LEES PLACE, W1
Leasehold
Asking price £12,000,000
A substantial, low built property comprising eleven apartments over the first to third floors and six commercial units (A2/A1/B1) over the ground and lower ground with a total square footage of 12,507 sq ft (GIA). The entire building is owned on a headlease of 75 years from December 1975 (41 yrs remaining) and the apartments are owned in six SPV’s allowing for possible lease extensions in the future. The residential part benefits from established use for short term lettings and is currently fully let with an income of £543,400pa approx. The commercial space is presently available with target rents of £110 psf for the ground floor and £55psf for the lower ground floor, having a projected income of £300,000 pa. Total combined income is estimated at £843,400 pa.
The property is ideally located between Park Street and North Audley Street in Mayfair, moments from Grosvenor Square and Oxford Street. It is also in an area with an attractive tenant base including corporate, media and professional organisations.
prime Mayfair location
mixed use investment
11 residential apartments
6 commercial units
12,507 sq ft overall
6,831 sq ft residential
5,676 sq ft commercial
leasehold 41 yrs remaining
potential lease extension
Nearest Station
Bond Street & Marble Arch
