The property comprises a glass fronted commercial building, built in 1981 over basement, ground and four upper floors, totalling 16,216 sq ft NIA.
PLANNING - The proposed development involves the demolition of the existing office building and the construction of a new building ranging in height from 5 to 6 storeys over a basement level, comprising a mix of Class E uses, with retail at ground floor level and office floorspace on the floors above.
The building will be situated broadly within the footprint of the existing building, albeit the building envelope will increase above the service yard at ground floor level to maximise office floorspace and allow for more efficient use of the site. The building will comprise 2,849.5 sq m of gross internal area (GIA) based on the following functions:
- Retail Floorspace: 362.4 sq m
- Office Floorspace: 2,487.1 sq m
The proposed 5th floor is setback, with a terrace extending along the perimeter.
Location
The immediate area is dominated by a mix of uses including office, retail, hotel and residential. To the rear of the building is the Queen Mother Sports Centre. To the south is Tachbrook Street, populated by quirky independent shops. Wilton Road is behind the building and provides Victoria with it’s foodie destination, hosting great restaurants, such as Kazan and A Wong. The property is set back from the main road with mature trees lining the pavement.
Victoria is one of the largest commercial submarkets of the West End of London. It has gone through a radical period of regeneration over the last few years with LandSec’s Nova scheme, and prior to that, Cardinal Place, transforming the area around the station. Vauxhall Bridge Road is a major arterial route, and has continued to see hotel development schemes such as the Citizen M hotel and the new RIU hotel scheme at One Neathouse Place, both currently underway. 11 Belgrave Road is also close by and will create a new 120,000 sq. ft commercial scheme, delivering in late 2023.
The Royal Parks are close by to the north, and the River Thames is a 15 minute walk away. Culturally, the Victoria Palace and Apollo Theatres are within a minute’s walk, with Buckingham Palace, The Palace of Westminster and Westminster Abbey are a few minutes away.
Transport links are provided by Victoria mainline station, St James’s Park, Pimlico and Westminster tube stations. Numerous buses pass the property and a Boris Bike station is immediately outside.
Accommodation
Current Accommodation
4th Floor - 1,873 sq ft
3rd Floor - 3,066 sq ft
2nd Floor - 3,061 sq ft
1st Floor - 3,048 sq ft
Ground Floor - 2,913 sq ft
Lower Ground Floor - 2,255 sq ft
Total - 16,216 sq ft
Proposed Accommodation
5th Floor - Office/Terrace - 3,262 sq ft
4th Floor - Office - 4,877 sq ft
3rd Floor - Office - 4,877 sq ft
2nd Floor - Office - 4,877 sq ft
1st Floor - Office - 4,877 sq ft
Ground Floor - Office Reception - 581 sq ft
Ground Floor - Retail - 2,902 sq ft
Lower Ground Floor - Office Ancillary - 2,067 sq ft
Lower Ground Floor - Retail - 999 sq ft
Total - 30,671 sq ft
Terms
Tenure - Freehold Title number XXX TBC.
EPC - The full EPC certificates are available in the dataroom.
VAT - The building is not elected for payment of VAT.
Proposal - We are seeking offers in excess of £12,500,000, reflecting a low capital value of £770 per sq ft on existing NIA.
Planning - Our client has undertaken a pre-app with Westminster City Council. The plans and response from that pre-app is available in the data-room. Broadly, the planners are positive towards a redevelopment of the building and limited increase in height and massing.
Covenant - Parkinson’s UK is one of the UKs leading charities with net assets of £38 million (2020).
Tenancy - Parkinsons UK will take a lease back at a market rent for a term of three years with a rolling break after 18 months
Specification
- Prominent Freehold investment development owner occupier opportunity site in the heart of Victoria
- Situated in an excellent position just a 3 minute walk from Victoria Train Station
- Ideally positioned to benefit from the ongoing improvements to the Victoria area
- Potential for a two year leaseback to Parkinson’s UK, one of the UK’s major charities
- Scope for significant refurbishment or complete redevelopment
- Seeking offers in excess of £12,500,000 subject to contract.
- A purchase at this level reflects a low capital value of £770 per sq ft on existing NIA.