Office for sale

Mill Street, London SE1

Location
The property is located on Mill Street, fronting onto the River Neckinger, which flows into the River Thames. The local area is a good mixture of commercial and residential properties, most of which are converted Victorian warehouses.

Local amenities are excellent, with various bars, shops and eateries located nearby including: All Bar One, Browns Butlers Wharf, Luna Wine Bar, Starbucks, Legare Italian Restaurant and Pizza Express, to name a few.

Transport links for the property are good, with Tower Hill and London Bridge Stations approximately 800 metres away from the property.

Description
The offices are located within a converted Victorian warehouse at ground floor level. Benefiting from wooden flooring, exposed wooden beams, exposed brickwork, kitchenette, WCs and an installed alarm system.

Tenancy information
The office is currently let on a new 6 year lease from 7th July 2022 at a passing rent of £26,000 pax. The lease is outside the security of tenure provisions of the Landlord and Tenant Act 1954, so the lease is not automatically renewable.
Rent is paid quarterly in advance on the quarter days. The lease is in the name of an individual. The deposit is £11,500 held by the landlord.

The premises has Class E use.
VAT

The premises are not elected for VAT.

Business Rates
Rateable value £21,500
Rates payable £9,300 approx per annum

Tenure
999 years long leasehold from October 2015.

Service charge
Approx £4,550 per annum for the current year.

Legal Costs
Each party cover their own legal costs.
EPC

B-32.

Price
Offers in excess of £350,000 (three hundred and fifty
thousand pounds), which represents a Net Initial Yield
of 7.16%, after deducting purchaser’s costs.