Legal & General has put a prime mixed-use freehold investment in the heart of Covent Garden on the market for £5.15m+, reflecting a net initial yield of 6%.
The property at 406-408 Strand comprises 3,955 sq ft of retail accommodation across the ground and lower ground floors and residential accommodation above, arranged over five upper floors and held on long leasehold interests.
The retail units are let to Vodafone and Holland & Barrett and generate a total passing rent of £330,000 per annum, with a WAULT of approximately eight years to expiry.
The property is situated on the north side of the Strand and occupies a prominent position between the Adelphi and Vaudeville theatres, at the southern edge of Covent Garden.
Charlie Stoneham, director in Central London and retail investment at Savills, which has been appointed to market the opportunity, said: “This freehold opportunity combines secure, long-dated income with the strength of two national covenants, offering an attractive entry point into one of London’s busiest and most vibrant locations.”
