Attractive freehold office property for sale with opportunities to extend. Part income producing - full vacant possession available from May 2024.
8 Union Street is an attractive freehold property currently used as offices. It is arranged over five storeys, serviced by lift and stairs, with offices on ground and upper floors. The lower ground floor incorporates kitchen, WCs, shower, storage and additional office space.
The building is understood to date from the early 19th Century, originally built as a thee storey terraced house. It is within the Borough High Street Conservation Area but is not listed.
Opportunities to extend the property include, addition of new upper floor, extending upper floors to the rear and infilling arch at 1st floor level. Preliminary architectural studies have been undertaken but all these options are subject to necessary planning permissions.
The 2nd floor is currently let. The lease expires May 2028 with annual break options for landlord and tenant every May subject to 3 months notice. The annual rent is £15,600 + VAT. There is a 3 month rent deposit held. The remaining floors are vacant.
Location
The property is located on the north side of Union Street approximately 25 metres from the junction with Borough High Street.
The South Bank district of London has seen enormous investment and improvements over recent years. with many international landmarks and attractions including Borough Market, Tate Modern and The Shard.
There is a fantastic range of amenity within the immediate vicinity of 8 Union Street including Borough Market less than 5 minutes walk away along with a large variety of restaurants, cafes, pubs , shops and street food markets.
London Bridge Station (Mainline, Jubilee and Northern Lines) is approximately 5 minutes walk with Borough Station (Northern Line) also within 5 minutes walk.
Accommodation
3rd Floor - 504 sq ft - 4-7 Desks
2nd Floor - 574 sq ft - 5-8 Desks
1st Floor - 314 sq ft - 2-4 Desks
Ground Floor - 470 sq ft - 4-7 Desks
Lower Ground Floor - 737 sq ft - 6-11 Desks
TOTAL - 2,599 sq ft
Terms
For sale freehold. 2nd Floor is currently let (rent £15,600 pax), lease expiring May 2028 but with annual mutual break options from May 2024. Remainder of building will be vacant upon purchase.
Price - Guide £1,350,000 + VAT for freehold interest
Service Charge - Upon application
Rates - Rateable Value £77,000 therefore c. £39,500 per annum payable.
EPC - D(98)
Specification
- Fully self-contained
- Newly decorated
- Air-cooling/heating (wall mounted)
- Lift
- Shower
- Kitchen
- Perimiter trunking
- Suspended ceilings with inset lighting
- Wood laminate flooring
- Entry phone
- Bike racks
- Storage