Former Savoy Laundry Site CLAPHAM ROAD SW9
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Former Savoy Laundry Site CLAPHAM ROAD SW9 9-17 Union Road & 372-378 Clapham Road, London FREEHOLD MIXED-USE INVESTMENT OPPORTUNITY SUMMARY Freehold. 8,299 sq ft (771 sq m) of retail accommodation let to Dreams Limited until 5th October 2024, at a passing rent of £103,750 per annum, subject to an upward only rent review Prime South West London location. on the 1st August 2018 which is outstanding. Excellent transport links, located 5 minutes walk from Clapham North (Northern Line) Rare opportunity to purchase a mixed-use investment including 112 residential flats and 8 minutes walk from Stockwell (Victoria Line) Underground stations, providing (sold off) which provide an additional ground rent income of £21,350 per annum. quick access to the West End and City. Offers sought in excess of £15,450,000 (Fifteen Million Four Hundred and Fifty The offices are provided with full vacant possession and total 26,586 sq ft (2,469.9 Thousand Pounds), subject to contract and exclusive of VAT. sq m) of flexible and well specified office accommodation arranged over three upper floors and a double height ground floor reception area. A purchase at this level would reflect a low capital value on the commercial element of £443 per sq ft, based on acquisition costs of 6.8%. Opportunity to relet / reposition vacant office accommodation to capitalise on strong rental growth prospects and limited stock levels. 9-17 Union Road & 372-378 Clapham Road, London 2 Battersea Power Station US Embassy CLAPHAM JUNCTION Penguin Random House BATTERSEA PARK BATTERSEA VAUXHALL COMING 2020 NINE ELMS COMING 2020 QUEENSTOWN ROAD STOCKWELL 8 MINUTES Former Savoy Laundry Site CLAPHAM ROAD SW9 CLAPHAM NORTH 5 MINUTES BRIXTON CLAPHAM HIGH STREET 6 MINUTES 9-17 Union Road & 372-378 Clapham Road, London 3 LOCATION The property is located in the London Borough of Lambeth, in South West London. The property sits on the west side of Clapham Road, along a key arterial route and within close proximity to a number of transport amenities. The main commercial areas run along Clapham High Street, The Pavement and The Venn, where there is a number of boutique shops, restaurants, cafes and leisure offerings as well as an abundance of fashionable pubs. The wider area is further underpinned from the emergence of the Vauxhall, Nine Elms and Battersea Power Station regeneration project as a new residential, business and retail destination with the likes of Apple, Penguin Publishing and US Embassy already relocating to the area. Clapham Common, a 220 acre open green space, lies approximately 0.8 miles south of the property. 9-17 Union Road & 372-378 Clapham Road, London 4 on Ln. Kenningt C Vauxhall 3 h 6 A e A 2 l 0 s 2 e a n L s B River Thames LocaL Occupiers & Amenities lm r E i e d n Ni Nine Elms g 3 COMING 2020 e Battersea Oval The property is located within a vibrant and improving commercial area of South West London. 7 Power Station 5 Significant occupiers and amenities in the immediate area include: 0 2 3 18 A 2 A S 3 d L 2 k a 8 l a 1 a o w m 6 s R Battersea in b Local Occupiers Food & DRINK HOTELS COMING 2020 m m 15 d e a a t h 14 o h p 1 Squire and Partners 19 Mommi 15 Premier Inn Clapham R a R l h o C Battersea Park t a 2 Apple 20 No 32 Old Town 16 The Windmill r o d A3 13 w s 33 3 Penguin 21 Red Dog Saloon 17 Premier Inn Brixton d 10 d Queenstown Road lk n a a w a s o 4 BECTU 22 Costa Coffee 18 Hotel Inn Express (near Vauxhall) n W i R m 0 n 5 International Alert 23 Adventure Bar 1 o t x 22 i 6 Clear Score 24 Madeleine 12 r Stockwell d 11 B a walk 7 USA Embassy 25 Pop Brixton Fitness o ns d i a R m 26 5 U o n R 8 Breast Cancer Care 26 Sainsbury’s Local n 30 Yoga Haven w io m o n 5 a t h 9 Kone Lifts 27 Cellar SW4 31 Soho Gyms s Rd p n Wandsworth Road . a e l C 10 Friends of the Earth 28 Clapham Picture House 32 Virgin Active e u Q 11 Malcolm Hollis 29 Ritzy Cinema 33 B Pure Gym 3 15 2 A 4 2 2 32 2 A 12 Betsson Group 4 Clapham 0 3 High Street C 13 Spitfire Communications e 30 27 d Clapham North 14 Thomas Pink a 23 1 r 20 19 s 3 21 A Brixton R 9 25 o 24 28 22 a 31 d 17 Clapham Common 17 A3 A22 4 2 A 16 29 Sat Nav: SW9 9AR Not to scale, indicative only. 9-17 Union Road & 372-378 Clapham Road, London 5 TRANSPORT LINKS The property is centrally located on Clapham Road and benefits from an excellent 6a Public Transport King’s Cross/St Pancras Int Accessibility Level (PTAL) from its close proximity to a 14 mins number of transport amenities. Tottenham Farringdon Bond Street Court Road 24 mins Stratford Rail 15 mins 14 mins 28 mins Underground, Overground and Mainline rail services all within the immediate proximity Bank Liverpool Street Clapham North (Northern Line) and Stockwell Blackfriars 11 mins 21 mins (Victoria Line) within 5 and 8 minutes walk 17 mins respectively Overground rail services provided from Clapham High Street station within 6 minutes walk Canary Wharf Southwark London Bridge 22 mins Northern Line Extension will provide quick access Waterloo 16 mins 9 mins to new Nine Elms and Battersea Power Station 8 mins underground stations (expected to open 2020) Borough Road 8 mins Clapham Road (A3) is a main arterial road into Vauxhall Central London and also provides direct access 2 mins Elephant & Castle to the M25 4 mins Wealth of local bus links serving Clapham Road including night services Clapham 8 mins Junction 10 mins Air Stockwell 5 mins Gatwick airport is accessible from Clapham Key Junction station within c. 25 minutes Overground Victoria Clapham North Central City and Heathrow airports are accessible within Jubilee 55 minutes from Stockwell station (source: TfL) Northern Clapham High Street Bakerloo Circle District Metropolitan Clapham Common Hammersmith & City 1 min Bike Piccadilly Waterloo & City DLR Santander cycle docking station located just Thameslink south of Stockwell station Not to scale, indicative only. Source: TfL/Thameslink. Clapham Road forms part of the London Cycle Superhighway 7 (CS7) 9-17 Union Road & 372-378 Clapham Road, London 6 Building Description The property comprises a mixed-use development completed in 2006 consisting of offices, retail, 112 residential flats and underground basement car parking. Before the redevelopment, the site was historically used as the laundry site for the Savoy Hotel. The commercial element sits on Clapham Road and comprises a prominent Grade A office building providing approximately 34,885 sq ft (3,240.9 sq m) of office and retail accommodation arranged over ground, mezzanine and three upper floors. A number of residential units sold off on long leasehold interests are located on the fourth floor which are accessed via a separate entrance which is independent from the office accommodation. The vacant offices provide approximately 26,586 sq ft (2,469.9 sq m) and are accessed from Clapham Road via an impressive double height reception area. Each floor plate offers highly flexible office accommodation which is well lit from three aspects and arranged around a central core. The office accommodation is currently configured to provide a mixture of open-plan areas, meeting rooms and ancillary spaces. The large and prominent retail unit benefits from a main frontage to Clapham Road and is arranged over ground and mezzanine levels, and totals 8,299 sq ft (771 sq m). The specification includes: Double height ground floor entrance Air-conditioning Fully accessible raised floors Suspended ceilings Floor to ceiling height glazing LG7 compliant lighting Two 8-person passenger lifts WCs, shower and drying room on each floor 29 car parking spaces (Four demised to Dream’s) Secure bike racks Excellent natural light from three aspects 9-17 Union Road & 372-378 Clapham Road, London 7 ACCOMMODATION The property provides the following net internal areas: typical upper FLOOR PLAN Area NIA Area NIA Floor Use sq ft sq m Third B1 Offices 8,650 803.6 Second B1 Offices 8,883 825.3 First B1 Offices 8,776 815.3 Reception (Ground) B1 Offices 227 25.7 Office Sub Total 26,586 2,469.9 Mezzanine* A1 Retail 2,165 201.1 Ground A1 Retail 6,134 569.9 Retail Sub Total 8,299 771.0 Total 34,885 3,240.9 * The mezzanine floor was installed by the existing tenant. The property has also been measured in accordance with IPMS. A copy of the measured survey is available in the data room. Clapham Road Tenancies and Covenant The retail accommodation is let to Dreams Limited for a term of 15 years from 6th October 2009. The current passing rent is £103,750 per annum exclusive and the lease is subject to an upward only rent review on the 1st August 2018 which is currently outstanding. The freehold interest includes 87 sold off residential flats on 125 year leases producing a ground rent of £21,350 per annum. The remaining 25 sold off flats are non-income producing. The office accommodation is provided with full vacant possession.