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FREEHOLD VACANT OFFICE BUILDING FOR SALE

Executive Sum

mary

• Freehold offices with vacant possession

• 500 metres from London Bridge Station and next to Borough Underground Station

• 6,553 sq ft net internal area and 9,585 sq ft gross internal area

• Potential to reconfigure floors to provide circa 7,468 sq ft NIA

• Potential to add additional floors (subject to planning)

• Capable of early occupation by an incoming owner / tenant

• Offers in excess of £5 million subject to contract and exclusive of VAT, reflecting £763 psf on existing NIA and £670 psf on reconfigured NIA

South Bank

Central, well-connected and fashionable, South Bank is one of London’s most popular and desirable locations. The area has benefited from unprecedented capital investment in recent years – in transport infrastructure, public buildings and commercial and residential developments and regeneration projects.

Situation

The property lies within the London Borough of Southwark, on the south side of Marshalsea Road, close to the junction with Borough High Street, adjacent to Borough Underground Station. The immediate area consists of office, retail and residential uses.

Transport

The entrance to Borough Northern Line Underground station is next door, London Bridge Jubilee and Northern Line Underground Station is 6 minutes walk away, and the mainline station 10 minutes walk, providing access to national rail services. Borough High Street is also serviced by numerous bus routes, providing access to the City of London, the West End and South London.

London Bridge Development

Network Rail is carrying out a £6 billion redevelopment of London Bridge Station due to complete in summer 2018. The works will increase passenger capacity by 66%, will include a new two acre con-course, the largest in the UK, and will provide 85,000 sq ft of retail space.

Waterlo

o

Westm

inster

Canary

Wharf Bon

d

Stree

t

2 mins 4 mins 7 mins 10 mins

Eleph

ant

& Castle

Bank

(City of

Lond

on)

King’s

Cross

St. Pa

ncras

Oxford

Circus

1 min 3 mins 12 mins 15 mins

Travel times from London Bridge Station

Travel times fromBorough Station

Travel times from www.tfl.gov.uk

Locatio

n

Hoxton Hotel, Blackfriars Road – Ennismore Capital• 192 hotel rooms + 40,000 sq ft offices• Consented – due to complete Q3 2018• Liftschutz Davidson Architects

One Blackfriars – Berkeley Group• 274 new homes, 121,000 sq ft hotel • Under construction – due to complete 2018• SimpsonHaugh and Partners

Bankside Quarter, Blackfriars Road – Native Land• 280,000 sq ft of offices, 489 apartments & retail,

cultural and leisure facilities• First stage due to complete 2019• PLP Architects

185 Park Street – Delancey• 163 residential apartments, 65,000 sq ft offices,

22,500 sq ft of retail & cultural accommodation• Consented – timing uncertain• Squire & Partners

Vinopolis, Borough Market – Meyer Bergman• 125,000 sq ft retail and 70,000 sq ft offices• SPPARC preparing application

Spur Inn Yard, 127 – 143 Borough High Street – Kings College London• 99 bedroom Premier Inn, Tesco Express & new

public realm• Completion 2017

Fielden House, London Bridge Street – Sellar Property Group• 148 new homes, 13,000 sq ft of public realm

& 12,000 sq ft of retail• Consented - due to complete 2018

• Renzo Piano

160 Borough High Street - Westminster Real Estate• 15,000 sq ft office refurbishment• Due to complete Q1 2017

Brandon House, 180 Borough High Street – Crest Nicholson • 100 new homes, 25,000 sq ft offices + 14,000 sq ft retail • Under construction – Due to complete 2018• Allies & Morrison Architects

201 – 211 Borough High Street – The Office Group• 35,000 sq ft• Completed 2015

Snowsfields Yard, 6 – 16 Melior Street – Crest Nicholson

• 28 new homes

1 Long Lane – Threadneedle• 23,000 sq ft office refurbishment• Due to complete Q1 2017

One Tower Bridge – Berkeley Group• 396 new homes, 33,000 sq ft retail & 900 seat theatre• Under construction - Due to complete late 2016• Squire & Partners

Elephant & Castle - Lend Lease• 3,000 new homes, 50 new retail units,

cafés and bars• Under construction

• Squire & Partners and MAKE Architects

South Bank Tower – CIT & Jadwa Investment • 191 new homes• Under construction – due to complete 2016• MACE Architects and Kohn Pederson Fox

Associates

South Bank Central – Hermes• 220,000 sq ft offices + 36,000 sq ft retail• Under construction – due to complete 2016• TP Bennett Architects

20 Blackfriars Road – Black Pearl• 42 storey residential tower & 23 storey office

building• Due to complete 2018• Wilkinson Eyre Architects

Blackfriars Circus – Barrett Homes• 336 new homes, 35,000 sq ft offices

+ 16,500 sq ft retail• Due to complete 2018• Maccreanor Lavington Architects

Current &

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Other Significant Developments In The Vicinity

Elephant & Castle

Elephant & Castle

Temple

Blackfriars

Waterloo

Borough

Southwark

LondonBridge

Blackfriars

MansionHouse

Cannon Street

Monument

Lambeth North

Fenchurch Street

Tower Hill

Elephant & Castle

Lambeth Road

A3

A201

Brook Drive

Walworth Road

Hegate Street

Rodney Road

A2

A2

A2

Kennington Road

A201

A201

Harper Road

Lambeth Road

Chatham Street

Snowsfields

Kipl

ing

Stre

et

Queen Victoria Street

Stamford Street

Southwark Street

L

ondo

n Br

idge

Tooley St

Victoria Embankment Upper Thames Street Upper Thames Street

Sout

hwar

k Br

idge

Marshalsea Road

Long Lane

Boro

ugh H

igh St

reet

B

orou

gh H

igh

Stre

et

Borough Road

Westminster Bridge Road

Waterloo Road

Waterloo Road

Blac

kfria

rs R

oad

Bl

ackf

riar

s Br

idge

York

Roa

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Waterloo Bridge

Sumner Street

Grea

t Suf

folk

Str

eet

Hungerford Bridge

Mill

enni

um B

ridg

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Blac

kfria

rs S

tatio

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Cann

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tree

t Brid

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R I V E R T H A M E S

Sout

hwar

k Br

idge

Roa

d

Blac

kfri

ars

Road

A3

Webber Street

Pocock StreetDeverell Street

Searles Road

Wansey Street

Gilber

t Road Renfrew Road

Dante Road

Redc

ross

Way

Ayre

s St

reetB300 Union Street

The Cut

Bayl

is R

oad

A302

Gard

en R

ow

Strand

A201

Great Suffolk Street

R I V E R T H A M E S

Rothsay Street

Webb Street

Mandela Way

Willow Walk

Maltby St

Bermondsy Street

Towe

r Brid

ge

Towe

r Brid

ge R

oad

Lower Thames Street

A100

A121

0

A1211

A21��

Crim

scot

t Str

eet

Grange Walk

Tower

Bridg

e Roa

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Druid Street

Tooley Street

Tooley Street

Grange Rd

R I V E R T H A M E S

RIVER THAMES

TateModern

SAVOY HOTEL

NationalTheatre

OXO Tower

Southbank Centre

London Eye

Shakespeare’sGlobe Theatre

BanksidePier

BlackfriarsPier

Swan LanePier

SavoyPier

FestivalPier

LondonEye Pier

TowerMillenniumPier

LondonBridgePier

Archbishop’sPark

ImperialWarMuseum

Guy’sHospital

St. Thomas’Hospital

Lambeth WalkOpen Space

TabardGardens

Mint Street Park

Nelson Square

City Hall

DesignMuseum

The Shard

Potters Fields Park

BermondseySpa Gardens

Borough Market

Little Dorrit Park

LeathermarketGardens

St. Mary’sChurchyard

Tower ofLondon

S O U T H W A R K

N E W I N G T O N

L A M B E T H

C O V E N T G A R D E NT E M P L E

C I T Y O F L O N D O N

1. Ogilvy & Mather2. WeWork3. Puma4. The Marketing Store5. Talk Sport6. MEC

7. SunGard Availability Services8. Boodle Hatfield9. UBM10. American Express11. Core 512. Overseas Development Institute

13. Transport for London14. Thomson Reuters15. Vodafone16. TimeInc & IPC Media17. Allies & Morrison18. London Fire Brigade

19. Tableau20. Zoopla21. Omnicom22. HSBC23. SunGard24. TP Bennett

25. Ofcom26. Financial Times27. ETC Venues28. The Office Group29. Galbraith Shipping30. British Legion

31. The Writer32. DNV33. Guy’s Hospital 34. News UK35. Matches Fashion36. Howard Kennedy

37. Al Jazeera38. Tiffany39. Duff & Phelps40. Arma Partners41. Health Care America42. Gallup

43. PWC44. London Borough of Southwark 45. Gowling WLG LLP46. Red Bull

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uth Bank O

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The building is a 1970’s concrete frame office over lower ground, ground and three upper floors totalling 6,553 sq ft. The ground floor is one half-storey above street level allowing natural light into the lower ground. The offices benefit from excellent natural light, generous common parts, good floor to ceiling heights, a regular floorplate and an 8 person lift serving all floors. The building is double glazed and has a central air-handling system that provides tempered fresh air. There is a central gas fired boiler providing heating. The building has recently been vacated and whilst requiring some redecoration and refurbishment is capable of early occupation by an incoming owner / tenant. Set out below are the existing areas, according to the RICS code of measuring practice.

Note: Fourth floor 354 sq.ft. - current plant room.

Reconfiguring the services and W/C’s in the building as part of a refurbishment will improve the efficiency of the floors and result in the following approximate areas:

Floor Existing Areas (NIA)

Sq M Sq Ft

3rd floor 130.3 1,403

2nd floor 131.7 1,418

1st floor 130.9 1,409

Raised Ground 126.5 1,362

Lower Ground 89.3 961

Total 608.7 6,553

Typical floor plan

Floor Proposed Areas (NIA)

Sq M Sq Ft

4rd floor 32.9 354

3rd floor 138.3 1,489

2nd floor 139.1 1,497

1st floor 138.4 1,490

Raised Ground 134.0 1,442

Lower Ground 111.1 1,196

Total 693.8 7,468

Proposed floor plan

Building

& A

ccom

mo

dation

WC

WC

RISER

1:100 Scale Bar

N

Second Floor (Proposed)

WC

Pipe

s

Entrance

1:100 Scale Bar

N

Second Floor

Plans not to scale

South Bank office vacancy rates are at a historical low standing at 2.5% at the end of Q4 2015. Quoting rents for newly refurbished offices are £55 - £65 psf. Headline transactions completing recently in both the letting and investment market include:

Vacant Office Sale Comparables

Leasing Comparables

Date Address Size (sq ft) Tenant £ psf Comments

Q1 2016 50 Southwark Street 2,089 Paccship £63.50 3rd floor. Newly refurbished former warehouse.

Q1 2016 44-46 Southwark Street

2,243 Emico £62.00 2nd floor. Newly refurbished former warehouse.

Q1 2016(Under Offer)

72 Borough High Street 1,636 Confidential £56.50 2nd floor. 2nd hand former warehouse. Sub-lease.

Q4 2015 240 Blackfriars Road 11,917 Demandware UK £63.00 8th floor. New build Grade A.

Q4 2015 Bramah House, 65-71 Bermondsey Street

3,242 Next 15 Communications

£55.00 Ground floor. Refurbished former warehouse.

Q4 2015 9 Holyrood Street 2,469 Reptile Group £55.00 1st floor. Refurbished former warehouse.

Q4 2015 Prospero House, 241 Borough High Street

8,582 Undisclosed Consultancy

£49.00 3rd floor. Refurbished Grade A.

Q4 2015 The Old Fire Station, 150 Waterloo Road

2,079 The Recruitment Business

£71.50 1st floor. Grade A refurbishment, part new build.

Market C

om

mentary

Date Address Size (sq ft) Price Price psf

Q1 2016 Ebbark House, 93-95 Borough High Street 5,302 £4.50 m £849

Q1 2016 45 Great Guildford Street 3,118 £2.875 m £922

Q3 2015 Collegiate House, 9 St. Thomas Street 8,196 £8.90 m £1,085

Q3 2015 Gunpowder House, 66-68 Great Suffolk Street 5,597 £4.50 m £807

TenureFreehold

Planning The building is situated in the London Borough of Southwark, is not listed and is in the Liberty of the Mint Conservation Area. The current owner has discussed the possibility of adding two additional floors with the planning authority. More information available on request.

VATThe property is elected for VAT purposes and therefore VAT will be payable on the purchase price.

EPCThe property has an Energy Performance Certificate rating of E (111). Full details available on request

Proposal We are seeking offers in excess of £5,000,000 (Five Million Pounds) subject to contract reflecting a capital value of £763 psf.

Tenure & Planning

Further Information Further information is available at http://bit.ly/1QosS21 and inspections can be arranged via Union Street Partners or Kingly Partners:

NOTICE: Messrs Union Street Partners and 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 February 2016 (vii) Union Street Partners and Kingly Partners will not be liable, in negligence or otherwise, for any loss deriving from these particulars.

Nick Fisher 020 7858 6869 07837 964 166

Tom Butt 020 7858 6868 07703 343 546

Andy Verschoyle 020 7858 6861 07825 507 522

Rupert Cowling020 3757 8578 07736 880 317

Simon Smith 020 3757 8577 07736 880 316

Nick Willson020 7855 3537 07720 736 514