waterfront london - savills · gia - 437.9 sq m (4,713 sq ft) + 999 year lease from december 1999 +...

Unit 3 • St GeorGeS Wharf LonDon • SW8 2aX

Waterfront LonDon

Licensed Leisure www.savills.co.uk/licensedleisure

Virtual freehold restaurant investment for sale

inVeStment SUmmary

+ Prominent River Thames frontage

+ Close to the Oval and Tate Britain

+ Let to Waterfront Brasserie Limited

+ Current rent £150,000 per annum

+ Next review in March 2018

+ Occupational lease expires March 2028

+ Ground and part first floor GIA - 437.9 sq m (4,713 sq ft)

+ 999 year lease from December 1999

+ We are seeking offers in excess of £2,350,000 (6.00% NIY)

+ Business unaffected by sale

Waterfront LonDon Unit 3, St GeorGeS Wharf, SW8 2aX

BLACK PRINCE ROAD

LUPUS STREET

ST GEORGE’S DRIVE

A3213

HORSEFERRY ROAD

LAMBETH ROAD

MIL

LBA

NK

A3

03

6

A30

36

EM

BA

NK

ME

NT

AL

BE

RT

A30

36 LANSDOWNE WAY

CALDWELL STREET

KE

NN

ING

TON

RO

AD

GROSVENOR ROAD

NINE ELMS LANE

A32

05

S L

AM

BE

TH

RO

AD

A3204

A3

A3

BR

IXTO

N R

OA

D

HARLEYFORD ROAD

VAUXHALL BRIDGE ROAD

Oval

Pimlico

Vauxhall

Pimlico

ChurchillGardens

Nine Elms

Vauxhall

Lambeth

Tate Britain

Kia Oval

Waterfront London


Location

Located in the heart of Vauxhall in the St Georges Wharf Riverside development. Waterfront London occupies a prominent position fronting the River Thames with nearby occupiers including The Riverside (Young’s), Pret A Manger and Brunwick House. The property is a short walk from the Oval, Vauxhall Park, Tate Britain and Vauxhall station.

Waterfront London occupies a prominent riverside location and forms part of the luxury St Georges Wharf development comprising one million square feet of mixed residential and commercial space. Public transport communications are available from Vauxhall (Juiblee and Overground Lines).


DeScriPtion

The property occupies a modern riverside development with Waterfront London arranged over ground and part first floor.

The upper floors have been converted to luxury apartments and fall outside of our clients ownership.

accommoDation

GroUnD fLoorOpen plan customer trading area with a bar servery and trade kitchen to the front and customer seating on a variety of loose tables, chairs and fixed booth seating. To the rear is a second trade kitchen, disabled toilet and a number of storage rooms.

firSt fLoorCustomer toilets, managers office and a number of storage rooms.

eXternaLExtensive terrace to the front elevation overlooking the River Thames.


internaL confiGUration aPProXimate fLoor areaS

The property has the following approximate gross internal floor areas.

Ground 348.0 sq m (3,746 sq ft)

First 89.9 sq m (967 sq ft)

total 437.9 sq m (4,713 sq ft)

St George Wharf Pier

DWTCB

DW12

to33

6299

14

HousePhoenix

10

Drake HouseFountain House

GalleonHo

337 to 432Flagstaff House

Ensign Ho

433

to

Hamilton House471 to 568

470

10

St George Wharf

streluse

HouseJellicoeHouse

Hanover

3

5a

13c

7

9

9b

65b

4

9a

2

5

13b

11

10a

8

17

Aquarius House

569 to 658

742 to 771o 886

Armada House

Admiral Hou

Ward Bdy

Shingle

7.3m

9.6m

Outfall

MoPs

Dolphin

Outfall

MoP

Dolphin

MoP

BRIDGEFOOT

1 to 146

16

147

to18

0

18

181 to 298

13a

14a

Anchor House

17

Bridge House

19

0m 10m 20m 30m

Former Steax3 St. George Wharf

VauxhallLondon

SW8 2LE

Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

Ground Floor First Floor


PLanninG

Our initial enquiries of the local authority have revealed that the property is not listed and is not located within a conservation area.

ePc

C-54

tenUre anD tenancy

The occupational lease of the ground and part first floor is held for a term of 15 years to Waterfront Brasserie Limited (Company Number 10745987) with an authorised guarantee agreement from Goldman Restaurants Limited (Company Number 09389926) expiring 25 March 2028 at a current rent of £150,000 per annum subject to five yearly upwards only rent reviews, with the next review on 26 March 2018.


the marKet

London continues to be recognised as one of the worlds safe havens for property investors. Its status as a leading global financial centre and as one of the most visited cities by tourists continues to drive investor and occupier demand.

The most recent research released by the Office for National Statistics indicated that the number of international visits to London increased by 20% between 2010 and 2015 to 18.6 million with separate research by Oxford Economics predicting that the capital will welcome 35.6 million visitors by 2020. Visitor spend in London has also increased significantly with £15 billion spent on hotels, restaurants and attractions, an increase of 35% when compared with 2010.

Investor demand for London assets remains incredibly strong particularly for buildings which are let to strong covenants on long leases. Occupier demand for premises in prime London locations continues to push rental growth in the capital. The strength of demand has led to investment yields sharpening in recent years as can be seen from the schedule of comparable transactions below.

comParabLe inVeStment tranSactionS

Property tenant Price yield (niy) Date

bills & Paul, Wc2 Bills Restaurant Limited/ Paul U.K Limited

£7.50M 3.80%February

2018

franco manca, tW9 Franco Manca 2 UK Limited £3.25M 4.05%February

2018

cote, W5 Cote Restaurants Limited £2.95M 4.00%July 2017

Pizza express, W1 Pizza Express (Restaurants) Limited £4.70M 3.50%April 2017

nando’s, SW4 Nando’s Chickenland Limited £2.50M 3.30%January

2017

Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100024244 Savills (L&P) Limited.Savills, their clients and any joint agents give notice that:

1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.

2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

march 2018

VieWinG anD contactS

All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.

For further information and all viewing requests please contact the sole selling agents Savills.

Paul Breen +44 (0) 207 877 4555 [email protected]

Stuart Stares +44 (0) 207 299 3088 [email protected]

termS

We are instructed to invite offers in excess of £2,350,000 (6.00% NIY) assuming purchasers costs of 6.35%.

coVenant

Waterfront Brasserie Limited is a new company incorporated in April 2017. A rent deposit of £112,500 is held by the long leaseholder.

waterfront london - savills · gia - 437.9 sq m (4,713 sq ft) + 999 year lease from december 1999 +...

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