8-20 Pocock Street, London, SE1 0BW
£563.27 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
13,759 sq ft
1,278 sq m
- SECTOR
Office for sale
Key features
- Ground and first floor, part Government let, office investment in one of London’s fastest growing and diverse submarkets.
- Prime South Bank location, positioned on the south side of Pocock Street, close to the junction of Blackfriars Road.
- Excellent high yielding asset with future rental growth prospects and asset management opportunities.
- Long Leasehold for a term of 150 years from 2nd November 2001 at a peppercorn ground rent, providing approximately 125 years to lease expiry.
Description
8-20 Pocock Street comprises 13,759 sq. ft of office accommodation arranged over the ground and first floor of an 8-storey building completed in 2000. Above the first floor, the property is held under a separate title and is used as residential accommodation, owned by the freeholder Legal & General.
The office specification includes the following:
- Both floors benefit from their own dedicated step free entrances at street level
- A mixture of exposed services and suspended ceilings
- Full access raised floors
- Disabled access lift
- Male, female and disabled WCs on each floor
- Air conditioning
- Shower and cycle storage facilities
The first floor underwent full comprehensive tenant refurbishment works in 2017, at lease renewal. The ground floor also underwent full landlord refurbishment in 2023, to include new air-conditioning, lighting, meeting rooms, bike store, WCs and showers.
Location
8-20 Pocock Street benefits from exceptional connectivity being within walking distance of five underground stations and three mainline stations, as well as a number of major bus routes and arterial roads. The property is situated within 200m of Southwark Underground Station providing access to the Jubilee Line, only 6 minutes to Bond Street Station, in London Mayfair.
Terms
Offers are invited in the region of £7,750,000 for the Long Leasehold interest, subject to contract and exclusive of VAT. An asset purchase at this level reflects an attractive NIY of 8.13% and a low capital value of £563 psf.
Tenure
The property is held by way of a long leasehold interest, under title number TGL195726, from 2ndNovember 2001 for 150 years, at a peppercorn rent, with approximately 125 years to lease expiry.
The property occupies a site of approximately 0.18 acres (0.07 hectares).
The Freehold of the property is owned by Legal & General, who granted an overriding lease to Sanctuary Housing Association (SHA). SHA are therefore the immediate Landlord.
The lease allows the Landlord (SHA) to buy back the ground and first floors, between September and December 2030. In our view this right is highly unlikely to be exercised, but in the event it is the terms of the buy-back are considered highly favourable to the leaseholder. Further details can be provided upon request.
Brochures
8-20 Pocock Street, London, SE1 0BW
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Southwark Station0.2 miles
- Waterloo East Station0.3 miles
- Lambeth North Station0.4 miles
Notes
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