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6-9 Cynthia St

6,521 SF 100% Leased Office Building London N1 9JF $6,727,922 CAD ($1,032 CAD/SF) 7.10% Cap Rate

Virtual Tour

Investment Highlights

  • Rarely available freehold investment comprising a former Victorian-era warehouse on the borders of King's Cross, Angel, and Clerkenwell.
  • Historic, personal D1 use, reverting to B1 (Class E) at the expiry of the leases or if the tenant vacates the building.
  • Historic prior approval to convert the lower-ground and second floors to residential use and planning consent to build a third-floor penthouse flat.
  • Fully occupied by a long-standing tenant under four leases at a total passing rent of £282,396 PA.
  • Enjoys excellent levels of natural light with Crittall-style windows, generous floor-to-ceiling heights, and an exposed vaulted ceiling.
  • King's Cross and Angel stations are an approximate 10-minute walk in either direction.

Executive Summary

Purchase the freehold interest in a former Victorian-era warehouse building that is arranged over the lower ground, ground, and two upper floors. The property has been extensively refurbished by both vendors as high-quality offices. The Property type falls under the category of office/Educational and currently holds 3 EPC's - 2 C Rating and 1 B Rating.
The current tenant recently upgraded the building, which is now organized and used as a state-of-the-art Montessori school in King's Cross. With a single long-standing tenant under four leases paying a rent of £282,396 per annum and a net initial yield of 7.1% after assumed purchaser’s acquisition costs, 6-9 Cynthia Street offers an ideal city centre investment opportunity.

Sale Flyer

Financial Summary (Actual - 2024) Click Here to Access

Annual (CAD) Annual Per SF (CAD)
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2024) Click Here to Access

Gross Rental Income (CAD)
Annual -
Annual Per SF -
Other Income (CAD)
Annual -
Annual Per SF -
Vacancy Loss (CAD)
Annual -
Annual Per SF -
Effective Gross Income (CAD)
Annual -
Annual Per SF -
Net Operating Income (CAD)
Annual $99,999
Annual Per SF $9.99

Property Facts Sale Pending

Sale Type
Investment
Property Type
Office
Tenure
Freehold
Building Size
6,521 SF
Building Class
B
Year Built/Renovated
1863/2017
Price
$6,727,922 CAD
Price Per SF
$1,032 CAD
Cap Rate
7.10%
NOI
$477,682 CAD
Percent Leased
100%
Building Height
4 Stories
Typical Floor Size
1,630 SF
Building FAR
0.83
Lot Size
0.18 AC
Parking
3 Spaces (0.46 Spaces per 1,000 SF Leased)

Amenities

  • Energy Performance Rating - B
  • Energy Performance Rating - C

About Northern Fringe

London’s northern fringe encompasses a host of trendy and dynamic areas like Shoreditch, Angel, Hoxton, Camden and Finsbury Park, plus affluent residential hotspots like Hampstead and Crouch End. The area has risen in status as an office market over the past decade, thanks largely to its popularity among technology, media and creative firms. Major occupiers in the vicinity include MTV, Ticketmaster and Wise. The area has enjoyed outsized growth in office rents and prices over the past decade, though buyers here can still get a decent discount relative to properties in central London.

The area benefits from excellent public transport and cycling links to central London, with a host of underground and overground stations nearby. Major roads nearby include the A406 North Circular Road and the A1. Strong transport connections and a vibrant social/retail scene have helped fuel outsized population growth in recent years, with a host of residential developers targeting the area due to its popularity with young professionals. Its population is projected to continue rising faster than the London average in the coming years, too, increasing the area’s vibrancy still further, as well as its pool of local workers.

DEMOGRAPHICS

Demographics

1 Mile 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.
1 Mile
3 Mile
5 Mile
2022 Population
120,337
904,247
2,308,741
2022 Households
54,094
416,458
1,032,235
Average Age
35
36
36
Median Household Income
£71,763
£73,117
£70,996
Daytime Employees
291,712
2,547,522
3,356,158
Total Businesses
99,435
551,286
714,020

Nearby Amenities

Restaurants

Liman Restaurant Turkish $$$ 4 min walk
Basilico Pizza $ 3 min walk
Holy Cow Fine Indian Food Ltd - - 4 min walk

Retail

Sports Direct Sporting Goods 4 min walk
Cash Converters Consumer Electronics 5 min walk

Hotels

DoubleTree by Hilton
381 rooms
6 min walk
Crowne Plaza
430 rooms
11 min walk
Tribute Portfolio
88 rooms
13 min walk

Sale Advisor

Sale Advisor

+44 7970 128599
Contact
David Shapiro, Director
+44 7970 128599
Contact
David was an owner and director of another property consultancy for many years and has accumulated a diverse range of clients, many of whom he has worked with for more than 20 years.
He graduated with a BSc (Hons) in Estate Management from the University of Westminster and became an Associate member of the Royal Institution of Chartered Surveyors in 1997.
  • Listing ID: 32729934

  • Date on Market: 2024-08-08

  • Last Updated:

  • Address: 6-9 Cynthia St, London N1 9JF

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