Sold

Prime South Bank Freehold Mixed Use Investment Opportunity

One Clink Street, London SE1 9DG

Sold for £18,825,000

Property Type:
Commercial
Sub Types:
Office, Retail, Multiple Flats
Tenure:
Freehold
Net Initial Yield:
5.69%
Site Area:
20,435 sq.ft [1,899 sq.m]

Tenancy

The property is multi-let to five office tenants, two retail tenants and one residential tenant. The total passing rent, including Vendor rental guarantees is £1,144,133 per annum.

Income

£1,144,133 per annum.

Description

Located in the thriving South Bank district adjacent to Borough Market. London Bridge Underground and national rail station is within a 5-minute walk from the property.

Comprehensively refurbished in 2017, the property is an attractive former Victorian warehouse building providing 20,435 sq ft (1,898.5 sq m) of office and retail accommodation arranged over lower ground, ground and five upper floors. The property also comprises three residential units totalling 2,540 sq ft (235.9 sq m) GIA arranged over sixth and seventh floors.

The office accommodation is let to four tenants with the last remaining floor under offer. The retail accommodation is let to two tenants, Gourmet Burger Kitchen and The Clink Museum until July and June 2029 respectively.

The residential accommodation comprises three apartments, two 2-bedroom and one 1-bedroom apartments, all with external terracing, winter garden space and impressive river views. No residential sales marketing campaign has been undertaken and the accommodation is offered with vacant possession.

The let commercial accommodation has a Weighted Average Unexpired Lease Term of 7.23 years to expiries and 6.04 years to break options.

Subject to contract