174-178 Kentish Town Road, Camden NW5 2AG

Reversionary freehold, government let office with future development potential
A rare opportunity to acquire secure, government-backed income with a clear long-term value-add opportunity in one of Camden’s most dynamic urban centres.

• Kentish Town is a vibrant, creative and fast evolving pocket of North London, just minutes from Camden Town and within rapid reach of central London.
• Prominent purpose-built corner office building arranged over lower ground, ground and two upper floors providing 10,855 sq ft.
• Single-let to the UK Government (The Secretary of State for Housing, Communities and Local Government operating as Jobcentre Plus), providing exceptionally secure long-term income.
• Continuous Government occupation since 1993.
• The property is leased until 31st March 2038 with a tenant break option on 30th March 2033 providing 11.8 years to expiry and 6.8 years to break.
• The current passing rent is £370,000 per annum, reflecting £34.09 per sq ft overall.
• 5 yearly open market rent reviews with the next review on the 31st March 2028.
• Strong residential underpin, providing an opportunity for longer term conversion and additional development, subject to planning.
• Freehold.
• Offers are invited in excess of £4,958,000 subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.00%.
• This reflects a capital value of £457 per sq ft after allowing for purchaser’s costs of 6.66%.

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