33 Foley Street, W1
33 Foley Street, W1
Advised Pontegadea on the acquisition of a 42,500 sq ft, freehold, single-let, prime Fitzrovia office building.
33 Foley Street is positioned within the heart of the Fitzrovia submarket, which has become a destination of choice for leading global corporations including Netflix, Meta, Boston Consulting Group, Esteee Lauder and the BBC. Kier redeveloped the building in 2018 creating their new London headquarters and best in class office building. The property benefits from a rare lease term of 25 years with RPI indexation (capped and collared at 4.00-2.00% pa reviewed five yearly).
The building was acquired from the Abrdn long income fund who were at the time looking to raise capital.
Passing rent at the point of purchase was £89.12psf, which would be considered reversionary with Fitzrovia rents reaching £135psf.
33 Foley Street is Pontegadea’s first purchase within the Fitzrovia submarket. Both the quality of the real estate and the length of the income were the key selling points for our client.