The property comprises a 5-storey mixed-use building, with commercial on the ground floor and basement and residential on the upper floors. The apartments provide comfort cooling, with the 5th floor apartments benefitting from roof terraces. The commercial element is currently fitted out as medical consulting rooms with their own independent ground floor entrance from 170 Vauxhall Bridge Road.
Location
Rochester Row is situated in the heart of Victoria and Westminster, an ever-evolving mixed use location.
The area has undergone large scale infrastructure improvement and development over the last 5 years and is now one of London’s most sought-after locations.
There are significant new office, hotel and residential schemes currently under construction or recently completed including Orchard Place, 7 Millbank, The Fire Station, 11 Belgrave Road, Eaton Lane, The July Victoria, and RIU Plaza Hotels.
The property benefits from good transport links; Victoria Station and Pimlico Underground Station (District, Circle and Victoria Lines). St James’ Park Underground Station is also within easy walking distance.
Accommodation
The areas quoted below are net internal;
5th Floor (501 - 1 Bed) - 458 sq ft (42 sq m)
5th Floor (502 - 2 Bed) - 642 sq ft (59 sq m)
4th Floor (401 - 1 Bed) - 639 sq ft (59 sq m)
4th Floor (402 - 2 Bed) - 726 sq ft (67 sq m)
3rd Floor (301 - 1 Bed) - 639 sq ft (59 sq m)
3rd Floor (302 - 2 Bed) - 726 sq ft (67 sq m)
2nd Floor (201 - 1 Bed) - 639 sq ft (59 sq m)
2nd Floor (202 - 2 Bed) - 726 sq ft (67 sq m)
1st Floor (101 - 2 Bed) - 1,211 sq ft (122 sq m)
Subtotal - Residential - 6,406 sq ft (601 sq m)
Ground Floor (Medical) - 1,054 sq ft (136 sq m)
Lower Ground (Medical) - 1,345 sq ft (173 sq m)
Subtotal - Medical / 'E' Class - 2,399 sq ft (321 sq m)
TOTAL - ENTIRE BUILDING - 8,805 sq ft (913 sq m)
Terms
TENURE - The premises are held Freehold Title Number: NGL423636.
PRICE - Offers are invited for the property in excess of £9,500,000 (Nine Million Five Hundred Thousand Pounds), subject to contract. A purchase at this level reflects an NIY on the commercial of 6% and a capital value of circa £1,322 per sq ft on the residential NSA.
TENANCY SCHEDULE - See attached brochure for information.
RATEABLE VALUE - We understand that the premises are currently split into 2 hereditaments and have a combined Rateable Value of £68,759.00. The assessments are as follows:
Ground £45,250
Basement £23,500
COUNCIL TAX - The apartments are rated under the following council tax bands:
Apartments 101, 201, 202, 302, 402 and 502: Band E (£1,243.22)
Apartments 301, 401 and 501: Band D (£1,017.18)
EPC - The commercial element has an EPC rating within Band D, whilst the residential apartments have EPC ratings within Band C.
VAT - The premises are elected for VAT and the sale will proceed by way of a TOGC.
AML - The successful bidder will be required to provide information to satisfy the usual AML requirements when Heads of Terms are agreed.
Specification
- Prominently located in the heart of Victoria and Westminster, situated close to Vincent Square.
- Corner property comprising 9 apartments and 1 commercial unit with an NSA/NIA of 8,805 sq ft and GIA of 11,073 sq ft.
- All apartments are let on ASTs, save for the 1st floor 2-bed apartment, which is currently vacant. The apartments generate an income of (£289,314.83 per annum).
- The commercial element is let to Medical Diagnostic Victoria Limited at an annual rent of £65,000.00 (£27.09 per sq ft).
- The property offers fantastic reversionary potential with an Estimated Rental Pricing (ERP) of £397,000 per annum.
- The residential apartments benefit from two entrances, one from Rochester Row and the other from Willow Place with the commercial separately accessed from Vauxhall Bridge Road.
- The premises are held freehold. The property is held in a UK SPV and offers for 100% of the issued share capital would be considered.
- Passenger lift
- Communal entrance lobby accessed from Rochester Row
- Desirable roof terraces relating to the 5th floor apartments
- Apartments benefit from comfort cooling and bike storage
- Self-contained ground and lower ground floor with independent entrance from 170 Vauxhall Bridge Road.
- Commercial unit is air conditioned with DDA WC on the lower ground floor
- Apartments finished to a good standard
- Residential benefits from an independent access to lift and main staircase from Willow Place.