This property comprises a converted Victorian warehouse located on Cowper Street in close proximity to Old Street Roundabout. The property occupies a prominent corner site and is occupied by an engineering firm as its London HQ. CPF acquired the freehold interest from the tenant in 2014 subject to a leaseback for 10 years but with a mutual (landlord and tenant) break option in year 5. The lease was also contracted outside of the 1954 Act meaning that the tenant waived their rights to an automatic lease renewal. As the break date approached, we served notice on the tenant to break the lease given the significantly reversionary nature of the rent. This resulted in a re-negotiation of the rental terms delivering an uplift of nearly 70% from £33 per sq ft to £55 per sq ft and securing the tenant for another 5 year term.
