18 MAXWELTON CLOSE, MILL HILL, NW7 3NA (REAR)

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Built in 1999 and comprises a modern self-contained office building totalling approximately 16,974 sq ft

78 car parking spaces (car parking ratio of 1:218)

Freehold

The property is let in its entirety, on a recently re-geared FRI lease, to Tokyo Electron Europe Limited for a term of 10 years from 6th May 2019, with tenant break option on 23rd June 2024

9.1 years to lease expiry and 4.3 years to break

This is the second time the tenant has re-geared at Pioneer House, the tenant remains in full occupation

Low passing rent of £370,000 p.a (£21.80 psf)

Quoting offers in excess of £5,500,000, reflecting a Net Initial Yield of 6.50% (assuming purchaser’s costs of 6.0%)

 Former Grade II Listed Hotel

GIA is approx 41,500 sq ft.

PP for approx 32 apartments.

Separately Heritage has consented to convert to approx 80 serviced apartments.

Hotel ceased trading for now due to covid restrictions.

Various Planning Options Exist for this Prime Located Building 

Huge regeneration of the former Whiteleys site in Queensway has risen the profile even further

Offers Invited in the region of £30m