Holford Works, Kings Cross, London

Property Features

• Unique opportunity to acquire an ultra urban, multi-let industrial estate located in a zone 1 London location
• The prime central London estate benefits from unrivalled access to the vast economic hub of central London. Direct access to Pentonville Road is provided less than 0.2 miles away
• Situated in the London Borough of Islington characterised by an undersupply of industrial accommodation. This prime last-mile estate is one of the last remaining multi-let industrial properties in the borough
• A self-contained estate comprising six industrial units (two of which are newly refurbished) all within a gated yard with dedicated loading and sixteen car parking spaces
• Units range from 1,021 sq ft to 14,482 sq ft, providing a total GIA of approximately 43,593 sq ft
• The property is fully let to three tenants: J Barbour & Sons Limited, HCA International Limited and Sava Technologies Ltd providing an attractive WAULT of 10.8 years to expiry and 7.8 years to break
• 83% of the income derives from the undoubted covenants of J Barbour & Sons Limited and HCA International Limited rated 5A1 by Dun & Bradstreet, denoting an extremely low risk of default
• Total current passing rent of £1,412,259 per annum, reflecting a low rent of £32.40 per sq ft
• There are stepped rent increases and guaranteed rental uplifts, boosting the running yield over the next 4 years to a minimum of 6.14% and a maximum of 6.38%
• The units are arranged over ground and first floors. There is additional massing potential, subject to achieving the necessary consents
• The site covers an area of approximately 1.04 acres and is underpinned by long-term redevelopment value
• Freehold