Pair of West End mixed-use buildings handed £19.5m price tag

A pair of West End buildings have been placed on the market with a price tag of at least £19.5m.

The properties at 37/38 Margaret Street and 21/22 Great Castle Street sit just 100 metres from Oxford Circus and extend to a total of 18,312 sq ft over basement, ground and three to four upper floors.

The lower floors of the buildings are currently let to restaurant operators Meat Liquor and Japanese BBQ operator Kintan, whilst the above floors are occupied by offices.

Combined, the properties offer a long weighted average unexpired lease term of 8.55 years to expiries.

Hanover Green, which has been appointed to market the properties on behalf of a private client, said they present further asset management opportunities, including, subject to planning, change of use to residential and student accommodation across the upper floors, and the possibility of joining the two buildings on the upper floors to create a more ESG-compliant and contemporary property.

The retail agency said the asking price of £19.5m represents a blended initial return of 4.51%.