Wigmore Street

Investment Summary

3-9 Wigmore Street is located on the south side of Wigmore Street in close proximity to its junction with Cavendish Square. It is situated within the North of Oxford Street / Marylebone office submarket with the West End.

3-9 Wigmore Street is an office and retail building providing 11,764 sq ft of accommodation arranged over the basement, ground and four upper floors. Office accommodation is arranged over the 1st to 4th floors with 2 self-contained retail units on the basement and ground floors.

Following the vacation of the previous office tenants, the office accommodation underwent a substantial refurbishment to fully modernise the building to suit the requirement of the current occupier. The works included, but not limited to, a redesign of the reception and front entrance, creating larger super-loos, installing a new roof terrace, re-configuring the basement to install new bike / shower and locker amenities, with new lighting, air-conditioning and fresh air system throughout.

Asset Management Highlights

Following the refurbishment, the building was transformed into a best-in-class office where;

• Office rents were increased to £90 psf, an increase of 45% on the previous passing rent.
• A new retail occupier was secured on a long-term basis at a rental increase of 17.8% above the previous passing rent.
• A re-gear of the adjacent retail lease securing the tenant on a long-term basis, at a rental increase of 5.5% above the previous passing.
• Overall rents within the building increased by 33.21% from pre-refurbishment levels.