14-21 RUSHWORTH STREET

Transcription

1 14-21 RUSHWORTH STREET LONDON SE1 0RB

2 OPPORTUNITY Prime development opportunity in the heart of Southwark Site of 0.42 acres (0.17 hectares) Full planning permission for: 35 private units totalling 27,577 sq ft (2,562 sq m) NSA 12 affordable units totalling 10,969 sq ft (1,019 sq m) NSA 21,399 sq ft (1,988 sq m) NIA of B1 office accommodation Pre-application for: A commercial office scheme totalling 67,641 sq ft (6,284 sq m) NIA Freehold Vacant possession COMPUTER GENERATED IMAGE OF THE PROPOSED SCHEME 03

3 Temple Tube Station Blackfriars Bridge Southwark Tube Station 04 Oxo Tower St. Paul s Cathedral Millennium Bridge City of London 05

4 A VIBRANT LOCATION Rushworth Street is located within the Blackfriars Regeneration Area, a vibrant and exciting part of the Southbank, approximately 700 metres to the south east of London Waterloo. Rushworth Street runs between Pocock Street and King James Street, to the east of Blackfriars Road, which is the major gateway north to the City of London and south towards Elephant & Castle. The broader Southbank area has established itself as one of London s thriving cultural quarters and includes the Tate Modern, Royal Festival Hall, the National Theatre and Shakespeare s Globe Theatre. Blackfriars Road (shortly to undergo major public realm improvement works) is a short walk from the property and provides a range of convenience stores and amenities. There is an excellent range of restaurants within the vicinity including Roast, the Oxo Tower Bar & Brasserie and Wahaca. Borough High Street and Market are also a short walk from the property. 07

5 FOR BUSINESS AND PLEASURE... The site is located on the western side of Rushworth Street and is bounded by residential flats to the north, Friar s Primary School to the west and warehouse and office accommodation to the south. The immediate vicinity is principally residential in nature and comprises low to medium rise buildings. The Southbank is a destination of choice for both commercial occupiers and residents due to its excellent position between the City and West End, strong transport links and broader mix of amenities. Major schemes include The Shard, More London and Neo Bankside with further significant developments underway including Elephant & Castle, One Blackfriars, Southbank Tower and Southbank Place (the former Shell Centre). Of London s 20 sub-markets, Waterloo had the second highest increase in rents during 2015 (MSCI, formally IPD) and prime residential values across the Southbank are in the order of 1,600-2,200 psf. Local occupiers include Omnicom, American Express and UMB. 08

6 ST PAUL S AMENITIES 1 London Eye 8 Oxo Tower Bar & Brasserie WATERLOO BRIDGE 2 1 YORK ROAD VICTORIA EMBANKMENT TEMPLE RIVER THAMES STAMFORD STREET WATERLOO EAST 2 7 THE CUT BLACKFRIARS BRIDGE 7 SOUTHWARK CITY THAMESLINK BLACKFRIARS BLACKFRIARS SOUTH UNION STREET 9 SOUTHWARK STREET MANSION HOUSE SOUTHWARK BRIDGE CANNON STREET BANK LONDON BRIDGE LONDON BRIDGE 2 Royal Festival Hall 3 National Theatre 4 Somerset House 5 Covent Garden Plaza 6 Royal Opera House 7 Wahaca LOCAL OCCUPIERS 1 National Television Centre 2 WeWork 3 Ogilvy & Mather 4 Thomson Reuters 5 UBM Plc 6 Square Enix 7 American Express 8 Omnicom Tate Modern Shakespeare s Globe Roast Borough Market London Southbank University First Protocol Event Management Zoopla Lotus Barracuda Digital MBA & Company Orion Group WATERLOO LAMBETH NORTH 11 WATERLOO ROAD 13 WESTMINSTER BRIDGE ROAD BLACKFRIARS ROAD 12 BOROUGH ROAD LONDON ROAD BOROUGH HIGH STREET BOROUGH GREAT DOVER STREET LONG LANE DEVELOPMENTS 1 Southbank Place, SE1 2 Elizabeth House, SE1 3 Southbank Central, SE1 4 South Bank Tower, SE1 5 One Blackfriars, SE1 6 Bankside Quarter, SE Park Street, SE Blackfriars Road, SE The Wedge, SE1 Colombo House, SE1 Southwark Station Office Scheme, SE Blackfriars Road, SE1 3 Valentine Place, SE1 Elephant & Castle, SE1 The Music Box, SE1 KENNINGTON ROAD ST GEORGE S ROAD 14 ELEPHANT & CASTLE NEW KENT ROAD KENNINGTON ROAD HEY STREET 11

7 WELL CONNECTED The site has a PTAL excellent rating of 6b and is within a short walk of Southwark (Jubilee Line), Borough (Northern Line), Elephant & Castle (Northern and Bakerloo Lines) and Waterloo (Jubilee, Northern and Bakerloo Lines) underground stations. In addition, the newly constructed entrance to Blackfriars tube station (District & Circle Lines) south of the river provides direct access to City Thameslink, with further National Rail services available at London Waterloo and London Bridge. Thames Clipper services run regularly from both Bankside and the London Eye. There are a number of bus routes running along Blackfriars Road providing excellent connectivity to both the immediate and wider area. 6 MINUTES* WALK SOUTHWARK LONDON BRIDGE 6 MINUTES 9 MINUTES* WALK BOROUGH LONDON BRIDGE 5 MINUTES 10 MINUTES* WALK WATERLOO EMBANKMENT BLACKFRIARS 1 MINUTE 10 MINUTES 12 *Journey times are approximate and are intended only as a guide

8 EXISTING BUILDINGS The site extends to 0.42 acres (0.17 hectares) and presently comprises two brick built light industrial buildings on ground and first floors totalling 22,045 sq ft (2,048 sq m) GIA and split into 8 individual units.. There is an off street servicing yard and parking area directly accessible from Rushworth Street. 14

9 PLANNING PERMISSION The building is located in the London Borough of Southwark, is not listed and does not lie within a Conservation Area. Planning permission was granted on 31/05/2016 (REF: 15/AP/4000) for: Erection of a new part five, part six storey building to provide commercial floor space at lower ground, ground and first floor level (Use Class B1) and 47 residential units (Use Class C3) on first to fifth floor levels, associated disabled car parking, cycle parking and landscaping. Prior approval was granted on 23/03/2016 (REF: 16/AP/0444) for: Demolition of existing two storey light industrial/office buildings to enable development. The property is liable for both Mayoral and Borough CIL, which together are estimated to total 600,975. A Section 106 agreement has been finalised with payments totalling 73,100. RESIDENTIAL COMPUTER GENERATED IMAGE 17

10 COMMERCIAL ALTERNATIVE A full B1 office scheme has been commissioned and submitted as a pre-application to Southwark Council. It was positively received and the full details of which including pre-app response, plans and accommodation schedule can be found within the data room. The scheme provides a Net Internal Area of 67,641 sq ft on lower ground, ground and five upper floors. We are of the opinion that a CAT A scheme in this location would generate strong headline rents. We consider the commercial scheme to be of interest to developers and investors with occupational requirements from tenants looking for strong transport connections and comparatively lower rents to the alternative submarkets. GROUND FLOOR LEVEL NIA SQ M NIA SQ FT LOWER GROUND ,194 GROUND 910 9,795 FIRST ,023 SECOND ,023 THIRD ,023 FOURTH 797 8,579 FIFTH 279 3,003 TOTAL 6,284 67, FOURTH FLOOR COMPUTER GENERATED IMAGE

11 VIEW OF SITE LOOKING NORTH EAST

12 THE CONSENTED SCHEME Designed by SPPARC Architecture, the scheme comprises a high quality new build brick building. Points of particular note include; The façade design provides articulated bays providing generous amenity space for flat occupiers 35 private sale units (12 x 1b, 20 x 2b and 3 x 3b) with an average unit size of 788 sq ft on 2nd to 5th floors, all of which have private balconies and several units have private roof terraces 12 affordable units (4 x intermediate rent and 8 x social rent) on part 1st to 4th floors 21,399 sq ft (NIA) of new offices on lower ground, ground and first floors with new external courtyards to the rear The scheme includes two communal roof terraces on the 5th floor, which will benefit from views across the Southbank taking in the City, Shard and Canary Wharf All uses have self-contained entrances The scheme has generous floor to ceiling heights throughout 22 COMPUTER GENERATED IMAGE

13 VIEW FROM SITE LOOKING NORTH EAST AT ROOF LEVEL

14 ACCOMMODATION SCHEDULE AFFORDABLE ACCOMMODATION FLOOR APARTMENT TYPE TENURE SQ M SQ FT ONE 1B/2P (DDA) PRIVATE TWO 2B/4P PRIVATE THREE 1B/2P PRIVATE FOUR 2B/4P PRIVATE FIVE 2B/4P PRIVATE SECOND SIX 2B/4P PRIVATE SEVEN 2B/4P PRIVATE EIGHT 1B/2P PRIVATE NINE 1B/2P PRIVATE TEN 1B/2P PRIVATE ELEVEN 1B/2P PRIVATE TWELVE 2B/4P PRIVATE ONE 1B/2P (DDA) PRIVATE TWO 2B/4P PRIVATE THREE 1B/2P PRIVATE FOUR 3B/4P PRIVATE FIVE 2B/4P PRIVATE THIRD SIX 2B/4P PRIVATE SEVEN 2B/4P PRIVATE EIGHT 1B/2P PRIVATE NINE 1B/2P PRIVATE TEN 1B/2P PRIVATE ELEVEN 1B/2P PRIVATE TWELVE 2B/4P PRIVATE FLOOR APARTMENT TYPE TENURE SQ M SQ FT FIRST ONE 2B/4P INTERMEDIATE RENT TWO 2B/4P INTERMEDIATE RENT THREE 2B/4P INTERMEDIATE RENT FOUR 2B/3P INTERMEDIATE RENT FIVE 4B/5P SOCIAL RENT 97 1,044 SIX 3B/5P SOCIAL RENT SEVEN 2B/4P SOCIAL RENT SECOND THIRTEEN 1B/2P SOCIAL RENT FOURTEEN 3B/4P SOCIAL RENT THIRD THIRTEEN 2B/3P SOCIAL RENT FOURTEEN 3B/4P SOCIAL RENT FOURTH NINE 4B/5P SOCIAL RENT 120 1,292 1,019 10, SQ M SQ FT NO. INTERMEDIATE RENT 326 3,509 4 SOCIAL RENT 693 7,459 8 TOTAL AFFORDABLE 1,019 10, FOURTH FIFTH ONE 2B/4P PRIVATE TWO 2B/4P PRIVATE THREE 2B/4P PRIVATE FOUR 2B/4P PRIVATE FIVE 2B/4P PRIVATE SIX 2B/4P PRIVATE SEVEN 2B/3P PRIVATE EIGHT 2B/4P PRIVATE ONE 3B/6P PRIVATE 116 1,249 TWO 3B/6P PRIVATE 113 1,216 THREE 2B/4P PRIVATE ,562 27, TYPE AV SQ M AV SQ FT NO. 1B/2P (DDA) B/2P B/3P B/4P B/4P B/6P 115 1,232 2 COMMERCIAL FLOOR TYPE SQ M (NIA) SQ FT (NIA) LOWER GROUND OFFICE 732 7,879 GROUND OFFICE 876 9,429 FIRST OFFICE 380 4,090 TOTAL COMMERCIAL 1,988 21,399 TOTAL PRIVATE 2,562 27,

15 FLOOR PLANS G LG OFFICE 390m 2 OFFICE 342m 2 PLANT PLANT LOWER GROUND FLOOR Private Residential Affordable Residential Commercial

16 FLOOR PLANS G LG Private Residential Entrance Commercial Entrance Private Residential Entrance Commercial Entrance Affordable Residential Entrance SUBSTATION VOID VOID PLANT PLANT VOID VOID GROUND FLOOR Private Residential Affordable Residential Commercial

17 FLOOR PLANS G LG FIRST FLOOR Intermediate Rent Social Rent Commercial

18 FLOOR PLANS G LG SECOND FLOOR Social Rent Private One Bedroom Private Two Bedroom

19 FLOOR PLANS G LG THIRD FLOOR Social Rent Private One Bedroom Private Two Bedroom Private Three Bedroom

20 FLOOR PLANS G LG FOURTH FLOOR Social Rent Private Two Bedroom

21 FLOOR PLANS G LG FIFTH FLOOR Private Two Bedroom Private Three Bedroom

22 ELEVATIONS PROPOSED FRONT ELEVATION PROPOSED REAR ELEVATION

23 MARKET COMMENTARY MARKET COMMENTARY RESIDENTIAL COMMERCIAL Southbank along with Waterloo and London Bridge are presently subject to some of London s most exciting residential schemes. Values across Southwark have increased by 10.94% in the 12 months to June of this year (Land Registry) and prime Southbank values now exceed 2,000 psf. Stepping back from the River Thames and its associated high rise schemes, Rushworth Street is a location that offers value for money whilst still benefitting from the Southbank s kudos. Local schemes include The Music Box (Taylor Wimpey), Valentine Place (Crest Nicholson) and Blackfriars Circus (Barratt). Looking ahead, there are a limited number of schemes coming through the planning pipeline, meaning that future supply is likely to be more constrained. Despite the surprise referendum result, sentiment across the sector has bounced back and house builders have reported strong visitor numbers and sales levels. The swift appointment of Theresa May has established a level of political stability, while a weakened Sterling has served to boost investor appetite from overseas. More broadly, London s continued housing shortage remains a strong driver of values. Rushworth Street presents a valuable opportunity to develop a well designed range of apartments highly attractive to the residential market. The Southbank area has established itself as one of London s premier office markets offering a viable alternative to the more expensive West End and City markets. Connectivity and improving infrastructure, combined with the character of the area has attracted occupiers including EY, PwC, Puma, Zoopla and WeWork. The development market has responded to this surge in occupier demand with nearby schemes including South Bank Central, where 226,000 sq ft of offices will be available from September In addition, Meyer Bergman are planning 125,000 sq ft of retail and 70,000 sq ft of offices at Vinopolis, Borough Market. Southbank vacancy rates are presently around 2.5%, one of the lowest of the London sub-markets and with stable demand from a broad range of occupiers including the creative industries, TMT occupiers and the financial services sector, prime rents (currently psf) are anticipated to grow further Rushworth Street presents a fantastic opportunity to develop an office building which offers tenants prime space with strong transport links at a discount to prime Southbank rents. In addition, there is scope (subject to planning) to develop an entirely commercial scheme

24 COMMERCIAL COMPUTER GENERATED IMAGE

25 LEGAL INFORMATION TENURE The property is held freehold under title number TGL TENANCY The property is offered with the benefit of vacant possession. VAT The property is elected for VAT. DATA ROOM A data room containing all technical information is available at PROPOSAL Offers are sought on an unconditional basis. CONTACT For further information or to arrange a viewing, please contact: RESIDENTIAL Matt Sharman matt.sharman@levyllp.co.uk Aaron Moles aaron.moles@levyllp.co.uk Andrew Palmer andrew.palmer@cushwake.com Grant Beasley grant.beasley@cushwake.com COMMERCIAL Jonathan Martyr jonathan.martyr@levyllp.co.uk Andrew Lowe andrew.s.lowe@cushwake.com 48 MISREPRESENTATION ACT Levy Real Estate LLP and Cushman & Wakefield for themselves and for the Vendors or lessors of this property whose agents they are given notice that: All description, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. These particulars are produced in good faith and set out a general guide only and do not constitute part of any offer or contract. No person in the employment of Levy Real Estate LLP has any authority to make or give representation or warranty in relation to this property. All prices and rents are quoted exclusive of VAT unless otherwise stated. Designed and produced by Craven Group 2016 craven-property.com

26