Assembly Rooms 111 Putney High Street & 1 Werter Road SW15

A newly developed commercial building of an exceptional standard, benefiting from long term, secure income.

• Freehold

• Let to two exceptionally strong tenants in Natwest and Gallaher Limited (ultimately owned by the Government of Japan) on FRI leases, producing a total income of £1,489,580 per annum.

• Rare long term secure income with 10.5 years to expiry and 7.1 years to lease breaks.

• 26,321 sq ft of office and retail accommodation over basement, ground and three upper floors.

• Highly prominent corner position fronting Putney High Street and Werter Road, less than 150m from Putney Station.

• Guaranteed performance at the 2024 Natwest review, subject to 5 yearly annual RPI indexation (4% cap and 2% collar). Current RPI forecasts would show a c.22 bps improvement to the running yield.

• Outstanding sustainability credentials with features including a 1,755 sq ft panoramic roof terrace, an on-site gym with shower and bicycle facilities and an EPC of B on the offices.

• Further transformational mixed-use developments are planned along Putney High Street including 56-70 Putney High Street (M&G Investments) and Liberty Gardens (Savills IM).

• Offers are invited in excess of £30,000,000, subject to contract and exclusive of VAT.

• An acquisition at this level reflects the following net initial yield profile.

• 4.65% for an asset acquisition (6.77% purchaser’s costs)

• 4.85% for an acquisition of the UK SPV (2.30% purchaser’s costs)

• Assuming inflation remains above 4% the running yield will increase to 4.86% and 5.07% respectively, in 2024.