150-152 LONG LANE SE1

FREEHOLD OFFICE INVESTMENT FOR SALE 7,493 FT (696.1 M) SELF-CONTAINED BUILDING LOCATED

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BERMONDSEY STATION Design House is located on the southern side of Long Lane, close to the FREEHOLD: £6,500,000 junction with Weston Street, within 400m of the popular Bermondsey Street and less than 700m from the vibrant Borough Market. PROPOSAL LEASE AND RENTAL INCOME AMENITIES

The wider SE1 area has and continues helped form a cluster effect with other We are instructed to seek offers A new lease has been granted • Platform lift to undergo extensive regeneration to smaller creative occupiers. With more in excess of £6,500,000 for the to Zwift UK Ltd (guaranteed by • Air conditioning freehold of 150-152 Long Lane. Zwift Inc) for a term of 10 years • Two entrances provide numerous new office buildings and traditional occupiers include PwC, Ernst & An asset purchase at this level from 1st March 2020 at an initial high-quality residential properties. High Young, The FT, Norton Rose Fulbright and reflects a net initial yield of rent of £356,000 per annum, • Cycle storage profile schemes completed over recent The GLA headquarters. 5.17% after allowing for standard exclusive. Upward only rent review • Private garden purchaser’s costs of 6.7%. and tenant only break option at • Raised access floors years include the major redevelopment the fifth anniversary. Tenant’s full Transport links are very good with London Alternatively, the office element of London Bridge station bringing both repairing liability within the demise. • Male & Female toilets Bridge station being within easy walking can be purchased in isolation by Assignment and subletting of the plus Shower improved transport and new retail facilities, way of a new 999 year ground distance for mainline and Underground whole only permitted. Deposit held • DDA Compliant More London, Bankside, Bermondsey lease with peppercorn ground rent. (Jubilee and Northern lines) services, equating to six months rent, with Square and London Bridge Quarter, which together with numerous bus routes. VAT is applicable. no mechanism for return during FLOOR SIZES the term. includes ‘The Shard’. Further details available on Borough Underground station (Northern Ground floor 3,591 Sq ft (333.6 sq m) request. Above the offices are 7 flats Recent major creative occupiers include line – City branch) is also within a short paying a total ground rent of First floor 3,902 Sq ft (362.5 Sq m) News International, Omnicom, Bouygues walk away. £2,850 per annum. Total 7,493 Sq ft (696.1 Sq m) UK Ltd and Ogilvy & Mather which has Total Income £358,850.

KALMARs | SOUTH LONDON’S LEADING AGENT GROUND FLOOR NEW FREEHOLD TENANT OFFICE INVESTMENT Zwift is an innovative indoor fitness training company. Run through an COURTYARD online platform, Zwift is targeted at Comprising an attractive newly cyclists and runners of all abilities built self-contained office with wanting to improve their fitness LIFT while engaging with others and ENTRANCE accommodation over ground and having fun along the way. Reputable, first floors, forming part of a reliable and dynamic, Zwift have boutique mixed-use development. recently featured heavily in the press including The New York Times, The Times, Cycling Weekly and had huge The offices have been finished to a full success after hosting the first ever Cat A specification by the vendor and televised Virtual Tour de France. Zwift UK Ltd (tenant) has subsequently ENTRANCE

BIKE BIN carried out highly specified Cat B works As well as being enjoyed by amateurs STORE STORE and enthusiasts, the platform is also on top of this. Both floors are open plan used and endorsed by pro athletes RESIDENTIAL AREA with good natural light and benefit from including the likes of Geraint Thomas and Mo Farah. In December 2018 WC1 a private garden on the ground level. SKYLIGHT they raised an investment of $120M, WC2 Above the offices are a further three CLNR the investment round being led floors containing 7 flats sold off on long by Novator Partners. Zwift ranked fifth in Fast Company’s 2019 Most leases but retaining the ground rents. Innovative Companies (Sports FIRST FLOOR Sector). Zwift UK Limited were incorporated in 2001 and have a Dun

& Bradstreet credit rating of B2, Low LIFT Moderate Risk.

The US parent company is Zwift Inc., incorporated in 2004. Their consolidated balance sheet for the 9 months to 31 March 2019 shows total assets of just over $120,000,000, cash or cash equivalents of over $87,000,000 and a total revenue for that period FIRE EXIT of nearly $32,000,000.

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BOTH FLOORS ARE OPEN PLAN WITH GOOD NATURAL LIGHT AND BENEFIT FROM A PRIVATE GARDEN CONTACT

KALMARs COMMERCIAL Adrian Gurney 020 7403 0600 [email protected]

FIELD & SONS COMMERCIAL Nigel Gouldsmith 020 7234 9639 [email protected]

All properties are offered subject to contract and availability. These particulars are believed to be correct at the time of going to print in August 2020, but we cannot accept any liability whatsoever for any misrepresentation made either in these particulars or orally. Intending purchasers or tenants are strongly advised to make their own enquiries to check these particulars to satisfy themselves that the property is suitable for their purchase. They may be subject to VAT.