200 Great Dover Street, London SE1

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Jeffrey Clarke
5 years ago
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200 Great Dover Street, London SE1 Development/Investment Opportunity Prominent

36,345 sq ft 1960 s offices with 24 surface car parking spaces.

not in occupation. Potential to regear the headlease for 100,000 sq.ft.

1 200 Great Dover Street, London SE1 Development/Investment Opportunity Prominent island site close to Borough and London Bridge. 36,345 sq ft 1960 s offices with 24 surface car parking spaces. Leasehold interest to June 2061 from The Corporation of Trinity House at 7,300 per annum. Sublease to Conoco Phillips Ltd to June 2011 on FRI terms at 725,000 per annum. Conoco are not in occupation. Potential to regear the headlease for 100,000 sq.ft. redevelopment, or improvement and extension of the existing building in 2011, subject to planning. Price of 200 psf, allowing 20,000 per car parking space. Net initial yield of 8.48% after deduction of ground rent, and costs of 5.75%.

Location The property lies 600 metres south of London Bridge and Borough Market, via Borough High Street, 50 metres from Borough Underground Station (Northern Line) and within a few minutes walk of

2 Location The property lies 600 metres south of London Bridge and Borough Market, via Borough High Street, 50 metres from Borough Underground Station (Northern Line) and within a few minutes walk of London Bridge Station (Network South-East, Thameslink, Northern and Jubilee Lines). The success of Borough Market s fantastic food brand and Borough High Street s lively bar and restaurant nightlife, together with some successful residential schemes on Long Lane (e.g Tabard Square), are all leading to significant change in this location. Site The property occupies the majority of an island site bordered by Great Dover Street, Long Lane, Tabard Street and Silvester Street, directly opposite Borough Underground Station. We estimate the site has an approximate total area of 16,860 sq ft. Irregular in shape, the east/west longer dimension is about 160 ft, and the north/south dimension is about 140ft. If combined with 6-12 Tabard Street, an island site of 20,510 sq ft is created.

Property Description Built in 1965 and substantially refurbished in 1985, the property provides about 36,345 sq ft of office accommodation over lower ground, ground and four upper floors, with 24

3 Property Description Built in 1965 and substantially refurbished in 1985, the property provides about 36,345 sq ft of office accommodation over lower ground, ground and four upper floors, with 24 surface car spaces. The accommodation has regular floor plates and good natural light, with perimeter trunking, suspended ceilings, central heating, localised air-conditioning (tenant s improvements) and a single 15 passenger lift. Approximate net internal floor areas are: Floor Area sq. ft. 4 th 6,930 3 rd 6,930 2 nd 6,930 1 st 6,930 Ground offices 4,060 Lower Ground offices 4,565 Total 36,345

5 Tenure The property is held by way of a long leasehold from The Corporation of Trinity House for 99 years from June 1962, expiring in June 2061, about 53.5 years unexpired. The current ground rent is 7,300 per annum, subject to a rent review in June 2028 to 4% of rental value. Tenancies The entire building is let on FRI terms to Conoco Phillips Ltd, a substantial covenant, for 32 years from 24 June 1979, expiring 23 June The current rent passing is 725,000 per annum, equating to per sq. ft overall, inclusive of parking. The net receivable rent is therefore 717,700 per annum exclusive. Conoco are not in occupation and have sublet, co-terminous with the head lease, on leases producing 783,450 per annum, 21 per sq ft overall, generating a small profit rent. Details are in the attached tenancy schedule, which also includes subunderleases. We understand the underleases are outside the Landlord & Tenant Act 1954 (as amended). Asset Management There are a number of asset management options, including: 1. Regearing the headlease with the freeholder, with a view either to redevelop or significant improvement and extension of the existing building in 2011, subject to planning. 2. An early surrender of the Conoco lease. 3. Refurbishment on expiry of the existing lease. 4. Negotiating reversionary leases with existing occupiers. 5. Expansion of the site to include 6-12 Tabard Street.

6 Planning The site lies in the London Borough of Southwark and is not within a conservation area. From our enquiries of Southwark council we are aware that the building is situated within a preferred office location. VAT The property has been elected for VAT, which will be charged on the purchase price. Terms We are instructed to seek offers in excess of 8,000,000 (Eight Million Pounds), subject to contract, which reflects a net initial yield of 8.48% after deduction of the ground rent, and costs of 5.75%. The price reflects 200 per sq ft after deducting 20,000 for each of the 24 car spaces. For further information and to arrange inspections, please contact: Andy Verschoyle Charles Ingleby Kingly Partners Ingleby Trice Kennard DDI: DDI: Mobile: Mobile: av@kinglypartners.com c.ingleby@inglebytk.co.uk Sam Stevens Jake Halstead Kingly Partners Ingleby Trice Kennard DDI: DDI: Mobile: Mobile: ss@kinglypartners.com j.halstead@inglebytk.co.uk NOTICE: Messrs Kingly Partners and Ingleby Trice Kennard, 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 firm 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 Jan (vii) Kingly Partners and Ingleby Trice Kennard will not be liable, in negligence or otherwise, for any loss deriving from these particulars.

7 200 GREAT DOVER STREET, LONDON SE1 Date 22-Jan-2008 UNIT TENANT TERM START EXPIRY BREAK R/R REVIEW RENT pa psf SQ FT COMMENTS FREEHOLDER The Master Wardens of the Guild Fraternity or Brotherhood of The Most Glorious & United Trinity and of St Clement in The Parish of Deptford Strond in The Country of Kent LESSEE (CLS) Anthow Investments Ltd (Now assigned to Mohican Nominees Ltd a wholly owned subsidiary of CLS Holdings plc) Jun Jun-61 7, years remaining Head Lessee All CONOCO (UK) Ltd Jun Jun-11 N/A 7 24-Jun-04 REVIEW 725, ,345 Under Lessees 4, 3, 2 Secretary of State for the Env Feb Jun-11 N/A 7 22-Jun-11 NONE 493, ,790 LG, G, 1 Cherrybond Ltd Sep Jun-11 N/A 5 29-Sep-07 REVIEW 290, , Car Spaces TOTAL 783, ,345 Sub Under Lessees 4 The United Society for the Propagation of the Gospel Oct Jun-11 N/A N/A N/A NONE 125, ,930 3 VACANT 6,930 4th Flr sub under lease dated CPS - 8,9,10,11,12,13,14,15 2 EnergyData Services Ltd/Precise Press Cuttings Dec Jun Jun Jun-09 NONE 111, ,930 CPS - 4,5,6,7 TOTAL 236, ,790 Sub Sub Under Lease 2 Skills Training Matrix Jun Jun Jun , ,775 2 x Car spaces.

130 City Road, London EC1V 2NW

31 Old Burlington Street, Mayfair, London W1S 3AS 020 7292 7404 www.burlingtonpartners.com 130 City Road, London EC1V 2NW Central London Multi-Let Investment Opportunity with Considerable Active Management