54 Park Street, WS1 1NG
The property was acquired as part of wider portfolio and occupied by McDonalds.
At the time of purchase the tenure was leasehold and the freehold interest has subsequently been acquired.
In addition, at the time of acquisition the McDonalds lease had some three years remaining and was some 100% over-rented with a passing rent of £163,000pa.
The occupational lease to McDonalds was re-geared and extended by a further 10 years at £110,000pa.
The property value increased from £1,210,000 to achieve a sale at £1,550,000 as a consequence of the new lease.