A landmark retail and leisure property, Acre House in Covent Garden, has been brought to market with a guide price of £7.2m, reflecting a net initial yield of 4.7%.
Located at 69–76 Long Acre, WC2, adjacent to Covent Garden Underground station, the asset is owned by a private investor and comprises four retail and leisure units totalling 5,557 sq ft arranged over the ground and lower ground floors.
Current occupiers include Brompton Bicycle, Arkive salon, Italian café Capilungo and Skewers. The property produces a total passing rent of £367,000 per annum and has a WAULT of 10.4 years to expiry (7.2 years to breaks).
The property is held on a 999-year leasehold, with 986 years remaining, subject to a peppercorn ground rent.
The vendor has instructed Tuatara Real Estate and Michael Elliott to market the asset.
Image © Zest Design and Marketing Ltd
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