31 Windmill Street, London, W1T 2JN
Size
2,567
Tenure
Freehold
EPC
Parking
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- Primary use
- Mixed use
- Other use(s)
- Bar or nightclub, Traditional office
Key features
- Freehold corner building comprising a restaurant across lower ground, ground and first floors, with offices on the second, third and fourth floors, all within Class E use.
- Extending to 2,567 sq ft NIA (3,522 sq ft GIA), fully let to three tenants.
- Producing £123,000 per annum, reflecting a low blended rent of £47.92 per sq ft.
- WAULT of 4.13 years to expiry and 0.77 years to break. Upper floor leases are outside the LTA 1954, with mutual break clauses offering potential for vacant possession in the short to medium term.
- Prime Fitzrovia location, just 4 minutes from Goodge Street and 6 minutes from Tottenham Court Road stations.
- Potential for change of use and/or upward development of the existing flat roof, subject to planning and all necessary consents.
- The property is not elected for VAT.
- Guide price of £2,750,000 Subject to Contract. A price at this level reflects a capital value of £1,071 per Sq Ft on the NIA and £780 per Sq Ft on the GIA
Description
31 Windmill Street presents an opportunity to acquire a fully let freehold Class E investment in the heart of Fitzrovia, occupying a prominent corner position.
Comprising 2,567 sq ft NIA, the property is arranged as a restaurant over lower ground, ground and first floors, with offices above. It is fully let to three tenants, producing £123,000 per annum, reflecting a low blended rent of £47.92 per sq ft.
Despite being fully income producing, the tenancy profile provides a clear route to vacant possession of the upper floors in the short term, with a WAULT of 4.13 years to expiry and 0.77 years to break.
The opportunity to unlock vacant possession in the short to medium term offers significant asset management potential, allowing an incoming purchaser to undertake a comprehensive refurbishment to deliver Grade A office accommodation, with a view to capturing higher rental values. Alternatively, the building presents an attractive opportunity for an owner-occupier seeking a prominent freehold premises in the heart of Fitzrovia.
The property is within a six-minute walk of Tottenham Court Road and four minutes of Goodge Street, with further potential for change of use and/or upward development, subject to planning and necessary consents.
Location
31 Windmill Street is exceptionally well connected, with Goodge Street station approximately four minutes' walk away and Tottenham Court Road
around six minutes' walk. The Central, Northern and Elizabeth lines provide fast connections across Central London, the City, Canary Wharf and Heathrow Airport.
The Opportunity
31 Windmill Street offers an opportunity to secure vacant possession of the second to fourth floor offices and undertake a comprehensive refurbishment to deliver Grade A accommodation. The offices comprise approximately 1,224 sq ft NIA, currently let at an average of £45 per sq ft. The second and third floor tenant has served notice to leave in February 2027, while the fourth floor has a mutual break in December 2027, subject to six months’ notice.
There is further potential to secure the first floor, currently occupied by The Royal Cocktail Exchange, subject to separate discussions and agreement with the tenant. This could increase the potential office accommodation to approximately 1,595 sq ft, subject to necessary consents.
Following refurbishment, the offices could target rents of £65–£110 per sq ft per annum. The accompanying evidence supports this range, with achieved rents of £65 per sq ft at 26 Goodge Street, £105 per sq ft at 3–5 Rathbone Place and £110 per sq ft at 20–22 Mortimer Street, subject to comparable specification and letting terms.
- Service charge
- £3.39
- Business rates
- £28.86
- Use class
- E
- Listed building
- Ask agent
- Floors in building
- 1
An Energy Performance certificate helps you understand the current energy efficiency of a property.
Read more about EPC requirements- BREEAM rating
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- Environmental description
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Brochure
31 Windmill Street, London, W1T 2JN
About LDG, Commercial, London
Property People Serving Fitzrovia's Businesses, Residents & Neighbouring Communities
We believe buying, selling, letting and managing commercial or residential property shouldn't have to be stressful and unpredictable. At LDG, it's our mission to take this out of the equation. Our no-nonsense philosophy is based on values of integrity, honesty, and delivering tangible results. Throughout our 5 decade journey, we've developed an instinctive knack and know-how for matching the right places with the right people. And it all starts with getting to know you.
We're passionate about people, their businesses, and spaces.
We use our match-making skills to ensure that the process of buying, selling, or leasing remains simple.
Whether you have a large portfolio or own one building, are a business seeking to sublet space or a start-up looking for 2 desks; it doesn't matter to us, everyone is important. Regardless of the size of your space and scope of your ambition, you can be sure you'll receive expertise, transparency, and dedication from us at every stage.
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Disclaimer - Property reference 429267-1. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by LDG, Commercial, London. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.