PAVILION E / 118 SOUTHWARK STREET / LONDON SE1 VIRTUAL FREEHOLD VACANT OFFICE AND RETAIL

Transcription

1 PAVILION E / 118 SOUTHWARK STREET / LONDON SE1 VIRTUAL FREEHOLD VACANT OFFICE AND RETAIL

2 EXECUTIVE SUMMARY - Prime SE1 - Prominent new building by Rogers Stirk Harbour + Partners - Office and retail property, 7,324 sq ft - Originally designed as residential accommodation - Virtual freehold - Vacant possesssion - Offers in excess of 5m, 682 per sq ft. Location Bankside in SE1 is the strongest office location in the Southbank. It is also home to Tate Modern Art Museum, the Southbank Arts Centre, Borough Market, The Shard by Renzo Piano, and the outstanding NEO Bankside residential development. Architects Rogers Stirk Harbour, KPF, Allies and Morrison, Herzog and De Meuron, AHMM, Lifschutz Davidson, Wilkinson Eyre, Ian Simpson, TP Bennett and Dexter Moren all have major schemes under construction or consented. The Thameslink line is being comprehensively improved and expanded and runs north to south across and links Brighton to Bedfordshire, Gatwick and Luton Airport. Transport connections are excellent and the property is within easy walking distance of Station (Network South-East, Thameslink, Circle and District Lines), Southwark Underground Station (Jubilee Line), Waterloo Station (South West Trains, Waterloo and City, Bakerloo, Northern and Jubilee Lines) and Bridge Station (Network South-East, Thames Link, Northern and Jubilee Lines). The City is just 10 minutes walk via Millennium Bridge and St. Paul s Cathedral The entrance to Station on the south side of Bridge opened in December 2011, the first ever station with platforms spanning the River Thames. In the longer term, both Bridge and Waterloo Stations are to be redeveloped. ST. PAUL S CATHEDRAL ONE NEW CHANGE THE GHERKIN MILLENNIUM BRIDGE CANARY WHARF BLACKFRIARS STATION PLATFORM TOWER BRIDGE LONDON BRIDGE TATE MODERN THE SHARD NEO BANKSIDE OXO TOWER

3 Bridge SAVOY HOTEL Strand Temple Victoria Embankment Queen Victoria Street Upper Thames Street Mansion House Cannon Street Cannon Street Monument Savoy Waterloo Bridge RIVER THAMES OXO TOWER TATE MODERN Millennium Bridge 23 Bankside SHAKESPEARE S GLOBE THEATRE Southwark Bridge Swan Lane Bridge Tower Millennium Bridge City Hungerford Bridge Eye 22 Festival LONDON EYE 21 NATIONAL THEATRE SOUTHBANK CENTRE Waterloo Waterloo Road Stamford Street 18 The Cut Road 6 12 Southwark 11 Great Suffolk Street 10 BANKSIDE 1,2,3 Southwark Street Lavington Street 17 Sumner Street Union Street BOROUGH MARKET Borough High Street Bridge Tooley Street 7 THE SHARD (SHANGRI-LA HOTEL) OFFICES HOTELS RESIDENTIAL STUDENT HOUSING CULTURAL 1. Sea Containers House (Architects: TP Bennett) Refurbishment incorporating a new 8 storey office building, a 356 bed Mondrian Hotel and new restaurants and cafes on the river walkway. 2. Kings Reach Tower (KPF) Refurbishment and extension to provide 370,000 sq ft of offices, 173 flats and 72,000 sq ft of retail Southwark Street (ESA) Rockspring and Moorevale have recently completed the 55,000 sq ft Harlequin Building. 4. The Crane Building - 20 Lavington Street (Allies and Morrison) Dorrington are building a 48,000 sq ft office scheme Southwark Street (Allies and Morrison) Refurbishment and extension of this 65,000 sq ft office Road (AHMM) Great Ropemaker Partnership are building a 200,000 sq ft office. 100,000 sq ft pre-let to United Business Media. 7. The Shard (Renzo Piano) The tallest building in, and The Place, office schemes at Bridge. 8. Land Securities Bankside 1,2 and 3 (Allies and Morrison) Home to IPC Media and Royal Bank of Scotland. 9. CitizenM (Sheppard Robson) Has opened its first central hotel on Lavington Street. Designed by Sheppard Robson and Concrete Architects this 200 bedroom boutique hotel opened in July Premier Inn (Allies and Morrison) At 15 Great Suffolk Street, Jansons completed a 125 room Premier Inn in June Hilton Bankside (Dexter Moren) At 14 Bear Lane, Splendid Hotel Group have started construction of a 5 star Hilton, to include a 700 person conference facility. 12. Ibis Hotel Accor have recently opened a 182 bedroom Novotel and 297 room Ibis Hotel at Road. 13. One Berkeley Homes has recently started construction of a 51 storey residential tower, a 260 room hotel, plus offices and residential. 14. Ludgate House, Road (LPL) 245 Road and Sampson House, 64 Hopton Street are being redeveloped by Carlyle into 1.5m sq ft mixed use scheme incorporating 1,000 flats, 300,000 sq ft of office space and 200,000 sq ft of retail. 15. Elizabeth House (David Chipperfield) Redevelopment by Chelsfield and & Regional Properties into 1.4m sq ft of residential, office and retail. 16. The Shell Centre Redevelopment into 2.15m sq ft of residential, office, retail and leisure by Canary Wharf Group and Qatari Diar. 17. Great Suffolk Street Unite plc has completed Moonraker, providing 674 bedrooms. 18. Paris Gardens (Allies & Morrison) McLaren are under construction on a 80,000 sq ft student housing scheme incorporating a ballet school. 19. Ewer Street (TP Bennett) Generation Estates and Carlyle have been granted planning consent for a 150 unit scheme. 20. Tate Modern Contemporary art gallery, receives the most visitors of any museum in the UK, many using the Millennium Bridge across the River Thames from St Paul s Cathedral. The Tate extension, designed by Herzog & de Meuron, scheduled to open in The Eye The most popular paid tourist attraction in the United Kingdom, visited by over 3.5 million people annually. 22. The Dungeons Recently relocated from Tooley Street. 23. Shakespeare s Globe Theatre Since the Globe theatre reconstruction opened for performances in 1997, Shakespeare s Globe has welcomed visitors from all over the world.

4 DESCRIPTION Completed in April 2013, this new building follows the design of the NEO Bankside residential pavilions. Originally designed for residential use, which was subsequently amended to B1 offices, the upper floors are fitted out to a Cat A office specification featuring: Clear glazed cladding to the offices with internal vertical oak louvres Fair-faced concrete walls Part concrete, part active chilled beam ceilings 75mm raised floor 800 kg 10 person passenger lift WCs on ground to fourth floors, two with a shower. Detailed office specification and scale drawings available on request. ACCOMMODATION GIA Level NIA Sq m Sq ft Sq m Sq ft Fifth Floor 168 1, ,342 Fourth Floor 1,311 Third Floor Second Floor First Floor Ground Floor 125 1, ,001 10, ,324 Totals The ground floor has consent for retail A1, restaurant A3 and B1 office uses, and will be sold in shell consition, ie. not fitted out. GROUND FLOOR SITE PLAN RECEPTION AREA 2ND FLOOR OFFICES GROUND FLOOR RETAIL LEVELS 1-4

5 TENURE 999 year virtual freehold at a peppercorn. MARKET COMMENTARY The Southbank is a true 7 day location and boasts a wealth of cultural and tourist attractions popular with tourists, residents and businesses alike. The area benefits from excellent transport links and easy connectivity to the City, Mid-Town and West End. The Southbank is an established central office market. Take-up has been by both local occupiers and those coming into the market from the West End, Midtown and the City, attracted by the location, quality of space and cost. Quoting rents for newly refurbished offices nearby are psf. Headline transactions completing recently in both the letting and investment market include: LETTING Property Floor Tennant Area Sq ft Specification Terms PSF 6-10 Valentine Place First Client Relationship Consultancy 3,500 Refurbished warehouse with cooling 10 years The Blue Fin 110 Southwark St. Fifth Canonical 16,000 Grade A Office building 10 years INVESTMENT Address Description Area Sq ft Rent PA Rent PSF Price NIY PSF Tenancy Minerva House 5 Montagu Close Palestra Road 1980s Office building 10 year old Office building 103,779 3,407, m 5.37% 578 Multi let 305,517 12,002, m 5.16% 732 TFL (Aug 2026) VAT The property has been elected for VAT purposes and therefore VAT will be payable on the purchase price. EPC The property has an Energy Performance asset rating of C (56). Full details available on request. PRICE Offers in excess of 5m subject to contract reflecting a capital value of 682 psf. CONTACT Sam Stevens Kingly Partners ss@kinglypartners.com Andy Verschoyle Kingly Partners av@kinglypartners.com A joint venture development neobankside.com NOTICE: Messrs Kingly Partners, for themselves and for the vendors of this property, whose agents they are, give notice that: i) These particulars are only for the guidance of prospective purchasers and do not form part of any offer or contract. (ii) Whilst the information contained herein is issued in good faith, neither the firm nor its clients guarantee its accuracy and it is not to be relied upon as statements or representation of fact. (iii) Any intending purchasers must satisfy themselves as to the correctness of each of the statements made herein. (iv) The vendor does not make or give, and neither the firm nor any of their employees have any authority to make or give, any representation or warranty whatever in relation to this property. (v) Nothing in these particulars constitutes a statement that the property and/or any services or facilities are in good condition or working order. (vi) These particulars were completed in April (vii) Kingly Partners will not be liable, in negligence or otherwise, for any loss deriving from these particulars.