This project was worked on by the following people, working in partnership from across our business…
Investment Acquisition of Kings House, Harrow
Advised Harrow Council on the purchase of the freehold interest of this office investment from Oval Real Estate for £22,910,000 reflecting £279 per sq ft, 5.5% NIY and 9.2% NRY.
• Kings House comprises 82,013 sq ft of Grade B office accommodation over 8 storeys, with an excellent town centre parking ratio of 1:854 sq ft.
• Strategically located in the town centre opposite Harrow on the Hill railway and underground station.
• The property benefits from secure income with a strong tenant line up in the form of the Secretary of State, Ipsos Mori and Health Intelligence with a WAULT of 7 years.
• 9% vacancy.
• Income of £1,364,000 pa, reflecting £18.30 psf overall.
• Reversionary to £2,250,000, reflecting £27.50 psf overall.
• Significant discount to prime rents at £35.00 psf, with further rental growth anticipated given high levels of tenant demand against Harrow’s very low office supply.
• Underpinned by residential use, with the neighbouring Queens House having recently sold to a well-known residential developer for £260psf with VP.