Richard Susskind & Company are delighted to introduce a landmark freehold instruction, 4-26 Britannia Street, WC1. Let to Gagosian Gallery Of London LLC, the ground and first floors comprise nearly 17,000 Sq Ft. We are seeking offers in excess of £7.3 million, which reflects a net initial yield of 6% and a low capital value of £431 per sq ft assuming purchaser’s costs of 5.8%.
This iconic warehouse style building was made world famous as the Gagosian Gallery when it opened in 2004. Founded in California in the 1980’s, the company now spans the globe with branches in New York, Hong Kong, Paris and Rome. Since this it has become a key figure in shaping our contemporary art scene by investing in the likes of Hirst, Jeff Koons and Jenny Saville. Their lease is fixed until June 2018 meaning an unexpired term of circa 6.5 years.
Centrally located next to King’s Cross means that it benefits from key transport, redevelopment and improved infrastructure in the area. The building itself is extremely spacious with an impressive ceiling height of up to 5.4 metres and its warehouse aesthetic fits the gallery use well.
This is a rare opportunity to own such a prominent investment in WC1, to get in touch with our agents call 020 7831 8311.