Borough High Street

66-70 BOROUGH HIGH STREET

66-70 Borough High Street

LONDON SE1

A Vacant Freehold Newly Refurbished Mixed-Use Building

1 66-70 BOROUGH HIGH STREET 66-70 BOROUGH HIGH STREET

Executive Summary

Freehold

Located in the vibrant and popular district of South Bank, close to Borough Market, Bankside and London Bridge Quarter

Excellent transport connectivity with London Bridge Station located within a 3 minute walk

Situated in an area undergoing significant infrastructure improvements and regeneration

Attractive Grade II listed terraced property providing 6,012 sq ft of office and retail accommodation

Retail accommodation at ground and lower ground totalling 1,847 sq ft GIA and office accommodation arranged over ground and four upper floors providing 4,385 sq ft NIA

Comprehensively refurbished in 2020 to provide CAT A office space and a retail unit fitted to shell condition

To be sold with full vacant possession

Various asset management initiatives to include; carrying out CAT A+ fit out, splitting the building front and rear and operating as a boutique business centre

Offers are sought in excess of £4,500,000 subject to contract and exclusive of VAT reflecting a low capital value of £749 per sq ft

2 3 66-70 BOROUGH HIGH STREET 66-70 BOROUGH HIGH STREET

BLACKFRIARS TATE FLAT IRON SHAKESPEARE’S ST PAUL’S BOROUGH CANNON THE GUY’S THE LONDON THE CITY MODERN SQUARE GLOBE CATHEDRAL MARKET STREET PLACE HOSPITAL SHARD BRIDGE

66-70

BOROUGH

4 5 66-70 BOROUGH HIGH STREET 66-70 BOROUGH HIGH STREET

1 Old Union Arches Location 2 St Paul’s Cathedral 3 Flat Iron Square 4 Borough Market 5 Padella

SOUTH BANK IS ONE OF LONDON’S MOST VIBRANT DISTRICTS, RENOWNED AS A CULTURAL HUB AND THRIVING 2 COMMERCIAL CENTRE.

The area is celebrated for its world-class attractions including Tate Modern, London Eye, National Theatre and Shakespeare’s Globe as well as its retail, leisure and F&B provisions.

South Bank has undergone significant regeneration over the past decade, driven by a number of key developments which have contributed to the transformation of the area, including Sea Containers House, South Bank Central and 240 Blackfriars. There are several notable schemes in the pipeline including the delivery of Bankside Quarter, a new development comprising two adjoining sites which has obtained full planning for two mixed-use towers. CIT’s redevelopment of Colechurch House, near BOROUGH MARKET London Bridge Station, is currently under 3 4 consultation for the regeneration and Dating back to 1276, Borough Market is repositioning of the existing landmark site. London’s oldest food market and one of 5 the capital’s most popular tourist In recent years, South Bank has evolved into The subject property is situated along the western destinations, attracting 4.5 million visitors side of Borough High Street, just south of its one of the most competitive office locations for each year. technology, media and telecommunication junction with Southwark Street and north of its companies. The commercial hotspot appeals to a junction with Union Street. Trading at its current location since 1756, diverse mix of creative occupiers, attracting best the site is best known for its wholesale The property is located in the Bankside district of in class tenants including IBM, ITV, Omnicon and and retail market, which over the years Southwark, a dynamic location steeped in history, global media and advertising group WPP. has become one of the most competitive heritage and culture. Borough is home to a mix of spaces for food and beverage occupiers. commercial occupiers and benefits from an abundance of amenities including the popular Borough Market offers a variety of British and International produce reflective of Borough Market, which is situated moments from London’s global heritage, mixing the building, Flat Iron Square which is located traditional alongside exciting new food 300m to the west and the banks of the River and drink vendors and concepts. Thames which lie 300m north of the site.

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L A N E London Bridge Underground Station is located less ROTHERHITHE Connectivity than 175 metres from 66-70 Borough High Street. Local Occupiers London Bridge Station is one of Europe’s busiest transport hubs and operates Jubilee and Northern THE SITE BENEFITS FROM EXCELLENT Underground services as well as Southern, INSURANCE/ FINANCIAL/ MEDIA/ TECHNOLOGY/ AMENITY PROFESSIONAL EDUCATION TRANSPORT COMMUNICATIONS, Thameslink and Southeastern Overground routes. In addition, Southwark (Jubilee & DLR), Waterloo and 1 TP Bennett 1 IBM 1 Borough Market 11 Fashion & Textile Museum BERMONDSEY LOCATED ALONG BOROUGH HIGH G R Waterloo East (Overground) Stations are located E 2 WeWork 2 WPPA 2 Borough Yards 12 Duddells STREET, A MAJOR THROUGH ROAD T

within close proximity to the property providing D 3 Transport for London 3 UBMO 3 Flat Iron Square 13 Katzenjammers THAT RUNS SOUTH WEST FROM V exceptional connectivity throughout London. E R

4 Boodle Hatfield 4 HSBC DigitalS 4 Vinegar Yard 14 Crol and Co LONDON BRIDGE. T R There are a number of bus routes in operation within E 5 DNV GL 5 OmnicomE 5 Aqua Shard 15 The Breakfast Club the locality serving the immediate and wider area. T 6 PWC 6 Ogilvy & Mather 6 Padella 16 Union Theatre London City Airport is located 7.1 miles to the east 7 Uncommon 7 News International 7 Hawksmoor Borough 17 Union Street Café and can be accessed via the Jubilee line and DLR Cheil 8 Shangri-La 18 Jerwood Space from London Bridge Station. Gatwick Airport is also 8 Kings College London 8 accessible via direct train services from London 9 The Office Group 9 Kaplan 9 The Whisky Exchange 19 Hixter Bridge Station. 10 FORA 10 MCM Architecture 10 The Boot & Flogger 20 King’s Sport Gym 8 9 ELEPHANT & CASTLE S ANGELANGEL H E

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O D 1 NEW CITY COURT, N 2 BERMONDSEY YARDS, SE1 3 COLECHURCH HOUSE, SE1 T N O E L E S R 14-20 ST THOMAS STREET, SE1 T T Size : 140,000 sq ft Size : 518,000 sq ft R S

E H E C Size : 367,500 sq ft T R ALDGATE Use: Office and Retail Use: Mixed-use Office led scheme U

H ST PAUL’S C Use: Office and Retail E

C Delivery: Planning stages Delivery: Planning stages

C I T Y T H A M E S L I N K C H E A

A P S I D E R Delivery: Planning stages G L O Developer: Aviva and Sellar Developer: CIT N

O Developer:N Great Portland Estates W L A L Lead Architect: Renzo Piano Lead Architect: Foster & Partners

LONDON BRIDGE STATION

Lead Architect: Gardiner & Theobald

In 2018, London Bridge Station completed a £500 million redevelopment and refurbishment programme, creating

M A N S I O N H O US E

five new platforms and nearly doubling passenger capacity.

London Bridge Station is now the fourth busiest station in the country with over 63 million passengers moving

BLACKFRIARS

through the station each year resulting in a significant rise in footfall at street level.

TEMPLE

B A N K M E N T London Bridge operates Jubilee and Northern Underground services as well as Southern, Southeastern and R I A E M O I C T

U B Thameslink Overground routes, with approximately 18 ThameslinkP services calling at the station every hour. P

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S R G E 4 BOROUGH YARDS, SE1 5 SHARD PLACE, 6 TRIPTYCH, 185 PARK STREET, SE1

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RIVER THAMES R E L D I R O M I T H F S I L O T 21 ST THOMAS STREET, SE1 E A S T WA B D W

E R Size : 142,000 sq ft Size : 85,000 sq ft T H G A K M E T E R L S S S

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Size : 20,000O sq ft Retail A N

Use: Mixed-use scheme M Use: Residential, Retail and Office

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H & 176 Apartments

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Delivery: 2021 Delivery: 2022 GE

O Use: Residential and Retail S ID

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B Developer: Meyer Bergman Developer: J&T Real Estate and

Delivery: 2021

Sons & Co.

Lead Architect: SPPARC DO

Developer: REM-Sellar

Lead Architect: Squire and Partners L

Lead Architect: Renzo Piano

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E T Y 7 THE FORGE BANKSIDE, SE1 8 LANDMARK COURT, 9 ROOTS IN THE SKY, O

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O WATERLOO T - T B 1 15 POCOCK STREET, SE1 ER SOUTHWARK STREET, SE1 Size : 200,000 sq ft

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E R Size : 385,000 sq ft Size : 215,000 sq ft & 36 new homes A E 9 Use: Retail and Office T G D S I Use: Office U R Use: Retail, Office and Residential F B Delivery: 2022 F K O R L Delivery: Q3 2024 K A Delivery: 2023

S W Developer: Land Securities T R H T Developer: Fabrix E E U Developer: U&I and Transport for T Lead Architect: Piercy & Co. O S BOROUGH Lead Architect: Studio RHE London

J A M Lead Architect: Allies and Morrison A I C A R 10 LO O 11 N A G D

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ELEPHANT & CASTLE 66-70 BOROUGH HIGH STREET 66-70 BOROUGH HIGH STREET

Description

EXTENSIVELY REFURBISHED RETAIL The office accommodation extends to 4,365 sq ft ACCOMMODATION OFFICE SPECIFICATION AND OFFICE SPACE (NIA) and is arranged over two main areas, to the front and rear of the building. The front section is FLOOR OFFICE RETAIL Refurbished entrance hall with new (SQ FT NIA) (SQ FT GIA) herringbone wood flooring, decorative 66-70 Borough High Street is a Grade II listed arranged over ground to fourth floors and is wall paneling and feature lighting terraced building arranged over lower ground, accessed via an attractive staircase and lift that Fourth 692 - serves all floors. The rear component is arranged ground and four upper floors. The building was Third 852 - Winding staircase with modern extensively refurbished in 2020 to provide retail over ground to second floors and includes a feature chandelier accommodation at lower ground and part- kitchen/ breakout area. WCs are located at each Second 1,193 - ground and Grade A office accommodation floor and the building benefits from shower Air-conditioning facilities and enclosed cycle storage. First 1,229 - over part-ground and four upper floors. New passenger lift (x5 persons) The retail unit comprises 1,647 sq ft (GIA) of Ground 237 947 New contemporary style sash windows accommodation located at ground and lower Ground 162 - ground level, accessed off Borough High Street. (Office Reception) WC on each floor The unit has been refurbished to shell condition Lower Ground - 700 and offers flexible retail accommodation with Large communal fitted kitchen kitchen and WC facilities. Total 4,365 1,647 and breakout area

Overall Total 6,012 Shower facilities Cycle storage

12 13 66-70 BOROUGH HIGH STREET 66-70 BOROUGH HIGH STREET

Not to scale. Indicative only. OFFICE RETAIL RECEPTION Floorplans

A3 Unit Room 11 Room 10 B1 WC

Waste & Recycling Store

SERVICES INTAKE Room 13 & IT SERVERS

LIFT MOTOR ROOM Room 12 A3 - WC A3 - WC B1 Office Waste Storage Room 9

B1 WC LOWER GROUND SECOND Room 8 700 SQ FT B1 - WC 1,193 SQ FT

A3 Unit Room 17 B1 WC Room 16

A3 - Acc WC Room 18

Room 15

Breakout Space - Room 1

GROUND THIRD Reception Room 14 1,346 SQ FT 852 SQ FT

Room 5 Room 21 Room 4 B1 WC Tank Room

Room 7

Room 6 Room 22

Room 20 Room 3

B1 WC

FIRST Room 2 FOURTH Room 19 1,229 SQ FT 692 SQ FT

14 15 66-70 BOROUGH HIGH STREET 66-70 BOROUGH HIGH STREET

Tenancy Asset

The property will be offered for sale with Management full vacant possession. Opportunities

66-70 BOROUGH HIGH STREET OFFERS A PURCHASER A NUMBER OF ASSET MANAGEMENT OPPORTUNITIES. THESE INCLUDE:

Tenure Split the building to create two self-contained units to the front and rear. The front building would be accessed directly off Borough High Street whilst the The property is held under two separate Freehold titles rear building would be accessed via St Margaret’s Court (SGL359074 & SGL359600) outlined in red on the adjacent plan. Operate the building as a boutique business centre

Carry out a CAT A+ fitout

Let the self-contained retail unit to a restaurant or F&B operator to improve the building’s appeal

Change of planning use to residential, shared living or a hostel, subject to the necessary consents

Courtyard Building

Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved

16 17 66-70 BOROUGH HIGH STREET 66-70 BOROUGH HIGH STREET

Market Further Commentary information

OCCUPATIONAL MARKET PLANNING EPC The property is located within the London The office accommodation has an The South Bank office leasing market remains one of Central London’s strongest performing Borough of Southwark. EPC rating of B (37). sub-markets with prime rents remaining stable at £70.00 per sq ft. The property is Grade II listed and lies within the The retail accommodation has an Some recent leasing transactions in the South Bank market of note include the following: Borough High Street Conservation area. EPC rating of B (38).

DATE OF PROPERTY FLOOR SIZE TENANT RENT TERM A copy of the certificates are available TRANSACTION (SQ FT) (BREAKS) VAT upon request. The Ramblers Q4 2020 One Clink Street, SE1 3rd 3,000 £59.50 3 years Association The property is elected for VAT. Objective Media 9 years Q4 2020 89 Southwark Street, SE1 Whole 7,994 £52.50 Group (5th year) LDA Design 10 years Q2 2020 209-215 Blackfriars Road, SE1 4th 4,504 £62.50 Consultancy Ltd (5th year) Crowne House, 5 years Q1 2020 3rd 3,543 Babcock £62.50 56-58 Southwark Street, SE1 (3rd year) 5 years Q1 2020 9 Holyrood Street, SE1 4th 2,206 Story Events £63.00 (3rd year) 6 years Q4 2019 9 St Thomas Street, SE1 3rd 1,455 Windward Shipping £55.00 (3rd year)

INVESTMENT MARKET

Investor demand for South Bank assets remains strong with prime yields remaining broadly in line with that of the City at 4.00% - 4.25% for best in class product. Some recent comparables in the South Bank and City markets include the following:

DATE PROPERTY SIZE TENURE TENANCY ACHIEVED CAPITAL PURCHASER COMMENTS (SQ FT) PROFILE PRICE VALUE (PSF) Wilcox House, 140-148 Westminster Required Q4 2020 15,095 FH VP £9,650,000 £639 Borough High Street, SE1 Real Estate refurbishment 55 Great Suffolk Street, Fabrix Required Q4 2020 6,996 FH VP £4,500,000 £643 SE1 Capital refurbishment 133-135 Great Suffolk Q3 2020 11,000 FH VP £13,000,000 £1,182 LTDA Refurbished Street, SE1 Private Required Q2 2020 4 Breams Building, EC4 7,460 FH VP £5,700,000 £764 Investor refurbishment Brockton Q2 2020 79-81 Paul Street, EC2 8,781 FH VP £9,550,000 £1,088 Refurbished Capital Conran Building, Arc Required Q1 2020 16,405 FH VP £10,700,000 £652 22 Shad Thames, SE1 Development refurbishment

18 19 66-70 BOROUGH HIGH STREET

Proposal

WE ARE INSTRUCTED TO SEEK OFFERS IN EXCESS OF £4,500,000 (FOUR MILLION AND FIVE HUNDRED THOUSAND POUNDS) SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT FOR THE FREEHOLD INTEREST IN THE PROPERTY. THE PRICING REFLECTS A CAPITAL VALUE OF £749 PER SQ FT.

Contacts

Christopher Room Oliver Turney 07827 896965 07425 862794 [email protected] [email protected]

Florence Rothwell Steve Lydon 07595 922764 07879841840 [email protected] [email protected]

Allsop LLP on their behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. March 2021 www.cube-design.co.uk (Q4699) 20