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303 Borough High Street & 1

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303 Borough High Street & 1 301 – 303 Borough High Street & 1 – 3 Trinity Street London SE1 1DB Mixed Use Development Opportunity (Subject to gaining all necessary consents) Executive Summary Freehold vacant commercial building Located in the heart of Southwark Existing building currently comprises 444.7 sq m (4,788 sq ft) of A1 retail and B1 office use over basement, ground and two upper floors. Site extends to approximately 0.020 hectares (0.050 acres) Borough underground station (Northern Line) is located approximately 200m from the property. Planning consent was granted in 2007 for the demolition of the existing building to provide a 6 storey mixed use building comprising B1 office and A1/A2 retail or financial services on the basement and ground floor and 5 flats on the upper floors, along with a two bedroom, three storey house. (This consent is no longer extant) Potential for complete redevelopment or conversion subject to obtaining the necessary planning consents. The property is to be sold with vacant possession We have been instructed to seek unconditional offers in excess of £2,250 ,000 subject to contract for the freehold interest. This reflects a capital value of approximately £470 psf on existing 301- 303 Borough High Street and 1-3 Trinity Street, SE1 1DB Location The property is situated on the east side of Borough High Street (A3) midway between London Bridge and Elephant and Castle. London Bridge and Borough High Street have seen significant development and improvement over the last few years with an increasing number of buildings being re-developed for mixed or residential use. Southwark benefits from being a very accessible London location with varied routes to and from all areas of the city both north and south of the River Thames, Kent and the Docklands as well as international transport hubs such as City Airport and St Pancreas International rail network. Borough underground station (Northern Line) and London Bridge station (National Rail, Jubilee and Northern Lines) are both within walking distance of the property. In 2013 after Tower Hamlets, Wandsworth and Greenwich, Southwark had the highest number of private new build residential sales of all the London boroughs. (In schemes of 20+ private units – Molior London). In addition to this the £1.5 billion regeneration project in Elephant & Castle by Lendlease and Southwark Council is set to provide nearly 3,000 new homes and over 50 shops and restaurants over the next 10 years along with £30 million of investment into local transport links in addition to creating central London’s largest new park. Description The property is arranged over basement, ground and two upper floors and was formerly used as a retail unit with basement storage. The property benefits from a return frontage accessed from both Borough High Street and Trinity Street. The two upper floors are accessed via an internal staircase to the rear of the retail unit linking to the side entrance on Trinity Street. Existing Accommodation Rateable Value Floor SQM SQFT The current total rateable value for the property is approximately Basement 133.1 1433 £64,750 per annum under the Ground Floor 156.6 1686 2010 list. (www.2010.voa.gov.uk) First Floor 76.8 827 Second Floor 78.2 842 VAT Total 444.7 4,788 The property is VAT elected 301- 303 Borough High Street and 1-3 Trinity Street, SE1 1DB Planning Planning consent was granted on 23rd August 2007 for; ‘Demolition of the existing building and the re- development of the site to provide a 6 storey building with basement fronting Borough High Street comprising offices (Class B1) on part of the ground floor and basement and retail (Class A1) or financial services (Class A2) in the remaining basement and ground floor areas, provision of 5, two bedroom flats above with balconies onto Trinity Street and a roof terrace for the top flat and the erection of a 2 bedroom three storey house with basement and balconies fronting Trinity Street. (Ref:07/AP/0424). This consent was not implemented and subsequently lapsed. In August 2012 an application was submitted for; ‘The demolition of the existing building and the erection of a predominantly part5/6 storey building with three storey rear element comprising 222.5sqm of commercial floor space, flexible A1 retail/A2 financial and professional services at ground floor level and B1 office space at basement level; provision of 4 x 2 bedroom apartments with balconies above; along with a two bedroom, three storey house with basement and associated cycle parking facing Trinity Street. The planning officer recommended that the application CONTACTS: was granted subject to certain conditions, however, the Proposal applicant was refused due to inappropriate design, height, scale and massing. We have been instructed to seek unconditional offers in excess of £2,250,000 Anthony Dixon Chris Antoniou The vendor has subsequently drawn up a new scheme subject to contract for the freehold interest. 020 7344 2625 020 7336 1313 that takes the reasons for refusal into consideration and This reflects a capital value of approximately [email protected] [email protected] plans are available upon request. £470 psf on the existing property. Will Shoebotham Finn Ledwidge 020 7344 2659 020 7336 1313 [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. September 2014 .
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