LON

- 141/142 LOWER MARSH WATERLOO LONDON SE1 7AE DON- SE1

RARE FREEHOLD REFURBISHMENT/ DEVELOPMENT OPPORTUNITY - - 141/142 LOWER MARSH 141/142 LOWER MARSH WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE - - – CAPITAL VALUE OF £510 PSF REPRESENTS EXCELLENT VALUE INVESTMENT CONSIDERATIONS AT THIS LOCATION LON – Rare Southbank refurbishment opportunity situated at the heart of one of Central London’s most popular cultural hubs - Situated on a prime pitch adjacent to Waterloo Station, London’s busiest rail terminus - Fully let providing a current rent of £75,136 per annum equating to a low £17.50 psf - Prime office rents in the Southbank are currently DONin excess of £60 psf - We believe the rents are highly reversionary - Total flexibility for a purchaser since vacant possession can be achieved within 4 months - SE1Planning permission obtained for two additional floors of residential accommodation - The property extends to a GIA of approximately 455.1 sq m (4,899 sq ft) extending to approximately 576.5 sq m (6,205 sq ft) if the planning permission was implemented - Offers are sought in excess of£2,500,000 (Two Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. This represents a low capital value of £510 psf (based on the GIA) and £403 psf if the planning permission was implemented.

RARE FREEHOLD REFURBISHMENT/ DEVELOPMENT OPPORTUNITY - - 141/142 LOWER MARSH 141/142 LOWER MARSH WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE - -

Waterloo London Eye The Shell Westminster Waterloo Station The City The Old Vic The Shard Lambeth Lambeth Palace Bridge Centre Bridge North Gardens

- SUBJECT PROPERTY - - - 141/142 LOWER MARSH 141/142 LOWER MARSH WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE - -

G F S G o o a w u r r t a r e h y i d n r h R ’ g S a ’s s ld t m a I d b n p o o he n d Gray’s n t T o R R

n S d y Inn Fields t R A t o i l Barbican C w d

Barbican e

B r Farringdon e s

d g

f o a

r t d e Barbican

S S

q u t a British r e Museum Moorgate

ay Smithfield

W y B ur lo sb T orn o o m Holb High t m o igh Hol t o H born e s Bl Moorgate n b H olb h u o a rn r V m t i Lond Chancery ad on Wall S u C c Liverpool t n t o Lane Lo L nd u o Liverpool n Street n r Wa r r d ll t o e S Street Holborn n R lb t h t a

d o o

r

e H

e

G

h F

L

g F i

n e M w H a Lincoln’s t L K e

r o Wo S r r m

i N s w

o ’ o

n Inn Fields i od

n r S d

g n t i r g g N s e t a

. Gil w d wg r Guildhall a St e t a a o

s w t e a e n S

H y d

t M i Tottenham The Old t

E . gh St S

t S

t

Court Road S

S Bailey d

n t a

.

L o

B r

r

r B

e i d l

e d

t O v t e e

t

A e a

y F Paternoster g

e

r r s

u LOCATION c p

C

b A St. Paul’s o

City Square s h g P h e s a t n r i Thameslink C r f h i o ea n B i a L ps n N h ide c Royal Courts Bank of England g Rail St. Paul’s e

S e ’ t S w s C et Lower Marsh is located in the heart of the LCR, the Department for Transport and of Justice le CathedtalCathedral Museum F S r o B t s r F s i l

d e e R t St Southbank, London’s leading cultural hub and Network Rail are bringing the former Eurostar g d e h c y S

t w Bank ld K home to some of the capital’s most famous terminal back to use after almost a decade A Bank

i n

t C e Covent g e r S v c A h A W Garden d h y a g n r c venues including the National Theatre, The of redundancy. Planning consent has been r n a i u o Covent r l r b i L t Qu l s n een i u e S Victor a t g ia St C h af Garden Blackfriars a m h nn c S C on e Cannon S S r King’s College c London Eye, The Tate Modern and the Old granted for 135,000 sq ft of new independent, t t o Mansion a

r s London Street s House G

R Blackfriars

d Uppe Vic. The Southbank is undergoing significant high street and food and beverage stores. The r Th am Victoria Emban K kment es S Cannon i t

n City of London Q Street Leicester g Temple

s u

School t Square w e regeneration with major schemes at the Shell restoration will include improved links to Leake

S

a e Millenium Bridge Millenium

Bridge Millenium

y n B

m

S la a

i t Monument

U l

c p l Centre, Elizabeth House and Waterloo Station Street and Lower Marsh. P p i

d k e

l r n

f T a h W

t ri a

C tr n me

e s S a

h S t g

a m

r n k S r i

set to further improve the area. in n s L a o ow g K

B er

b T The Station is the capital’s hub for the South u h a m m

S r

e C E t s

E S

i t h

r M d

a o i w

r g

A

s

o a

e London

s t

rl

Charing c Lower Marsh acts as a local high street West train network which serves outer

i R H

V B Bridge Old Billingsgate

d Cross

T r

Oxo i d Market

populated by national and independent retailers suburban and regional services in the counties W g Cleopatra’s Tower e

a t t e Upper Ground Trafalgar Shakespeare’s S Needle r

l Tate o

Globe m Square o and it hosts a street market every Saturday of Surrey, Hampshire and Dorset. Waterloo is und a o Modern i Co Charing B r l cks G l pu r r i r S Cross i National e t Embankment d pp g W Film Theatre U extending the location’s appeal as a leisure also served by the Jubilee, Bakerloo, Northern e g ord St n

f Stam i

Royal National K

Golden Hind d destination for tourists, students and the wider and Waterloo and City Underground Lines. In Theatre n u ro W G r e HMS Belfast a pp U t S B o

t e u

l

t S

London population. addition, Lambeth North Underground Station l n r h a l l w

e o a o c

a r D

o k u uk

k h S e

m t St

Royal t t

f H

e k R S h il

r l

t d

i n d i r w

(Bakerloo Line) is also located within 150m of o a

h a Festival Hall f Borough r

b m a

Lower Marsh is situated adjacent to London s

a r W t

S k m S R o Market London

ut E B d hw

Horse Guards ar k r Bridge Lower Marsh. a S

i t i London

Waterloo Station, London’s busiest transport r d Parade S

o g Bridge

London t

t a

e So

u i

t

ic h

n wark

IMAX R St

V e

d r

interchange. T

o

S o

t le y t S

Waterloo S t B

l d h l

W e

R g

a i a r m h k H Guy’s r t e Jubilee e o

t o h r i Y l Southwark Waterloo o g Hospital n

St. James h Gardens o u d East o s

W London Eye R r e

Park Waterloo

d B o S y t B .

l T a King’s College h S

t o

c m t n k a e M London s f S r a t m

t i

a r k

S s r

n h s t d a a R n R l b s

e London k

Old Vic d e r

m

a

m o

E

Aquarium

a R

Y i

d

l a i S r

r

a o o u

P

t

t c h h d W

i s r a w Westminster V a a

M o t a

e r Lo

R ng

r k

r Ln

Bridg e l Borough e S s t - o B Westmins i

ter Bridge Rd w l o

o r

y i

L R d t

a S SUBJECT g

House of d h

B e g

i

PROPERTY R H Commons d h g -W u es ro tm o inste B sh r a r Bridge R r M pe p U d - - 141/142 LOWER MARSH 141/142 LOWER MARSH WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE - - – LOWER MARSH IS A HISTORIC MARKET STREEET

IN TRANSITION 66 ROOM LON– HOTEL SCHEME

50 ROOM DONHOTEL SCHEME

SE1 LOWER MARSH – A CHANGING LANDSCAPE Lower Marsh has been undergoing significant change helped by both public and private projects. Public realm works as well as improved accessibility to the street has led to a influx of coffee shops, restaurants and independent SITUATION retailers which supplement the long line of food 20 ROOM stalls which have traditionally been the calling The property is located on the northern side of Lower Marsh close to its junction with HOTEL Westminster Bridge Road. London Waterloo Station is located 0.2 miles (0.3 km) north SCHEME point of the street. of the property. Well renowned occupiers established on Lower Marsh include The Ginger Pig, Four Corners The property is situated within a mixed-use location - directly opposite is a Café, Love & Scandal, Scootercaffe, the Cubana supermarket and health centre and there is a mixture of cafés, national multiples and Café del Marsh. In addition, the nearby together with a large amount of office and residential accommodation. Make Space Studios, The ‘Vaults’ pop up venue and ‘Banksy Graffiti Tunnel’ combine to DESCRIPTION accentuate the street’s entrepreneurial buzz. 141/142 Lower Marsh comprises a mixed use building arranged over Furthermore, 3 new hotels are currently in basement, ground and three upper floors. The ground floor comprises the pipeline for Lower Marsh. The Stow Hotel a café with self-contained offices on first, second and third floors. The scheme, immediately adjacent to the property at basement is used as storage. 138 Lower Marsh, is being developed into a hotel of 20 rooms formed out of shipping containers. With the level of development taking place in the immediate vicinity, the The former Steve’s B&B is set to be developed café is bustling. Access to the offices is via a wide separate entrance into a new 50 bed hotel and the parade at fronting Lower Marsh leading to a staircase serving all floors. 100 – 108 Lower Marsh has been recently The offices currently provide a basic specification with central heating, granted planning for a new 66 room hotel. suspended ceilings, category B lighting and carpeted floors. - - 141/142 LOWER MARSH 141/142 LOWER MARSH WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE - -

PROPOSED 4TH FLOOR PROPOSED 5TH FLOOR PLANNING Planning permission has been granted for the addition of a 2 bed flat (694 sq ft) at fourth floor level and a 1 bed LIFT LIFT flat (612 sq ft) within a roof extension (fifth floor) together with the erection of a lift shaft to the rear serving all LIFT LIFT ENSUITE LOBBY LOBBY floors (Ref: 16/00175/FULREF). Further information regarding the

MASTER BEDROOM MAIN MAIN planning and development potential LOBBY LOBBY KITCHEN/ for the subject property is available DINING/ through Lambeth Council’s website: LIVING HALL www.lambeth.gov.uk or the vendor’s agent.

BEDROOM 2 HALL RESIDENTIAL VALUES TERRACE We believe that residential values are WC between £900 psf and £1,000 psf. This is highlighted by the below WC/ SHOWER comparable transactions:

12 LOWER MARSH MASTER BEDROOM No. Bedrooms: 2 Bed Flat LOUNGE KITCHEN/DINING Transaction Date: Currently Marketing Sale Price: £895,000 Price psf: £995

96 LOWER MARSH No. Bedrooms: 2 Bed Flat PROPOSED GROUND FLOOR PROPOSED 1F/2F & 3F FLOORPLAN Transaction Date: Apr-16 Sale Price: £895,000 Price psf: £1,052

35A, THE CUT TENANCY SCHEDULE AND ACCOMMODATION No. Bedrooms: 1 Bed Flat LIFT Transaction Date: Jul-16 Floor Tenant Accommodation Lease Rent Lease Rent Rent Comment Sale Price: £415,000 LIFT GIA NIA Start Reviews End £pa £psf LIFT Price psf: £1,130 LOBBY Sq ft Sq m Sq ft Sq m

Gavin M Mackenzie 1056 96.8 1042 98.1 WC & Hasmik 23rd 2018 22nd Ground & Mutual break option at LIFT Mackenzie September & September £30,000 LOBBY Basement any time on not less than t/a Barbarella’s 2016 2020 2022 (2) 4 months notice. Café 281 26.1 223 20.8

Lease subject to a schedule 4th 24th First Floor Ronnie Green of condition. Mutual Break A1/ A2/ A3 919 85.3 741 68.9 December December £11,136 £15 Offices t/a Bodymap Option at any time after 28th 2016 2017 (2) Feb 2017. OFFICE Mutual break option at any – Second & 909 84.4 746 69.4 25th 24th time after 28th February 2017. Third Floor RWA London LLP December December £34,000 £19 Only 300 sq ft of the Offices 913 84.8 738 68.6 2016 2017 (2) basement is demised to the RESIDENTIAL Basement 821 76.3 794 73.8 tenant within the lease. TOTAL 4,899 453.7 4,284 399.6 £75,136 VALUES ACHIEVING HALLWAY 1. The property is full repairing and insuring by way of a service charge (further details available upon request). 3190 IN EXCESS OF 2. The provisions of Sections 24 to 28 of the LTA 1954 are excluded in relation to the tenancy created by this lease. £1,000 PSF TENURE – Freehold Floorplan for illustrative purposes only. SE1 - - 141/142 LOWER MARSH 141/142 LOWER MARSH WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE - -

MARKET COMMENTARY The Southbank has become a focus for footloose tenants attracted by competitive occupational costs in comparison to the West End and City markets and excellent local infrastructure and transport connections as well as its diverse retail and cultural amenities. The Canary Wharf Group/Qatari Diar Shell Centre Development next to Waterloo is one of London’s most anticipated schemes comprising a mix of offices, homes and retail space. The development will comprise 800,000 sq ft of office space and 790 new homes with practical completion expected in 2019. Lower Marsh has proven very popular for small businesses attracted by its excellent range of amenities and its proximity to Waterloo Station. There have been notable deals in the last 6 months on Lower Marsh for similar sized office space showing that there is potential within the subject property for significant rental growth. The table below outlines recent rents achieved in the nearby area for similar sized office floorplates:

45-46 LOWER MARSH, 3 SOUTHWARK STREET, SOUTHBANK WEST SOUTHBANK EAST Transaction Date: March 2017 Transaction Date: February 2017 Tenant: Nicholas Jones Tenant: SPA Architects Architects Sq Ft: 736 Sq Ft: 567 Rent psf: £50 Rent psf: £44 15 THEED STREET, 124 CORNWALL ROAD, SOUTHBANK WEST SOUTHBANK WEST Transaction Date: November 2016 Transaction Date: February 2017 Tenant: Amdas Tenant: Earth Sq Ft: 530 Sq Ft: 760 Rent psf: £50 Rent psf: £49 –

CURRENT OFFICE RENTS The table below outlines recent comparable investment transactions that have taken place in the nearby area: OF £15 PSF ARE HIGHLY

50-52 UNION STREET 97-99 BOROUGH HIGH STREET REVERSIONARY Transaction Date: July 2017 Transaction Date: October 2016 Sale Price: £4,250,000 Sale Price: £1,600,000 – Price psf: £672 Price psf: £1,192

123 WESTMINSTER BRIDGE ROAD 82 LOWER MARSH EPC Transaction Date: July 2017 Transaction Date: April 2016 Sale Price: £950,000 Sale Price: £1,500,000 The property has the following EPC ratings: Price psf: £701 Price psf: £1,051 Floor Grade Rating

112-114 TOOLEY STREET Ground Floor D 88 Transaction Date: April 2017 Floor 1 C 56 Sale Price: £3,725,000 Price psf: £989 Floor 2 C 75 Floor 3 B 48

DATAROOM For access to the Allsop Data Room please use the following link: https://datarooms.allsop.co.uk/register/waterloo

VAT The property is not elected for VAT. LON PROPOSAL

Offers are sought in excess of£2,500,000 (Two Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. This represents a low capital value of £510 psf (based on the GIA) and £403 psf if the planning permission was implemented.

For further information or to make arrangements for viewing please contact: DONPRIVATE CLIENT TEAM Alex Butler Jonathan Butcher 020 7543 6722 020 7543 6755 [email protected] [email protected]

WEST END TEAM Mark Ibbotson 020 7543 6879 [email protected]

SE1 www.allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 10.17