Bankside Central, 76-80 Southwark Street, London SE1 Tae Mod Millennium Bridge London Bridge Prime Southbank location adjacent to Bankside 1,2,3 – RBS and Blue Fin Buildings, and close to Tate Modern Museum and the Richard Rogers designed NEO Development by Native Land and Grosvenor The property was the subject of a prize winning, design driven refurbishment and part rebuild in 2000 – 2001 by Manhattan Loft Corporation. It provides a modern, air- conditioned, high specification office building of approximately 40,486 sq ft of net office and ancillary space on basement, ground and five upper floors. Further significant development underway on several nearby properties Freehold Entirely let to FBC (Futurebrand ) Ltd with a guarantee from Interpublic Group Inc for 15 years to December 2016, at a rent of £1,508,980 per annum, £37 psf overall, £40 psf on the ground and upper floors, and £20 psf on the fully fitted basement. Offers in excess of £19,000,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 7.5% after costs of 5.75% and a capital value of £470 per sq ft
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Bankside Central, 76-80 Southwark Street, London SE1
Tae Mod Millennium Bridge London Bridge Prime Southbank location adjacent to Bankside 1,2,3 – RBS and Blue Fin Buildings,
and close to Tate Modern Museum and the Richard Rogers designed NEO Development by Native Land and Grosvenor
The property was the subject of a prize winning, design driven refurbishment and part rebuild in 2000 – 2001 by Manhattan Loft Corporation. It provides a modern, air-conditioned, high specification office building of approximately 40,486 sq ft of net office and ancillary space on basement, ground and five upper floors.
Further significant development underway on several nearby properties
Freehold
Entirely let to FBC (Futurebrand ) Ltd with a guarantee from Interpublic Group Inc for 15 years to December 2016, at a rent of £1,508,980 per annum, £37 psf overall, £40 psf on the ground and upper floors, and £20 psf on the fully fitted basement.
Offers in excess of £19,000,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 7.5% after costs of 5.75% and a capital value of £470 per sq ft
Bankside Central, 76-80 Southwark Street, London SE1
Bankside Central, 76-80 Southwark Street, London SE1
LOCATION The Property lies within the London Borough of Southwark, on the north of Southwark Street at its junction with Great Guilford Street. The area benefits from excellent communication links: Southwark underground station (Jubilee line) is approx. 450 metres to the west, London Bridge underground station (Northern and Jubilee lines) and mainline (Network South-East and Thameslink services) is approximately 500 metres to the east. Waterloo underground station (Waterloo & City, Bakerloo, Northern and Jubilee lines) and mainline (South West Trains services) is approx. 10-15 minutes walk to the west, with the City of London 10 minutes walk away across the Millennium Bridge to the north. In addition : Blackfriars Thameslink Station is undergoing a remodelling to put new platforms on the bridge, and from early 2012 there will be a new pedestrian entrance from the Southbank Riverwalk. The Thameslink line, running north south across London and linking Brighton to Bedfordshire, Gatwick and Luton Airport, is being comprehensively improved and its capacity expanded. In the longer term, both London Bridge and Waterloo Stations are to be redeveloped.
Of particular note is that this particular location has benefitted , and continues to experience, an unprecedented wave of development including: Office
Land Securities’ Bankside 123, immediately to the west, is home to IPC Media and Royal Bank of Scotland.
More London, developed by CIT has let to a variety of occupiers such as Ernst & Young, PwC, Norton Rose, and Lawrence Graham
The Shard, now the tallest building in London, and “Baby Shard” schemes at London Bridge are redefining this part of London
Great Guilford Street Warehouse is to be comprehensively redesigned, with two additional floors, to provide 130,000 sq ft of designer offices
At 65 Southwark Street, opposite the property, Moorevale have received consent to reclad, reconfigure and add two new floors to create a 55,000 sq ft landmark office headquarters. Picture below.
Hotel
Nearby Novotel, Mercure, Holiday Express, Accor All Seasons, Premier Inn and Travelodge support both business and leisure travellers
Diagonally opposite the property, at 20 Lavington Street, citizenM start construction of a new 190 room hotel in December 2010, designed by Sheppard Robson and Concrete Architects. Picture below.
At 15 Great Suffolk Street, Jansons start construction in January 2011 of a 125 room Premier Inn, designed by Allies and Morrison.
Also on Great Suffolk Street, Splendid Hotel Group have started construction of Tate Modern’s closest five star hotel, Hilton Southwark, to include a 700 person conference facility. Picture below.
Residential
Native Land and the Grosvenor Estate are currently building 229 apartments in 5 buildings of 5 to 24 storeys, 390,000 sq ft, in a Rogers Stirk Harbour scheme on Sumner Street and Southwark Street : 22 229 apartments in 5 buildings ranging in height from 5 to 24
rwww.native-land.com/portfolio/2/neo-bankside
On Bear Lane, in 2009 Galliard Homes completed 90 one, two and three bedroom apartments in a Panter Hudspith designed scheme : www.panterhudspith.com/projects/residential/bearlane
Student
On Great Suffolk Street, Unite plc has recently completed its new student accommodation scheme providing 230 bedrooms : www.alliesandmorrison.com/projects/london/2010/great-suffolk-street
Further south on Great Suffolk, Street Unite have recently acquired a site with consent to develop a 600 bed student scheme : www.conranandpartners.com/architecture-current_projects/194/work-moonraker_alley
Cultural
Tate Modern art gallery, with the most visitors of any museum in the UK, and the Millennium Bridge across the Thames from Saint Pauls, have transformed this part of London
The Tate extension, designed by Herzog and de Meuron, started construction in March 2010
The London Dungeons, Globe Theatre, and the London Aquarium continue to attract visitors from across the UK and abroad
Retail
Borough Market has been comprehensively changed over the last ten years. Further significant changes are under way as a result of the works associated with the Thameslink / Network Rail project.
Land Securities’ Bankside 123 includes 60,000 sq ft of restaurant and retail space at ground floor and has revitalised the streetscape in this part of Southwark.
Whilst this area of London has changed significantly over the last 10 years, it is set to improve further as a result of numerous current and proposed developments, as shown in the development schedule and map attached.
DESCRIPTION The property was the subject of a prize winning, Piers Gough design, refurbishment and part rebuild in 2000 – 2001 by Manhattan Loft Corporation. It provides air-conditioned offices and ancillary space on basement , ground and five upper floors totalling approximately 40,486 sq ft (3,761 sq m) in a radical conversion of a Victorian tea warehouse, retaining exposed brickwork interiors and ornate cast metal pillared frames, with two new storeys. The specification includes displacement air-conditioning through raised floors, three lifts and male and female lavatories on all floors.
First floor
5th floor meeting room
The accommodation totals approximately 40,486 sq ft of net office and ancillary space, on basement, ground and five upper floors.
Floor Area sq ft
Basement 5,523
Ground 5,919
First 6,266
Second 6,115
Third 6,129
Fourth 5,939
Fifth 4,595
Total 40,486 Indicative upper floorplan. Detailed floorplans can be provided on request.
TENURE Freehold
TENANCY The property was originally wholly let to FBC (Futurebrand) Ltd, currently occupied by MRM, another business wholly owned by interpublic Group, on full repairing and insuring terms from 17th December 2001 until 16th December 2016, with 5 yearly upward only rent reviews. The lease is guaranteed by Interpublic Group of Companies Inc. The current income is £1,508,980 per annum, which equates to £37 psf overall, with the next rent review due in December 2011. Sublettings Part of the ground floor has been sublet to Anomaly UK Ltd from 11th January 2010 to 10th January 2011 at a rent of £114,400 per annum. The entire first floor and part of ground floor reception has been sublet to Gifford Partnership from 30th April 2007 to 13th December 2016 at a rent of £ 194,246 per annum, £31 psf. There is a tenant’s break on 17th December 2011. Part of the second floor 4,500 sq ft has been sublet to Digitalis Media from 1st February 2010 to 31st January 2011 at a rent of £ 217,108 per annum. All sublettings are excluded from the security provisions of the 1954 Landlord and Tenant Act. TENANCY AND COVENANT The tenant is FBC (Futurebrand) Ltd. In 2010 Experian rated the company “a very low risk (confidence )”. Interpublic Group of Companies Inc is FBC’s ultimate parent and one of the world’s largest advertising and marketing companies. Quoted on the US stock exchange, Interpublic has offices in 100 countries and employs 41,000 people with a market capitalisation of $5.22 billion. As at year end 2009, turnover was $6.03 billion, with a pre-tax profit of $ 121.3 million and a net worth of circa $550 million. www.mrmlondon.co.uk www.interpublic.com
PLANNING The Property lies within the Borough and Bankside Opportunity Area, Central Activities Zone (CAZ) and Strategic Cultural Area as identified in the London Plan (2008), and locally within the Southwark Plan (2007) and emerging Southwark Core Strategy (November 2009). It is not listed and not in a Conservation Area.
MARKET COMMENTARY The Southbank office market has potential for rental growth, with a shortage of good quality buildings and a vacancy rate approximately 5.0%. Prime rental values for well located, new build offices range from £37.50 to £45.00 per sq ft close to the river. Rental values for refurbished well specified offices range from £25.00 per sq ft to £37.50 per sq ft dependent on the location and specification. In the short to medium term, it is anticipated that the limited supply in Southwark will help to drive to rental growth from end 2010 onwards. Recent significant transactions include:
Date Property Floor Area sq ft Specification Terms Psf
Sep 09 Blue Fin Part 11
7,000 Full let £40
Sep-09 2 More London Part 2nd
10,000 Full Let £37.5
Sept-09 2 More London
Riverside 2nd 10,351
Grade A office accommodation
Lease to 2017
£37.50
Oct-09
4 More London
Riverside
1st
2nd
9,016 14,290
Grade A office accommodation
Lease to 2016
£35.00 £42.00
Nov-09
Union House, 182-194 Union
Street
4th 4,100 Basic refurbished warehouse with
air-cooling 3 years £26.00
Feb-10 Wool Yard, 54 Bermondsey
Street 2nd 3,900
Good quality refurbished
warehouse with air-conditioning
10 year lease, 5 year rent review
£28.00
Mar-10 99 Southwark
Street
1st
2nd floor
1,873
2,055
Basic spec warehouse with
cooling Let £25.00
May-10 Blue Fin 2nd
floor 15,000 Full let £39.50
Current 2 More London Part 7th
9,701 Full Under offer £42.50
VAT VAT will be payable on the purchase price. PROPOSAL We are instructed to seek offers for the freehold interest in excess of £19,000,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 7.5% after costs of 5.75% and a capital value of £470 per sq ft. CONTACT DETAILS For further information or to arrange an inspection of the property, please contact: Andy Verschoyle Email: [email protected] Tel: 020 7858 6861 Mobile: 07825 507 525 James McAdden Email: [email protected] Tel: 020 7858 6869 Mobile: 07825 507 526 Kingly Partners 1 Kingly Street London W1B 5PA
View north from 5th floor offices
NOTICE: Messrs Kingly Partners, for themselves and for the vendors of this property, whose agents they are, give notice that: i) These particulars are only for the guidance of prospective purchasers and do not form part of any offer or contract. (ii) Whilst the information contained herein is issued in good faith, neither the firms nor their clients guarantee its accuracy and it is not to be relied upon as statements or representation of fact. (iii) Any intending purchasers must satisfy themselves as to the correctness of each of the statements made herein. (iv) The vendor does not make or give, and neither the firms nor any of their employees have any authority to make or give, any representation or warranty whatever in relation to this property. (v) Nothing in these particulars constitutes a statement that the property and/or any services or facilities are in good condition or working order. (vi) These particulars were completed in December 2010. (vii) Kingly Partners will not be liable, in negligence or otherwise, for any loss deriving from these particulars.
������������� �������������������������������
������ !
��"� �#$�����#� ���
������������� �������������������������������
��� ���� � !��� ����� � "!�#�
��� ���������������� � �����������������������������������������
�� ��!"���#������$�"��%��������
& ����������������������'��()��������*�������
&�� �����+�#�����
��$�"��%��������
���������,�����������-!�����.��/�(�����
��� ,0����(��� ������ ���������00������������������������������'��()�����������������*���������������(�����
0�� -����-�������������1 ���(�����
����������*�����������������%��������%����������������
,�� ����2���������� �������#����/���%(���/������3�������������)�*���������(�)����(��������%���������
4�� �30���� ������ ������������������������)�*���������(�)���
������������� �������������������������������
��� ���� � !��� ����� � "!�#�
��� �������� �� ������ �������� ����� ��������������������� ������������������������ ���������������
�� !"������#��� $�����%����������&'�$������ ������������������ ���������������(�)����*����+����������
��
!��� !&�,�����-������-������ "������������,%+������� �.�������%��������
!!�� /����-�� ���-������
#�0�����-������
+������� �*������� ����� ��"�����������,%+���1��������� ������������������
!��� -����2���/ ������ �-������
�����������������������������2����3������������
!1�� "45" ��������������� � %6���$������ ���0������ ���������������
!"�� .�����,�� ��� .����������� �������������0���������������������� ���������� ������
!&�� "���������������� � #�������7�(�0� ���-� ��� �������������������������������������2����3������������
������������� �������������������������������
��� ���� � !��� ����� � "!�#�
!4�� ����������������� � 8����������� �������"&��������������)� ������������3��0� �������� ���������������� ��������������� ������
!9�� !��������������� � .��3��� �&!���������4���������������������� ����� ������ �0���3�����: �����������
!��� ;����������<�2����-������ �-������
"������������������� ������� ������������3��3�����
! �� �"���������������� � 8����� ������2����3�����������������+���� �$����*������*������������������������33��)��! ��������������������2����3������������
42 to 48
Benson House
CR
4.5m
3.4m
LB
UNION STREETTHE CUT
NE
LSO
N S
QU
AR
E
RIS
B OR
OU
GH
STR
EE T
HATFIELD
S
THE CUT
3 3 t o 51
Lord
Nel
son
52
181
Ring Court
4
Bui
l de r
's Y
a rd
PC
36
Southwark College
1
77
PH
76 7
5
235 to 241
El Sub Sta
73PH
Rowland Hill House
to 51
52 to 156
Surgery
74 The
225
PH
6 to 12
Styles House
Garage
(PH
)
3 to 11
4854
3 3
40
1 to 6
1 to
13
1 to
48 John Harvard
195 to 201
52Centre
House
El Sub Sta
WorksStyles
Tank
El SubSta
STR
EE
T
PEPP
ER
GR
EAT
GU
ILD
FOR
D S
TREE
T
PE
PPER
STR
EET
Hou
s e
1 to
10
T re l
awn e
y
HouseTrelawney
96
1 to 2
1 to
20
1 to
20
HouseThorold
All Hallows' Church
1 1 to
29
64
72
80
Govt Offices
Duthy Hall
41
Garage
PlayhouseCourt
47
43
45
47a
49 to 55
3
5 to 9
T om
l ine
113
Parcel Office
Hou
se Hou
s e
T ho r
o ld 1 to
10
Hou
s e
F ar n
h am
Boro
Con
st a
n d L
B B
dy
CR
ROUPELL
STREET
HATF IELD
S
Tower
1 t o 36
Sub Sta
Waterloo (East)
Kings Reach
Versailles
Station
62
Bastille
27 to 45
CR
3.5m
3.5m
3.9m
3.8m
3.4m
3.7m
4.3m
3.8m3.6m
3.3m
2.9m
3.2m
3.9m
2.9m
3.8m
4.0m
3.9m
3.7m
3.5m
5.2m
3.7m
2.9m
3.3m
3.6m
5.1m
3.7m
3.6m
3.5m
3.7m
3.8m
Viaduct
LB
FB
TCBs
TCBs
Shelter
TCB
Viaduct
Trough
S Brs
Shelter
LB
S Br
D Fn
Shelter
TCBs
Statue
LB
DW
S Br
Posts
Posts
HOPTON STREET
REN
NIE S
TRE
ET
JOA
N S
TRE
ET
BU
RR
EL L ST R
EET
COLOMBO S
TREET
Brinton Walk
BEAR
Dolben Street
SUMNER STREET
Milroy W
alk
CAN
VEY
STR
EE
T
CH
ANC
EL STR
EET
HO
PTO
N S
TR
EE
T
INV
ICTA
PLA
ZA
NICHOLSON STREET
UPPER GROUND
STREET
TREVERIS ST
MEYMOTT
CAS
T L E Y A
RD
PRICE'S STREET
FARNHAM PLACE
UPPER GROUND
SOUTHWARK STREET
HOLLAND STREET
GR
EAT
SUFF
OLK
STR
EET
Rotherham Walk
DOLBEN
LAVINGTON STREET
JOAN STREET
STR
EET
STAMFORD STREET
STREET
BLA
CK
FRIA
RS
RO
AD
PAR
I S GA
RD
EN
GA
MB IA
L ANE
SCORESBY STREET
UNION STREET
BURRELL STREET
SL
MP .75
SL
MP 1
SL
SL
SL
ChurchyardChristchurch
Playground
2
49
30
14
85
47
PH
27
1
32 to
40
4 to 9
18
1
Europoint House
Conoco
78
Wakefield
Hall
34 to 68
5C to E
Tate Gallery of Modern Art
202
22 to 29
Southwark
FB
43
17
182 to 194
35 to 39
Southw
ark Col lege
5 to 11
8
132
Bankside Gallery
Centre
ChristchurchIndustrial
Mission
Grand Vitesse
43
23
80
18
6 7
15
Works
16
Station2 7
93
33
Hopton's Gardens
Friars Bridge Court
5 to 13
110
202
Hotel
1
4SunguardCourt
Court 2
1 5 t o 2 5
PH
45
9
72
160
Gov
ernm
ent O
ffice
s
128
1 to 6
Tate Gallery of Modern Art
PH
181
2
197
House
25
111
Edward
PH
101
86
152
Centre
(b e lo w)
82
15 to 20
220
81
10
Edward's
Industrial Centre
113
144
Surgery
158
140
28
6 5
216
1 2
Exchange
Community
26 to
89
5 B
1 to 25
18
FB
Surgery
14
30 to 34
1 to 26
PH
1 1
1
8
Colombo House
Arches 94 to 99
68
El Sub Sta
House
Works
Works
17
99
14
103 to 109
1
245
12
30a
Blue Fin Building
31
Telephone
95
PO
56
50 to
60
Jo hn Mar sh all
to
5
Sports and
19
T he
Blackfriars C
en tre
Sub Sta
5 3
30
10
97
721
House
House
26
41 to
45
Court
164 to 180
1 to 99
El
1 to
3
203 to 208
4
22
1
204
Court
7
Friars Close
14
El Sub Sta
24
4
44
3
19 to
21
1
Shops
10
84
6
to
PH
91
7
PH
200
64
156
69
20
Ban ks ide L oft s
Sut
hrin
g H
ouse
Rennie House
3
162
64
1 to 3
89
230
49
(below)
Rennie
42
2
26
36
9
11
El Sub Sta
76
10 to 14
154
El
25
15 to 18
53
Quadrant
19 to
23
12
209 to 215
Works
Rector
y
115
33
29
66
PH
Bank
3
3.2m
3.3m
5.2m
3.1m
3.6m
3.4m
3.8m
3.5m
3.4m
3.3m
4.0m
LB
LB
S Br
LB
LB
Ps
GR
EAT GU
ILDFO
RD
STR
EET
NE
W G
LOB
E W
AL K
BEAR
GA
RD
ENS
YARDFLATIRON
FLAT IRONSQUARE
SUMNER STREET
SUMNER STREET
UNION STREET
LAVINGTON STREET
WARDENS GROVE
BEAR
GAR
DEN
S
Keppel Row
ZOAR STREET
EM
ER
SON
STR
EET
SO
UT
HW
AR
K B
RID
GE
RO
AD
AMERICA STREET
EWE
R S
T RE E
T
PARK STREET
SOUTHWARK STREET
ROSE
ALL
EY
NEW
GLO
BE
WA
LK
SL
SL
Playground
El Sub Sta
Playground
A
1 to 10
1 to 30
37
El Sub Sta
133
Garage
16
The
Aren
a
1
31 to 50
Peabody Estate
Theatre
InigoJones
30
1 to 22
39
Bridge
El Sub Sta
148
TheatreThe Globe
House
K
19 21 23
58
H
58
E
House
Isis House
79
Bankside House
60
1 to 22
74
30
150
Rose Court
29
20
2
G
65
Wykeham
90
El Sub Sta
42
B
Riverside House
Business
69
1 to 22
100 to 108
2
144
Great Guildford Business Square
6 to 8
Community
4
1 to 11
32
67
146
2 2
El S ub Sta
Warehouse
Centre1 to 11
2 4
El Sub Sta
36
91 to 95
4
25
64
Hoadly
1 to 22
57
58
Centre
C
1 to 408
2
135
38 t o
42
Bridge Court
1 t o
22
Theatre
Buildings
185
83 to 87
City Bridge
1 to 22
I
House
51 to 70
15
1 t o
22
F
123
Surrey House
101
71 to 100
64
Sumner
Southwark
60
69
20 to 22
6 1
62
Riverside House
1
St Ives House
105
1 to 22
90
24 Benbow House
Benbow House
PH
Mus
52
1 to 22
72
Inigo
60
2
d
1 to 22
34
75 to 79
61
Hotel
76 to 80
62 to 76
56
Warehouse
House
24
56
59.5
70
3 3
84 to 88
Jones
54
Waynflete
73 to 81
BLA
CK
F RI A
RS
RO
AD
HOPTON STREET
31to42
485054
57to72
River Court PH
73to84
to
110
1 to 87
56
58 to 62
to43to56
301
85
Falcon Point
Gap
Ca rd in a l
All ey
5152
49
24
2 3 4
5
6
7
8
9
10
11
12
1314
15
16.
1
1718
RBS RBS �������������
��������������
������
��
0m 50m 100m 150m
Bankside Central, 76-80 Southwark Street, London SE1
Ordnance Survey © Crown Copyright 2010. All rights reserved. Licence number 100020449. Plotted Scale - 1:4208
Related Documents
