53–59 CHANDOS PLACE

Acquired By Z Hotels

  • Type: PRIME WEST END FREEHOLD

Property Description

The offices are accessed via an impressive corner reception on the junction of Chandos Place and Bedfordbury. Two passenger lifts serve all floors which are broadly rectangular in shape with an average floor plate of 3,700 sq ft. 

The level of natural light is excellent throughout with light from three elevations. The property was last refurbished in 2003 and benefits from raised floors, suspended ceiling and air conditioning throughout. The apartment is accessed via a separate self contained entrance on Chandos Place

with an additional direct lift to the fifth floor, which benefits from a large terrace wrapping around three sides.

In addition there are 4 parking spaces in the adjoining property, accessed via Bedford Court. There is also pedestrian access via the courtyard at ground floor level.

 

INVESTMENT SUMMARY

• Rare freehold in the heart of Covent Garden

• Approximately 19,504 sq ft of office and residential accommodation over ground to five upper floors

• Single let to Dorling Kindersley Holdings Ltd until 7th July 2019

• Sublet in its entirety to MWB Business Exchange Centres Limited, now trading as Regus

• Rent passing of £1,000,375 per annum equating to £48.75 per sq ft on the office accommodation

• On lease expiry the building offers potential for alternative uses including restaurant, residential and hotel, subject to the necessary consents

• Offer are sought in excess of £23,500,000 reflecting a net initial yield of 4.00% and a capital value of £1,205 psf

Location

Chandos Place is located in the heart of Covent Garden, one of Central London’s most diverse and exciting submarkets. Covent Garden’s vibrant mix of shopping amenities, global cultural attractions and unrivalled restaurant provision has established the area as a key living and working destination.

The recent transformation and investment in public realm and local amenities from key Covent Garden stakeholders, including Capital & Counties and Shaftsbury, has attracted major global retailers including Apple’s largest European store, Chanel, Burberry, Dior and Ralph Lauren.

The property is well positioned on the north side of Chandos Place at its junction with Bedfordbury. The world famous Covent Garden Piazza is located approximately 200 metres north east with Trafalgar Square approximately 250 metres south west.

53–59 Chandos Place has excellent communication with Charing Cross (Bakerloo, Northern and Mainline Rail), Embankment (Bakerloo, Circle, District and Northern), Leicester Square (Piccadilly and Northern) and Covent Garden (Piccadilly) stations all within a 5 minute walk of the property. Tottenham Court Road station (Elizabeth, Central and Northern) is a 10 minute walk to the north.

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