Central London New Build Freehold House and Office on behalf of Receivers

Sold

private treaty

1A Richborne Terrace

| London

| SW8 1AS

1,000,000

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	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.

Contact Lead Agent

Dale Henry

+44 (0) 203 701 1356

dale@singervielle.co.uk

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Downloads

Data Room available soon

Plans 2017.07

Contacts

Singer Vielle

+44 (0) 207 935 7200

Dale Henry

+44 (0) 203 701 1356

dale@singervielle.co.uk

Joint Agency

Hamptons

+44 (0) 207 265 6595

William Pasquali

+44 (0) 207 935 7202

pasqualiw@hamptons.co.uk

Vendor’s Solicitor Firm

Maddox Legal

+44 (0) 203 709 2815

Omone Pusey

+44 (0) 203 709 2815

opusey@maddoxlegal.co.uk

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Buyer Verification Form

Property address: 1A Richborne Terrace Vauxhall, London, United Kingdom

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*note: variations may occur depending upon territory.

clicktopurchase® uses hash and encryption technology as part of the creation of the transactional audit trail; this is then recorded in the clicktopurchase® Blockchain.

Partners within the SV International Network

Our unique and modern approach, available to all members of our network, delivers significant and proven advantages over the traditional methods.

A unique transactional concept where purchasers, owners and agents conclude the property sale process online. It provides the facility for a legally binding exchange of digitally signed contracts to be conducted.

*note: variations may occur depending upon territory.