Office for sale in Richborne Terrace, London W8

£1,000,000 (£1,980.2/sq. ft)
Interested in this property? Call +44 20 8128 4245 * or Request Details

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Office for sale From 505 - 1,370 sq. ft*

Property description

Summary
Located in an affluent London location

Property built in 2018

Freehold

Attractive terrace at the second floor

Residential element let on an AST generating £36,000 pa

Office element let on a licence generating £24,000 pa

Total passing rent of £60,000

Opportunity to convert the office to residential use, subject to planning permission

Opportunity to purchase the office or the residential element independently

Offers strictly in excess of £1,000,000 for the whole property, subject to contract.

Offers strictly in excess of £800,000 for the residential element

Offers strictly in excess of £200,000 for the office element

Price reflects an overall capital value of £533 per sq ft / £5,747 per sq m including the terrace and £692 per sq ft / £7,463 per sq m excluding the terrace

On behalf of Receivers, acting as agent without personal liability

Location
Vauxhall is an affluent residential and commercial area, to the south of the River Thames and within the London Borough of Lambeth. The area is approximately 2 miles (3.2 km) south of Central London and 3 miles (4.8 km) to the south of the City of London.

Vauxhall has a vibrant, mixed residential population and is notable for being a desired place to live and work whilst being home to an abundance of leisure business.

London City Airport is approximately 9.5 miles (15.3 km) to the north-east, Heathrow Airport approximately 17.5 miles (28.2 km) to the west, Luton Airport 35.8 miles (57.6 km) to the north east and Gatwick Airport 25.9 miles (41.7 km) to the south.

Vauxhall has excellent transport links with the station being a National Rail, London Underground and London Buses interchange station and a vital local interchange on the London transport network.

The mainline station is run by South Western Railway and is the first station on the South West Main Line from London Waterloo towards Clapham Junction and the south west. Vauxhall underground station is on the Victoria Line. The station is close to St George Wharf Pier for river services.
Road communications are extensive with Vauxhall Bridge Road providing access to the North of the River Thames and the A3 Clapham Road connecting the area to Elephant and Castle and to Clapham.

Situation
The property is situated in a predominantly residential area off Clapham Road on the fringes of the Nine Elms redevelopment area.

Richborne Terrace benefits from being closed to through traffic and being close to various amenities including the Dorset Off Licence, Brixton Road Post Office and The Fentiman Arms.

Some nearby attractions include Oval Cricket Ground, Kennington Park and Vauxhall Park.
Oval underground station (Northern Line) is approximately 500 metres from the property. Stockwell underground station (Victoria Line) is 0.6 miles (1 km) from the property.

Local bus services provide quick and easy access into the City, West End and Canary Wharf.
The immediate vicinity appeals to many types of residents including professionals, young couples and students, to name a few.

Description
1 Richborne Terrace comprises an open plan self-contained office at lower ground level with a kitchen and WC. This element is accessed from the right of the property.

1A Richborne Terrace comprises a two-bedroom mews style house arranged over ground, first floor and a roof terrace at second floor level. There is an open plan living dining and kitchen area, a utility room and WC at the ground floor, two bedrooms and a bathroom on the first floor and a roof terrace on the second floor.

The property was built in 2018.

Accommodation
A set of scaled floor plans are available to download from the downloads section.

We understand that the property provides the following gross internal area.

1 Richborne Terrace - Residential
Sq.M Sq.Ft
Ground Floor 43.5 470
First Floor 43.5 470
Second Floor Terrace 40 430
Total Excluding Terrace 87 940
Total Including Terrace 127 1,370

1A Richborne Terrace – Office
Office 47 505
The property provides a total gross internal area of 134 sq m / 1,445 sq ft excluding the terrace and 174 sq m / 1,875 sq ft including the terrace.

Tenure
Freehold.

Tenancy
1 Richborne Terrace (office) is let on a licence to a limited company on a three-monthly rolling term at a rent of £30,000 per annum. We are advised that the tenant has been granted a concession, reducing the rent to £24,000 per annum.

1A Richborne Terrace (house) is let on an AST for a term of one year from 1st May 2020, expiring 30th April 2021 at a rent of £36,000 per annum (£3,000 per month). Therefore, the tenant is holding over.

Therefore, the total passing rent is £60,000 per annum.

Residential Sales and Letting Evidence
Residential Evidence Sales
Address Date Price Sq.Ft Price psf Beds
6B Richborne Terrace 30/08/2022 £935,000 1443 £648 3
7 Richborne Terrace 17/02/2022 £945,000 1222 £773 3
2 Palfrey Place 18/06/2021 £900,000 1065 £845 2
4C Richborne Terrace 11/06/2021 £880,000 1568 £561 3
20 Meadow Road 30/09/2021 £899,950 1130 £796 2

Residential Evidence Lettings
Address Date Price pcm Sq.Ft Price psf Beds
Claylands Road 13/04/2022 £2,500 880 £34.09 2
Clapham Road 04/01/2022 £2,500 1123 £26.71 2
Usborne Mews 26/05/2020 £2,500 954 £31.45 2
Usborne Mews 26/05/2020 £2,496 Unknown Unknown 2
Richborne Terrace 10/03/2020 £2,384 991 £28.43 2
Richborne Terrace 09/01/2020 £2,492 1006 £29.73 2
Richborne Terrace 16/09/2019 £3,250 978 £39.88 2
Clapham Road 12/07/2019 £2,492 1123 £26.63 2

Office Sales and Letting Evidence
Office Sales Evidence
Address Tenure Date Sq.Ft Rent Price Net Initial Yield Price psf
81-83 Lambeth Walk Leasehold Jan-22 493 Vacant £245,000 - £496.96
28 Lower Marsh Freehold Dec-21 1,509 Vacant £865,000 - £573.23
12 Steedman Street Leasehold Sep-21 1,765 Vacant £936,000 - £530.31
165 Camberwell Road Freehold Sep-21 188 £6,580 £127,000 5.10% £675.53

Office Letting Evidence
Address Date Sq.Ft Rent pa Rent psf
1-8 Artichoke Place Jul-22 546 £14,500 £26.56
1-8 Camberwell Green Feb-22 678 £12,688 £18.71
243-245 Kennington Lane Sep-21 397 £9,984 £25.15
1-6 Bedlam Mews Jul-21 775 £20,020 £25.83


VAT


We understand that the property has not been registered for VAT and therefore VAT is not be applicable on the purchase price.

Proposal
We are instructed to seek offers in excess of £1,000,000 (One Million Pounds), subject to contract.

This price reflects an overall capital value of £533 per sq ft / £5,747 including the terrace and £692 per sq ft / £7,463 per sq m excluding the terrace, assuming purchasers’ costs of 5.75%.

Investment Considerations
Opportunity to purchase a property in a regeneration location

New property built in 2018

Residential element and office element can be purchased individually

Freehold

Spacious terrace on the second floor

Opportunity to repurpose the office element to residential use, subject to planning

Attractive lot size to an investor

Disclaimer
Attention is drawn to the fact that access to all areas of the property may not be possible prior to completion

Replies to standard enquiries will not be provided as part of the conveyancing process

The property will be sold as seen. No express or implied warranties or representations are given.

Any prospective owner must be prepared to undertake asset management initiatives to regularise the basis upon which any commercial and residential occupants remain in situ.

For full details please visit our website or view PDF brochure below

* Sizes listed are approximations. Please contact the agent to verify actual sizes.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Singer Vielle, W1C on +44 20 8128 4245 * (local rate)

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Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Singer Vielle, and do not constitute property particulars. Please contact Singer Vielle for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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