72 STREET SE1 “the most fashionable bakery in britain” 72 Bermondsey Street, London SE1 Prime Retail Investment

Investment Summary

■ Trendiest Retail Street in

■ A short walk east of Station

■ Virtual Freehold

■ Ground floor retail unit

■ Let to the Pastry Store Ltd, trading as Southerden, at £45,000 pa

■ Quoting £945,000 reflecting a NIY of4.5%

Investment Rationale

■ Increasingly popular location with strong retailer demand

■ Prime Bermondsey Street position

■ The £6 billion redevelopment of is creating a new entrance on St Thomas Street, moments from Bermondsey Street

■ Let to a critically acclaimed Patisserie with a unique fit out & design

■ Low passing rent with good future growth potential 1 Southbank IS one of the most dynamic property markets in London 4.7/5 Google Review London Bridge Redevelopment – “very cool teapots, ■ New entrance on St Thomas Street giving access direct to mainline and underground stations good coffee, lovely ■ £6 billion redevelopment due to complete summer 2018 space & really friendly ■ Works will increase passenger capacity by 66% ■ New two acre concourse, the largest in the UK helpful staff”

DU IDGE KE S TR LONDON BRIDGE E ET BOROUGH MARKET H I LL THE TOWER BR SHARD

New Station

ST Entrance T T OAD E T O H O R E L

G O EY

R REAT M S T A TR S S E

N S E EWCOMEN STREE M T T H R

A E RIDGE G G Z E B A I E T IN

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H P R OR T O E Q D H N WS UE ST D SNO FIELD E RE G S W N E E T U O LI BERMONDS ZA O T BE R TH

O S TR B W E E OW GUY E T R STREET S D T Y O RU B N BOROUGH S

S ID RO T E T R STRE O C YERS GAT E T O E T L AY E ET Y W LONG EY S Y LEA THER T TR MARKET STREET ANNER S E

KIPLING ST TR EE E STR T T E LVAN ST BERMONDSEY O TA MU ST EET N E SQUARE D N T D

G CC ER TREE RU RIMA O S LG ANTIQUES MARKET PI OR ID

M ST L ANE R TRIN E ITY ET S DGE ROA TREET M 72 Bermondsey Street ANCI TO BRI O PL London SE1 LE E S WES R Y T TR S A T G BAR EET RE R WE ET E D T O A S T T T R EET ET D O D STRE N E EY O C ABB S I V T M A E R STR EE AD S T O T R R D TH A E O E R T E FALMOU G ID R B R E SPA ROAD W O T GRANGE

RO A 2 D

NEW KENT ROAD

“The coolest road in the Capital” GQ Magazine Tanner Street Tanner

72 Bermondsey Street Bermondsey Street London SE1 FASHION & TEXTILE MUSEUM

Leather market CONTEMPORARY ART GALLERY Morocco Street

3 Tenancy

The property is let to the Pastry Store Ltd t/a Southerden on a 9 year lease from December 2014. The lease is held on full and repairing terms via service charge and is contracted outside the Landlord & Tenant Act 1954. The passing rent is £45,000 per annum, reflecting £105 psf Zone A. The lease is subject to a mutual break and an upwards only open market rent review after the third and sixth years. The lessor holds a 6 month rent deposit of £27,000 including VAT.

Southerden Patisserie & Café

Southerden opened their Bermondsey Street store in 2015, after a successful period in Peckham. All the baking and preparation is undertaken in their nearby bakery, led by the founder, Mel Southerden, a lawyer turned patisserie chef. In addition to the shop, they prepare bespoke orders, cater off-site and run bakery workshops. The café benefits from an alcohol licence. Further information is available at www.southerden.com London Evening Standard “London’s 50 best bakeries & cake shops”

4 The Building & Design

The property is an attractive mid 18th Century building with retail space on the ground floor. There are two residential apartments on the upper floors, not included in the sale. The tenant commissioned British design duo Eley Kishimoto to design the interior and Studio Maclean to complete the fit out. The building’s net internal floor area is 603 sq ft with an ITZA of 427 sq ft. “The result is as satisfying on the eye as the salted caramel doughnuts are on the tongue” Tenure Virtual Freehold - 985 years unexpired at a peppercorn rent.

Planning The building is Grade II Listed and located in the London Borough of Southwark’s Bermondsey Street Conservation Area.

VAT The property is not elected for VAT.

EPC

The property has an Energy Performance Certificate rating of F

A copy is available at www.kinglypartners.com/72bermondseystreet

5 72 BERMONDSEY STREET SE1 Proposal

We are seeking offers in excess of £945,000 (Nine Hundred and Forty-five Thousand Pounds) exclusive of VAT and subject to contract. A purchase at this level would reflect a Net Initial Yield of 4.5% assuming purchasers costs of 5.8%.

Further Information

Further information is available at www.kinglypartners.com/72bermondseystreet

Nick Fisher 020 7858 6869 07837 964 166 [email protected]

Paul Rowntree 020 7858 6863 07825 507 523 [email protected]

Subject to Contract and Exclusive of VAT. Kingly Partners LLP for themselves give notice that (i) these particulars do not constitute, nor constitute any part of, an offer or a contract; (ii) all statements contained in these particulars as to these properties are made without responsibility on the part of Kingly Partners LLP (iii) none of the statements contained in these particulars are to be relied on as statements or representations of fact; (iv) any intending purchasers must satisfy themselves by inspection or otherwise, as to the correctness of each of the statements contained in these particulars; (v) the vendors do not make or give, and neither Kingly Partners LLP nor any person in their employment has authority to make or give, any representation or warranty whatever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (VAT). Any intending purchasers must satisfy themselves independently as to the incidence of VAT in respect of any transaction. September 2015. Designed and produced by Oracle Creative 020 7935 7359 | www.oraclecreative.co.uk