141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop

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141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
141–142 LOWER MARSH STREET
           WATERLOO
            LONDON SE1 7AE

  RARE MIXED-USE CENTRAL LONDON FREEHOLD
OPPORTUNITY WITH ASSET MANAGEMENT POTENTIAL
141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
141–142 LOWER MARSH STREET                                141–142 LOWER MARSH STREET
                    WATERLOO                                                  WATERLOO
                  LONDON SE1 7AE                                           LONDON SE1 7AE

INVESTMENT CONSIDERATIONS
                                                                                                     CAPITAL VALUE
• Lower Marsh is a Market Street situated in the heart of                                           OF £611 PSF
  London’s Southbank, a creative and vibrant cultural hub                                          REPRESENTS
  adjacent to Waterloo Station                                                                    EXCELLENT VALUE
• The Southbank is home to London’s most famous venues                                           AT THIS LOCATION
  including the National Theatre, The London Eye, The Tate
  Modern and the Old Vic
• The area has undergone significant improvements in
  recent years with public realm works which have improved
  accessibility and led to an influx of coffee shops and
  restaurants
• The building is arranged as a basement and ground floor
  café, office suites to the 1st – 3rd floor and two newly
  constructed fully furnished 3 bedroom flats to 4th – 5th
  floor
• The property extends to 6,550 sq ft GIA
• The office suites, front basement and the residential
  apartments are to be offered with vacant possession.
  The ground and rear basement café is let to Barbarellas
  Café at a passing rent of £30,000 p.a.
• Estimated rental value of £230,198 p.a.
• Asset management potential to add value by re-letting
  the café to an established operator on a higher rent, re-
  let the office suites and letting the newly built furnished
  apartments
• Development potential over the 1st, 2nd & 3rd floor office
  suites subject to obtaining necessary consents
• Freehold

PROPOSAL
Offers are sought in excess of £4,000,000
(Four Million Pounds) subject to contract and exclusive of
VAT. This represents a low capital value of £611 psf GIA
overall. This breaks down to £2,750,000 on the commercial
element and £1,250,000 on the residential accommodation.

DATAROOM
For access to the Allsop Data Room please use the following link:
https://datarooms.allsop.co.uk/register/LowerMarsh
141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
141–142 LOWER MARSH STREET                                                                       141–142 LOWER MARSH STREET
                                  WATERLOO                                                                                         WATERLOO
                               LONDON SE1 7AE                                                                                   LONDON SE1 7AE

Waterloo   London Eye           The Shell       Westminster   Waterloo Station   The City   The Old Vic   The Shard   Lambeth                    Lambeth Palace
 Bridge                           Centre            Bridge                                                            North                      Gardens
141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
141–142 LOWER MARSH STREET                                                                                                                                                                                                                                                                                                                             141–142 LOWER MARSH STREET
                                 WATERLOO                                                                                                                                                                                                                                                                                                                                               WATERLOO
                                  LONDON SE1 7AE                                                                                                                                                                                                                                                                                                                                                                              LONDON SE1 7AE

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LOCATION
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Lower Marsh is a Market Street situated in the heart       In recent years, The Southbank has undergone
of London’s Southbank, a creative and vibrant              significant improvements with the refurbishment
neighbourhood adjacent to Waterloo Station, London’s       of Waterloo Station which completed in May 2019
busiest transport interchange. The Station is the          which included rebuilding the former Waterloo
capital’s hub for the South West Trains network            International terminal, reconfiguring platforms 20 to
which serves outer suburban and regional locations/        24, and extending platforms 1 to 4 to allow longer,
destinations in the counties of Surrey, Hampshire and      ten-car trains to run to London suburban stations thus
Dorset. Waterloo Underground Station is served by          boosting passenger capacity.
the Jubilee, Bakerloo, Northern and Waterloo and
                                                           Other notable schemes include Southbank Place, a
City Underground Lines. Lambeth North Underground
                                                           unique mixed-use development with the famous Shell
Station (Bakerloo Line) is 150m south west of Lower
                                                           Centre Tower at its heart. Joint venture developers
Marsh.
                                                           Canary Wharf Group and Qatari Diar have re-vitalised
The area is famous as one of London’s leading cultural     the area around the landmark Shell Centre Tower. A
hubs and home to a selection of the capital’s famous       mix of offices, luxury apartments and retail space are
venues including the National Theatre, The London          being integrated with open public areas, while new
Eye, The Tate Modern and the Old Vic.                      pedestrian routes will connect nearby Waterloo Station
                                                           with the South Bank.
Lower Marsh acts as a local high street populated by
national and independent retailers which hosts a street    Other proposed schemes in the pipeline include the
market extending the location’s appeal as a                redevelopment of Elizabeth House which includes
leisure destination for tourists, students, local office   proposals for 1.2 million square foot of office and
workers and the wider London population.                   retail space accommodation.
141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
141–142 LOWER MARSH STREET                                                                                                      141–142 LOWER MARSH STREET
                                 WATERLOO                                                                                                                        WATERLOO
                              LONDON SE1 7AE                                                                                                                  LONDON SE1 7AE

 LOWER MARSH IS
 A HISTORIC MARKET
STREET IN TRANSITION

                                                    LOWER MARSH –                                SITUATION                                                     DESCRIPTION
                                                    A CHANGING LANDSCAPE                         The property is situated on the northern side of              The property comprises a mid-terraced mixed-use building arranged over
                                                    Lower Marsh Market is one of London’s        Lower Marsh close to its junction with Westminster            basement, ground and five upper floors. The ground floor and rear basement
                                                    oldest markets dating back to 1332           Bridge Road. London Waterloo Station is located               currently provides a Café, a large kitchen area and customer toilets and
                                                    when the road was named as Lambeth           0.2 miles north of the property and Lambeth North             storage in the basement. The Café provides for approximately 40 covers
                                                    Marsh. Today the market runs six days a      Station is 0.1 miles south of the subject property.           and benefits from all the hotels in close proximity. Barbarella’s Café has
                                                    week, with the Saturday market enjoying      The property is situated within a mixed-use location          been in occupation for 12 years and is looking to renew their lease. The front
                                                    a distinctly different identity than         next to The Walrus Bar and Hostel and directly                basement with separate access from the front is currently vacant however
                                                    the weekday markets by focusing on           opposite is a Co-Op and Waterloo Health Centre.               would suit a number of different uses including a gym or storage.
                                                    handcrafts designed by local artisans.       There are a number hotels nearby to include Stow              The 1st, 2nd and 3rd floors comprise office suites accessed via a double door
                                                    Under the management of                      Away Waterloo, Nox Hotels, Marlin Waterloo and                at ground floor level fronting Lower Marsh with staircase access to the whole
                                                    WeAreWaterloo BID over the past              Park Plaza Hotel. Lower Marsh hosts a mixture of              building. Each office suite benefits from excellent natural light owing to the
                                                    years, the market has grown to include       cafés, fast food eateries, local shops and a number of        newly installed windows and provide open plan accommodation which have
                                                    a regular rotation of nearly 50 traders      national multiples together with office and residential       been stripped back to shell and core.
                                                    offering an eclectic mixture of mostly       accommodation to the upper parts.                             Two brand new flats have been constructed on the 4th and 5th floor using
                                                    hot food traders offering a wide array of    The property is within commutable distance of some            the same access as the offices. These flats are fully furnished and both are
                                                    international cuisines and specialty food.   of London’s top universities which includes Kings             currently configured as 3 bedroom flats which is excellent for the rental market.
                                                                                                 College Waterloo Campus (0.4 miles) is a 10 minute            Both flats benefit from balconies with the top flat providing stunning views
                                                                                                 walk, The London School of Economics (1.2 miles) is a         of the City. Planning was obtained for the installation of a lift serving all floors
                                                                                                 25 minute walk, The University of London (1.8 miles)          however this has not been instigated. Costing has been obtained and we are
                                                                                                 and University College London (2.1 miles) which are           able to provide further details upon request. The building is not listed though
                                                                                                 both accessible within 20 minutes by public transport.        forms part of the CA 40 Lower Marsh Conservation area.
141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
141–142 LOWER MARSH STREET                                                                                                                                               141–142 LOWER MARSH STREET
                                                                WATERLOO                                                                                                                                                                 WATERLOO
                                                                      LONDON SE1 7AE                                                                                                                                                          LONDON SE1 7AE

                                                                                                                                                                   ASSET MANAGEMENT
                                                                                                                                                                   The property offers significant asset management potential which includes:
                                                                                                                                                                   - Obtaining vacant possession on lease expiry (22/09/2022) of the ground floor Café and ancillary rear basement with a view to re-letting the
                                                                                                                                                                     space to an established operator on favourable rental terms or renewing the lease to the Café on a higher rent.
                                                                                                                                                                   - Taking back the rear basement on lease expiry and letting it as storage to a market trader or amalgamating the front and rear basements
                                                                                                                                                                     together and re-letting the space as a gym.
                                                                                                                                                                   - Re-letting the three office suites
                                                                                                                                                                   - Letting the fully furnished newly built apartments on AST’s
                                                                                                                                                                   We estimate the property has total rental value of £230,198 p.a.
                                                                                                                                                                   In arriving at our view of the estimated rental value we have had regard to the following rental evidence:

                                                                                                                                                                   RETAIL OCCUPATIONAL MARKET
                                                                                                                                                                   Property                     Rent (£psf)     Date           Accommodation              Tenant         Comment

                                                                                                                                                                   29 Lower Marsh, SE1            £56.00        Jun-20       404 sq ft Ground            Unknown         New letting, 10 year lease 5 year TBO. Smaller unit located off pitch.

                                                                                                                                                                   73 The Cut, SE1                 £51          Jan-20        822 sq ft Ground         Independent       Lease Assignment of an FR&I lease from 2016. Ground floor
                                                                                                                                                                                                                                                       Electric Shop     ancillary totals 221 sq ft.

                                                                                                                                                                   45-46 Lower Marsh, SE1         £27.27        Apr-21        1,619 sq ft Ground       Tooth London      New Letting, 10 year FR&I Lease subject to a tenant break option
                                                                                                                                                                                                                             141 sq ft Basement           Limited        at year 5. 6 months rent free. Larger, split level unit in an inferior
                                                                                                                                                                                                                               1,760 sq ft Total                         location.

                                                                                                                                                                   32 Lower Marsh, SE1             £26          Mar-21        620 sq ft Ground         Gelato Shop       Poor condition and restricted head height in the basement. 9
                                                                                                                                                                                                                             610 sq ft Basement                          months rent free. Landlord rolling break after year five exercisable
                                                                                                                                                                                                                              1,230 sq ft Total                          at 6 months notice. New 10 year lease / 5 year T&LBO.

                                                                                                                                                                   1-5 Lower Marsh, SE1            £24          Apr-19       1,552 sq ft Ground           Ryman          Off pitch. Lease renewal. Tenant only break July 2024- 6 months
                                                                                                                                                                                                                                                                         notice Rent review July 2024. 10 year lease / 5 year TBO

                                                                                                                                                                   13 Lower Marsh, SE1             £40          Jan-19        754 sq ft Ground        Shopecigarette     Awkward floorplate. 45 days rent free amortised over year 1. Mutual
                                                                                                                                                                                                                                                         Limited         break every 5th year Rent review every 5th year. 15 year lease / 5
                                                                                                                                                                                                                                                                         year T&LBO. New Letting

                                                                                                                                                                   133 Lower Marsh, SE1       See comment       Mar-21        500 sq ft Ground        Available to let   Available by way of an assignment - 8 year lease expiring 18.04.27.
                                                                                                                                                                                                                             675 sq ft Basement                          Quoting £32,500 p.a. / £27.66 psf overall and a premium of
                                                                                                                                                                                                                               1,175 sq ft Total                         £75,000 for premises license & tenant fit out.

                        TENANCY SCHEDULE & ACCOMMODATION
                                                                                                                                                                   OFFICE OCCUPATIONAL MARKET
Floor          Tenant               Use           Accommodation          Lease      Lease      Passing     ERV         ERV       Comments
                                                                         Start      Expiry      Rent      (£p.a.)     (£psf)                                       Property                       Rent (£psf)      Date          Accommodation             Tenant        Comment
                                                    GIA       NIA
                                                                                               (£p.a.)
                                                  (Sq Ft)   (Sq Ft)
                                                                                                                                                                   The Old Fire Station,              £60        Aug-20            2,079 sq ft          Cluff Natural    New 5 year lease. Air Conditioning, Common Parts WC Facilities,
                                                                                                                                 The Tenant has been in            150 Waterloo Road, SE1 8SB                                      First floor         Resources PLC     Kitchen, Lift Access, Wooden Floors.
                                    Café
               Gavin M                             312       230                                          £2,300      £10.00     occupation for 12 years and
Ground                              Ancillary
               Mackenzie                                                                                                         is keen to renew her lease.       Trident House,                     £49         Mar-20         4,316 sq ft First     Opsec Online      New 5 year lease. First and second floors of a newly built mixed
Floor and                                                                                                                                                          46-48 Webber Street,                                          & Second Floor          Limited         use building. Reasonable internal specification. LG7 compliant
               & Hasmik                                                23/09/2016 22/09/2022   £30,000                           The existing lease is outside
Rear                                Café           1,072     1,037                                       £46,665     £45.00                                        London SE1                                                                                            suspended lighting. Perimeter trunking and lift.
               Mackenzie t/a                                                                                                     of the provisions of Sections
Basement
               (Barbarellas Café)                                                                                                24-28 of the Landlord and
                                    Sub Total     1,384      1,267                                       £48,965                 Tenant Act 1954.                  The Old School,                    £50         Feb-20            915 sq ft           Undisclosed      Period building. No lift to 3rd floor.
                                                                                                                                                                   4 Exton Street, SE1 8UE                                         Third Floor
Front                               Office
               Vacant                              860       835           -          -         £0.00     £8,350      £10.00     Newly refurbished office suite.
Basement                            Ancillary
                                                                                                                                                                   Waterloo Court,                    £46         Jan-19           2,356 sq ft          Automation       New 10 year lease Rent review 2022 Break clause 2022 1st floor
                                                                                                                                                                   10 Theed Street, SE1 8ST                                        First Floor            Logic          Raised floor, demised WC, Kitchen.
First floor    Vacant               Office         923       791           -          -         £0.00     £41,528     £52.50     Newly refurbished office suite.
                                                                                                                                                                   45-46 Lower Marsh, SE1             £35        Aug-20             567 sq ft             Focus          Sublease. Very basic Specification. Central Heating. Communal
Second floor   Vacant               Office          911      714           -          -         £0.00     £37,485     £52.50     Newly refurbished office suite.
                                                                                                                                                                                                                                   First Floor          Consultants      kitchen and perimeter trunking.
Third floor    Vacant               Office         925       748           -          -         £0.00    £39,270      £52.50     Newly refurbished office suite.

Fourth floor   Vacant               Residential    806                     -          -         £0.00    £26,400    £2,200 pcm   Fully furnished 3 bedroom flat.

Fifth floor    Vacant               Residential     741                    -          -         £0.00    £28,200    £2,350 pcm   Fully furnished 3 bedroom flat.   RESIDENTIAL OCCUPATIONAL MARKET
                                                                                                                                                                   Property                                      Rent (£pcm)          Date           Accommodation       Comment
Total                                             6,550     4,355                              £30,000   £230,198
                                                                                                                                                                   Flat 64, Munro House,                           £2,340           Aug-20              712 sq ft        Furnished 3 bedroom flat with neural décor in need of
                                                                                                                                                                   Murphy Street, SE1 7AL                                                                                modernisation. (3rd floor)

                                                                                                                                                                   Flat 66, Walpole House,                         £2,665            Jan-21            1,432 sq ft       Spacious fully furnished 3 bedroom / 2 bathroom flat with parking
                                                                                                                                                                   126 Westminster Bridge Road, SE1 7UN                                                                  and concierge. (3rd floor)

                        TENURE                                                                                                                                     150 Mitre Road, SE1                              £2,145           Jan-20            650 sq ft         2 bedroom period conversion flat in good condition situated on 3rd
                                                                                                                                                                                                                                                                         floor (no lift)
                        The site is held freehold with a site area of 0.035 acres (0.014 hectares).
141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
141–142 LOWER MARSH STREET                                                         141–142 LOWER MARSH STREET
                     WATERLOO                                                                           WATERLOO
                      LONDON SE1 7AE                                                                 LONDON SE1 7AE

FLOORPLANS

                                       First   Second

Basement      Ground

Third        Fourth                    Fifth

                                                  Floorplan for illustrative purposes only.
141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
EPC
                                                                    Unit                                                            Date                      EPC Rating
                                                                    141 Lower Marsh                                           24/06/2013                            D88
                                                                    142 Lower Marsh - Suite 1                                  03/08/2011                           C56
                                                                    142 Lower Marsh - Suite 2                                  03/08/2011                           C75
                                                                    142 Lower Marsh - Suite 3                                 23/06/2013                            B48
                                                                    142 Lower Marsh - Flat 1
                                                                    142 Lower Marsh - Flat 2

                                                                                                                         VAT
                                                                       The property has been elected for VAT and it is anticipated that
                                                                     the property will be treated as a transfer of going concern (TOGC).

                                                                                              ANTI MONEY LAUNDERING
                                                                   The purchaser will be required to undergo anti money laundering checks.

                                                                                                                DATAROOM
                                                                      For access to the Allsop Data Room please use the following link:
                                                                            https://datarooms.allsop.co.uk/register/LowerMarsh

                                                                                                             PROPOSAL
                                                                       Offers are sought in excess of £4,000,000
                                                                 (Four Million Pounds) subject to contract and exclusive
                                                                  of VAT. This represents a low capital value of £611 psf
                                                                      GIA overall. This breaks down to £2,750,000
                                                                      on the commercial element and £1,250,000
                                                                           on the residential accommodation.

                                                                                    For further information or to make arrangements
                                                                                               for viewing please contact:

                                                                                                     COMMERCIAL INVESTMENT
                                                                                      Andrew Wise                                            Alex Butler
                                                                                      07535 045149                                          07801 219 888
                                                                                andrew.wise@allsop.co.uk                                alex.butler@allsop.co.uk

                                                                          RESIDENTIAL INVESTMENT                                   WEST END INVESTMENT
                                                                                     Michael Linane                                        Mark Ibbotson
                                                                                     07970 807011                                          0)7765 976128
                                                                               michael.linane@allsop.co.uk                           mark.ibbotson@allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease;
(b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any
person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the
vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy
themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full
structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP.                        Design CommandD www.commandHQ.co.uk 05.21
141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop 141-142 LOWER MARSH STREET WATERLOO - LONDON SE1 7AE RARE MIXED-USE CENTRAL LONDON FREEHOLD - Allsop
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