Mixed-use Buckingham Palace Road jewel brought to market
A mixed-use portfolio of properties on Buckingham Palace Road in the Victoria submarket of Central London has been brought to market.
Offers are being invited for 6-42 Buckingham Palace Road, which comprises 42,318 sq ft of retail, restaurant, office, and residential space across a 0.44 acre site.
The portfolio comprises eight separate leasehold titles, separated physically by Victoria Square. The northern block provides a mixed-use collection of units, whilst at the southern block, the upper units have been sold on long leases with the retail units fully let on five occupational leases, with three units sold off to one long leaseholder at 10% gearing.
The asset’s retail tenants produce a rental income of £753,390 per annum and have a weighted average unexpired lease term of over nine years. Tenants include Gail’s Bakery, Hummingbird Bakery, and Pizza Pilgrims.
The portfolio is also home to The Bag O’ Nails, a Grade II-listed public house located on the intersection of Buckingham Palace Road and Lower Grosvenor Place.
The total passing rent of the total portfolio is £1,065,174, with a vacancy rate of 13%.
6-42 Buckingham Palace Road sits at the gateway to Belgravia, opposite Landsec’s Nova development, which was completed in 2017. Buckingham Palace Road is located between the office hub of Victoria to the east and the residential enclave of Belgravia to the west.
JLL has been appointed to find a suitable purchaser, with offers being invited for a new 125 year long lease at peppercorn rent.