Islington office block hits the market

Knight Frank has brought to market multi-let office building Angel House, N1, at Angel in the London Borough of Islington. The agency is looking to secure offers over £24.9m for the 41,702 sq ft building, which was renovated in 2019. This reflects a net initial yield of 7.34% and a low capital value of £597 per sq ft. Companies already occupying space in the building, which is fully let, include Wayfair, XYZ Reality and Flight Club Darts. The freehold to the building has been marketed, with a weighted average unexpired lease term of one year with lease expiries and breaks ranging from January 2024 to June 2025. The art-deco office holds an EPC B rating and has been marketed with management opportunities including lease regears, refurbishing the upper floors, and the creation of a roof terrace. It is currently multi-let to seven occupiers with a net passing rent of £1.9m per annum, which is equivalent to £46.81 per sq ft overall. Knight Frank has noted there is potential to convert the building to alternative uses, if granted planning consent. See occupational sales comparable for the London Borough of Islington>> To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige or @EGPropertyNews Photo © Knight Frank