The property provides an attractive modern office premises behind a red brick façade and approached via a courtyard.
The building is arranged on lower-ground, ground and three upper floors with each floor providing primarily open plan accommodation.
Location
The premises are situated in a quiet enclave in the heart of London close to Cardinal Place and Nova. The area is well served in terms of local amenities including a wide range of restaurant and retail options.
Victoria Station (Mainline, Victoria, District and Circle lines and The Gatwick Express) is within a few minutes walk of the building.
Accommodation
The premises are arranged as follows;
Third Floor - 654 sq ft (60.8 sq m)
Second Floor - 680 sq ft (63.2 sq m)
First Floor* - 1,040 sq ft (96.6 sq m)
Ground Floor - 1,260 sq ft (117.1 sq m)
Lower Ground Floor - 1,035 sq ft (96.2 sq m)
Total - 4,669 sq ft (433.8 sq m)
Terms
PLANNING - The property is situated within the Birdcage Walk Conservation Area and are not listed. The premises are currently used as offices.
Planning permission was granted for a residential scheme (Ref: 13/00893/FULL), however this permission has now expired.
TENANCY - Premises are single let to My London Home on a lease expiring 30th June 2025 at a low passing rent of £181,623 annum exclusive. The lease incorporates a Mutual Option To Determine on the 1st July 2022, upon 9 months prior written notice. The Tenant has served Notice to determine the lease.
The lease is contracted outside the Security of Tenure & Compensation Provisions of the Landlord & Tenant Act 1954, Part II as amended.
The tenant has sublet the premises on flexible Licenses. Details available upon request.
EPC - The property has an EPC rating of 91, which falls within Band D.
TENURE - The office premises are held Freehold. Title Number: 335685. The Courtyard is held as part of a Freehold Title associated with No. 35 Catherine Place. Title Number: 168399.
PRICE - We are instructed to seek offers of £4,650,000 (Four Million Seven Hundred & Fifty Thousand Pounds) plus VAT for the Freehold interest, subject to contract. This price reflects a capital value of £996 per sq ft and a net initial yield of 3.66% after allowing for Purchaser’s costs. Our clients are prepared to sell the Courtyard as part of this transaction.
VAT - The property has been elected for VAT. It may be possible to sell the premises as a TOGC.
LEGAL COSTS - Each party shall pay their own legal costs with respect of this transaction.
Specification
- Comfort Cooling / Central Heating
- CAT 5 Data Cabling
- Patio Area
- Kitchen Break Out Area
- Shower & WC Facilities
- Courtyard Car Parking