Assembly Rooms 111 Putney High Street & 1 Werter Road SW15
A newly developed commercial building of an exceptional standard, benefiting from long term, secure income.
Freehold
Let to two exceptionally strong tenants in Natwest and Gallaher Limited (ultimately owned by the Government of Japan) on FRI leases, producing a total income of £1,489,580 per annum.
Rare long term secure income with 10.5 years to expiry and 7.1 years to lease breaks.
26,321 sq ft of office and retail accommodation over basement, ground and three upper floors.
Highly prominent corner position fronting Putney High Street and Werter Road, less than 150m from Putney Station.
Guaranteed performance at the 2024 Natwest review, subject to 5 yearly annual RPI indexation (4% cap and 2% collar). Current RPI forecasts would show a c.22 bps improvement to the running yield.
Outstanding sustainability credentials with features including a 1,755 sq ft panoramic roof terrace, an on-site gym with shower and bicycle facilities and an EPC of B on the offices.
Further transformational mixed-use developments are planned along Putney High Street including 56-70 Putney High Street (M&G Investments) and Liberty Gardens (Savills IM).
Offers are invited in excess of £30,000,000, subject to contract and exclusive of VAT.
An acquisition at this level reflects the following net initial yield profile.
4.65% for an asset acquisition (6.77% purchaser’s costs)
4.85% for an acquisition of the UK SPV (2.30% purchaser’s costs)
Assuming inflation remains above 4% the running yield will increase to 4.86% and 5.07% respectively, in 2024.