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Location
166 Vauxhall Bridge Road is prominently located on the junction with Warwick Way, Rochester Row and Vauxhall Bridge Road, being within 500 metres of the transport termini at Victoria (Gatwick Express, Mainline trains and Victoria, District and Circle Line) Underground and Pimlico Underground (Victoria Line). The building being located on the edge of Pimlico Village also benefits from the many shops, cafes, restaurants and pubs now available.
Description
The property forms the ground and lower ground floors of a larger corner building. The open plan ground floor sales area benefits from high ceilings and a substantial frontage to both Vauxhall Bridge Road and Rochester Row. The property has the following approximate dimensions and areas:-
Frontage to Vauxhall Bridge Road: 41 ft 1 in 12.54 m
Frontage to Rochester Row 33 ft 0 in 10.07 m
Basement Ancillary 637 sq ft 59.23 sq m
Ground Floor 1,289 sq ft 119.75 sq m
Ground Floor (ITZA) (1,053 sq ft) (97.82 sq m)
Gross internal floor area of the ground floor and basement is approximately 2,474 sq ft (229.8 sq m)
Size
2,474 sq ft (230 sq m) approx
Lease
The vendor will be selling a new 999 year lease at a peppercorn ground rent.
The entire property is let to Foxtons Limited on a full repairing and insuring lease for a term of 20 years from 9th January 2012 expiring on 8th January 2032. The current rent is £115,000 per annum exclusive.
The lease is subject to a tenant’s break clause at the end of the 15th year.
Foxtons Limited provide a substantial covenant. Founded in 1981 in Notting Hill the company is one of London’s best known and most successful Estate Agents. With 32 offices across London, Surrey and Middlesex their ongoing expansion plans now include this new office in Victoria.
For the year ended 31st December 2010 Foxtons Limited reported the following financial information:-
Turnover £98,270,693
Pre tax profit £35,394,265
Net worth £44,893,009
The D & B Rating for the company is 5A2.
Price
Offers are invited in excess of £2,100,000 (two million one hundred thousand pounds), subject to contract for the 999 year interest. A purchase at this level will reflect a net initial yield of 5.17%, after deduction of purchaser’s costs of 5.8%.