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30 Lombard Street CGI at mckaysecurities.plc.uk

30 Lombard Street CGI at mckaysecurities.plc.uk

24.05.2017

Aurum

Address:
30-32 Lombard Street, London EC3V 9BQ
Type:
Commercial
Completion:
January 2019
Area:
58,000 sq ft
Offices:
1
Viewed:
1696

Description of Aurum

Aurum at 30 Lombard Street is a commercial development in the City of London EC3.

Grade A office building is set across 11 floors and
benefits from column-free floor space and excellent natural light as a result of its corner location. The substantial roof terrace overlooks the 17th century Wren church opposite and other iconic city buildings.

The building provides 58,000 sq ft of exceptional quality office space and has been designed to offer an attractive prospect to either a single occupier, looking for a core City and globally recognised address, or to a number of occupiers. It will provide regular floor plates over lower ground and nine upper floors and a large roof terrace.

2018 March - McKay exchanges contracts to let the entirety of its 58,000 sq ft speculative office development, Aurum, at 30 Lombard Street in the City of London. The high-quality office building was pre-let on a 15-year term (without breaks) to FTSE 100 wealth manager, St. James's Place plc. The contracted rent was agreed at ERV with commensurate incentives, on FRI terms with 5 yearly upward only rent reviews. The agreement is contingent on practical completion of the building in the summer, with St. James's Place then taking occupation in January 2019. The letting will increase McKay’s contracted rental income by 14% and represents 10% of the portfolio ERV. It follows continued leasing success across McKay’s portfolio and unlocks 36% of the Group’s substantial reversion for the
future benefit of shareholders.

1999 - McKay Securities PLC acquired the long leasehold interest of the site in 1999 with a 36,000 sq ft 1960’s office building generating a rental income of £1.12m pa and a planning consent in place for 53,500 sq ft.

Connected Companies

Developer:
Main Contractor:
Lettings:

News & Comments: (2)

Buildington
2019/01/14 11:50

McKay Securities PLC, the only UK REIT specialising exclusively in the London and South East office and industrial markets, has achieved practical completion of 30 Lombard Street, EC3. As a result, the pre-let to St James’s Place PLC (St James’s Place) announced last year is now unconditional and will commence on 24th January 2019.

St James’s Place, the FTSE 100 wealth manager, has committed to a 15-year lease (without break) of the whole of the high quality 58,000 sq ft office scheme in this core City location.

The contracted net rental income of £3.40m pa, equivalent to £65.00 per square foot, was agreed in line with ERV and includes five-yearly upward only rent reviews. The pre-let has added to a successful leasing period across McKay’s portfolio which still retains a portfolio reversion of 23.1%, equivalent to
£6.29m pa.

McKay acquired the long leasehold interest of the site in 1999 with a 36,000 sq ft 1960’s office building generating a rental income of £1.11m pa and a planning consent in place for 53,500 sq ft. Income was retained from the building while an improved planning consent was achieved for the current scheme, securing a 62% increase in lettable area. Capital investment and the decision to speculatively redevelop the property in 2015 was unlocked through McKay’s successful capital raising in 2014, which provided additional financial resources to implement this unique market opportunity.

Knight Frank and Savills acted on behalf of McKay while Doherty Baines acted for St. James's Place.

Buildington
2017/05/24 09:38

The construction works are progressing well at 30 Lombard Street and the scheme remains on target to complete in mid-2018, reports McKay Securities.

The full marketing campaign will be launched shortly.

Source: McKay Securities Full Year results for the year ended 31 March 2017 22.05.2017 mckaysecurities.plc.uk.

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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