66-70 Borough High Street - LONDON SE1 - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
6 6 -70 B OROU G H HIG H STREET
66-70
Borough High Street
LONDON SE1
A Vacant Freehold Newly Refurbished Mixed-Use Building
1
66-70 BO ROU G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
Executive
Summary
Freehold
Located in the vibrant and popular district
of South Bank, close to Borough Market,
Bankside and London Bridge Quarter
Excellent transport connectivity with
London Bridge Station located within
a 3 minute walk
Situated in an area undergoing significant
infrastructure improvements and
regeneration
Attractive Grade II listed terraced property
providing 6,012 sq ft of office and retail
accommodation
Retail accommodation at ground and
lower ground totalling 1,847 sq ft GIA and
office accommodation arranged over
ground and four upper floors providing
4,385 sq ft NIA
Comprehensively refurbished in 2020 to
provide CAT A office space and a retail unit
fitted to shell condition
To be sold with full vacant possession
Various asset management initiatives
to include; carrying out CAT A+ fit out,
splitting the building front and rear and
operating as a boutique business centre
Offers are sought in excess of £4,500,000
subject to contract and exclusive of VAT
reflecting a low capital value of £749
per sq ft
2 3
66-70 BO ROU G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
BLACKFRIARS TATE FLAT IRON SHAKESPEARE’S ST PAUL’S BOROUGH CANNON THE GUY’S THE LONDON THE CITY
MODERN SQUARE GLOBE CATHEDRAL MARKET STREET PLACE HOSPITAL SHARD BRIDGE
66-70
BOROUGH
4 5
66-70 BO ROU G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
Location 1
2
Old Union Arches
St Paul’s Cathedral
3 Flat Iron Square
4 Borough Market
5 Padella
1
SOUTH BANK IS ONE OF LONDON’S
MOST VIBRANT DISTRICTS, RENOWNED
AS A CULTURAL HUB AND THRIVING 2
COMMERCIAL CENTRE.
The area is celebrated for its world-class
attractions including Tate Modern, London Eye,
National Theatre and Shakespeare’s Globe as
well as its retail, leisure and F&B provisions.
South Bank has undergone significant
regeneration over the past decade, driven
by a number of key developments which have
contributed to the transformation of the area,
including Sea Containers House, South Bank
Central and 240 Blackfriars. There are several
notable schemes in the pipeline including the
delivery of Bankside Quarter, a new development
comprising two adjoining sites which has
obtained full planning for two mixed-use towers.
CIT’s redevelopment of Colechurch House, near BOROUGH MARKET
London Bridge Station, is currently under 3 4
consultation for the regeneration and Dating back to 1276, Borough Market is
repositioning of the existing landmark site. London’s oldest food market and one of
5 the capital’s most popular tourist
In recent years, South Bank has evolved into The subject property is situated along the western
destinations, attracting 4.5 million visitors
one of the most competitive office locations for side of Borough High Street, just south of its
each year.
technology, media and telecommunication junction with Southwark Street and north of its
companies. The commercial hotspot appeals to a junction with Union Street. Trading at its current location since 1756,
diverse mix of creative occupiers, attracting best the site is best known for its wholesale
The property is located in the Bankside district of and retail market, which over the years
in class tenants including IBM, ITV, Omnicon and
Southwark, a dynamic location steeped in history, has become one of the most competitive
global media and advertising group WPP.
heritage and culture. Borough is home to a mix of spaces for food and beverage occupiers.
commercial occupiers and benefits from an
Borough Market offers a variety of British
abundance of amenities including the popular
and International produce reflective of
Borough Market, which is situated moments from
London’s global heritage, mixing
the building, Flat Iron Square which is located
traditional alongside exciting new food
300m to the west and the banks of the River
and drink vendors and concepts.
Thames which lie 300m north of the site.
6 7
T EBOROU
66 -70 M P L E G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
NKMEN T
RIA EMBA
VICTO
UP
PE
CANNON STREET
R T
BL ACKFRIARS BRIDGE
H
RIDGE
AM
ES
STR BANK / MONUMENT
EET
10 MINUTES WALK
NIUM B
E
DG
RIVER THAMES
MILLEN
BRI
LOW
ER T
HA MES S
ARK
TREET
THW
GE
6
SOU
BRID
2 BL ACKFRIARS
DG
1
E
15 MINUTES WALK
DON
2
5
LON
3 2
9
BL ACKFRIARS ROAD
4
4
7 TO
E ET 5 OL
EY
TR
S 1 ST
RE
RD 7 ET
FO
AM 8
ST SOU
THW
ARK 6
STREE 13 12
8 19
T
LO N D O N 6
1 3 5 BRIDGE
15
ET
W AT E R L O O E A S T 10 3 MINUTES WALK
RE
3
ST
BER
ST
66-70
H
TH
UNION STREET
IG
MON
OM
SOUTHWARK 9
H
AS
18 20 ST
H
16 17 RE
DSE
12 MINUTES WALK
UG
8 ET
RO
Y ST
WAT E R L O O
BO
T
CU 4
21 MINUTES WALK E AD 14
REE
TH O
GR
R
9
T
EA
E
G
T S
ID
9
BR
UF
K
FO
AR
LK
10 10
HW
ST
EE 7
UT
R
T 11
SO
BORO UGH
5 MINUTES WALK
LO
NG
LA
Connectivity Local Occupiers
NE
London Bridge Underground Station is located less
than 175 metres from 66-70 Borough High Street.
London Bridge Station is one of Europe’s busiest
transport hubs and operates Jubilee and Northern
THE SITE BENEFITS FROM EXCELLENT Underground services as well as Southern, INSURANCE/ FINANCIAL/ MEDIA/ TECHNOLOGY/ AMENITY
PROFESSIONAL EDUCATION
TRANSPORT COMMUNICATIONS, Thameslink and Southeastern Overground routes. In
addition, Southwark (Jubilee & DLR), Waterloo and 1 TP Bennett 1 IBM 1 Borough Market 11 Fashion & Textile Museum
LOCATED ALONG BOROUGH HIGH
Waterloo East (Overground) Stations are located
G
2 2 12 Duddells
STREET, A MAJOR THROUGH ROAD 2 WeWork WPP Borough Yards
RE
within close proximity to the property providing
AT
THAT RUNS SOUTH WEST FROM 3 Transport for London 3 UBM 3 Flat Iron Square 13 Katzenjammers
D
exceptional connectivity throughout London.
O
VE
LONDON BRIDGE. 4 Boodle Hatfield 4 HSBC Digital 4 Vinegar Yard 14 Crol and Co
R
ST
There are a number of bus routes in operation within
R
5 DNV GL 5 Omnicom 5 Aqua Shard 15 The Breakfast Club
EE
the locality serving the immediate and wider area.
T
6 PWC 6 Ogilvy & Mather 6 Padella 16 Union Theatre
London City Airport is located 7.1 miles to the east 7 Uncommon 7 News International 7 Hawksmoor Borough 17 Union Street Café
and can be accessed via the Jubilee line and DLR
8 Kings College London 8 Cheil 8 Shangri-La 18 Jerwood Space
from London Bridge Station. Gatwick Airport is also
accessible via direct train services from London 9 The Office Group 9 Kaplan 9 The Whisky Exchange 19 Hixter
Bridge Station. 10 FORA 10 MCM Architecture 10 The Boot & Flogger 20 King’s Sport Gym
8 9
ELEPHANT
& CASTLE
RO
EA
AD
ST
ER
N
66 -70 BOROU G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
ST
RE
ET
Lorem ipsum
A L D E R S G AT E
E
R G AT
CHISW
ELL S
TREET
MOO
RINGD ON B AR B I C AN
STREET
Local
Developments
E
AT
S
RK
SG
LIVERP O OL IS
MA
OP
M O ORGAT E STREE T BE
V
SH
BI
ARRIN
L
AL
W
ON
1 NEW CITY COURT, 2 BERMONDSEY YARDS, SE1 3 COLECHURCH HOUSE, SE1
GDON
ND
LO
ET
14-20 ST THOMAS STREET, SE1 Size : 140,000 sq ft Size : 518,000 sq ft
RE
STREET
ST
Size : 367,500 sq ft
H
A L D G AT E Use: Office and Retail Use: Mixed-use Office led scheme
RC
U
S T PA U L’ S Use: Office and Retail
H
Delivery: Planning stages Delivery: Planning stages
EC
CITY THAMESLINK CHE
AC
APS
IDE Delivery: Planning stages Developer: Aviva and Sellar Developer: CIT
GR
LO
ND
Developer:
O N Great Portland Estates
W A LL Lead Architect: Renzo Piano Lead Architect: Foster & Partners
LONDON BRIDGE STATION Lead Architect: Gardiner & Theobald
In 2018, London Bridge Station completed a £500 million redevelopment and refurbishment programme, creating
MANSION HOUSE
five new platforms and nearly doubling passenger capacity.
London
BL AC K F R I A R SBridge
Station is now the fourth busiest station in the country with over 63 million passengers moving
through the station each year resulting in a significant rise in footfall at street level.
London Bridge operates Jubilee and Northern Underground services as well as Southern, Southeastern and
Thameslink Overground routes, with approximately 18 Thameslink
UP
PE
services calling at the station every hour.
R T
BL ACKFRIARS BRIDGE
H
RIDGE
AM
ES
STR BANK / MONUMENT
GE
EET
ID
NIUM B
BR
4 BOROUGH YARDS, SE1 5 SHARD PLACE, 6 TRIPTYCH, 185 PARK STREET, SE1
E
ER
DG
21 ST THOMAS STREET, SE1
W
HFIE LD
EAST SMIT
MILLEN
BRI
LOW
Size : 142,000 sq ft Size : 85,000 sq ft
TO
ER T
HA MES S S
Size : 20,000 sq
R I E ft Retail
ARK
TREET
Use: Mixed-use scheme NO Use: Residential, Retail and Office
MI
& 176 Apartments
THW
Delivery: 2021 Delivery: 2022
GE
SOU
Use: Residential and Retail
BRID
BL ACKFRIARS Developer: Meyer Bergman Delivery: 2021 Developer: J&T Real Estate and
Sons & Co.
DON
Lead Architect: SPPARC Developer: REM-Sellar
LON
Lead Architect: Renzo Piano Lead Architect: Squire and Partners
4
6
7
3
BL ACKFRIARS ROAD
AD
TO
OL
RO
EY
ST
GE
RE
ET
RID
SOU
R B
THW
ARK
STREE
T
5
WE
LO N D O N
1
TO
BRIDGE
8
ET
RE
ST
BER
ST
H
TH
UNION STREET
IG
MON
OM
WARK 2
H
AS
66-70
ST
H
RE
7 THE FORGE BANKSIDE, SE1 8 LANDMARK COURT, 9 ROOTS IN THE SKY,
DSE
UG
ET
RO
1-15 POCOCK STREET, SE1
Y ST
SOUTHWARK STREET, SE1
BO
AD
Size : 200,000 sq ft
R
O Size : 385,000 sq ft
GR
EET
9
R
Use: Retail and Office Size : 215,000 sq ft & 36 new homes
EA
E
Use: Office
G
T S
Use: Retail, Office and Residential
ID
Delivery: 2022
BR
UF
Delivery: Q3 2024
K
FO
Delivery: 2023
AR
Developer: Land Securities
LK
HW
Developer: Fabrix
ST
EE
Lead Architect: Piercy & Co. Developer: U&I and Transport for
UT
R
T
Lead Architect: Studio RHE
SO
BORO UGH London
JA
M
AI
Lead Architect: Allies and Morrison
CA
10 LO RO 11
NG AD
LA
NE
ROTHER HI THE
66-70 BO ROU G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
Description
EXTENSIVELY REFURBISHED RETAIL The office accommodation extends to 4,365 sq ft ACCOMMODATION OFFICE SPECIFICATION
AND OFFICE SPACE (NIA) and is arranged over two main areas, to the
front and rear of the building. The front section is FLOOR OFFICE RETAIL Refurbished entrance hall with new
arranged over ground to fourth floors and is (SQ FT NIA) (SQ FT GIA) herringbone wood flooring, decorative
66-70 Borough High Street is a Grade II listed
accessed via an attractive staircase and lift that Fourth 692 - wall paneling and feature lighting
terraced building arranged over lower ground,
ground and four upper floors. The building was serves all floors. The rear component is arranged Winding staircase with modern
over ground to second floors and includes a Third 852 -
extensively refurbished in 2020 to provide retail feature chandelier
accommodation at lower ground and part- kitchen/ breakout area. WCs are located at each Second 1,193 -
ground and Grade A office accommodation floor and the building benefits from shower Air-conditioning
facilities and enclosed cycle storage. First 1,229 -
over part-ground and four upper floors. New passenger lift (x5 persons)
The retail unit comprises 1,647 sq ft (GIA) of Ground 237 947
accommodation located at ground and lower New contemporary style sash windows
Ground
ground level, accessed off Borough High Street. 162 -
(Office Reception) WC on each floor
The unit has been refurbished to shell condition
Lower Ground - 700
and offers flexible retail accommodation with Large communal fitted kitchen
kitchen and WC facilities. Total 4,365 1,647 and breakout area
Overall Total 6,012 Shower facilities
Cycle storage
12 13
66 -70 BOROU G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
Not to scale.
Indicative only. OFFICE RETAIL RECEPTION
Floorplans
A3 Unit
Room 11
Room 10 B1 WC
Waste & Recycling Store
SERVICES INTAKE Room 13
& IT SERVERS
LIFT MOTOR
ROOM
Room 12
A3 - WC B1 Office Waste Storage
A3 - WC
Room 9
B1 WC
LOWER GROUND SECOND Room 8
700 SQ FT B1 - WC
1,193 SQ FT
A3 Unit Room 17
B1 WC
Room 16
A3 - Acc WC
Room 18
Room 15
Breakout Space - Room 1
GROUND Reception
THIRD Room 14
1,346 SQ FT 852 SQ FT
Room 5 Room 21
Room 4 B1 WC
Tank Room
Room 7
Room 6
Room 22
Room 20
Room 3
B1 WC
FIRST Room 2 FOURTH Room 19
1,229 SQ FT 692 SQ FT
14 15
66-70 BO ROU G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
Tenancy Asset
The property will be offered for sale with
Management
full vacant possession.
Opportunities
66-70 BOROUGH HIGH STREET OFFERS A
PURCHASER A NUMBER OF ASSET MANAGEMENT
Tenure
OPPORTUNITIES. THESE INCLUDE:
Split the building to create two self-contained units
to the front and rear. The front building would be
accessed directly off Borough High Street whilst the
The property is held under two separate Freehold titles rear building would be accessed via St Margaret’s Court
(SGL359074 & SGL359600) outlined in red on the adjacent plan.
Operate the building as a boutique business centre
Carry out a CAT A+ fitout
Let the self-contained retail unit to a restaurant
or F&B operator to improve the building’s appeal
Change of planning use to residential, shared living
or a hostel, subject to the necessary consents
Courtyard Building
Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey
Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved
16 17
66-70 BO ROU G H HIG H S T R EET 66 -70 B OROUGH HI GH S TREET
Market Further
Commentary information
OCCUPATIONAL MARKET PLANNING EPC
The property is located within the London The office accommodation has an
The South Bank office leasing market remains one of Central London’s strongest performing Borough of Southwark. EPC rating of B (37).
sub-markets with prime rents remaining stable at £70.00 per sq ft.
The property is Grade II listed and lies within the The retail accommodation has an
Some recent leasing transactions in the South Bank market of note include the following:
Borough High Street Conservation area. EPC rating of B (38).
DATE OF PROPERTY FLOOR SIZE TENANT RENT TERM A copy of the certificates are available
TRANSACTION (SQ FT) (BREAKS)
VAT upon request.
The Ramblers
Q4 2020 One Clink Street, SE1 3rd 3,000 £59.50 3 years
Association The property is elected for VAT.
Objective Media 9 years
Q4 2020 89 Southwark Street, SE1 Whole 7,994 £52.50
Group (5th year)
LDA Design 10 years
Q2 2020 209-215 Blackfriars Road, SE1 4th 4,504 £62.50
Consultancy Ltd (5th year)
Crowne House, 5 years
Q1 2020 3rd 3,543 Babcock £62.50
56-58 Southwark Street, SE1 (3rd year)
5 years
Q1 2020 9 Holyrood Street, SE1 4th 2,206 Story Events £63.00
(3rd year)
6 years
Q4 2019 9 St Thomas Street, SE1 3rd 1,455 Windward Shipping £55.00
(3rd year)
INVESTMENT MARKET
Investor demand for South Bank assets remains strong with prime yields remaining broadly in line
with that of the City at 4.00% - 4.25% for best in class product.
Some recent comparables in the South Bank and City markets include the following:
DATE PROPERTY SIZE TENURE TENANCY ACHIEVED CAPITAL PURCHASER COMMENTS
(SQ FT) PROFILE PRICE VALUE (PSF)
Wilcox House, 140-148 Westminster Required
Q4 2020 15,095 FH VP £9,650,000 £639
Borough High Street, SE1 Real Estate refurbishment
55 Great Suffolk Street, Fabrix Required
Q4 2020 6,996 FH VP £4,500,000 £643
SE1 Capital refurbishment
133-135 Great Suffolk
Q3 2020 11,000 FH VP £13,000,000 £1,182 LTDA Refurbished
Street, SE1
Private Required
Q2 2020 4 Breams Building, EC4 7,460 FH VP £5,700,000 £764
Investor refurbishment
Brockton
Q2 2020 79-81 Paul Street, EC2 8,781 FH VP £9,550,000 £1,088 Refurbished
Capital
Conran Building, Arc Required
Q1 2020 16,405 FH VP £10,700,000 £652
22 Shad Thames, SE1 Development refurbishment
18 1966-70 BO ROU G H HIG H S T R EET Proposal WE ARE INSTRUCTED TO SEEK OFFERS IN EXCESS OF £4,500,000 (FOUR MILLION AND FIVE HUNDRED THOUSAND POUNDS) SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT FOR THE FREEHOLD INTEREST IN THE PROPERTY. THE PRICING REFLECTS A CAPITAL VALUE OF £749 PER SQ FT. Contacts Christopher Room Oliver Turney 07827 896965 07425 862794 christopher.room@allsop.co.uk oliver.turney@allsop.co.uk Florence Rothwell Steve Lydon 07595 922764 07879841840 florence.rothwell@allsop.co.uk steve.lydon@allsop.co.uk Allsop LLP on their behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. March 2021 www.cube-design.co.uk (Q4699) 20
You can also read
