47 Durham Street provides a striking office building designed by Rolfe Judd and redeveloped in the early 2000’s to a high specification, including a number of sustainability features, being awarded a BREEAM rating of Excellent upon completion.
The property, which has dual access from Durham Street, provides a total net internal area of 37,907 sq ft (3,522 sq m) of office accommodation arranged over ground and four upper floors with floor plates ranging from 4,984 sq ft – 8,191 sq ft (463 sq m – 761 sq m).
The floors plates are a regular ‘L’ shape, with limited columns providing excellent flexibility. In addition, the upper floors benefit from floor to ceiling glazing on three sides of the building providing excellent natural light throughout, especially when combined with slab to slab height of 3 metres plus on all floors. All floors are accessed by two x 13 person passenger lifts.
The property benefits from a large panoramic roof terrace on the 4th floor which extends to 2,496 sq ft, with the ground floor also benefitting from terrace space to the rear. In addition, there are six secure car parking spaces (including disabled) and dedicated bicycle storage.
Location
Located in a prominent corner position in the heart of Vauxhall close to the KIA Oval. Vauxhall has been transformed with significant inward investment since 2012 with the creation of the Vauxhall, Nine Elms and Battersea (VNEB) opportunity area, one of Europe’s largest and most ambitious regeneration schemes, which covers 561 acres.
VNEB aims to provide over 16,000 homes, two million plus sq ft of commercial space, and significant amounts of public realm works with a pedestrianised green corridor linking Battersea Power Station to Vauxhall Cross. Connectivity throughout the area has been enhanced by the extension of the Northern Line from Kennington to Battersea via Nine Elms.
Vauxhall benefits from excellent transport links, with connectivity provided to Waterloo in 4 minutes (via National Rail), King’s Cross St Pancras in 12 minutes (via Victoria Line) and Tottenham Court Road in 12 minutes (via Northern Line), which provides access to Crossrail (Elizabeth Line).
The property also benefits from direct access to Cycle Superhighway 5 which connects Vauxhall with Pimlico, as well as subsequent connecting highways, via a segregated cycle lane. Cycle Superhighway 7 is also accessible nearby, which connects Wandsworth with the South Bank and City of London respectively.
The building boasts a Public Transport Accessibility Level (PTAL) rating of 6b, the highest achievable.
Accommodation
The property has been measured by BKR in accordance with the RICS issued Code of Measuring Practice (6th Edition) and comprises the following approximate net internal floor areas:
4th Floor Office - 4,984 sq ft (463.01 sq m)
3rd Floor Office - 7,999 sq ft (743.11 sq m)
2nd Floor Office - 8,079 sq ft (750.54 sq m)
1st Floor Office - 8,079 sq ft (750.54 sq m)
Ground Floor Office - 8,191 sq ft (760.94 sq m)
Ground Floor Reception - 575 sq ft (53.42 sq m)
TOTAL - 37,907* sq ft (3,521.56 sq m)
Terms
Tenancy - The ground to 3rd floors are let to BowArts on a lease commencing 24th April 2022 and expiring 15th January 2024., subject to a mutual option to break at any time from 22nd September 2023 on 2 months notice.
A transformer chamber let to London Power Networks PLC occupies part of the ground floor on a 99 year lease expiring in April 2103.
Tenure - The property is held freehold.
Title Number: TGL220684
The approximate extent of the freehold title ownership is outlined in red in the Ordnance Survey extract plan.
The freehold title extends to an approximate total site area of 0.38 acres.
Proposal - Offers are invited in excess of £16,000,000 for the Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects £422 per sq ft on existing and £249 per sq ft on proposed.
Planning - Located within the London Borough of Lambeth, the property is situated within the Key Industrial Business Area (KIBA) as designated within Lambeth’s Local Plan, as well as the Central Activity Zone (CAZ).
The premises are not listed or located within a Conservation Area.
VAT - The property is elected for VAT and we would expect the transaction to be treated as a Transfer of Going Concern (TOGC).
EPC - The building has an Energy Performance Rating of D-86.
Dataroom - Access to the Dataroom available upon request.
Specification
- Freehold
- Prominent corner building located in the heart of Vauxhall, one of central London’s high growth sub-markets
- Situated adjacent to the Vauxhall, Nine Elms and Battersea (VNEB) Opportunity Area in a rapidly evolving location
- Designed by Rolfe Judd, the property was redeveloped to a high specification in the early 2000’s and provides 37,907 sq ft (3,522 sq m)
- The building is let to BowArts on a flexible lease enabling a purchaser to obtain vacant possession from 22nd September 2023.
- Opportunity to undertake a comprehensive refurbishment or a major redevelopment increasing the massing from 37,907 sq ft to 64,239 sq ft based on the Rolfe Judd revised scheme.
- Offers are invited in excess of £16,000,000 for the Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects £422 per sq ft on existing and £249 per sq ft on proposed.
- Double height reception
- Panoramic roof terrace on 4th floor
- Metal tile suspended ceilings with four pipe fan coil air conditioning
- Impressive slab to slab height of 3 metres plus on all floors
- Excellent natural light
- 2 x 13 person passenger lifts serving all floors
- WC’s (including disabled) on all floors, with showers available on ground, 1st and 3rd
- Six secure car spaces (including disabled) with dedicated bike storage
- DDA Compliant
- 150mm fully accessible raised floor
- LG3 Category 2 lighting
- 1.5 m planning grid