This interesting end of terrace building had been owner-occupied for many years, but became surplus to requirements when our client sold his business and retired.
Arranged over 7 stories, the property comprises 5,000sqft of offices across the lower ground, ground and first floors, with 12 flats in the upper 4 stories.
One of the apartments was included in the sale; the others all previously sold on long leases with just 54 years unexpired. In addition to the vacant office space and reversionary value of the short leases, a pre-application for 4 additional apartments plus commercial space had been positively received.
The property is well-located just a few hundred yards from Kings Cross & St Pancras Stations, and offered various angles to investors, developers and speculators alike.
We had no shortage of interest from a wide variety of buyers; the keenest being a developer who'd been looking to acquire freehold offices for his own occupation in Central London for some time. Terms were promptly agreed, and a sale concluded in a timely fashion at £3.2M.
With cash seemingly available in abundance across the market, and debt remaining cheap, we're experiencing huge interest in any freehold we offer for sale at present. If you have an investment to sell please get in touch for a free appraisal - you might be pleasantly surprised by its current value!
PROJECT ADDRESS: 340 Grays Inn Road, Kings Cross, London WC1X 9JH