141–142 Lower Marsh Street Waterloo London Se1 7Ae

Home , Lambeth, Lower Marsh, Westminster Bridge Road

141–142 LOWER MARSH STREET WATERLOO LONDON SE1 7AE

RARE MIXED-USE CENTRAL LONDON FREEHOLD OPPORTUNITY WITH ASSET MANAGEMENT POTENTIAL 141–142 LOWER MARSH STREET 141–142 LOWER MARSH STREET WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE

INVESTMENT CONSIDERATIONS CAPITAL VALUE • Lower Marsh is a Market Street situated in the heart of OF £611 PSF London’s Southbank, a creative and vibrant cultural hub REPRESENTS adjacent to Waterloo Station EXCELLENT VALUE • The Southbank is home to London’s most famous venues AT THIS LOCATION including the National Theatre, The London Eye, The Tate Modern and the Old Vic • The area has undergone significant improvements in recent years with public realm works which have improved accessibility and led to an influx of coffee shops and restaurants • The building is arranged as a basement and ground floor café, office suites to the 1st – 3rd floor and two newly constructed fully furnished 3 bedroom flats to 4th – 5th floor • The property extends to 6,550 sq ft GIA • The office suites, front basement and the residential apartments are to be offered with vacant possession. The ground and rear basement café is let to Barbarellas Café at a passing rent of £30,000 p.a. • Estimated rental value of £230,198 p.a. • Asset management potential to add value by re-letting the café to an established operator on a higher rent, re- let the office suites and letting the newly built furnished apartments • Development potential over the 1st, 2nd & 3rd floor office suites subject to obtaining necessary consents • Freehold

PROPOSAL

Offers are sought in excess of£4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. This represents a low capital value of £611 psf GIA overall. This breaks down to £2,750,000 on the commercial element and £1,250,000 on the residential accommodation.

DATAROOM For access to the Allsop Data Room please use the following link: https://datarooms.allsop.co.uk/register/LowerMarsh 141–142 LOWER MARSH STREET 141–142 LOWER MARSH STREET 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 141–142 LOWER MARSH STREET 141–142 LOWER MARSH STREET WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE

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R H Commons d h g W u es ro tm o h in B s s r te LOCATION a r M B r ri pe d p ge U R d Lower Marsh is a Market Street situated in the heart In recent years, The Southbank has undergone of London’s Southbank, a creative and vibrant significant improvements with the refurbishment neighbourhood adjacent to Waterloo Station, London’s of Waterloo Station which completed in May 2019 busiest transport interchange. The Station is the which included rebuilding the former Waterloo capital’s hub for the South West Trains network International terminal, reconfiguring platforms 20 to which serves outer suburban and regional locations/ 24, and extending platforms 1 to 4 to allow longer, destinations in the counties of Surrey, Hampshire and ten-car trains to run to London suburban stations thus Dorset. Waterloo Underground Station is served by boosting passenger capacity. the Jubilee, Bakerloo, Northern and Waterloo and Other notable schemes include Southbank Place, a City Underground Lines. Lambeth North Underground unique mixed-use development with the famous Shell Station (Bakerloo Line) is 150m south west of Lower Centre Tower at its heart. Joint venture developers Marsh. Canary Wharf Group and Qatari Diar have re-vitalised The area is famous as one of London’s leading cultural the area around the landmark Shell Centre Tower. A hubs and home to a selection of the capital’s famous mix of offices, luxury apartments and retail space are venues including the National Theatre, The London being integrated with open public areas, while new Eye, The Tate Modern and the Old Vic. pedestrian routes will connect nearby Waterloo Station with the South Bank. Lower Marsh acts as a local high street populated by national and independent retailers which hosts a street Other proposed schemes in the pipeline include the market extending the location’s appeal as a redevelopment of Elizabeth House which includes leisure destination for tourists, students, local office proposals for 1.2 million square foot of office and workers and the wider London population. retail space accommodation. 141–142 LOWER MARSH STREET 141–142 LOWER MARSH STREET WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE

LOWER MARSH IS A HISTORIC MARKET STREET IN TRANSITION

LOWER MARSH – SITUATION DESCRIPTION A CHANGING LANDSCAPE The property is situated on the northern side of The property comprises a mid-terraced mixed-use building arranged over Lower Marsh Market is one of London’s Lower Marsh close to its junction with Westminster basement, ground and five upper floors. The ground floor and rear basement oldest markets dating back to 1332 Bridge Road. London Waterloo Station is located currently provides a Café, a large kitchen area and customer toilets and when the road was named as Lambeth 0.2 miles north of the property and Lambeth North storage in the basement. The Café provides for approximately 40 covers Marsh. Today the market runs six days a Station is 0.1 miles south of the subject property. and benefits from all the hotels in close proximity. Barbarella’s Café has week, with the Saturday market enjoying The property is situated within a mixed-use location been in occupation for 12 years and is looking to renew their lease. The front a distinctly different identity than next to The Walrus Bar and Hostel and directly basement with separate access from the front is currently vacant however the weekday markets by focusing on opposite is a Co-Op and Waterloo Health Centre. would suit a number of different uses including a gym or storage. handcrafts designed by local artisans. There are a number hotels nearby to include Stow The 1st, 2nd and 3rd floors comprise office suites accessed via a double door Under the management of Away Waterloo, Nox Hotels, Marlin Waterloo and at ground floor level fronting Lower Marsh with staircase access to the whole WeAreWaterloo BID over the past Park Plaza Hotel. Lower Marsh hosts a mixture of building. Each office suite benefits from excellent natural light owing to the years, the market has grown to include cafés, fast food eateries, local shops and a number of newly installed windows and provide open plan accommodation which have a regular rotation of nearly 50 traders national multiples together with office and residential been stripped back to shell and core. offering an eclectic mixture of mostly accommodation to the upper parts. Two brand new flats have been constructed on the 4th and 5th floor using hot food traders offering a wide array of The property is within commutable distance of some the same access as the offices. These flats are fully furnished and both are international cuisines and specialty food. of London’s top universities which includes Kings currently configured as 3 bedroom flats which is excellent for the rental market. College Waterloo Campus (0.4 miles) is a 10 minute Both flats benefit from balconies with the top flat providing stunning views walk, The London School of Economics (1.2 miles) is a of the City. Planning was obtained for the installation of a lift serving all floors 25 minute walk, The University of London (1.8 miles) however this has not been instigated. Costing has been obtained and we are and University College London (2.1 miles) which are able to provide further details upon request. The building is not listed though both accessible within 20 minutes by public transport. forms part of the CA 40 Lower Marsh Conservation area. 141–142 LOWER MARSH STREET 141–142 LOWER MARSH STREET WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE

ASSET MANAGEMENT The property offers significant asset management potential which includes: - Obtaining vacant possession on lease expiry (22/09/2022) of the ground floor Café and ancillary rear basement with a view to re-letting the space to an established operator on favourable rental terms or renewing the lease to the Café on a higher rent. - Taking back the rear basement on lease expiry and letting it as storage to a market trader or amalgamating the front and rear basements together and re-letting the space as a gym. - Re-letting the three office suites - Letting the fully furnished newly built apartments on AST’s We estimate the property has total rental value of £230,198 p.a. In arriving at our view of the estimated rental value we have had regard to the following rental evidence:

RETAIL OCCUPATIONAL MARKET

Property Rent (£psf) Date Accommodation Tenant Comment

29 Lower Marsh, SE1 £56.00 Jun-20 404 sq ft Ground Unknown New letting, 10 year lease 5 year TBO. Smaller unit located off pitch.

73 The Cut, SE1 £51 Jan-20 822 sq ft Ground Independent Lease Assignment of an FR&I lease from 2016. Ground floor Electric Shop ancillary totals 221 sq ft.

45-46 Lower Marsh, SE1 £27.27 Apr-21 1,619 sq ft Ground Tooth London New Letting, 10 year FR&I Lease subject to a tenant break option 141 sq ft Basement Limited at year 5. 6 months rent free. Larger, split level unit in an inferior 1,760 sq ft Total location.

32 Lower Marsh, SE1 £26 Mar-21 620 sq ft Ground Gelato Shop Poor condition and restricted head height in the basement. 9 610 sq ft Basement months rent free. Landlord rolling break after year five exercisable 1,230 sq ft Total at 6 months notice. New 10 year lease / 5 year T&LBO.

1-5 Lower Marsh, SE1 £24 Apr-19 1,552 sq ft Ground Ryman Off pitch. Lease renewal. Tenant only break July 2024- 6 months notice Rent review July 2024. 10 year lease / 5 year TBO

13 Lower Marsh, SE1 £40 Jan-19 754 sq ft Ground Shopecigarette Awkward floorplate. 45 days rent free amortised over year 1. Mutual Limited break every 5th year Rent review every 5th year. 15 year lease / 5 year T&LBO. New Letting

133 Lower Marsh, SE1 See comment Mar-21 500 sq ft Ground Available to let Available by way of an assignment - 8 year lease expiring 18.04.27. 675 sq ft Basement Quoting £32,500 p.a. / £27.66 psf overall and a premium of 1,175 sq ft Total £75,000 for premises license & tenant fit out.

TENANCY SCHEDULE & ACCOMMODATION OFFICE OCCUPATIONAL MARKET Floor Tenant Use Accommodation Lease Lease Passing ERV ERV Comments Start Expiry Rent (£p.a.) (£psf) Property Rent (£psf) Date Accommodation Tenant Comment GIA NIA (£p.a.) (Sq Ft) (Sq Ft) The Old Fire Station, £60 Aug-20 2,079 sq ft Cluff Natural New 5 year lease. Air Conditioning, Common Parts WC Facilities, 150 Waterloo Road, SE1 8SB First floor Resources PLC Kitchen, Lift Access, Wooden Floors. Café The Tenant has been in Gavin M 312 230 £2,300 £10.00 occupation for 12 years and Ground Ancillary Mackenzie is keen to renew her lease. Trident House, £49 Mar-20 4,316 sq ft First Opsec Online New 5 year lease. First and second floors of a newly built mixed Floor and & Hasmik 23/09/2016 22/09/2022 £30,000 The existing lease is outside 46-48 Webber Street, & Second Floor Limited use building. Reasonable internal specification. LG7 compliant Rear Mackenzie t/a Café 1,072 1,037 £46,665 £45.00 of the provisions of Sections London SE1 suspended lighting. Perimeter trunking and lift. Basement (Barbarellas Café) 24-28 of the Landlord and Sub Total 1,384 1,267 £48,965 Tenant Act 1954. The Old School, £50 Feb-20 915 sq ft Undisclosed Period building. No lift to 3rd floor. 4 Exton Street, SE1 8UE Third Floor Front Office Vacant 860 835 - - £0.00 £8,350 £10.00 Newly refurbished office suite. Basement Ancillary Waterloo Court, £46 Jan-19 2,356 sq ft Automation New 10 year lease Rent review 2022 Break clause 2022 1st floor 10 Theed Street, SE1 8ST First Floor Logic Raised floor, demised WC, Kitchen. First floor Vacant Office 923 791 - - £0.00 £41,528 £52.50 Newly refurbished office suite. 45-46 Lower Marsh, SE1 £35 Aug-20 567 sq ft Focus Sublease. Very basic Specification. Central Heating. Communal Second floor Vacant Office 911 714 - - £0.00 £37,485 £52.50 Newly refurbished office suite. First Floor Consultants kitchen and perimeter trunking. Third floor Vacant Office 925 748 - - £0.00 £39,270 £52.50 Newly refurbished office suite.

Fourth floor Vacant Residential 806 - - £0.00 £26,400 £2,200 pcm Fully furnished 3 bedroom flat.

Fifth floor Vacant Residential 741 - - £0.00 £28,200 £2,350 pcm Fully furnished 3 bedroom flat. RESIDENTIAL OCCUPATIONAL MARKET

Total 6,550 4,355 £30,000 £230,198 Property Rent (£pcm) Date Accommodation Comment Flat 64, Munro House, £2,340 Aug-20 712 sq ft Furnished 3 bedroom flat with neural décor in need of Murphy Street, SE1 7AL modernisation. (3rd floor)

Flat 66, Walpole House, £2,665 Jan-21 1,432 sq ft Spacious fully furnished 3 bedroom / 2 bathroom flat with parking 126 Westminster Bridge Road, SE1 7UN and concierge. (3rd floor)

TENURE 150 Mitre Road, SE1 £2,145 Jan-20 650 sq ft 2 bedroom period conversion flat in good condition situated on 3rd floor (no lift) The site is held freehold with a site area of 0.035 acres (0.014 hectares). 141–142 LOWER MARSH STREET 141–142 LOWER MARSH STREET WATERLOO WATERLOO LONDON SE1 7AE LONDON SE1 7AE

FLOORPLANS

First Second

Basement Ground

Third Fourth Fifth

Floorplan for illustrative purposes only. EPC

Unit Date EPC Rating 141 Lower Marsh 24/06/2013 D88 142 Lower Marsh - Suite 1 03/08/2011 C56 142 Lower Marsh - Suite 2 03/08/2011 C75 142 Lower Marsh - Suite 3 23/06/2013 B48 142 Lower Marsh - Flat 1 142 Lower Marsh - Flat 2

VAT The property has been elected for VAT and it is anticipated that the property will be treated as a transfer of going concern (TOGC).

ANTI MONEY LAUNDERING The purchaser will be required to undergo anti money laundering checks.

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

PROPOSAL

For further information or to make arrangements for viewing please contact:

COMMERCIAL INVESTMENT Andrew Wise Alex Butler 07535 045149 07801 219 888 [email protected] [email protected]

RESIDENTIAL INVESTMENT WEST END INVESTMENT Michael Linane Mark Ibbotson 07970 807011 0)7765 976128 [email protected] [email protected]

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 05.21