Bakery Place, 119 Altenburg Gardens, London SW11 Summary Attractive multi let office estate let to six tenants generating £258,592 per annum Average passing rent of £22.44 psf Located in a residential area 700 metres from Clapham Junction Railway Station 11,526 sq ft with 9 car parking spaces Freehold Potential for future residential conversion (subject to planning) We are seeking offers in excess of £3,050,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 8.0% after costs of 5.8% and £265 psf before costs.
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Bakery Place, 119 Altenburg Gardens, London SW11
Summary
Attractive multi let office estate let to six tenants generating £258,592 per annum
Average passing rent of £22.44 psf
Located in a residential area 700 metres from Clapham Junction Railway Station
11,526 sq ft with 9 car parking spaces
Freehold
Potential for future residential conversion (subject to planning)
We are seeking offers in excess of £3,050,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 8.0% after costs of 5.8% and £265 psf before costs.
Bakery Place, 119 Altenburg Gardens, SW11
Location and Situation The property is located in Clapham, south west London in the London Borough of Wandsworth. Bakery Place is situated between Altenburg Gardens and Lavender Walk, adjoining the library, which is at the junction with Lavender Hill. The surrounding area consists of predominantly residential use with retail on Lavender Hill. Bakery Place is well connected for transport. Clapham Junction train station is 700 metres north west of the subject property with trains connecting to London Waterloo and Victoria and out to South East England. In addition there are numerous bus routes. Road communications are good with the A3 passing the southern end of Altenburg Gardens. Altenburg Gardens is a smart residential street, with a quiet atmosphere enjoyed by the tenants in Bakery Place.
Altenburg Gardens facing south, Bakery Place entrance to the right
Bakery Place is an office estate of three buildings, converted from a bakery, surrounding an attractive paved courtyard. The attached sketch gives an indication of the layout. Office accommodation is arranged over ground, first and second floors. The individual units have been sympathetically converted and retain many original features. The specification comprises perimeter trunking, suspended lighting, painted ceilings, either central heating or wall mounted electric heaters, and there is some air cooling. Access is gained from both Altenburg Gardens and Lavender Walk, vehicular only from the former. There is provision for nine cars. The courtyard provides a quiet desirable environment exclusive to the occupiers.
Courtyard facing south east to The Coach House
Bakery Place, 119 Altenburg Gardens, SW11
Floor Plans
PREMISES AREA TENANT TERM RENT RENT REMARKS
SQ FT PA PSF
Conservatory 453 Malabar Cotton Company Limited 3 years to £10,872.00 £24.00 Outside L&T Act
24.12.2014
The Lodge 615 My Green Wholesale Limited 1 year to £12,300.00 £20.00 Outside L&T Act
28.09.2012
107 Lavender 940 Pilates Junction Limited 4 1/4 years to £17,400.00 £18.51 FI 24.09.12 £18,800
Walk 24.12.2015 2013 £20,200 & 2014 £21,600
Outside L&T Act
109 Lavender 930 EMEA Consulting Ltd 3 years to £21,855.00 £23.50 Outside L&T Act
Walk (Kiln) 24.12.2014
The Granary 820 Pure IP Limited 3 years to £18,450.00 £22.50 Holding over
25.10.2008
Unit 14 760 Flint Technology Limited 26.07.12 to £17,100.00 £22.50 Outside L&T Act
The Coach House 24.12.2014 3 month rent free
Unit 15 985 Alex Creasy Ltd 2 yrs 10 mths to £19,380.00 £19.68 Outside L&T Act
The Coach House 24.12.2013
Unit 4 1,520 Malabar Cotton Company Limited 3 years to £38,000.00 £25.00 Outside L&T Act
The Bakehouse 24.12.2014
Unit 17 930 I D A H O Design Limited 3 years to £23,250.00 £25.00 Tenant Option 24.12.2013
The Bakehouse 24.12.2014 Outside L&T Act
Unit 16 900 Malabar Cotton Company Limited 3 years to £22,500.00 £25.00 Outside L&T Act
The Bakehouse 24.12.2014
Unit 19 1,150 EMEA Consulting Ltd 3 years to £27,025.00 £23.50 Outside L&T Act
The Bakehouse 24.12.2014
Unit 20/21 1,523 EMEA Consulting Ltd 5 years to £30,460.00 £20.00 Outside L&T Act
The Bakehouse 24.12.2014
11,526 £258,592.00
BAKERY PLACE
119 ALTENBERG GARDENS
LONDON SW11
Bakery Place, 119 Altenburg Gardens, SW11
1st Floor 107 Lavender Walk
Tenant Information Pilates Junction Limited Pilates studio offering classes, individual tuition and teaching courses. www.pilatesjunction.co.uk Alex Creasy Ltd Sources good quality new and used cars at wholesale prices for customers. www.alexcreasy.co.uk Pure IP Limited Voice Over IP solutions provider for corporates and telecom service providers. www.pure-ip.com Malabar Cotton Company Ltd Traders of furnishing fabrics made in India with hundreds of stockists throughout the world. www.malabar.co.uk Flint Technology Ltd
Designers of websites specialising in ecommerce. www.flinttechnology.co.uk
My Green Wholesale Ltd
Rural Irish producers of soft drinks, sweets and jams. www.dpconnollyandsons.ie
EMEA Consulting Limited (trading as Critical Eye) A member based community providing leadership training for senior executives. www.criticaleye.net Idaho Design Limited Designers of men’s fashion wear.
The property is located in the Clapham Common Conservation Area and is not listed. The property is located next to but not within the Clapham Junction Town Centre area, as defined by the adopted 2010 Core Strategy. The 2010 Core Strategy states that Town Centres (such as Clapham Junction) are the primary focus for existing and new office accommodation. Office uses within the Town Centres are generally protected. From a verbal enquiry with Wandsworth Council, a duty planning officer confirmed that being outside the Clapham Junction Town Centre area, a change of use to residential would not be considered contentious. Interested parties are advised to make their own planning enquiries.
View south of neighbouring homes from 2nd floor balcony
VAT The property is elected for VAT. Tenure The property is held freehold. The area shown on the site plan marked blue indicates a right of access from Altenburg Gardens under the archway of a house into the subject property.
Bakery Place, 119 Altenburg Gardens, SW11
Price We are seeking offers in excess of £3,050,000, subject to contract and exclusive of VAT. The price reflects a net initial yield of 8.0% after costs of 5.8% and £265 psf before costs.
Contact Details For further information or to arrange a viewing, please contact: James McAdden DDI: 0207 858 6869 Mobile: 07825 507 526 [email protected]
Paul Rowntree DDI: 0207 858 6863 Mobile: 07825 507 523 [email protected] NOTICE: Messrs Kingly Partners for themselves and for the vendors of this property, whose agents they are, give notice that: i) These particulars are only for the guidance of prospective purchasers and do not form part of any offer or contract. (ii) Whilst the information contained herein is issued in good faith, neither the firm nor its clients guarantee its accuracy and it is not to be relied upon as statements or representation of fact. (iii) Any intending purchasers must satisfy themselves as to the correctness of each of the statements made herein. (iv) The vendor does not make or give, and neither the firm nor any of their employees have any authority to make or give, any representation or warranty whatever in relation to this property. (v) Nothing in these particulars constitutes a statement that the property and/or any services or facilities are in good condition or working order. (vi) These particulars were completed in September 2012. (vii) Kingly Partners will not be liable, in negligence or otherwise, for any loss deriving from these particulars. September 2012.
