets, many of them pedestrianised.

Covent Garden continues to evolve with new concepts and trends. It now boasts a thriving ‘Beauty Quarter’ with around 40 beauty boutiques, more than anywhere else in London.

The property is located a short walk from the famous Covent Garden Piazza, an area synonymous with the best London has to offer.