2-6 Catherine Place is arranged over lower ground, ground and three upper floors and benefits from a lift, comfort cooling/central heating and a courtyard area at lower ground floor level. No. 2-6 is currently connected to No. 23 Palace Street at the ground floor level, with No. 23 providing DDA facilities for the combined buildings.
No. 23 has been extensively refurbished including the erection of a mansard 3rd floor and is fitted out to a good standard and benefits from comfort cooling, CAT 5 data cabling, disabled facilities at ground floor level and modern lighting. The accommodation generally provides a cellular layout with each floor arranged as one or two offices.
Location
The properties benefit from excellent transport links being within easy walking distance of both Victoria Mainline & Underground Stations (Victoria, Circle & District) and St James’s Park Underground Station (Circle & District Line). Numerous bus routes are to be found along Victoria Street to the south, thus providing easy access into the City and West End.
Accommodation
2-6 Catherine Place
Third Floor - Offices - 657 sq ft NIA - 798 sq ft GIA
Second Offices Floor - Offices - 803 sq ft NIA - 1,178 sq ft GIA
First Floor - Offices - 781 sq ft NIA - 1,165 sq ft GIA
Ground Floor - Offices - 807 sq ft NIA - 1,165 sq ft GIA
Lower Ground Floor - Offices - 714 sq ft NIA - 1,394 sq ft GIA
TOTAL - 3,762 sq ft NIA - 5,700 sq ft GIA
23 Palace Street
Third Floor - Offices - 118 sq ft NIA - 182 sq ft GIA
Second Floor - Offices - 138 sq ft NIA - 285 sq ft GIA
First Floor - Offices - 335 sq ft NIA - 453 sq ft GIA
Ground Floor - Offices - 292 sq ft NIA - 454 sq ft GIA
Lower Ground Floor - Offices - 258 sq ft NIA - 494 sq ft GIA
TOTAL - 1,141 sq ft NIA - 1,868 sq ft GIA
GRAND TOTAL - 4,903 sq ft NIA - 7,568 sq ft GIA
Terms
Rateable Value - From our enquiries with the VOA, we understand that 2-6 Catherine Place is rated as an office and premises and have a rateable value of £182,000. We further understand that 23 Palace Street was withdrawn from the rating list on the 1st April 2023.
Tenure - We understand the properties are owned freehold under the following Title No’s:
2-6 Catherine Place:
Title No. 182449
23 Palace Street:
Title No. 189171
The premises are currently let on a management agreement to NewFlex Limited until 27th February 2027, subject to a Freeholder’s option to terminate at any time upon 3 months prior written notice.
EPC - The properties have EPC ratings within Band ‘C’.
VAT - We have been informed that the premises are elected for VAT. It may be possible to treat the sale as a Transfer of Going Concern (TOGC), purchasers should make their own enquiries in this respect.
Anti-Money Laundering - Satisfactory anti-money laundering and comprehensive information will be required.
Capital Allowances - Further information available on request.
Price - The vendors are seeking offers in excess of £5.85 million for the freehold interest, subject to contract and exclusive of VAT, reflecting a capital value of £1,192 per sq ft on the NIA and £773 per sq ft on the GIA.
Specification
- Prominent freehold property of interest to owner occupiers, investors and developers.
- Situated in a vibrant part of Westminster and Victoria.
- Two interconnecting freehold properties with an NIA of 4,903 Sq Ft and a GIA of 7,568 Sq Ft .
- The premises benefit from two entrances with dual frontages onto Catherine Place and Palace Street.
- Currently let on a management agreement to a service operator until 27th February 2027.
- Potential to convert to two houses or apartments or a combination of both under Permitted Development STTP.
- Opportunity to create a best-in-class Headquarters building.
- May suit alternative use such as medical and Embassy STTP.
- The vendors are seeking offers in excess of £5.85 million for the freehold interest, subject to contract and exclusive of VAT, reflecting a capital value of £1,192 per sq ft on the NIA and £773 per sq ft on the GIA.