Meadow Partners instruct RX London to sell £45m Victoria value-add opportunity
May 2022 | News
RX London has been instructed to sell 17 Rochester Row, a freehold property that is expected to appeal to both developers and owner occupiers given it has recently been vacated by its sole tenant.
Capita had occupied the building since the late 1980s but has now vacated ahead of its lease expiry in September 2022.
The asking price for the corner office building reflects a capital value of £990/sq ft and the total passing rent, secured until 28 September 2022, is £2.27m per annum. The current passing rent equates to £49.95/sq ft.
The property comprises 45,454 sq ft of offices and six self-contained flats, which have been sold off on long leases, plus basement car parking.
Buckley Gray Yeoman has undertaken a feasibility study which found that 9,300 sq ft of additional space could be added.
The departure of Capita will open the potential to create an ESG-compliant building through refurbishment or redevelopment at the expiry of the lease.
Alternative uses including life sciences, hotel, residential, educational and PRS, all subject to the necessary planning consents, are possible given the ceiling heights and floor layouts.
For further information, please contact Charlie Van Der Gucht, Hugh Ronan or Jordan Adair.