KINGS CROSS OFFICES ON THE BLOCK FOR £23.7m
Rare opportunity to acquire a fully let refurbished HQ building in N1
A prime office building in King’s Cross is to be sold by its owners following a comprehensive refurbishment programme. Gerald Eve has been appointed to market the long leasehold interest of the Pivotal Building on Pentonville Road on behalf of a private trust.
The 25,751 sq ft building is fully let to home design website Houzz, which agreed a pre-let on a 15-year lease in September 2015. The building offers a gross passing rent of some £1.425m per annum, equating to £55.33 per sq ft. The vendors will be inviting offers in the region of £23.7m, reflecting a net initial yield of 5.25%.
Lloyd Davies, partner at Gerald Eve: “As one of the capital’s hotspots, Kings Cross is always in demand with investors and this well-let, impressively presented asset is sure to attract a lot of interest, especially given the scope for future rental uplift.”
The Pivotal Building was originally constructed in 1984 and underwent a comprehensive refurbishment, completed in 2016, providing Grade A accommodation and the addition of a new fifth floor, including private roof terrace providing exceptional views over King’s Cross, north London and southwards towards the West End and the City.