LON DON - Allsop · Cheap si d e i n g W l l i a m S t M o o r g a e c ... House Monument Liverpool Street Moorgate London Bridge Temple Waterloo Embankment Westminster Charing Cross

LON DON SE1

-141/142 LOWER MARSH

WATERLOO LONDON SE1 7AE

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RARE FREEHOLD REFURBISHMENT/ DEVELOPMENT OPPORTUNITY

LON DON SE1

INVESTMENT CONSIDERATIONS

Rare Southbank refurbishment opportunity situated at the heart of one of Central London’s

most popular cultural hubs

-Situated on a prime pitch adjacent to

Waterloo Station, London’s busiest rail terminus

-Fully let providing a current rent of £75,136 per

annum equating to a low £17.50 psf

-Prime office rents in the Southbank are currently

in excess of £60 psf

-We believe the rents are highly reversionary

-Total flexibility for a purchaser since vacant

possession can be achieved within 4 months

-Planning permission obtained for two additional

floors of residential accommodation

- The property extends to a GIA of approximately

455.1 sq m (4,899 sq ft) extending to approximately 576.5 sq m (6,205 sq ft) if the

planning permission was implemented

-Offers are sought in excess of £2,500,000

(Two Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.

This represents a low capital value of £510 psf (based on the GIA) and £403 psf if the planning

permission was implemented.



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RARE FREEHOLD REFURBISHMENT/ DEVELOPMENT OPPORTUNITY

–CAPITAL VALUE OF £510 PSF REPRESENTS EXCELLENT VALUE AT THIS LOCATION –

Waterloo Bridge

London Eye The City The ShardThe Old VicWestminster Bridge

The Shell Centre

Waterloo Station Lambeth North

Lambeth Palace Gardens

-SUBJECT

PROPERTY -



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LOCATIONLower Marsh is located in the heart of the Southbank, London’s leading cultural hub and home to some of the capital’s most famous venues including the National Theatre, The London Eye, The Tate Modern and the Old Vic. The Southbank is undergoing significant regeneration with major schemes at the Shell Centre, Elizabeth House and Waterloo Station set to further improve the area.

Lower Marsh acts as a local high street populated by national and independent retailers and it hosts a street market every Saturday extending the location’s appeal as a leisure destination for tourists, students and the wider London population.

Lower Marsh is situated adjacent to London Waterloo Station, London’s busiest transport interchange.

LCR, the Department for Transport and Network Rail are bringing the former Eurostar terminal back to use after almost a decade of redundancy. Planning consent has been granted for 135,000 sq ft of new independent, high street and food and beverage stores. The restoration will include improved links to Leake Street and Lower Marsh.

The Station is the capital’s hub for the South West train network which serves outer suburban and regional services in the counties of Surrey, Hampshire and Dorset. Waterloo is also served by the Jubilee, Bakerloo, Northern and Waterloo and City Underground Lines. In addition, Lambeth North Underground Station (Bakerloo Line) is also located within 150m of Lower Marsh.

THAMES

Royal NationalTheatre

TateModern

Shakespeare’sGlobe

Millenium

Brid

ge

St. Paul’sCathedtal

King’s CollegeLondon

Cleopatra’sNeedle

London Eye

Old Vic


Guy’sHospital

Golden Hind

Old BillingsgateMarket

LondonBridge

Bank of EnglandMuseum

Guildhall

Smithfield

HMS Belfast

JubileeGardens

LondonAquarium

House ofCommons

Horse GuardsParade

St. JamesPark

TrafalgarSquare

CoventGarden

BritishMuseum

Lincoln’sInn Fields

Gray’sInn Fields

Barbican

The OldBailey

City of LondonSchool

OxoTower

LondonIMAX

NationalFilm Theatre


TateModern

Shakespeare’sGlobe

Millenium

Brid

ge

St. Paul’sCathedral

PaternosterSquare


Cleopatra’sNeedle

Royal Courts of Justice

London Eye

Old Vic


Guy’sHospital

Golden Hind

Borough Market

Old BillingsgateMarket

LondonBridge

Bank of EnglandMuseum

Guildhall

Smithfield

HMS Belfast

JubileeGardens

LondonAquarium

House ofCommons

Horse GuardsParade

St. JamesPark

TrafalgarSquare

CoventGarden

BritishMuseum

Lincoln’sInn Fields

Gray’sInn Fields

Barbican

The OldBailey

City of LondonSchool

OxoTower

LondonIMAX

NationalFilm Theatre

RoyalFestival Hall

RoyalFestival Hall




Guy’sHospital

Barbican

Kingsw

ay

Waterloo Bridge

Waterloo Rd

Stamford St

Stamford St

Southwark St

Southwark St Southwark St

Blackfriars B

ridg

e

B

lackfriars Rd

B

lackfriars Rd

Queen St Pl Southw

arl Bridge

Southw

ark Brid

ge R

d

Southwark Bridge Rd

Strand

Ald

wych

Stra

nd

Fleet St

Fet

ter

Ln

New F

ette

r Ln

Farringd

on St

Farringd

on St

N

ew B

ridg

e St

Gow

er St

Bedford Square Bloom

sburt St

Ed

war

d S

t

Tottenham C

ourt Rd

C

haring Cross R

d C

haring C

ross R

d

Charing Cross R

d

St. Giles High St

Hig

h Holborn

High Holborn

High Holborn

Shaftesbury Ave

S

haft

esbu

ry A

ve

Bloomsb

ury Way

Theobald’s Rd

Southhampton Row

Kingsw

ay

Gray’s Inn R

d

Holborn Viaduct

Newgate St

S

t. M

arti

n’s

Le G

rand

Ald

ersgate St

Shoe Ln

St. Bride

Cockspur St

Par

liam

ent

St

W

hite

hal

l

Whi

teha

ll

Bridge St Westminster Bridge Rd

York

Rd

Yor

k Rd W

aterloo Rd

Waterloo Rd

Marshalsea Rd

Long Ln

Vic

tori

a E

mb

ankm

ent

Vic

tori

a E

mb

ankm

ent

Victor

ia Embankment

Victoria Embankment

Upper Thames St

Upper Thames St Lower Thames St

Borough H

igh St

Bor

ough

Hig

h St

Kin

g W

illia

m S

t

Kin

g W

illia

m S

t

Gra

cech

urch

St

B

isho

psgat

e

London Wall London Wall

Wormwood St

C

ity

Rd

Old Broad

St

Duke St Hill

Tooley StBerm

ond

sey St

Stainer St

St. Thomas St

Fleet St Cannon St

Queen Victoria St

Cheapside

King W

illiam St

Mo

org

ate Prince’s St

Upper Ground

Upper Ground

Upper Ground

Long Acre

Long

Acr

e

Bay

lis R

oad

Low

er M

arsh

Upper M

arsh

Westminster Bridge Rd

BlackfriarsCannonStreet

Farringdon

St. Paul’s

Barbican

MansionHouse

Monument

Bank

LiverpoolStreet

Moorgate

Bank

LondonBridge

Temple

Waterloo

Embankment

Westminster

CharingCross

LeicesterSquare

CoventGarden

TottenhamCourt Road

Holborn

ChanceryLane

Southwark

Borough

CityThameslink

Rail

CityThameslink

Rail

BlackfriarsBlackfriarsCannonStreet

CannonStreet

LiverpoolStreet

LiverpoolStreet

MoorgateMoorgate

LondonBridgeLondonBridge

BarbicanBarbican

WaterlooWaterloo

CharingCross

CharingCross

WaterlooEast

WaterlooEast



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-SUBJECT

PROPERTY -

LON DON SE1



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20 R

OOMHOTE

LSCHEM

E

50 ROOM

HOTEL SCHEME

66 ROOM

HOTEL SCHEME

LOWER MARSH – A CHANGING LANDSCAPELower Marsh has been undergoing significant change helped by both public and private projects. Public realm works as well as improved accessibility to the street has led to a influx of coffee shops, restaurants and independent retailers which supplement the long line of food stalls which have traditionally been the calling point of the street.

Well renowned occupiers established on Lower Marsh include The Ginger Pig, Four Corners Café, Love & Scandal, Scootercaffe, the Cubana and Café del Marsh. In addition, the nearby Make Space Studios, The ‘Vaults’ pop up venue and ‘Banksy Graffiti Tunnel’ combine to accentuate the street’s entrepreneurial buzz.

Furthermore, 3 new hotels are currently in the pipeline for Lower Marsh. The Stow Hotel scheme, immediately adjacent to the property at 138 Lower Marsh, is being developed into a hotel of 20 rooms formed out of shipping containers. The former Steve’s B&B is set to be developed into a new 50 bed hotel and the parade at 100 – 108 Lower Marsh has been recently granted planning for a new 66 room hotel.

SITUATIONThe property is located on the northern side of Lower Marsh close to its junction with Westminster Bridge Road. London Waterloo Station is located 0.2 miles (0.3 km) north

of the property.

The property is situated within a mixed-use location - directly opposite is a supermarket and health centre and there is a mixture of cafés, national multiples

together with a large amount of office and residential accommodation.

DESCRIPTION141/142 Lower Marsh comprises a mixed use building arranged over basement, ground and three upper floors. The ground floor comprises

a café with self-contained offices on first, second and third floors. The basement is used as storage.

With the level of development taking place in the immediate vicinity, the café is bustling. Access to the offices is via a wide separate entrance

fronting Lower Marsh leading to a staircase serving all floors.

The offices currently provide a basic specification with central heating, suspended ceilings, category B lighting and carpeted floors.

–LOWER MARSH IS A HISTORIC MARKET STREEET IN TRANSITION –

SE1

TENANCY SCHEDULE AND ACCOMMODATION

TENUREFreehold

Floor Tenant AccommodationGIA NIA

Lease Start

Rent Reviews

Lease End

Rent £pa

Rent £psf

Comment

Sq ft Sq m Sq ft Sq m

Ground & Basement

Gavin M Mackenzie & Hasmik Mackenzie t/a Barbarella’s Café

1056 96.8 1042 98.123rd

September 2016

2018 &

2020

22nd September

2022 (2)£30,000

Mutual break option at any time on not less than 4 months notice.281 26.1 223 20.8

First Floor Offices

Ronnie Green t/a Bodymap 919 85.3 741 68.9

4th December

2016

24th December

2017 (2)£11,136 £15

Lease subject to a schedule of condition. Mutual Break Option at any time after 28th Feb 2017.

Second & Third Floor Offices Basement

RWA London LLP

909 84.4 746 69.425th

December 2016

24th December

2017 (2)£34,000 £19

Mutual break option at any time after 28th February 2017. Only 300 sq ft of the basement is demised to the tenant within the lease.

913 84.8 738 68.6

821 76.3 794 73.8

TOTAL 4,899 453.7 4,284 399.6 £75,136

1. The property is full repairing and insuring by way of a service charge (further details available upon request).

2. The provisions of Sections 24 to 28 of the LTA 1954 are excluded in relation to the tenancy created by this lease.



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PLANNINGPlanning permission has been granted for the addition of a 2 bed flat (694 sq ft) at fourth floor level and a 1 bed flat (612 sq ft) within a roof extension (fifth floor) together with the erection of a lift shaft to the rear serving all floors (Ref: 16/00175/FULREF).

Further information regarding the planning and development potential for the subject property is available through Lambeth Council’s website: www.lambeth.gov.uk or the vendor’s agent.

RESIDENTIAL VALUESWe believe that residential values are between £900 psf and £1,000 psf. This is highlighted by the below comparable transactions:

12 LOWER MARSH

No. Bedrooms: 2 Bed FlatTransaction Date: Currently MarketingSale Price: £895,000Price psf: £995

96 LOWER MARSH

No. Bedrooms: 2 Bed FlatTransaction Date: Apr-16Sale Price: £895,000Price psf: £1,052

35A, THE CUT

No. Bedrooms: 1 Bed FlatTransaction Date: Jul-16Sale Price: £415,000Price psf: £1,130

ADDITIONAL ASSET MANAGEMENT ANGLESThere is potential to change the currrent planning permission for the 2 additional floors to become office use. The property would be well suited for serviced offices.



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TERRACE

MASTER BEDROOM

LOUNGEKITCHEN/DINING

HALL

LIFT

LIFTLOBBY

MAINLOBBY

ENSUITE

2BEDROOM

WC/SHOWER

3190HALLWAY

A1/ A2/ A3

LIFT

LIFTLOBBY

HALL

MASTER BEDROOM

KITCHEN/DINING/LIVING

LIFT

WC

LIFTLOBBY

MAINLOBBY

LIFT

LIFTLOBBY

WC

OFFICE

PROPOSED 4TH FLOOR

PROPOSED GROUND FLOOR

PROPOSED 5TH FLOOR

PROPOSED 1F/2F & 3F FLOORPLAN

Floorplan for illustrative purposes only.

–RESIDENTIAL VALUES ACHIEVING IN EXCESS OF £1,000 PSF –



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MARKET COMMENTARYThe Southbank has become a focus for footloose tenants attracted by competitive occupational costs in comparison to the West End and City markets and excellent local infrastructure and transport connections as well as its diverse retail and cultural amenities.

The Canary Wharf Group/Qatari Diar Shell Centre Development next to Waterloo is one of London’s most anticipated schemes comprising a mix of offices, homes and retail space. The development will comprise 800,000 sq ft of office space and 790 new homes with practical completion expected in 2019.

Lower Marsh has proven very popular for small businesses attracted by its excellent range of amenities and its proximity to Waterloo Station. There have been notable deals in the last 6 months on Lower Marsh for similar sized office space showing that there is potential within the subject property for significant rental growth.

The table below outlines recent rents achieved in the nearby area for similar sized office floorplates:

50-52 UNION STREETTransaction Date: July 2017Sale Price: £4,250,000Price psf: £672

123 WESTMINSTER BRIDGE ROADTransaction Date: July 2017Sale Price: £950,000Price psf: £701

112-114 TOOLEY STREETTransaction Date: April 2017Sale Price: £3,725,000Price psf: £989

97-99 BOROUGH HIGH STREETTransaction Date: October 2016Sale Price: £1,600,000Price psf: £1,192

82 LOWER MARSHTransaction Date: April 2016Sale Price: £1,500,000Price psf: £1,051

EPCThe property has the following EPC ratings:

Floor Grade Rating

Ground Floor D 88

Floor 1 C 56

Floor 2 C 75

Floor 3 B 48

DATAROOMFor access to the Allsop Data Room please use the following link:

https://datarooms.allsop.co.uk/register/waterloo

VATThe property is not elected for VAT.

The table below outlines recent comparable investment transactions that have taken place in the nearby area:

–CURRENT OFFICE RENTS OF £15 PSF ARE HIGHLY REVERSIONARY –

45-46 LOWER MARSH, SOUTHBANK WESTTransaction Date: March 2017Tenant: Nicholas Jones

ArchitectsSq Ft: 567Rent psf: £44

124 CORNWALL ROAD, SOUTHBANK WESTTransaction Date: February 2017Tenant: AmdasSq Ft: 530Rent psf: £50

3 SOUTHWARK STREET, SOUTHBANK EASTTransaction Date: February 2017Tenant: SPA ArchitectsSq Ft: 736Rent psf: £50

15 THEED STREET, SOUTHBANK WESTTransaction Date: November 2016Tenant: EarthSq Ft: 760Rent psf: £49

LON DON SE1

PROPOSAL

Offers are sought in excess of £2,500,000 (Two Million Five Hundred Thousand Pounds)

subject to contract and exclusive of VAT. This represents a low capital value of £510 psf

(based on the GIA) and £403 psf if the planning permission was implemented.

For further information or to make arrangements for viewing please contact:

PRIVATE CLIENT TEAM

Alex Butler 020 7543 6722

[email protected]

Jonathan Butcher 020 7543 6755

[email protected]

WEST END TEAM

Mark Ibbotson 020 7543 6879

[email protected]

www.allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 10.17

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LON DON - Allsop · Cheap si d e i n g W l l i a m S t M o o r g a e c ... House Monument Liverpool Street Moorgate London Bridge Temple Waterloo Embankment Westminster Charing Cross