The Filaments is an award winning, newly built mixed use development by Mount Anvil (Developer of the Year (up to 1,000 homes) at RESI Awards 2013, 2014, 2015) and designed by highly renowned architects Rolfe Judd. The development features 416 residential units and c.85,700 sq ft of mixed use commercial space. Workspace Group, one of London’s leading providers of business space, has acquired 73,580 sq ft of this commercial space to create The Light Bulb – a bespoke office development within the Filaments scheme. Workspace Group have also been granted planning permission to erect an additional mixed use development, directly opposite the subject opportunity, adding a further 24,000 sq ft of office, 1,750 sq ft of retail and 77 residential units.
The subject opportunity comprises 5 commercial ground floor units located adjacent to Workspaces Light Bulb office scheme.
All 5 units are situated on the eastern part of the scheme. Units 1, 2 and 3 benefit from prominent frontage onto the popular Buckhold Road. Units 4 and 5 are located adjacent to Workspaces Light Bulb development, along the pedestrianised thoroughfare leading through to Hardwick Square. All the units benefit from new hard landscaping at their frontages in the form of new paving, planters and trees arranged in a boulevard style.
Location
The Filaments is a residential led mixed use development that is situated within the heart of the London Borough of Wandsworth. Due to an ongoing £1 billion town centre regeneration project the area is currently receiving huge investment and undergoing a significant transformation, which has resulted in an increase in retail, leisure, employment and delivery of commercial floor space.
Wandsworth Town Centre is a lively hub in the affluent South West London borough. It is well served by excellent communication links and defined by an expansive and eclectic mix of shops, clubs, pubs and restaurants. The Filaments scheme is situated along Buckhold Road which acts as a main transport/traffic artery into Wandsworth Town Centre and neighbouring SW London boroughs. The subject opportunity occupies a prominent position opposite to the recently extended and trading Southside Shopping Centre and adjacent to Workspace’s Light Bulb office scheme. Wandsworth High Street and Garret Lane are within a 2 & 5 minutes’ walk away, with the picturesque and elegant Kings George Park located opposite the scheme.
The scheme is within a well-established and successful retail and office location. The town centre regeneration project has resulted in the extension of Southside Shopping Centre to now provide 650,000 sq ft of retail space. Established retailers such as Debenhams, Café Nero and Planet Organic have recently acquired floor space to join existing commercial occupiers such as Waitrose, Topshop and Virgin Active. The continued mixed use development has clearly increased the residential and commercial popularity of the area, which in turn has further enhanced Wandsworth Town Centre as a key retail and office destination.
Accommodation
Unit 1 - 1,625 sq ft - Landlord fit out in situ - Use Class (A1-A5 & B1)
Unit 2 - 850 sq ft - Let Shell & Core, tenant undertaking fit out - Use Class (D2)
Unit 3 - 5,533 sq ft - Let Shell & Core, tenant undertaking fit out - Use Class (A1 & B1)
Unit 4 - 2,142 sq ft & Unit 5 - Let Shell & Core, tenant has completed fit out - Use Class (D1)
TOTAL - 12,088 sq ft
Terms
PLANNING
The initial planning consent permitted a variety of uses as follows;
- Units 1, 2 & 3 A1-A5 & B1
- Units 4 & 5 A1-A5, B1, D1 & D2
Subsequently, Unit 2 has obtained planning consent for D2 and Unit 1 is in the process of obtaining consent for ‘Sui Generis Use’ for Skin & Beauty Boutique.
TENURE
The property is held on a long lease for a term of 999 years from 30th January 2015 at a peppercorn under title number:- TGL419541.
PROPOSAL
We are instructed to seek offers in excess of £5,085,000 (Five Million And Eighty Five Thousand Pounds), subject to contract and exclusive of VAT for the virtual freehold interest.
A purchase at this level reflects a net initial yield of 6.10% after full purchaser’s costs of 5.80%, and a capital value of £421 per square foot.
VAT
The property has been elected for VAT. It is anticipated that the sale of the property will be treated as a Transfer of a Going Concern (TOGC).
EPC
The property has an EPC rating of B. A full copy is available in the data room.
DATA ROOM
- Access can be provided to the solicitor’s secure data room upon request.
- Occupational underleases
- Head lease
- Plans
- Service Charge Information
- Further title information
- EPC
- Spec of tenant works and deeds of alteration
For a full tenancy schedule and covenant information, please see attached brochure.
Specification
INVESTMENT SUMMARY
- 5 commercial ground floor units within Mount Anvil’s award winning Filaments scheme.
- Highly attractive multi-let commercial investment.
- Situated in a prominent location within Wandsworth adjacent to the Southside Shopping Centre and Ram Brewery development.
- Virtual Freehold.
- Total gross internal area of approximately 12,088 sq ft (1,123 sq m).
- Total income of £328,132 per annum, reflecting a low overall rent of £27.15 per sq ft.
- Weighted Average Unexpired Lease Term of approximately 8.86 years and 3.40 years to breaks.
- Offers are invited in excess of £5,085,000 subject to contract and exclusive of VAT which reflect a NIY of 6.10% and a capital value of £421 per sq ft based on purchasers costs of 5.80%.