9 LARCOM STREET, SE17 - LoopNet.com
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9 LARCOM STREET, SE17
2 LARCOM HOUSE LARCOM HOUSE 3
A RARE ADD VALUE ZONE 1
OPPORTUNITY BENEFITTING FROM
EXECUTIVE SUMMARY
PART GOVERNMENT INCOME
Freehold
Within 500m of Elephant and Castle’s
£4 billion regeneration masterplan
Excellent transport links located just
0.3 miles to Elephant & Castle Overground
and Underground Stations
Art-deco style mixed-use building
comprising 25,112 sq ft NIA on a
0.34 Acre (0.13 Hectare) site
25% of income let to the undoubted
covenant of the NHS Foundation Trust
Total passing rent of £396,905 p.a. reflecting
a very low £15.80 psf overall
Option for immediate vacation possession
of 75% of the accommodation, or, a fully
income producing building until 2024
Indicative studies show potential for
additional massing and/or alternative uses
(subject to the necessary consents)
Price: £8,400,000
NIY: 4.46%
(assuming purchaser’s costs of 5.80%)
Capital Value: £334 per sq ft
LONDON IMPERIAL WAR UNCLE ONE 251 SOUTHWARK ELEPHANT
EYE MUSEUM BUILDING BLACKFRIARS BRIDGE ROAD STRATA PARK THE SHARD
MANOR
THE ELEPHANT PL ACE LONDON
KENNINGTON WATERLOO SOUTHBANK BL ACKFRIARS & CASTLE DEPOT BOROUGH BRIDGE
LOCATED 500M FROM
ELEPHANT & CASTLE STATION AND
THE AREA’S TWO LARGEST
REGENERATION PROJECTS
6 LARCOM HOUSE LARCOM HOUSE 7
ELEPHANT AND CASTLE –
AN AREA IN TRANSITION
HOME TO A £4BN REGENERATION
DRIVE AND ONLY A 20 MINS WALK TO
WESTMINSTER, ELEPHANT & CASTLE
IS TRANSFORMING INTO A ZONE 1
COMMERCIAL LOCATION FORECAST
TO EXPERIENCE STRONG RENTAL
AND CAPITAL GROWTH. ELEPHANT PARK
CENTRAL LONDON NEIGHBOURHOOD TRANSFORMING
THROUGH £4BN OF PUBLIC AND PRIVATE INVESTMENT
ELEPHANT PARK & ELEPHANT AND CASTLE TOWN
CENTRE WILL DELIVER 4,000 NEW HOMES AND OVER
300,000 SQ FT OF RETAIL, LEISURE AND WORKSPACE
BY 2025
24 KEY LOCAL PROJECTS
HOME TO TWO MAJOR UNIVERSITIES AND OVER
15,000 STUDENTS
A PEDESTRIANISED TOWN CENTRE AND NEW STATION
ENTRANCE BY 2025
TOWN CENTRE
AN ECLECTIC URBAN VIBE
WITH A CAPTIVE AND
GROWING DEMOGRAPHIC
THE MINISTRY WORKSPACE CASTLE SQUARE
LONDON SOUTH BANK UNIVERSITY THE STRATA MERCATO METROPOLITANO
HERMANOS MINISTRY OF SOUND EAST STREET MARKET
1
10 LARCOM HOUSE LARCOM HOUSE 11
ELEPHANT & CASTLE New RESIDENTIAL & MIXED USE
Kent
Road
4
3 4
3
6
ts
B ut
ton
ng
wi
et 8
Stre
Ne
te
He yga
Elephant Park Elephant and Castle Town Centre
Wa
Who Lendlease and Southwark Council Who Delancey, APG and Qatari Diar
lwo
eet What 28 Acre mixed use masterplan What 3 phase transformation for retail, residential
Str
rth
m When Full delivery c. 2025 and infrastructure improvements
rco
Roa
La When Phase 1 (delivered), Phase 2 (2025),
2
d
Phase 3 (2030)
OVER 300,000 SQ FT 5 6
OF NEW DEVELOPMENT 5
SET TO COMPLETE BY 2025
7
KEY DEVELOPMENTS Manor Place Depot
Who Notting Hill Genesis
One the Elephant
Who Lendlease
What 270 apartments with archway retail What 37 storey residential development with
and entertainment spaces ground floor retail
When Delivered When Delivered
COMMERCIAL & LEISURE
1 2 7 8
Skipton House Walworth Townhall and Library Royal Mail Depot Trafalgar Place
Who London and Regional Who General Projects Who Royal Mail Group Who Lendlease
What New build 490,000 sq ft office scheme What 50,000 sq ft workspace and community What 7 storey 48 unit residential scheme What 235 new homes and a community cafe
with retail and public realm centre When In Planning When Delivered
When In planning When Planning Approved
ZONE 1 LOCATION WITHIN EASY FARRINGDON
LARCOM HOUSE 13
WALKING DISTANCE OF WESTMINSTER MOORGATE
HOLBORN LIVERPOOL
STREET
TOTTENHAM
M I D TO W N CITY
THAMESLINK
OXFORD CIRCUS COURT ROAD
ST PAUL’S THE CITY
30 ST MARY AXE ALDGATE
WEST END BANK
COVENT
GARDEN
BLACKFRIARS
FENCHURCH
LEICESTER
TEMPLE CANNON STREET
SQUARE
STREET TOWER GATEWAY
PICCADILLY
M AY FA I R CIRCUS TOWER HILL
CHARING TATE MODERN
CROSS SOUTH BANK
EMBANKMENT
GREN PARK
SOUTHBANK
20 MINUTE
WA L K BOROUGH TOWER BRIDGE
MARKET LONDON
BRIDGE
LONDON EYE
THE SHARD
SOUTHWARK
WATERLOO
WHITE CUBE
GALLERY
BOROUGH
BERMONDSEY
BUCKINGHAM WESTMINSTER
PALACE
ST JAMES’S PARK
10 MINUTE
LAMBETH WA L K
NORTH
WESTMINSTER LONDON SOUTH
BANK UNIVERSITY
VICTORIA LAMBETH
PALACE IMPERIAL WAR
MUSEUM
UNIVERSITY OF
THE ARTS
ELEPHANT
NEWPORT STREET
& CASTLE
GALLERY
VA U X H A L L WA LW O R T H
TATE BRITAIN
14 LARCOM HOUSE LARCOM HOUSE 15
OXFORD CIRCUS MOORGATE
LOCATION GREEN PARK
LEICESTER
SQUARE
BANK
PICCADILLY
CIRCUS CHARING CROSS
Located at the northern end of Walworth Road, Larcom
House is situated on the corner of Larcom Street immediately
adjacent to the centre of Elephant and Castle’s £4bn+ WESTMINSTER
regeneration transformation.
VICTORIA
Walworth Road is Elephant and Castle’s high street and is
home to around 400 businesses and more than 5,000 people.
The area is known for its eclectic mix of supermarkets, big
name retailers, pubs and restaurants.
The traditional streetscape of red brick facades and Georgian
terraces has evolved through recent completed developments WATERLOO LAMBETH LONDON
NORTH BRIDGE
such as Strata Tower and Printworks, with General Projects PIMLICO
joint venture with Southwark Council set to restore the BOROUGH
ELEPHANT
adjacent Newington Library and Walworth Town Hall. & CASTLE
In addition, the proposed expansion to the Bakerloo Line will
deliver more than 25,000 new homes and 10,000 jobs across
Southwark and Lewisham. VAUXHALL
CONNECTIVITY BATTERSEA
POWER
NINE ELMS
KENNINGTON
B
SC AKE
OLD KENT ROAD
STATION H RL
ED O
U O
Excellent transport links with a PTAL rating of 6b (best). LE L
D IN
FO E E
STOCKWELL R XT
2 0 EN
28 S
CLAPHAM / 2 IO N NEW CROSS
9
JUNCTION
UNDERGROUND AND ACCESS TO NORTHERN,
OVERGROUND WITHIN BAKERLOO AND NATIONAL
JOURNEY TIMES FROM ELEPHANT & CASTLE:
0.3 MILES (6 MIN WALK) RAIL SERVICES
4 5 6 7 9 13 14
LONDON BRIDGE WATERLOO BANK BLACKFRIARS FARRINGDON CANARY WHARF OXFORD CIRCUS
28 BUS ROUTES EXTENSIVE CYCLE ROUTES
16 LARCOM HOUSE LARCOM HOUSE 17
RARE VALUE-ADD FREEHOLD
DESCRIPTION WITH REFURBISHMENT AND
MASSING OPPORTUNITIES
Larcom House was built in 1937, originally
as the Health Services Department of
the Metropolitan Borough of Southwark
and today is the area’s principal NHS
doctor’s surgery.
Comprising a Grade II listed building of 25,112
sq ft (NIA), the property was constructed of red
brick and characterised by art-deco external
detailing. Arranged over lower ground, ground
and two upper floors, the main elevation runs
along Larcom Street, with a secondary frontage to
Walworth Road, and the rear elevation, on Ethel
Street.
Internally the property retains its exceptional
volumes, with ceiling heights of c.3m throughout
and crittal glazing on its elevations. Floor plates
are broadly rectangular set around a central core,
accessed from Larcom Street.
As a virtual island site with four glazed elevations
in addition to a rear courtyard, the property
benefits from excellent levels of natural light.
18 LARCOM HOUSE LARCOM HOUSE 19
ACCOMMODATION EXISTING FLOOR PLANS
FLOOR GIA GIA NIA NIA
(SQ M) (SQ FT) (SQ M) (SQ FT) LOWER
2nd 651 7,006 558 6,003 GROUND FLOOR
1st 645 6,940 551 5,930
Ground 763 8,213 661 7,117 NIA = 343.1m2
Area two:
NIA = 207.4m2
Lower Ground 677 7,289 563 6,062
Total NIA = 550.5m2
TOTAL 2,734 29,448 2,333 25,112 VOID
VOID
SUMMARY SPECIFICATION
UPPER
ATTRACTIVE ART CEILING HEIGHTS NATURAL LIGHT SUBSTANTIAL REAR POTENTIAL FOR GROUND FLOOR
DECO FEATURES OF c.3M FROM 4 ELEVATIONS COURTYARD ADDITIONAL HEIGHT
AND REAR MASSING
Area One:
TYPICAL
UPPER FLOOR
NIA = 255.9m2
Area two:
NIA = 240.8m2
Not to scale.
Indicative only.20 LARCOM HOUSE LARCOM HOUSE 21
FLEXIBLE INCOME ALLOWING
FOR POTENTIAL IMMEDIATE VP,
TENURE TENANCIES OR A BLOCK DATE IN 2024
The property is held freehold under Title No. 402033. The approximate The upper office floors offer the opportunity of immediate vacant possession to comprehensively refurbish and potentially extend.
extent of the freehold ownership is outlined in red. Alternatively, a two year minimum income stream across the whole building is available. The Vendor will provide 12 months rent and service
charge guarantee on all vacant accommodation if the lettings are not completed. Empty rates are not applicable as the building is listed.
FLOOR TENANT AREA LEASE LEASE END RENT RENT COMMENTS
(SQ FT) START (BREAK) (£ PA) (£ PSF)
Vendor to provide 12m rent and service
Second Under Offer 6,003 20/01/2021 31/08/2024 £60,030 £10.00 charge guarantee should the letting not
complete. Outside the L&T 1954 Act.
Vendor to provide 12m rent and service
First (Part) Under Offer 4,832 20/01/2021 31/08/2024 £72,480 £15.00 charge guarantee should the letting not
complete. Outside the L&T 1954 Act.
First Front Metro Homecare Limited 1,098 23/01/2018 31/08/2021 £30,195 £27.50 3 month rent deposit.
Inside 1954 Act. Mutual rolling break
Ground Guys & St Thomas’ 04/01/2033
4,187 05/01/2018 £95,000 £22.68 option from 04/01/23 on 9 months
West NHS Foundation Trust (04/01/2023)
written notice.
Vendor to provide 12m rent and service
Ground
Under Offer 2,930 20/01/2021 31/08/2024 £43,950 £15.00 charge guarantee should the letting not
East
complete. Outside the L&T 1954 Act.
Lower Octavia House
6,062 19/09/2014 14/09/2024 £95,250 £15.71 Outside 1954 Act.
Ground Schools Limited
E ET TOTAL 25,112 £396,905
S TR
O M
RC
WA
LA
LW
O
RT
HR
OAD
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 reservedLARCOMLARCOM
22 HOUSE HOUSE LARCOM HOUSE 23
DEVELOPMENT POTENTIAL POTENTIAL TO SIGNIFICANTLY RE-POSITION
IN ADDITION TO REAR MASSING
Given Larcom House’s location and the precedent of other AND AN ADDITIONAL FLOOR
consented permissions within Elephant & Castle, the site
lends itself to a number of potential alternative uses.
The vendor has undertaken a planning report by First
Plan alongside a heritage assessment from The Heritage
Practice. In conjunction with these studies, Thamesis
architects have looked at indicative proposals that seek
to maximise the potential of the site as offices and/or
residential use.
The proposed development delivers:
A new third floor, set back from the existing roof line,
with dedicated terrace
Rear courtyard extensions to house a new lift, WC and
staircore
Extensions to the Walworth Road elevation with terraces
at first floor level
Removal of internal partitions on all floors
Removal of a number of internal columns
A copy of the heritage report and planning appraisal is
available on the data room.24 LARCOM HOUSE LARCOM HOUSE 25
PROPOSED FLOOR PLANS PLANNING CASE STUDIES
POTENTIAL SCHEME AREAS
FLOOR GIA NIA
(SQ FT) (SQ FT) Walworth Town Hall & Newington
3rd 4,424 3,240 Library, 155 Walworth Road
2nd 7,520 5,368 Located adjacent to Walworth House,
General Projects, in conjunction with
1st 7,436 5,315
Southwark Council, have obtained planning
Upper Ground 8,736 6,442 permission to restore and contemporise these
Lower Ground 8,702 6,459 Grade II listed buildings that form part of the
adjoining block with Larcom House.
TOTAL 36,818 26,824
The Town Hall and library will comprise
55,000 sq ft GIA and will provide workspace
for independent creatives, community uses
and an arts hub.
FIRST FLOOR
TERRACE
WC
NIA = 204.7m2
NIA = 289.1m2
GIA = 690.8m2
TERRACE
Chatelain House,
THIRD FLOOR 182-202 Walworth Road
TERRACE
GIA = 20m2
PLANT An implemented planning permission
to demolish an existing 45,000 sq ft
GIA of mixed-use office, retail and D1
WC
accommodation to deliver a new build
mixed-use scheme comprising 85,000 sq
OFFICE
ft NIA including 54 residential apartments 101 Newington Causeway
and 40,000 sq ft of commercial floor A future landmark mixed-use scheme
space.
TERRACE
PLANT GIA = 45m2 with indicative support via a 2018
An enhancement of the consent is being pre-application meeting to provide
TERRACE
actively explored to take the proposed a c.350,000 sq ft development with
area up to 120,000 sq ft GIA for a student opportunity for residential, commercial,
Not to scale.
led mixed use scheme. student housing or hotel.
Indicative only.26 LARCOM HOUSE LARCOM HOUSE 27
INVESTMENT RATIONALE
More than £4bn of planned investment
into the regeneration of Elephant and
Castle.
Bakerloo Line extension and new ticket hall
by 2029.
Average residential property prices have
increased 118% in the past 10 years and
28% in the past 2 years.
Significant under supply of Grade A office
stock.
Current headline rents offering over 50%
discounts to surrounding sub-markets with
opportunity to capture significant rental
growth through repositioning the asset.
Adjacent and opposite two of Walworth
Road’s most significant consented sites.
Exceptional volumes and levels of natural
light from four elevations.
Virtual freehold island site.
Exceptionally low capital value in
comparison with recent vacant and short-
term office transactions in the locality.FURTHER INFORMATION VAT DATA ROOM The property is not elected for VAT. Access to the data room is available on request. EPC CAPITAL ALLOWANCES The property has an EPC rating of D-94. Further information available upon request. PROPOSAL Unconditional offers in excess of £8,400,000 exclusive of VAT are invited for the benefit of the freehold interest which reflects a net initial yield of 4.46% and a low capital value of only £334 per sq ft. CONTACTS David Harrison James Elliott Robert Goldbart davidharrison@michaelelliott.co.uk jameselliott@michaelelliott.co.uk robertgoldbart@michaelelliott.co.uk +44 (0)20 7529 5705 +44 (0)20 7529 5718 +44 (0)20 7529 5717 +44 (0)773 974 6800 +44 (0)784 011 1493 +44 (0)777 169 7873 michaelelliott.co.uk Declaration: Michael Elliott LLP for themselves and for the vendors of this property whose agents they are, give notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott LLP has any authority to make or give any representations or warranty whatever in relation to this property. January 2022 www.cube-design.co.uk (Q4881)
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