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78-110 Rochester RowVICTORIASW1
Mixed-use Freehold Development Opportunity in the Heart of Victoria
2 3
Executive Summary
– Prominently located Victoria property with refurbishment and development opportunities
– Existing accommodation comprising 16,555 sq ft of office space (78-100 Rochester Row) over Lower Ground, Ground and 1st-3rd floors
– 21,778 sq ft of Residential and D1 accommodation (No. 102 & No. 104-110 Rochester Row) sold off on long leaseholds with lease extension premium opportunities
– Freehold
– 33 car parking spaces provided at basement level as part of current building
– Planning consent granted for the refurbishment and extension of No. 78-100 Rochester Row to increase net floor area by 51% to deliver 25,123 sq ft over Lower Ground, Ground and 1st-3rd floors and a new 4th floor office suite
– Opportunity to re-gear several residential leases at No. 102 Rochester Row
– Offers in excess of £17,500,000 (Seventeen Million Five Hundred Thousand Pounds) are invited for the Freehold interest, subject to contract and exclusive of VAT.
CGI of the consented scheme
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78-110 Rochester RowVICTORIASW1
Vincent Square
NovaLandsec
VerdeTishman Speyer
Cardinal Place Landsec
123 Victoria St Landsec
Greencoat Place Derwent
Channel 4 HQ Zig Zag Landsec
Buckingham Green London Oriental
25 Wilton RdRoyal London
St James’s Park
Victoria
Westminster Cathedral
Westminster
6 7
Restaurants
1. Leon
2. Quilon
3. Itsu
4. The Ivy
5. Bon Gusto
6. M Restaurants
7. Naughty Piglet
8. Rosa’s Thai
9. A Wong
Coffee
1. Rochester Cafe
2. Coffee Republic
3. Iris + June
4. Gails Bakery
5. Pret
6. Rail House Cafe
7. Pret
8. Pret
9. Wild by Tart
10. Peggy Porschen
11. Pimlico Fresh
12. Crussh Juice Bar
Location
Rochester Row is situated in the heart of Victoria, an area that has undergone large scale infrastructure improvement and development over the last 5 years and is now one of Central London’s best connected, vibrant and talked about areas.
No. 78 lies to the south of Victoria Station and Victoria Street, where the majority of the new development and impressive regeneration has occurred. This puts it within a stone’s throw of a wealth of both new amenity and the longer established independent offerings in Pimlico and Belgravia, another short walk to the west of the property.
The ease with which occupiers can access a variety of different retail and leisure offerings, be it the street food markets and characterful pubs of Pimlico & Belgravia, or, the vibrant new bars and restaurants along Victoria Street has resulted in Victoria becoming on of Central London’s most sought after office and socialising destinations.
NOVA
1. Nova
2. Ole & Steen
3. Sticks ‘n’ Sushi
4. Bone Daddies
5. Ahi Poke
6. Crosstown
7. Rail House Cafe
8. Franco Manca
9. Shake Shack
10. Timmy Green
11. Stoke House
12. Aster
13. Greenwood
14. Vagabond
15. Notes
16. Flight Club
Cardinal Place
1. Cardinal Place
2. Bill’s Kitchen
3. Browns
4. Balan’s Soho
5. Wagamama
6. Iberica
7. Zizzi
8. Molton Brown
9. Space NK
10. L’Occitane
11. Zara
12. M&S
Occupiers
1. Capital Economics
2. Channel 4
3. Burberry
4. Jimmy Choo
5. Jupiter
6. Rolls-Royce & Partners Finance
7. John Lewis
8. Penguin
9. Google
10. Amex
11. Chelsea College of Arts
12. Department of Education
13. Giorgio Armani
Gyms
1. GM Sports Centre
2. Gym Box
3. Rebel Nova
4. H2 - Verde
5. Frame
6. City Athletic Club
7. Queen Mother Sports Club
8. Pure Gym
9. More Yoga
10. Yogamuni
11. 360 Athletic
12. Timed Fitness
13. Cobra Gym
Hotels
1. The Goring
2. The Z Hotel
3. The Rochester
4. The Wellington
5. St James’s Court
6. The Rubens
7. Conrad London St. James
8. Hotel 41
9. St. Ermin’s Hotel Autography Collection
10. Taj 51 Buckingham Gate Suites and Residences
11. Just Hotels
REG
ENT STR
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CONSTITUTION HILL
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W ESTMINSTER BR IDGE
MIL
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KNIGHTSBR
IDGE
PIMLICO R
OAD
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UARE
EBU
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STR
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Buckingham PalaceGardens
GreenPark
HydePark
St James’s Park
Riv
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Th
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VICTORIA
WATERLOO
CHARING CROSS
SLOANESQUARE
ST JAMES’SPARK
WESTMINSTER
EMBANKMENT
PICCADILLYCIRCUS
GREEN PARK
HYDE PARKCORNER
WESTMINSTER
VICTORIA
MAYFAIRST JAMES’S
PIMLICO
BELGRAVIA
ROC
HES
TER
ROW
BELGRAVESQUARE
EburySquare
BERKELEYSQUARE
LEICESTERSQUARE
ST JAMES’SSQUARE
VincentSquare
RoyalAcademy
HorseGuards
Buckingham Palace
St James’s Palace
National Portrait Gallery
Trafalgar Square
St Thomas’Hospital
FlorenceNightingale
Museum
FormerCounty
Hall
BFIIMAX
RoyalFestival
Hall
NationalTheatre
Queen VictoriaMemorial
RoyalMews
WestminsterCathedral
VictoriaCoach Station
Palace of Westminster
WestminsterAbbey
Tate Britan
Lambeth Palce
London Eye
National Theatre
Archbishop's Park
10 mins walk
52
1
5
7
9
11
12
13
4
8 102
6
2
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4
1
6
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14 15
9
78-110 Rochester RowVICTORIASW1
8 9
Gatwick Airport30 mins
Charing Cross9 mins
Waterloo18 mins
Tottenham Court Road12 mins
St James’s Park4 mins
London Bridge17 mins
Liverpool Street26 mins
King’s Cross14 mins
Hyde Park Corner10 mins
Green Park4 mins
Piccadilly Circus7 mins
Bond Street10 mins
Oxford Circus9 mins
Victoria
Communications
Victoria mainline station is a 9-minute walk to the north, this provides easy access to the Victoria, District and Circle Underground lines and Victoria National Rail services including Gatwick Express.
St James’s Park Underground station is again a 9-minute walk to the east, providing a secondary route to the District and Circle lines.
Finally, Pimlico Underground station provides a third route into the Victoria and is another 9-minute walk to the south of the subject property, thus any future occupiers are well serviced by Underground and National Rail services.
9 mins walk
10 11
Existing Building
– 78-110 Rochester Row occupies a prominent position on the South West end of Rochester Row, bounded by Willow Place and Stillington Street and opposite Vincent Square.
– The property is of mid 1970s construction with concrete frame solid concrete floors and flat roof deck. Externally the building comprises small framed sash windows and a brick façade.
– The property comprises a total area of 38,133 sq ft of which, 21,778 sq ft is the residential and D1 component, sold off on long leaseholds, and 16,555 sq ft of B1 Office Space with full vacant possession.
– The office entrance and residential entrance are separated vertically with no shared internal space except for the basement car parking. From a services perspective, both elements of the property are entirely independent.
– The basement car parking comprises 33 spaces, 12 of which have been sold off on long leases. 21 bays are owned by the Landlord of which 11 are rented and 10 are vacant.
– Internally, the office element at No. 78-100 Rochester Row has been subject to a soft strip and is in shell and core condition.
Existing Floor Area Schedule
Floor Existing GIA (sq ft) Existing NIA (sq ft)
Fourth 1,636 -
Third 6,082 5,317
Second 4,951 4,284
First 5,016 4,155
Ground 3,983 2,799
Basement 9,709 21 car park spaces
Total 31,377 16,555
104-110 Rochester Row 102 Rochester Row 78-100 Rochester Row
Picture showing the current building
12 13
Existing Floor Plans
104/110 Rochester Row 102 Rochester Row 78/100 Rochester Row
Sold off conference centre
Sold off residential
104/110 Rochester Row 102 Rochester Row 78/100 Rochester Row
Sold off conference centre
Sold off residential
Ground Floor Typical Upper Floor
R O C H E S T E R R O WR O C H E S T E R R O W
Existing Accommodation Schedule
Address Demise Use Area Tenant Lease Expiry Rent
78-100 RR Ground – 3rd Floors Offices 16,555 Vacant - -
104-110 RR (Sold off on Long Lease)
Pt Basement & Pt Ground 4 Parking Spaces
Conference Centre 6,255
Health Care Financial Management Association
20/12/2141 -
102 RR (Sold off on Long Lease)
13 Flats 7 Parking Spaces
Residential (Long Leases) 12,786 Various 24/03/2141 -
102 RR (Sold off on Short Lease)
3 Flats 1 Parking Space
Residential (Short Leases) 2,737 Various 24/03/2051 £500
Basement Car Park 11 Spaces Car Parking Various Various £43,296.00
Basement Car Park 10 Spaces Car Parking Vacant - -
TOTAL 38,133 £43,796.00
104-110 Rochester Row 102 Rochester Row 78-100 Rochester Row 104-110 Rochester Row 102 Rochester Row 78-100 Rochester Row
View from the west side of Rochester Row
N N
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Consented Opportunity
– 78-100 Rochester Row benefits from Planning Permission (19/04254/FULL) granted in October 2019 for a rear extension from ground to 3rd floor and a roof extension at 4th floor to provide additional office floorspace comprising 25,123 sq ft NIA. The consent includes a new façade design, new core design plus reposition and reconfiguration of car, cycle parking, plant and storage areas.
– The consent includes:
• New façade design
• Enlarged and repositioned office core with two passenger lifts serving all floors
• New double height centralised office entrance
• New 4th floor office with impressive views across London
• Office slab to slab heights of 3.04 m – 3.76 m
• Secure basement cycle storage for 48 spaces and dedicated male and female changing facilities
• Four male showers and four female showers
• Creation of an additional 8,568 sq ft net lettable area (51%) with office floor plates ranging from 3,500 sq ft to 6,000 sq ft
Consented Floor Area Schedule
Residential Leases for Lease Extension Purposes– No. 102 Rochester Row comprises 18 residential apartments, 15 sold off on
long leaseholds to March 2141 and 3 on long leaseholds to March 2051
– Substantial premium opportunity for the extension of the three flats. Further potential available by negotiation
– Additionally, apartment No. 19 is vacant but forms part of the consented development area for No. 78-100 Rochester Row
– Full tenancy schedule available on request
Consented GIA (sq ft) Consented NIA (sq ft)
Fourth Floor 5,565 4,865
Third Floor 6,792 6,060
Second Floor 6,232 5,490
First Floor 5,985 5,242
Ground Floor 5,514 3,466
Basement 9,817 3 car parking spaces
Total 39,945 25,123
Site plan showing immediate surroundings
16 17
R O C H E S T E R R O W
Second Floor
N
Ground Floor
R O C H E S T E R R O W N
Consented Floor Plans
First Floor
R O C H E S T E R R O W
104-110 Rochester Row 102 Rochester Row 78-100 Rochester Row 104-110 Rochester Row 102 Rochester Row 78-100 Rochester RowBasement
R O C H E S T E R R O W N
N
Fourth Floor
R O C H E S T E R R O WN
Third Floor
NR O C H E S T E R R O W
18 19
Local Investment/Development
Local Investment/Development schemes include:
11 Belgrave Road Quadrum
Buckingham Green Scheme London Oriental
Greencoat Place Derwent
Scotland Yard Scheme Northacre
25 Wilton Road Royal London
Eccleston Yards Grosvenor
Victoria Station upgrades TfL
Nova Landsec
Market Commentary
Transaction Date Property Purchase PriceCapital Value
psf Yield Purchaser
Q2 2020 1 Old Queen Street £24m £1,104 4.55% GMG Real Estate
Q1 2020 63 Catherine Place £6.7m £1,175 VP Netcraft Ltd
Q4 2019 19-21 Queen Anne’s Gate £10.6m £2,106 VP Private
Q2 2019 21 Dartmouth Street £89m £1,676 3.75% Government
Q1 2019 Premier House, 10 Greycoat Place £50m £824 VP GMG Real Estate
Q1 2019 4 Matthew Parker Street £51.5m £1,310 4.47%Charles Street Buildings
Rental Comparables
Capital Comparables
– The Victoria sub-market experienced one of its strongest years on record through 2019 with take-up surpassing 300,000 sq ft and prime rents eclipsing the £100.00 per sq ft barrier.
– Over the past 10 years, the regeneration by major Landlords and stakeholders has repositioned Victoria in the context of the West End as a desirable commercial hub for some of the world’s most significant occupiers.
– Current Victoria vacancy rate (2.0% vs West End at 5.0%), public sector activity and take-up and a very tight committed development pipeline.
– The West End continues to be characterised by a shortage of quality investment and development product which retains investor enthusiasm for prime opportunities that can capitalise on the strong market fundamentals, particularly within the Victoria sub-market.
Transaction Date Property Tenant Rent
Q4 2019 Buckingham Green, The Caxton Building – 1st Floor QRT £95.00 psf
Q4 2019 21 Palmer Street, The Asticus Building – 10th Floor Belgrave Capital £99.00 psf
Q4 2019 40 Grosvenor Place – 2nd Floor Liberty Commodities Ltd £83.00 psf
Q4 2019 40 Grosvenor Place – Part 1st Floor Lockheed Martin £90.00 psf
Q2 2019 Buckingham Green, The Caxton Building – 5th Floor Rolls-Royce PLC £95.00 psf
Q2 2019 Buckingham Green, The Caxton Building – 3rd Floor Resolution Life £87.50 psf
Q2 2019 Buckingham Green, The Caxton Building – 2nd Floor Upfield Food UK Ltd £88.50 psf
Q4 2018 Buckingham Green, The Caxton Building – 4th Floor Novalpina £95.00 psf
Further Information
Jonathan Martyr
T 0207 747 0123
M 0778 753 3996
James Elliott
T 0207 747 0143
M 0784 011 1493
Simon Tann
T 0207 747 0141
M 0774 818 0198
Levy Real Estate LLP, for themselves and for the owners of this property whose agents they are, give notice that these particulars provide a general guide to the development which is offered subject to contract and availability. These particulars do not constitute an offer or contract or any part of an offer or contract. We (and anyone in our employ) do not imply, make or give any representation, guarantee or warranty whatsoever relating to the terms and neither does our client (the vendor, lessor or assignor). An intending purchaser, lessee or assignee must by inspection or otherwise satisfy himself as to the correctness of the statements contained in these particulars. All negotiations must be conducted through the agents, Levy Real Estate LLP. Under the Finance Act 1989, VAT may be applicable at the standard rate. October 2020.
Designed by Tayler Reid
Harry Cormack
T 0207 747 0144
M 0781 546 3822
Contact
PlanningThe property is situated in the London Borough of Westminster.
EPC78-100 Rochester Row has an EPC rating of C-55.
VATThe property is VAT Elected.
VideoPlease click here.
Data RoomPlease contact the vendor’s agents for access to the data room.
ProposalOffers in excess of £17,500,000 (Seventeen Million Five Hundred Thousand Pounds) are invited for the Freehold interest, subject to contract and exclusive of VAT.
https://youtu.be/11Q5zghs6hg