Aberdeen Investments is seeking offers of more than £35.5m for the freehold interest in 24-28 Bloomsbury Way in London’s West End.
The circa 45,000 sq ft headquarters building, which is located close to Tottenham Court Road tube station, is currently let to WPP until October 2030 at an artificially-low passing rent of £44.74/sq ft and offers a net initial yield of 5.3%, which translates to £35,500,000 and a low capital value of £795/sq ft.
The building’s ERV (pre-growth) is more than 60% higher that its current level, or 95% higher assuming implementation of feasible asset management initiatives.
The property provides office accommodation over lower ground, ground and four upper floors, and the occupier has recently secured consent to create a 1,722 sq ft terrace at the rear of the fourth floor.
James Purdon, director at Savills, which has been appointed to market the opportunity, said: “We are anticipating a strong response to what is a particularly compelling opportunity – a well-configured West End headquarters building offering Elizabeth Line proximity, secure medium-term income and an unusually-extreme reversion to capture, with feasibility to increase the rent by over 95%.”
