The premises comprise ground floor self-contained office which is offered in excellent condition. Mostly open plan with a number of glazed meeting rooms. In addition there are kitchen facilities together with male, female and disabled toilets. The accommodation is air conditioned throughout.
Location
The premises are located on Bear Lane which just off Southwark Street in SE1. Close by are Borough, London Bridge and Waterloo. Nearest Stations are London (Waterloo) mainline and London Underground), Borough (Northern Line).Blackfriars (Mainline) and Southwark (Jubilee Line). Hence the offices are in an excellent location for staff and servicing clients.
Accommodation
The property provides the following approximate Net internal floor area:
Ground Floor - 321 sq m (3,456 sq ft)
Terms
UNDERLEASE DETAILS - The premises are let to Prager Metis LLp on an Internal repairing terms for a period of 15 years with effect from the 26th January 2016. The passing rent is £150,000 per annum exclusive. There is a mutual break clause on 26th July 2023 subject to 6 months prior notice. Rent reviews every 5th year. Next review 26th January 2021 and 26th January 2026. The tenant is responsible for usual outgoings including the buildings service charge.
SUPERIOR LEASE - Our clients hold the superior lease for a period of 999 year lease less 10 days from 21st July 1989. Ground rent payable £150 per annum.
TENANT BACKGROUND - Prager Metis are a Top 10 International accountancy firm and Top 100 US accounting firm, with over 55 partners and principals, more than 350 team members, and ten offices worldwide including New York, New Jersey, Connecticut, Los Angeles, London and Miami. Accounting Today named Prager Metis to the #68 spot on the 2017 Top 100 Firms Report. Prager Metis is listed as #2 on the Pacesetters in Growth. Prager Metis is also listed as #15 on the list of Top Firms: Mid-Atlantic. Company number: OC309766. Web site wwwXXXragermetis.com.
MARKET RENT - The rent passing under the existing under lease equates to approximately £43.40 per sq ft based on the information provided above. It is our view that the current rent is reversionary and suggest lies in the region of £47.50 per sq ft.
PRICE - Offers are sought in the region of £3,250,000 plus vat for the Long leasehold interest subject to the existing tenancy.
EPC - The premises are rated at “D” 97.