Tower Bridge Quarter, Southwark, SE1
On behalf of the City of London Corporation, we are instructed to sell the freehold of Tower Bridge Quarter a 40,000 sq.ft. mixed use estate close to the iconic landmark of Tower Bridge.
London Bridge Station (8 Minutes Walk)
Tower Gateway (9 Minutes Walk)
Tower Hill (10 Minutes Walk)
Monument (15 Minutes Walk)
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An attractive terrace of nine period buildings immediately to the south of London’s iconic Tower Bridge.
Located in the heart of Southwark, one of London’s most desirable places to live, work and socialise.
The buildings are surrounded by some of London’s most iconic heritage assets including; Tower Bridge, The Tower of London, St Saviour’s Dock and Edward III’s Rotherhithe.
Constructed in the early 1900s the terrace comprises a total of 39,321 sq ft of offices, retail, restaurants, cafes and bars, accessed from both Tower Bridge Rd and Horsleydown Lane.
Total income from the properties is £899,875 pa, equating to an attractive low overall figure of £23 psf.
Overall WAULT for the estate is 9.7 years to expiries and 2.4 years to breaks underpinned by longer term income from the restaurant and pub units and a mix of shorter term leases for the shops and offices.
The estate offers a number of excellent asset management opportunities with some longer term potential for change of use and redevelopment, subject to the necessary consents.
Offers are invited in excess of £17.00m which equates to a Net Initial Yield of 4.92% and a highly attractive Reversionary Yield of 6.97% at a low capital value of £432 psf.
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