Sheikh Holdings purchased a prominent 57,000 sq ft vacant commercial building with 100 underground spaces, adjacent to the Harrow-on-the-Hill station, for £4.5m from a distressed PLC property company in late 2012. Within 5 months of completing, SHG agreed HOT’s with 3 major new tenants to occupy the entire building with no additional works. The ground floor will consist of Tesco Express, floors 1 and 2 will be occupied by The Gym, a Private Equity backed gym operator, and the remaining building will be occupied by St Patrick’s College, a 200-year old institution owned by the London School of Business and Finance. Each tenant are showing long-term commitments to over 15 year leases, as well as rent reviews and fixed increases.
The income profile will generate a rent roll in excess of £700,000 valuing the property at £10m plus.