Valuation advice to Luxembourg based investors
Cluttons provided valuation advice to private Luxembourg based investors on a mixed use block they were buying in the heart of the West End.
The block, part of which dates from the seventeenth century and is Grade II Listed, comprises 11 buildings around a central courtyard in varying uses including offices, educational, embassy, retail and residential. The block is let on 13 leases and 9 ground leases of varying length leases varying between 3 and 125 years unexpired producing a total rent roll in excess of £1.3 million per annum.
A number of the buildings have potential for conversion to higher value residential use and unused vault space could be utilised for restaurant or leisure uses.
As independent valuer, Cluttons provided a market valuation which was in excess of £30 million for this prime piece of London real estate and included a commentary on the current occupational and investment markets, and market rental levels for the various uses.
Cluttons worked closely with the investor’s lawyers and other professional advisors to meet a tight timetable on the purchase.
The new owners will be drawing up an asset management plan for each property in order to add value to their newly acquired investment.
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