Withdrawn

40 Broadway, London SW1 – Freehold Landmark Development Opportunity

40-48 Broadway, 1/11 & 13/15 Carteret Street, Victoria, London SW1

Offers in excess of £87,500,000

Property Types:
Commercial, Development Opportunity
Tenure:
Freehold
Site Area:
71,066 sq.ft

Description

  • Prime 0.54 acres Freehold corner site.
  • Situated in the St. James’s Park district of Victoria, one of London’s most exciting micro-locations, and directly opposite St. James’s Park London Underground station.
  • Unique opportunity to acquire the only consented, entirely new, commercial development that will be delivered to the local sub-market in 2023.
  • The continued investment and regeneration of the area has attracted a diverse tenant mix of financial, retail and corporate occupiers alongside traditional government departments.
  • Planning consent granted for a landmark, Allies & Morrison designed, 93,542 sq ft NIA office-led development that increases the existing NIA by 32%.
  • Demolition of the existing buildings and creation of new 81,217 sq ft NIA building of the highest quality fronting Broadway, and a new, separate, office building totalling 12,325 sq ft NIA fronting Carteret Street.
  • The consented buildings benefit from extensive terracing, with views over St. James’s Park and Buckingham Palace, and the potential to target ‘BREEAM Excellent’, which are highly sought after building amenities that meet occupiers high expectations.
  • Opportunity to further enhance the scheme by creating a single building and increasing the consented NIA by an additional 6%.
  • Full vacant possession in January 2022.
  • Currently three buildings on site totalling 71,066 sq ft, which are multi-let and producing an income of approximately £1.6 million per annum.

Offers and invited in excess of £87,500,000, subject to contract and exclusive of VAT, for a purchase of the Jersey corporate vehicle that holds the asset (purchaser’s costs of 1.8%). Pricing at this level reflects £935 psf on the consented NIA and £883 psf on the enhanced scheme proposed NIA.