Long-leasehold interest in a mixed-use hostel

Opportunity to acquire the long-leasehold interest in a mixed-use hostel & office building located in the heart of Soho. Offers are sought for the Property on an asset basis through lease assignment, by way of a transfer of a going concern. The Property consists of a basement, ground floor, and five upper floors, with a total gross internal area of approximately 1,847 sq m (19,885 sq ft). Originally constructed in the late 1950s, the Property underwent significant refurbishments in 1996 and 2011. Spread across three floors, the Hostel provides 36 bedrooms including 104 bed spaces, food and beverage facilities and shared amenities. The Property is held long-leasehold, expiring 21 March 2258, providing approximately 234 years unexpired. The Hostel is available with vacant possession, unencumbered by brand and management. It demonstrates strong performance, historically consistently achieving 90%+ occupancy. The lower ground, ground & first level of the building are currently let to Morgan Sindall Group PLC for £370,000 per annum. The second floor is currently let to Global Traffic Network (UK) commercial LTD for £170,000 per annum. Both leases expire on 22 June 2028. The Hostel use is classified as sui generis, and the office space falls under use class E. There is significant potential to reposition the existing asset to several alternative uses, as well as to increase the massing of the property by extending its height to match the neighbouring buildings.