No 1 comprises a contemporary corner office building arranged over basement, ground and five upper floors, benefitting from views over Vincent Square. The property provides mainly open-plan office accommodation totalling 26,716 sq ft, which were extensively refurbished in 2005 to include air conditioning, bike storage and shower facilities, large ground floor reception, together with a small basement car park.
Location
Situated facing Vincent Square on the corner of Rutherford Street and Fynes Street, the premises are conveniently located for Victoria Mainline and Underground, Pimlico Underground and Westminster Underground Stations. There are an abundance of amenities to be found within the local vicinity including those on Victoria Street, Horseferry Road and Strutton Ground Market, all being within walking distance.
Transport links from the building are excellent, with Victoria, Pimlico and St James’s stations all within walking distance.
Accommodation
Fifth Floor - Office - 3,315 sq ft (308 sq m)
Fourth Floor - Office - 4,575 sq ft (425 sq m)
Third Floor - Office - 4,575 sq ft (425 sq m)
Second Floor - Office - 4,575 sq ft (425 sq m)
First Floor - Office - 4,575 sq ft (425 sq m)
Ground Floor:
Office (Central) 1,877 sq ft (174 sq m)
Office (Rear) - 1,050 sq ft (98 sq m)
Reception & Management Offices - 771 sq ft (68 sq m)
Lower Ground Storage & Ancillary - 1,403 sq ft (130 sq m)
Total - 26,716 sq ft (2,482 sq m)
Terms
Price - The Vendors are seeking offers in excess of £15 million for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 2.59% and a reversionary yield of 6.48% assuming the vacant floors are let at a rent of £45.00 per sq ft. Taking into account the purchasers cost of 6.73%, a sale at this level equates to a low capital value of £561 per sq ft.
Tenancy Schedule - Please see the attached brochure for information.
Specification
- Prominent freehold corner property with views of Vincent Square, ideal for investors, developers and owner occupiers.
- Arranged over basement, ground and five upper floors totalling 26,716 sq ft, plus 5th floor roof terrace and small basement car park.
- Part-let with a WAULT of 1.4 years to break and 4.4 to expiry on let accommodation. Passing rent £414,195 per annum reflecting a low average rent of £36.13 per sq ft per annum.
- Significant asset management opportunities including:
- Comprehensive refurbishment and reletting of the offices
- Potential (STTP) for the following:
- Increase the massing and reconfigure the cores and WCs
- Medical/Senior Living Use
- Suitable for Educational Use
- Conversion to Residential
- Air conditioning
- Part underfloor trunking
- Manned reception
- 2 passenger lifts
- 3 showers
- Bike storage
- LG7 lighting
- Cat 6 cabling (4th floor)
- Ground floor DDA compliant
- Secure drop off parking
- Storage space
- Excellent natural light