101 Newington Causeway London SE1 Significant Zone 1 Development Opportunity 02 Executive Summary 06 Location 18 The Site 22 The Opportunity 40 Planning 42 Sales Process & Deal Structure 44 Market Research & Overview 48 Further Information 49 Contacts 2 Executive Summary An outstanding opportunity to create a landmark scheme through the redevelopment of the existing Salvation Army UK Territorial Headquarters • Freehold development site located in the heart of Elephant & Castle • Rare opportunity to create a mixed use scheme through redevelopment of Zone 1 site in London Borough of Southwark • 0 .65 acre (0.26 hectare) site currently occupied by Salvation Army UK & Republic of Ireland Territorial Headquarters • T hree buildings currently occupy the site: 10 storey existing B1 office building with basement, a 5 storey building used for publishing with ancillary shop, and a single storey building with staff facilities including prayer room and band practice hall • Existing total gross internal floor space of the three buildings is approximately 8,446.7 sq m (90,918 sq ft) GIA • The Salvation Army is to relocate to new premises within the borough • P re-application discussions with London Borough of Southwark in August 2018 for comprehensive redevelopment to provide 39 storey tower and 14 storey commercial building on-site • Pre-application proposals include residential use (238 units) or student use (630 units) within a 39 storey tower, and a separate 14 storey office building with proposed total scheme GIA of up to 31,753 sq m (341,790 sq ft) • The site has potential for a number of alternative uses subject to securing the necessary planning permission • E xpressions of Interest invited on a Subject to Planning basis • F reehold Computer generated image of pre-application scheme 3 4 5 Blackfriars St Paul's City of London The Shard 6 London The city contributes £3 trillion to the UK economy and 21% of GDP • London is now home to 8.7 million people, making it an increasingly diverse city to live and work • London received 19.8 million international visitors staying overnight in 2017, generating £12bn annual revenue • The capital is home to over 70% of FTSE Top 100 companies and 75% of Fortune Global 500 Companies have offices in London • London accounts for 17% of the total UK student population and 32% of the UK’s foreign student population. Four out of the UK’s top ten universities are located in the capital • British tech business attracted $7.8bn of funding in 2017, London is the largest tech sector hub in Europe with Google, Amazon, Facebook and Apple remaining in the city • London residential market appeals to both international and domestic buyers with more than 80 nationalities purchasing property in London in 2017 7 8 SE1 Elephant & Castle Elephant & Castle is undergoing a £3bn regeneration programme. The next 15 years will include: • Creation of a new pedestrianised town centre • Market square • 5,000 new and replacement homes • Up to 450,000 sq ft of retail space through redevelopment of Shopping Centre • Integrated new public transport hub • A new 2 acre park – the largest new green space in central London for 70 years 9 10 British UCL Holborn Museum Cass Business Liverpool Oxford Circus School MIDTOWN Street Location WEST END Bank St Paul’s Cathedral THE CITY Piccadilly Circus Blackfriars Covent Garden City of London MAYFAIR Tower Hill Tate Modern River Thames Charing Cross SOUTH BANK Green Park London Bridge Southwark The Shard Green Park Tower The London Eye Waterloo Bridge St James's Park Westminster London South Borough White Cube Gallery Bank University BELGRAVIA Westminster Ministry of Sound BERMONDSEY Abbey Knightsbridge WESTMINSTER Lambeth Victoria River Thames Palace Imperial War University of Museum The Arts Elephant & Newport Street Castle Gallery Sloane Square Tate Britain Pimlico WALWORTH VAUXHALL Kennington Saatchi Gallery CHELSEA KENNINGTON Vauxhall The Oval River Thames US Embassy Kennington Burgess Battersea Park Park Power Station Battersea Park 11 12 13 14 Lifestyle, Culture & Leisure SE1 includes Waterloo, London Bridge & Elephant & Castle and some of the most visited tourist landmarks in London • These areas are home to many of London’s key cultural sights including Tower Bridge, Shakespeare’s Globe, London Eye, The Shard, Tate Modern and Borough Market • Imperial War Museum is in close proximity to the north west of the site • London South Bank provides an extensive cultural offering with The Old Vic, IMAX, National Theatre and Royal Festival Hall • Ministry of Sound - a world class music venue - is located in Elephant & Castle • Mercato Metropolitano is a sustainable food market with extensive UK and Italian artisan offerings. The space also hosts popup events for the local community • Popup venues nearby include Backyard Cinema and The Artworks providing a wide range of restaurants and vibrant leisure amenities 15 16 Oxford Circus Moorgate Bond Street Covent Garden Green Park Leicester Square Transport & Bank Piccadilly Circus Connectivity Charing Cross Excellent transport links demonstrated by the site's PTAL rating of 6b Westminster • Elephant & Castle station is located approximately 200m to the south west of the site Victoria • T he station provides access to London Underground Bakerloo and Northern lines, as well as National Rail services • Multiple bus routes run from a stop outside of the building along Newington Causeway and London Road to the south west • E xtensive cycle routes adjacent to the site further highlight the Pimlico Waterloo London Bridge excellent site location and connectivity Lambeth North Journey Times from Elephant & Castle Station Borough Elephant Bank 7 minutes & Castle Farringdon 9 minutes Blackfriars 10 minutes Canary Wharf 13 minutes Vauxhall Oxford Circus 14 minutes Bakerloo Line Extension scheduled for 2028 / 29 King's Cross 21 minutes Old Kent Road Source: Transport for London. *Nine Elms Kennington Clapham Junction Stockwell *Scheduled to open in 2020. Source: Transport for London. New Cross Gate Excerpt from London Underground map. 17 18 The Site 101 Newington Causeway is a 0.26 hectare site. It is situated at the northern gateway to Elephant & Castle Opportunity Area • The site occupies a corner position on the junction of Newington Causeway and Rockingham Street • T he existing site comprises a 10 storey building with basement, and is currently occupied as office premises for the Territorial Headquarters of The Salvation Army UK • The site also houses Salvationist Publishing & Supplies (SP&S) a five storey building located off Tiverton Street which is the publishing house for TSA with an ancillary retail shop • T he third building on-site is single storey providing staff facilities including prayer room and band practice hall • E xisting total gross internal floor space of the three buildings is approximately 8,446.7 sq m (90,918 sq ft) with a breakdown by building provided on the measured survey in the dataroom • The Salvation Army have been in occupation of the building since 1998 when the Territorial Headquarters (THQ) administration moved from the City of London to 101 Newington Causeway • T he building was originally constructed in 1982 • T he site boundary is bordered by Newington Causeway to the west, and the recently completed ‘Pioneer Building’, a 22-storey residential tower to the north • T iverton Street is located on the eastern site boundary, together with the railway viaduct and the Rockingham residential estate. Immediately to the south is the Metro Central Heights, a Grade II listed, Erno Goldfinger designed residential development completed by St George in 1997 • C ycle and car parking spaces are also provided at the rear of the site at ground level 19 20 21 Waterloo Holborn South Bank Farringdon Barbican 22 Moorgate 39 Storey tower 630 student beds or 238 apartments c. 250,000 sq ft GIA The Opportunity Proposed Scheme Overview 14 Storey B1 commercial tower 101 Newington Causeway offers the c. 76,000 sq ft GIA opportunity to create a landmark residential-led, mixed use scheme in an improving Zone 1 location Computer generated image of pre-application scheme looking south 23 24 • This proposal provides 238 residential • Block B provides circa 7,080sqm (76,207 units in Block A, a 14 storey commercial sq ft) GIA of office floorspace across building in Block B with retail units at basement, ground and 13 upper floors ground floor level • E ach floorplate would comprise • 2 38 proposed residential apartments approximately 441sq m (4,746 sq ft) and a totalling 23,314sq m (250,956 sq ft) GIA floor to ceiling height of circa 3.75m within Block A • Across ground floor level of Block A and • Proposed scheme arranged over Block B, 310 sq m (3,333 sq ft) GIA of basement, ground and 38 upper floors flexible A1-A5/D1/D2 retail is proposed located on the southern part of the site to activate street frontages, particularly along Newington Causeway • Indicative layout of Block A provides 8 units per floor around a central core with 4 x 2 • The central area between both buildings beds and 4 x 1 bed units, with each unit proposes a high quality landscaped area having private external amenity balconies where members of the public, including pedestrians and cyclists can access and • T he upper levels provide larger 3 bed use as a public realm/open space units, with some of these units having access to landscaped roof terraces/ gardens Residential Scheme Unit Mix • There are communal residential amenity spaces within the building at the lower Unit Number