1 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 1 A RARE OPPORTUNITY TO CREATE A LANDMARK PRIVATE RESIDENTIAL AND APARTHOTEL SCHEME LOCATED IN THE HEART OF SE1.
2 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 1 THE SHARD LONDON BRIDGE HMS BELFAST CITY OF LONDON MORE LONDON TOWER BRIDGE
EXECUTIVE SUMMARY
An outstanding opportunity to deliver a high quality mixed use scheme, developing three existing buildings in the heart of SE1.
/ A unique freehold development opportunity close to Tower Bridge, Bermondsey Street and London Bridge; with views across to The Shard, South Bank and the City of London.
/ 151-157 Tower Bridge Road has resolution to grant planning permission for a mixed use scheme comprising 69 residential (C3) apartments of 5,749 sq m (61,880 sq ft) NSA, 137 room aparthotel (C1) and flexible retail / commercial space of 981 sq m (10,560 sq ft) GIA.
/ 47 secure underground car parking spaces.
/ Currently producing an annual revenue of £2.8 million through the operation of 41 aparthotel units and 106 residential units let on Assured Shorthold Tenancies.
2 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 3 CGI of consented scheme central courtyard
4 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 5 LONDON THE CITY
London continues to assert its status as a truly global city annually receiving over 17.4 million visitors and tourists. Its position between the time zones of Asia and USA makes the city a strong global financial centre and hub for international trading within Europe, principally from the City of London and Canary Wharf.
London is also a global epicentre for higher education with UCL and Imperial College positioned in the QS Top 10 Global University Rankings.
The foundations of London as a city are built upon a rich cultural and historic past which is visible across the city’s architecture and infrastructure.
More recent modern developments and buildings now sit alongside the traditional landmarks: a cultural fusion that makes London the vibrant city in which 8.7 million people work, study and live.
6 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 7
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WESTMINSTER t Lamb A3216 CROSSHARBOUR V Lamb a eth Bri u dge SURREY x h New Kent Road A201 QUAYS a ll B A rid 1 ge 8 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 9 2
0 Roa 6 A Southw d ark Park Road W 2 A202 1 e 5 s SLOANE SQUARE t fe 6 A r 3 2 r 0 y 0 0 3 R o A a d MUDCHUTE SOUTHWARK A RICH HISTORY
Southwark’s character is defined by historic and traditional buildings juxtaposed with landmark riverside new build developments and regeneration, drawing both tourists and locals to its streets.
The town of Southwark has been a significant settlement in its own right for the last one thousand years. St Mary Magdalen Church, which includes remnants of an 8th Century Abbey, remains the oldest building in Bermondsey and the Property overlooks this significant church and associated churchyard.
The area has a rich history founded on Bermondsey being the hub of the leather and hiding trade throughout the 17th and 18th Century.
Since World War II, the area has evolved to become a diverse community with conversion of these historic buildings to a wide range of commercial, residential and retail uses.
This gentrification, together with more modern development along the river and South Bank, make it a vibrant Zone 1 location to both live and work in London.
10 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 11 12 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 13 CULTURAL FOCUS, THRIVING COMMUNITY
The area of London Bridge, the South Borough Market has also transitioned Bank and Tower Bridge are amongst the from a wholesale market, to a more most visited locations in the capital and artisan offering and has become a home to many of London’s key cultural culinary destination in its own right. There sights including: is now an extensive variety of restaurants from Tom Seller’s Michelin starred Tower Bridge / Story on Tooley Street to small-scale / Shakespeare’s Globe independent restauranteurs opening under the arches of London Bridge and The Shard / along Bermondsey Street / Tate Modern The White Cube, one of London’s / Borough Market foremost modern art galleries, The Clink Prison Museum and the Fashion The Bermondsey area has rapidly & Textile Museum demonstrate the transformed to become a fashionable rich history of the area, with The and culturally rich Zone 1 destination, Bunker Theatre and Unicorn Theatre contributing to a surge in the opening highlighting the independent cultural of a number of boutique retailers and offering alongside the world-renowned independent cafes and restaurants along Shakespeare’s Globe. Bermondsey Street and Tanner Street.
14 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 15 CORPORATE CONNECTIONS
SE1 has further cemented its position as a desirable business destination with a significant provision of high specification commercial space recently developed in Southwark and South Bank.
For financial and media service occupiers who have found the City of London and Embankment rents overpriced, SE1 offers better value premises south of the river which fit with their brand identity.
Consequently, an increasingly wide range of occupiers are relocating to SE1, particularly media and advertising agencies including Red Bull, ITV News International, and Ogilvy & Mather.
More recently, the London Bridge Quarter redevelopment, including The Shard, has seen the arrival of multinational oil and gas occupiers and luxury goods firms, while More London has seen a shift of corporate occupiers relocating to SE1 including Gowling WLG, Norton Rose Fulbright, and PwC.
16 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 17 LONDON BRIDGE QUARTER Sellar Developments A £6.5 billion three phase project including IN GOOD enhancement of the existing station, new bus station COMPANY and extension of modern retail provision. Development of The Shard as the tallest building in Europe at 72 storeys providing 772,700 sq. ft. of commercial, 29,800 of retail and 200 bed luxury Shangri-La hotel. Phase 3 includes a 27-storey residential tower designed by Renzo Piano.
MORE LONDON ESTATE Broadgate Estates A 13.5 acre mixed use riverside development completed in 2010 providing 2.7 million sq. ft. of office accommodation, retail space and hotel accommodation. The scheme also delivered City Hall, home to Mayor of London and Greater London Authority. Berkeley Homes have developed One Tower Bridge a scheme of 373 units immediately adjacent to the wider scheme. BISCUIT FACTORY SAMPSON & LUDGATE HOUSE Grosvenor Native Land, Temasek, HPL & AMCORP Properties Former factory occupying 12 acres to south of the site Mixed use scheme with planning permission for 489 is undergoing master-planning for a £500m scheme to private residential units, 490,000 sq. ft. of commercial deliver c.1,500 new homes, a new secondary school and and 60,000 sq ft of retail and leisure amenity. 85,000 sq. ft. of commercial space providing amenity for the neighbourhood.
THE DIXON SOUTH POINT SUITES VINOPOLIS SEA CONTAINERS HOUSE Dominvs Starwood Capital Group Meyer Bergman Deerbrook Autograph branded, 4* hotel with 191 bedrooms, 101 bedroom Aparthotel with guest bar, lounge & gym. Two acre site adjacent to Borough Market with plans for Completed development and refurbishment of river- restaurant, bar and meeting space. Completion Completion due 2017. £300 million redevelopment with over 180,000 sq. ft. of fronting dated office building to provide 360 room due 2019. enhanced retail provision around London Bridge area. Mondrian Hotel and 90,000 sq. ft. of offices let to Ogilvy & Mather.
18 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 19 KING’S CROSS ST PANCRAS INTERNATIONAL JUBILEE LINE (11 MINS)
NORTHERN LINE
Source: Transport for London OLD STREET (6 MINS) ALDGATE EAST ST PAUL’S
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(6 MINS) (4 MINS) (2 MINS) (1 MIN) (3 MINS) (6 MINS) e t t T a e e h g tr s S e p ch M THE CITY o ur h h i s c n i n e o F MANSION HOUSE B r i e FENCHURCH STREETs
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London Bridge’s status as a key London district is
reinforced by the strength of its transport links, sitting
between the West End and Canary Wharf, with a journey Borough Market A3 2 00 r e o time of just six minutes in each direction. w o T
T The Shard o City Hall The Property benefits from excellent connections, o l LONDON BRIDGE e y S being in close proximity to London Bridge, Borough and tr e e t t Bermondsey, making this an ideal location from which to e
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London Bridge is also on the Thameslink rail network, a
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20 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 21 EXISTING 151-157 TOWER BRIDGE ROAD
Prominently positioned on Tower Bridge Road, the buildings boast an excellent outlook across St Mary Magdalen Churchyard and The Shard. The Properties were originally built in the early 2000s, with the buildings set around a central courtyard with commercial space and an underground car park.
The Property was purchased out of administration by the Vendor at the beginning of 2015, with a considerable amount of resource and capital spent rectifying title constraints and redesigning an improved planning consent.
The Property has three constituent parts: / 151 and part 153 Tower Bridge Road form the existing residential (C3) element of the building, currently arranged as 106 residential units, operating on Assured Shorthold Tenancies; / The remaining part of 153 Tower Bridge Road is currently operated as 41 aparthotel (C1) units; / 157 Tower Bridge Road is currently in shell condition.
Existing commercial units provide 959 sq.m (10,326 sq.ft) of retail and office space. 151 153 157 Current revenue of £2.80m and NOI of £1.65m per annum (2016), net of operational and property costs, which can offer interim income prior to redevelopment.
157 Tower Bridge Road: existing shell
Existing scheme
22 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 23 CGI from St. Mary Magdalen Churchyard
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The property is located immediately outside Bermondsey Street The current owner purchased the site which was in partially ta
71 0 10 8 Es
3 Es 6 Conservation Area within the London Borough of Southwark. completed condition and in contravention of the original 6 to k 15 3 7 ok 3 1 o to r 73 1 oo planning application. The vendor has worked with London 2 1
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The site has a resolution to grant planning permission under 1 Borough of Southwark to design a scheme which is summarised u Pu P
reference: 16/AP/3222 by London Borough of Southwark in below. The full planning submission documentation is available NEWHAM'S ROW
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April 2017. Details of the consent are outlined below: 1
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ll 3 18 Bermondsey 2 17 “Alterations to and the refurbishment of the existing buildings, 69 private residential units (8 x 1 bed, 56 x 2 bed and 3 / 1 to
81 9 Exchange including: change of use from 106 residential units (40 x studios, 5 x 3 bed)
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36 x 1bed and 30 x 2bed), 41 apart-hotel units/partially vacant 12
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apart-hotel units and flexible retail/commercial floorspace (A1/ 2 1 A2/A3/B1a); installation of balconies; alterations to elevations; Informal discussions / pre-application advice has been sought 91
PURBROOK STREET
with Southwark regarding a tower option on the existing site 1
minor alterations to increase the height of the buildings (max.
4
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20 3 to create a landmark 32 storey structure providing a gateway 1 32.3 metres); landscaping; alterations to vehicle access; and St Mary M to agdalen 2 with St scheme entering from Tower Bridge into SE1. Further details of 19 Olave associated works.” 23 St J 1 to ohn a nd St St 28 this potential option are included within the project website. Luke Law Church rence H ouse se
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24 151-157 TOWER BRIDGE ROAD LONDON SE1 Ordnance Survey ©Crown Copyright 2017. Allrightsreserved. Licence number 100022432. PlottedScale - 1:1250 151-157 TOWER BRIDGE ROAD LONDON SE1 25 CGI aerial of consented scheme
26 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 27 CONSENTED SCHEME OVERVIEW
151-157 Tower Bridge Road has an implementable planning permission for:
Residential Aparthotel The scheme provides 69 private apartments, comprising a mix of studios, 1, 2 and 3 bedroom units, totalling 5,749 sq.m The scheme provides 137 studio and one bedroom aparthotel units totalling 3,629 sq.m (39,064 sq.ft) of rooms and 6,126 sq.m (61,880 sq.ft) NSA and 10,011 sq.m (107,762 sq.ft) GIA. Most units benefit from large private outdoor amenity space offering (65,934 sq.ft) GIA. panoramic views. Open plan reception and lounge to be created at entrance on Newham’s Row Piazza (linking with Bermondsey Street) with an Total units % Average area Average area Total area Total area additional lounge area adjacent to the secondary entrance on Tower Bridge Road. (NSA) (sq ft) (NSA) (sq m) (NSA) (NSA) (sq ft) (sq m) Total units % Average Room Average Room Size (sq ft) Size (sq m) 1 Bedroom 8 12% 544 51 4,352 404 Studio 74 54% 264 24 2 Bedroom 56 81% 918 85 51,431 4,778 1 Bedroom 47 34% 303 28 3 Bedroom 5 7% 1,219 113 6,097 566 1 Bedroom Accessible 16 12% 332 31 Total 69 100% 897 83 61,880 5,749 Total 137 100% 285 26 Retail/Commercial The aparthotel benefits from primarily being a rooms revenue generating business, with relatively low cost margins and stable Six ground floor commercial units totalling 981 sq.m (10,560 sq.ft) GIA of retail or commercial space. occupancy levels. Car Parking The scheme delivers 47 secure underground car parking spaces.
151-157 Overview of Areas
Residential (C3) Aparthotel (C1) Commercial / Retail Total
No. Units NSA NSA GIA GIA No. NIA NIA GIA GIA No. NIA NIA GIA GIA Net Net GIA GIA (sq m) (sq ft) (sq m) (sq ft) Units (sq m) (sq ft) (sq m) (sq ft) Units (sq m) (sq ft) (sq m) (sq ft) (sq m) (sq ft) (sq m) (sq ft) Basement - - - 2,331 25,085 - - - 155 1,663 ------2,485 26,748 Ground - - - 468 5,032 - - - 765 8,239 6 959 10,326 981 10,560 959 10,326 2,214 23,831 First 11 899 9,674 1,092 11,751 24 642 6,912 924 9,949 - - - - - 1,541 16,586 2,016 21,700 Second 11 809 8,713 991 10,665 24 661 7,116 926 9,970 - - - - - 1,470 15,829 1,917 20,634 Third 10 809 8,707 995 10,713 24 656 7,065 923 9,932 - - - - - 1,465 15,772 1,918 20,645 Fourth 10 800 8,609 986 10,609 22 587 6,321 841 9,057 - - - - - 1,387 14,930 1,827 19,666 Fifth 10 804 8,651 990 10,661 22 569 6,125 825 8,876 - - - - - 1,373 14,776 1,815 19,536 Sixth 7 545 5,871 800 8,607 21 513 5,526 766 8,249 - - - - - 1,058 11,397 1,566 16,856 Seventh 6 576 6,203 711 7,653 ------576 6,203 711 7,653 Eighth 4 278 2,991 323 3,477 ------278 2,991 323 3,477 Ninth * 229 2,461 326 3,509 ------229 2,461 326 3,509 Total 69 5,749 61,880 10,011 107,762 137 3,629 39,064 6,126 65,934 6 959 10,326 981 10,560 10,337 111,270 17,118 184,256
* Duplex Apartments
28 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 29 CGI of consented scheme looking north along Tower Bridge Road
30 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 31 Residential FLOOR Aparthotel PLANS Retail/Commercial Core
PROPOSED GROUND PROPOSED SIXTH
PROPOSED FIRST PROPOSED PENTHOUSE LEVEL
32 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 33 View from 151 Tower Bridge Road across St. Mary Magdalen Churchyard
34 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 35 SOUTH BANK RESIDENTIAL SALES MARKET OVERVIEW
Price growth in the local SE1 area has been very strong over Proposed Tower Bridge Road Residential Scheme the past 10 years, with capital values more than doubling over The consented scheme has been designed within the existing the decade. The area has outperformed Prime Central London envelope of the building, with the addition of the top storey at which has seen growth of 50% over this period. The average 151 Tower Bridge Road for the residential penthouse units. The house price in SE1 currently stands at £812,000, which is over a scheme comprises predominantly 1 and 2 bedroom units which third higher than the average for London. have been designed to accommodate the owner occupier Compared with the 2007/08 peak, Southwark has market. Additionally 59 of the units benefit from private outdoor outperformed the neighbouring borough of Lewisham and amenity space, some with views across to The Shard and green wider London with prices in June 2017 76% greater than in July spaces of St Mary Magdalen Churchyard. 2008 compared with 74% for Lewisham, 60% for London and The location and proximity to both the City of London and 17% for England and Wales. extensive transport links are an additional benefit of the Outlook for the Market saleability of the units to a wide range of end purchasers including students, young working professionals, families and In the past 24 months, the prime London housing market has city workers. faced a number of challenges as a result of a changing political and fiscal environment as well as tighter mortgage regulation. Property prices compared with the 2007/08 peak Property prices compared with the 2007/08 peak The reform of stamp duty announced in the 2014 Autumn Southwark Lewisham London England & Wales Statement and the subsequent 3% “Additional Homes” 100% surcharge, has had an impact on the prime London market. 80% In light of the referendum vote to leave the EU, the UK government continues to protect London’s position as a major 60% global financial centre. 40% The market has experienced a boost from the weakness of sterling, presenting an opportunity for international buyers. In 20% Price vs peak addition, interest rates are expected to remain lower for longer. 0% Over the next five years we expect capital values in prime -20% London to outperform the wider mainstream London market with growth of 15%. -40% 7 3 0 Jul-2011 Jul-201 Jul-2012 Jul-2015 Jul-2013 Jul-2016 Jul-2014 Jan-2011 Jul-2010 Jan-2017 Jan-2012 Jan-2015 Jan-201 Jul-2007 Jan-2016 Jul-2005 Jan-2014 Jul-2008 Jul-2006 Jul-2009 Jan-201 Jan-2007 Jan-2005 Jan-2008 Jan-2006 Jan-2009
Source: Land Registry
36 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 37 CGI of consented apartment bedroom
38 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 39 CGI of consented apartment living room
CGI of consented residential amenity terrace
CGI of consented apartment private terrace
40 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 41 THE SOUTHWARK HOTEL & EXTENDED STAY MARKET
London remains one of the strongest hotel operating markets London Hotel Market & Aparthotel Sector Performance across the globe, underpinned by its position as a world-leading business destination and a key international meeting place. It is £160 100% 90% also firmly established as a leisure destination. £140 80% £120 These abundant demand drivers provide a diverse business mix 70% £100 £ ) ( for London’s hotel market, which has resulted in robust trading 60% )
% R ( dynamics with key performance indicators over the past four A £80 50% C V P E O years consistently outperforming other international markets. R 40% £60
The London hotel market has achieved long term stable 30% occupancy rates, demonstrating an enduring ability to absorb £40 20% new bedroom stock. £20 10%
£0 0% The London Extended Stay market, comprising serviced 2013 YE 2014 YE 2015 YE 2016 YE H1 2016 H1 2017 apartments and aparthotels, has seen significant performance Aparthotel Segment RevPAR London Hotel Market RevPAR growth, increasing faster than that of the whole London Hotel Aparthotel Segment Occ London Hotel Market Occ market. In 2016, the Extended Stay sector saw nearly 70% faster RevPAR growth than all hotels. This sector across London has also outperformed the market in absolute terms, achieving higher occupancy and higher room rates than the whole hotel sector. In 2016, Extended Stay units achieved 127% RevPAR penetration into the London Hotel market.
The long-stay market (4+ nights) comprises 51% of all overseas visitors in the UK, while the 4-7 night stay segment, which is targeted by the Aparthotel sub-sector, is the fastest growing segment currently accounting for the bulk of long stay visits (70%+). The London Extended Stay market remains critically undersupplied compared to other global markets: London has only a third of the number of units in Hong Kong, relative to the number of overseas business visitors.
There are currently 59 hotels in SE1 providing 9,334 bedrooms. The locality is already established as a high-end hotel location, with more than 50% of bed supply in the 4-star or 5-star tier of the market. There are currently 1,172 serviced apartment units in SE1, representing just 13% of supply, compared with 17% in the City of London.
Above: Existing residential unit
42 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 43 Indicative Aparthotel interior design
44 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 45 TENURE TENANCIES VAT DATAROOM
151-153 Tower Bridge Road is held freehold and registered under The existing C3 residential units are leased on ASTs for a The aparthotel element will be treated as a Transfer of Going All further information about the opportunity is available via the title number SGL312631. maximum duration of six months. The residential and aparthotel Concern (TOGC), while the residential element is VAT exempt. project website at: element are managed by a third-party, both of which are 157 Tower Bridge Road is held freehold and registered under terminable on sale. www.towerbridgeroad.co.uk title number TGL136173.
Newhams Row is held freehold and registered under title number TGL311678.
46 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 47 CONTACTS
All internal viewings are strictly by appointment only via the sole selling agents. Please contact any of the agents listed below to arrange a viewing.
Residential Development Land Hotels
Tim Whitmey Rob Stapleton [email protected] [email protected] +44 (0) 20 7409 9999 +44 (0) 20 7409 8029
Andrew Cox Richard Dawes [email protected] [email protected] +44 (0) 20 7016 3851 +44 (0) 20 7409 8106
Lucy Robbie Oliver Armitstead [email protected] [email protected] +44 (0) 20 7409 5988 +44 (0) 20 7409 9919
Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. CGI of consented scheme looking from Tower Bridge Road Designed and Produced by Savills Commercial Marketing: 020 7499 8644 | September 2017
48 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 49 CGI of consented scheme from St. Mary Magdalen Churchyard
50 151-157 TOWER BRIDGE ROAD LONDON SE1 151-157 TOWER BRIDGE ROAD LONDON SE1 51 52 151-157 TOWER BRIDGE ROAD LONDON SE1