Savills : launches versatile, mixed-use asset with significant development potential in heart of Hammersmith

Galena House totals 21,214 sq ft (NIA) and 32,173 sq ft (GIA) of versatile, dual B1/D1 use accommodation arranged across four levels. The office element is let to M3 (EU) Limited until March 2021 at a low annual rent of £350,000 (£34.93 per sq ft). 1A1-rated Westside Academy occupies the remainder of the building on a lease expiring in January 2028 (subject to a tenant break option in 2023) at a reversionary, index-linked rent of £275,000 per annum (£24.56 per sq ft).

Feasibility studies have been carried out indicating potential for a 70,000 sq ft mixed-use development with an opportunity to capitalise on prime local residential and commercial values, which currently stand at up to £1,200 per sq ft.

Stephen Down, head of Central London investment at Savills comments: 'Significantly under-massed and falling within a regeneration zone, Galena House presents an unusually wide range of future use optionality, underpinned by reversionary, medium term income. As such, we expect strong interest from value-add investors across multiple sectors seeking to benefit from the micro-location's established road, rail and air connectivity, and wider transformation that is being led by the landmark redevelopment of Hammersmith Town Hall.'