Summary
A unique opportunity to acquire a prime London building and adjacent site with development potential for a range of uses including retail/leisure, offices and residential (subject to planning).
■■ Grade II Listed former bank building, extending to circa 900 sq m (9,700 sq ft) GIA on the corner of Tower Bridge Road and Tooley Street, with an adjacent cleared plot of circa 166 sq m (0.041 acres).
■■ 200m from Tower Bridge, 800m from London Bridge Station, and within easy walking distance of Tower Hill, Bermondsey and Borough stations.
■■ Neighbours include Restaurant Story and the One Tower Bridge development.
■■ Benefits from a positive pre-application response from Southwark Council for conversion of the existing building and development of the cleared plot.
■■ Offers sought on an unconditional basis. 185 Tower Bridge Road, SE1 2UF
Prime freehold development opportunity for sale Location & Location and Site Description Description
Development More London Opportunity The Shard Tower Bridge Borough Market City Hall Further Information
River Thames The Site
Bermondsey
s e Maltby Street Market m Location a h T d The Property is located on Tower Bridge Road, ha S approximately 200m to the south of Tower Bridge, in Central London. Site Description The site is bound to the north by Queen Elizabeth Street, and to the south by Tooley Street, which leads west to The site is comprised of a four storey building plus NatWest, who occupied the basement and ground floors London Bridge Station, a 10 minute walk away. London basement on the corner of Tower Bridge Road and for their banking operations, as well as the first and second Bridge Station offers access to the Northern and Jubilee Tooley Street (outlined red), as well as a cleared site floors for office space. The third floor is arranged as a three tube lines (Bank, 2 minutes, Green Park, 7 minutes), as (outlined green) adjacent to the building. The total site bedroom apartment with separate living room and kitchen. area extends to approximately 239 square metres (0.059 well as the National Rail network (Gatwick 30 minutes, The property is Grade II listed and was built in c. 1900. acre). The cleared site is approximately 166 square metres Brighton 1 hour). There are also several bus routes along It occupies a prominent corner position, with the main in size (0.041 acre). Tower Bridge Road (188 and 1) and Tooley Street (343, 47 entrance to the building (which provides access to the and 199), offering access to and from the City, the West The building on site is comprised of the areas in the table ground and basement floors) located on the corner of End, Mid Town and Southeast London. below (areas provided by City of London). Tower Bridge Road and Tooley Street. The remainder of the floors are accessed via a separate entranceway on The surrounding area is diverse, with secondary The building was occupied until the end of 2017 by commercial along Tower Bridge Road, residential Tower Bridge Road. mansion blocks to the south along Tooley Street, and the One Tower Bridge development by Berkeley Group to GIA NIA Floor to ceiling Floor the north on Queen Elizabeth Street. One Tower Bridge Sq m Sq ft Sq m Sq ft height (m) includes residential and commercial accommodation as well as a new Theatre, boutique hotel, the Lalit, the Ivy Basement 193 2,077 87 934 3.3 and a number of other high-quality restaurants. Other Ground 187 2,013 150 1,618 4.35 attractions within a five minute walk of the site include First 189 2,034 158 1,696 2.9 City Hall, More London office complex, HMS Belfast, Second 189 2,034 158 1,696 2.9 Hay’s Galleria, Shad Thames and Potters Fields Park. Third 143 1,539 103 1,113 2.7 Directly adjacent to the Property is Restaurant Story, a Michelin starred establishment that opened in 2013. Total 901 9,698 656 7,057
2 Location & Development Opportunity Description
Planning Development The ground floor was last in use as a bank (A2) and this use ceased Opportunity at the end of 2017. We understand that the first and second floors were in use as office space (B1) that were separately leased and accessed via the entrance to Tower Bridge Road, and that the Further top (third) floor of the building was last in use as a self-contained Information residential apartment (C3).
The building is Grade II listed and is situated within the Tower Bridge Conservation Area. Any proposals for alteration or redevelopment of the building and the parcel of land would need to satisfy the statutory criteria with respect to development proposals that affect listed buildings and conservation areas. Pre-application A pre-application meeting was held with Southwark Council in August 2018 on the basis of a Feasibility Study carried out by Morris + Company. The proposed form of development can be seen in the sketch to the right. A positive response was received from the Council, and both the Feasibility Study and Pre-Application response letter can be downloaded from the online data room. Development Potential In light of the positive pre-application response, we consider that the existing building and adjacent site have potential for conversion and development for a range of uses including retail/leisure, offices and residential (subject to planning).
We include a Heritage Assessment in the Information Pack, which, along with the pre-application response provides guidance as to historic features that would need to be preserved and potential for alterations to the existing building. Tenancy The first floor of the building is currently occupied by the London Art Portfolio on a Tenancy at Will determinable at any time. The remaining floors are vacant
3 Location & Further Information Description
Tenure Data Room Development The site is to be sold Freehold. The site is currently Further information pertaining to the sale of the property Opportunity registered to the City of London Corporation under is available in a data room which can be accessed via freehold title TLG455906. the dedicated website https://185towerbridgeroad.com. These documents include: Further VAT ■■ Title Register and Plan Information The site is not elected for VAT. ■■ Floor Plans ■■ Asbestos Survey Viewings ■■ EPC Viewings are by appointment only, to be arranged ■■ Listing Description with Montagu Evans as sole agent. Viewing days will be ■■ Heritage Assessment arranged with details available on application. ■■ Feasibility Study by Morris + Company Method of Sale ■■ Pre application response from Southwark Council ■■ Bid form The site is to be sold by way of informal tender. Offers are invited on an unconditional basis only by midday on The vendor reserves the right not to accept the highest the 8th February. or indeed any offer received. Office / Investment Contact information Robert Skioldebrand For all enquiries and further information please contact: 020 7312 7443 Development Agency Retail [email protected]
Alex Jackson Nick Goodman James McAdden 020 7866 7610 020 7312 7432 020 7866 8219 [email protected] [email protected] [email protected]
Samuel Blake Paul Bugeja Angus Marlow-Thomas 020 7866 7602 020 7312 7471 020 7866 8612 [email protected] [email protected] [email protected]
Misrepresentation Act 1967 Montagu Evans LLP for themselves and for the vendors or lessor of this property whose agents they are, give notice that: (i) the particulars are set out as a general guideline only for the guidance of intending purchasers or lessees and do not constitute the whole or any part of an offer or contract. (ii) All descriptions, dimensions, references to condition and necessary permissions of the use and occupation, and other details are given in good faith without responsibility whatsoever and intending purchasers or tenants should not rely on statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) Neither Montagu Evans LLP nor their employees has any authority to make or give any representation or warranties whatsoever in relation to the property. (iv) Unless otherwise stated, all prices and rents are quoted exclusive of VAT and intending purchasers or lessees must satisfy independently as to the applicable VAT position. (v) All the plans and maps provided within the particulars are for identification purposes only. 4