155 Fenchurch Street, London, EC3

A freehold multi-let office and retail property situated in the City of London’s financial district, comprising 32,691 sq ft of office accommodation across 7 upper floors, along with 8,963 sq ft of retail and restaurant accommodation at ground floor fronting directly onto Fenchurch Street. The property is situated directly opposite 20 Fenchurch Street, a tower development also known as the ‘Walkie Talkie’, which was completed in 2014.

The property was acquired in Q4 2011 for £27m post completion of development works by the previous owner. The property was c.50% vacant by floor area. Post-acquisition, 95% of the vacant space was leased within 4 months at rents in excess of underwriting.

In addition to the open market leasing activity, a surrender of an existing lease was completed together with a simultaneous re-letting to an existing occupier and lease re-gear. This increased the WAULT from 4.3 yrs to 6.4 yrs and increased the passing rental income.