2 London Bridge has been acquired by ACAI Group for £59,940,000.
RX London launched the sale of the building in May 2022. The freehold island site comprising 0.45 acres (0.18 hectares) sits opposite London Bridge station, one of London’s busiest stations. The office building boasts panoramic views of the River Thames and benefits from a 40-metre frontage to London Bridge.
Comprising 50,527 sq ft (4,694.1m2) of office and retail accommodation arranged over ground and five upper floors, the building is split into two distinctive east and west sections on either side of a central core.
The building is multi-let to six office tenants and one retail tenant, providing a WAULT of 5.6 years to expiries and 3.8 years to breaks. The building produces a highly reversionary topped-up passing rent of £3,145,285 per annum, reflecting £62.25 per sq ft overall, with all office leases outside the 1954 Act.
Rents in the immediate proximity reach up to £90.00 per sq ft for similar-sized floor plates. There is the potential to add a roof terrace and additional floors, subject to the necessary consents.
Offers were invited in excess of £58,900,000, reflecting a net initial yield of 5.00% and a reversionary yield of 6.00% (assuming purchaser’s costs of 6.80%).