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Please consider the environment before printing this Property |
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Central London New Build Freehold House and Office on behalf of Receivers
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sold
private treaty
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£
1,000,000
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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.
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
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 | 1,370 | 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 | |||||
| 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 |
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.
Contacts
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Singer Vielle
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Joint Agency
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Vendor's Solicitor Firm
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Disclaimer
This disclaimer applies to www.singervielle.com (the “Site”) which is owned by Singer Vielle Limited (“Singer Vielle”) and operated under licence by Singer Vielle 2 LLP.
All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.
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