SALAMANCA 9 ALBERT EMBANKMENT LONDON SE1 WWW.SALAMANCA.COM VIRTUAL FREEHOLD INVESTMENT OPPORTUNITY
SALAMANCA INVESTMENT CONSIDERATIONS - VIRTUAL FREEHOLD - MODERN CONTEMPORARY OFFICES, OVERLOOKING A LANDSCAPED COURTYARD - TWO LOW RISK TENANTS - IMMEDIATE VICINITY UNDERGOING A MAJOR TRANSFORMATION - SITUATED WITHIN THE VAUXHALL NINE ELMS REGENERATION ZONE (VNEB) - POTENTIAL FOR SIGNIFICANT RENTAL GROWTH - LOW CAPITAL VALUE OF 363 PSF
9 ALBERT EMBANKMENT DESCRIPTION The offices are arranged on the first floor and have been fitted out to a high standard. They are currently let to two tenants and benefit from raised floors, metal ceiling, LG3 compliant lighting and air conditioning. 1ST FLOOR PLAN For indicative purposes only (not to scale) SOUTH NORTH ACCOMMODATION The available floor is arranged as follows: - FLOOR SQ FT SQ M 1st Floor North 6,249 580.53 1st Floor South 2,004 186.17 TOTAL 8,253 766.70 SALAMANCA PLACE AMENITIES - Air-conditioning - Kitchenette - Raised floors - Disabled access - Landscaped courtyard - Passenger lift - LG3 compliant lighting - 8 car parking spaces BLACK PRINCE ROAD N
SALAMANCA LOCATION Salamanca Square is a mixed use scheme comprising commercial and residential accommodation. The commercial elements of the scheme comprise offices on ground and first floor at the rear together with retail units to the front elevation. Numerous bars and restaurants are located along Albert Embankment to the west and further retail facilities are provided along Kennington Road to the east. The property is situated within the Vauxhall Nine Elms Regeneration Zone (VNEB), which comprises 450 acres between Battersea Park and Lambeth Bridge. The area is undergoing a spectacular transformation including major residential led schemes along with new occupiers such as the American Embassy. COMMUNICATIONS The premises are conveniently located for Vauxhall mainline and Underground stations and there are numerous bus routes that pass along the Albert Embankment. 9 ALBERT EMBANKMENT
9 ALBERT EMBANKMENT PIMLICO VICTORIA GREEN PARK ST JAMES S PARK WESTMINSTER SALAMANCA 6 7 2 4 1 3 VAUXHALL 5 1 2 3 4 5 6 7 ADDRESS DEVELOPER SCHEME 20 Albert Embankment St James s/berkeley Group Construction has commenced on the Foster designed three tower Scheme of 12, 18 and 27 storeys. The scheme provides 242 residential units, a 167 bed hotel and 5,000 sq ft of commercial on the ground floor. 38-46 Albert Embankment Optimus A major mixed residential and commercial scheme is planned for the petrol station site and adjoining properties. A planning application is due to be submitted. 10 Albert Embankment Cannon Corporate Planning consent was recently renewed for a 14 storey Aparthotel and restaurant scheme totalling 63,000 sq ft gross. Owners are due to commence with the scheme this year. Eastbury Plaza St James s/berkeley Group Planning consent has just been granted for mixed use scheme 30-34 Albert Embankment comprising 3 towers of 14, 21 and 28 storeys. The premises will have shop, restaurant and offices. Construction is due to commence April 2013. Parliament House Telford Homes Planning permission granted for a 24 storey tower comprising 101 81 Black Prince Road flats with commercial on the ground and first floors. Construction due to commence Winter 2012. V8 Site Kylun/Wendover Planning permission has just been granted for a mixed use scheme Bondway Investments Ltd of 720,000 sq ft, comprising two eliptical towers of 41 and 31 storeys. The building will comprise 291 flats, 30,000 sq ft of commercial and a 179 room hotel. Market Towers CIT/Green Property Planning permission has just been granted for two towers 1 Nine Elms Lane comprising 487 homes, 120,000 sq ft of office and a four star hotel.
SALAMANCA TENANCIES The premises are let in their entirety to two tenants as follows: - Brand Additions Limited s lease is for a term expiring 8th December 2026. The lease is contracted outside the Landlord and Tenant Act 1954, part II as amended and incorporates a tenant s option to break on the 8th December 2016 and 2021, upon six months prior written notice. The lease also incorporates rent reviews on the 9th December 2016 and 2021. The current rent passing is 127,105.50 per annum ( 20.34 per sq ft). The tenant has the right to use four of the basement car parking spaces. In the event the tenant does not operate the break clause in 2016, the tenant will be granted 6 month s rent free. TCS John Huxley Europe Limited occupies the remainder of the floor on a lease dated the 14th April 2011 and expires on the 31st December 2015. The lease incorporates a mutual option to break at any time on 12 months prior written notice. The passing rent is 43,736 per annum ( 21.82) and is subject to a review on the 1st January 2013.
9 ALBERT EMBANKMENT TENANT INFORMATION Brand Addition have a leading position in the market of providing creative, cost effective branded products, to a worldwide list of organisations. Clients include Mars, Michelin, L Oreal and Clarins. The company is based in the UK, with offices in Germany, Dublin, Hong Kong and China. Brand Addition is rated A very low risk (confidence) by Experian. The 31st December 2011 accounts show pre-tax profits of 3.567 million, on a turnover of 50.624 million up from 3.264 million in 2010. Further information can be found at www.brandaddition.com. TCS John Huxley Europe Ltd. offers live gaming products, including table games, chips and plaques, displays, furnishings, gaming tables, playing cards, and roulette wheels; and electronic gaming products, such as pokerkard, bling, bingo, slot machines, roulette, touchtable sic bo, and virtual racing. The company was incorporated in 1979 and is based in London, with a strategically based worldwide network of offices providing after sales service and technical support. TCS John Huxley Europe Ltd are rated A very low risk (confidence) by Experian. The 31st December 2011 accounts show pre-tax profits of 1.583 million, on a turnover of 22.659 million up from 0.609 million in 2010. Further information can be found at www.tscjohnhuxley.com. TENURE/LONGLEASEHOLD The premises are held on a long lease dated the 28th February 2005 for a term of 999 years. The premises are subject to a ground rent of 400 per annum. RENT The net rent is 170,441.50 per annum ( 20.65 per sq ft). PRICE We are seeking offers of 2,995,000 for the freehold interest, subject to contract and exclusive of VAT. This will show a net initial yield of 5.38% after taking account of standard purchasers costs of 5.8%. VAT The property has been elected for VAT. It is anticipated that the sale will be treated as a transfer of a going concern (TOGC).
WWW.SALAMANCA.COM VIEWING Inspections are via the vendor s agents: PHILIP MARTIN T: 020 3328 5372 M: 07811 103045 E: pmartin@tuckerman.co.uk MARK FISHER T: 020 3328 5370 M: 07899 895710 E: mfisher@tuckerman.co.uk Tuckerman Commercial Limited for themselves and for the vendors or lessors of this property, whose agents Tuckerman Commercial Limited are, give notice that: 1. These particulars do not form any part of any offer or contract. 2. They are intended to give a fair description of the property, but neither Tuckerman Commercial Limited nor the vendors or lessors accept responsibility for any error they may contain, however caused. Any intending lessee of purchaser must satisfy themselves by inspecting or otherwise as to their correctness. 3. Neither Tuckerman Commercial Limited nor any of their employees has any authority, to make or give any further representation or warranty whatever in relation to this property. 4. All terms quoted are exclusive of Value Added Tax. 5. All floor areas are approximate. October 2012.