UNDER OFFER

LOCATION 
Located off Lower Road at the entrance to the Rotherhithe Tunnel, there are excellent transport links with Canada Water, Rotherhithe and Bermondsey underground stations all located within a short walk.  Numerous bus routes are close by.

DESCRIPTION  
Constructed about 20 years ago, this prominent corner property is arranged on ground and two upper floors, providing A2 office space at ground floor with self-contained D1 offices on first and second floors above. Three car parking spaces.   

SERVICE CHARGE 
The service charge is recoverable in full from the sub-underlessee and for the quarter ending 25th December 2007 the charge was £3,078.50 including VAT.
   
FLOOR AREAS 
Ground Floor  Unit 4       710 sq.ft.
First Floor     Unit 14      620 sq.ft.
Second Floor Unit 14A    610 sq.ft.
TOTAL                      1,940 sq.ft.

TENURE 
The property is held on three separate underleases relating to each floor for a term of 200 years from 25th December 1987 at a peppercorn ground rent. 

LETTING 
Each floor of the building has been sub-underlet to Fox Property Services (Holdings) Ltd with a rental guarantee from Royal Life plc (Royal).  Each of these leases is for a term of 25 years from 25th December 1988 subject to 5 yearly upward only rent reviews at the following rentals:

Ground Floor, Unit 4      £11,400 pa / £16.06 per sq.ft.
First Floor, Unit 14         £9,700 pa / £15.65 per sq.ft. 
Second Floor, Unit 14A   £9,300 pa / £15.25 per sq.ft. 

TOTAL RENT RECEIVABLE £30,400 per annum

PRICE 
Offers are sought in the region of £449,500 plus VAT if applicable.

VIEWING  
Contact Nick Maynard on 020 8858 1102 or email nick@hs-greenwich.co.uk

ADDITIONAL INFORMATION
1. In 1996 Royal merged with Sun Alliance to form Royal & Sun Alliance Group plc.

2. The tenants are not in occupation of the property. 

3. The tenants are prepared to give consideration to a surrender of the leases.

4. The tenants have sublet the top floor to Hawkeye Security outside the Security of Tenure Provisions of the Landlord & Tenant Act.

5. The vendors will give consideration to a sale of the individual units.

6. Rental evidence suggests that similar units close by are achieving rents in the open market of £17.50 per sq.ft. 
On this basis we estimate the open market rental value is in the region of £34,000 per annum.  
 
SUBJECT TO CONTRACT