78-110 Rochester RowVICTORIASW1

Mixed-use Freehold Development Opportunity in the Heart of Victoria

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Executive Summary

– Prominently located Victoria property with refurbishment and development opportunities

– Existing accommodation comprising 16,555 sq ft of office space (78-100 Rochester Row) over Lower Ground, Ground and 1st-3rd floors

– 21,778 sq ft of Residential and D1 accommodation (No. 102 & No. 104-110 Rochester Row) sold off on long leaseholds with lease extension premium opportunities

– Freehold

– 33 car parking spaces provided at basement level as part of current building

– Planning consent granted for the refurbishment and extension of No. 78-100 Rochester Row to increase net floor area by 51% to deliver 25,123 sq ft over Lower Ground, Ground and 1st-3rd floors and a new 4th floor office suite

– Opportunity to re-gear several residential leases at No. 102 Rochester Row

– Offers in excess of £17,500,000 (Seventeen Million Five Hundred Thousand Pounds) are invited for the Freehold interest, subject to contract and exclusive of VAT.

CGI of the consented scheme

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78-110 Rochester RowVICTORIASW1

Vincent Square

NovaLandsec

VerdeTishman Speyer

Cardinal Place Landsec

123 Victoria St Landsec

Greencoat Place Derwent

Channel 4 HQ Zig Zag Landsec

Buckingham Green London Oriental

25 Wilton RdRoyal London

St James’s Park

Victoria

Westminster Cathedral

Westminster

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Restaurants

1. Leon

2. Quilon

3. Itsu

4. The Ivy

5. Bon Gusto

6. M Restaurants

7. Naughty Piglet

8. Rosa’s Thai

9. A Wong

Coffee

1. Rochester Cafe

2. Coffee Republic

3. Iris + June

4. Gails Bakery

5. Pret

6. Rail House Cafe

7. Pret

8. Pret

9. Wild by Tart

10. Peggy Porschen

11. Pimlico Fresh

12. Crussh Juice Bar

Location

Rochester Row is situated in the heart of Victoria, an area that has undergone large scale infrastructure improvement and development over the last 5 years and is now one of Central London’s best connected, vibrant and talked about areas.

No. 78 lies to the south of Victoria Station and Victoria Street, where the majority of the new development and impressive regeneration has occurred. This puts it within a stone’s throw of a wealth of both new amenity and the longer established independent offerings in Pimlico and Belgravia, another short walk to the west of the property.

The ease with which occupiers can access a variety of different retail and leisure offerings, be it the street food markets and characterful pubs of Pimlico & Belgravia, or, the vibrant new bars and restaurants along Victoria Street has resulted in Victoria becoming on of Central London’s most sought after office and socialising destinations.

NOVA

1. Nova

2. Ole & Steen

3. Sticks ‘n’ Sushi

4. Bone Daddies

5. Ahi Poke

6. Crosstown

7. Rail House Cafe

8. Franco Manca

9. Shake Shack

10. Timmy Green

11. Stoke House

12. Aster

13. Greenwood

14. Vagabond

15. Notes

16. Flight Club

Cardinal Place

1. Cardinal Place

2. Bill’s Kitchen

3. Browns

4. Balan’s Soho

5. Wagamama

6. Iberica

7. Zizzi

8. Molton Brown

9. Space NK

10. L’Occitane

11. Zara

12. M&S

Occupiers

1. Capital Economics

2. Channel 4

3. Burberry

4. Jimmy Choo

5. Jupiter

6. Rolls-Royce & Partners Finance

7. John Lewis

8. Penguin

9. Google

10. Amex

11. Chelsea College of Arts

12. Department of Education

13. Giorgio Armani

Gyms

1. GM Sports Centre

2. Gym Box

3. Rebel Nova

4. H2 - Verde

5. Frame

6. City Athletic Club

7. Queen Mother Sports Club

8. Pure Gym

9. More Yoga

10. Yogamuni

11. 360 Athletic

12. Timed Fitness

13. Cobra Gym

Hotels

1. The Goring

2. The Z Hotel

3. The Rochester

4. The Wellington

5. St James’s Court

6. The Rubens

7. Conrad London St. James

8. Hotel 41

9. St. Ermin’s Hotel Autography Collection

10. Taj 51 Buckingham Gate Suites and Residences

11. Just Hotels

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GreenPark

HydePark

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VICTORIA

WATERLOO

CHARING CROSS

SLOANESQUARE

ST JAMES’SPARK

WESTMINSTER

EMBANKMENT

PICCADILLYCIRCUS

GREEN PARK

HYDE PARKCORNER

WESTMINSTER

VICTORIA

MAYFAIRST JAMES’S

PIMLICO

BELGRAVIA

ROC

HES

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ROW

BELGRAVESQUARE

EburySquare

BERKELEYSQUARE

LEICESTERSQUARE

ST JAMES’SSQUARE

VincentSquare

RoyalAcademy

HorseGuards

Buckingham Palace

St James’s Palace

National Portrait Gallery

Trafalgar Square

St Thomas’Hospital

FlorenceNightingale

Museum

FormerCounty

Hall

BFIIMAX

RoyalFestival

Hall

NationalTheatre

Queen VictoriaMemorial

RoyalMews

WestminsterCathedral

VictoriaCoach Station

Palace of Westminster

WestminsterAbbey

Tate Britan

Lambeth Palce

London Eye

National Theatre

Archbishop's Park

10 mins walk

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78-110 Rochester RowVICTORIASW1

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Gatwick Airport30 mins

Charing Cross9 mins

Waterloo18 mins

Tottenham Court Road12 mins

St James’s Park4 mins

London Bridge17 mins

Liverpool Street26 mins

King’s Cross14 mins

Hyde Park Corner10 mins

Green Park4 mins

Piccadilly Circus7 mins

Bond Street10 mins

Oxford Circus9 mins

Victoria

Communications

Victoria mainline station is a 9-minute walk to the north, this provides easy access to the Victoria, District and Circle Underground lines and Victoria National Rail services including Gatwick Express.

St James’s Park Underground station is again a 9-minute walk to the east, providing a secondary route to the District and Circle lines.

Finally, Pimlico Underground station provides a third route into the Victoria and is another 9-minute walk to the south of the subject property, thus any future occupiers are well serviced by Underground and National Rail services.

9 mins walk

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Existing Building

– 78-110 Rochester Row occupies a prominent position on the South West end of Rochester Row, bounded by Willow Place and Stillington Street and opposite Vincent Square.

– The property is of mid 1970s construction with concrete frame solid concrete floors and flat roof deck. Externally the building comprises small framed sash windows and a brick façade.

– The property comprises a total area of 38,133 sq ft of which, 21,778 sq ft is the residential and D1 component, sold off on long leaseholds, and 16,555 sq ft of B1 Office Space with full vacant possession.

– The office entrance and residential entrance are separated vertically with no shared internal space except for the basement car parking. From a services perspective, both elements of the property are entirely independent.

– The basement car parking comprises 33 spaces, 12 of which have been sold off on long leases. 21 bays are owned by the Landlord of which 11 are rented and 10 are vacant.

– Internally, the office element at No. 78-100 Rochester Row has been subject to a soft strip and is in shell and core condition.

Existing Floor Area Schedule

Floor Existing GIA (sq ft) Existing NIA (sq ft)

Fourth 1,636 -

Third 6,082 5,317

Second 4,951 4,284

First 5,016 4,155

Ground 3,983 2,799

Basement 9,709 21 car park spaces

Total 31,377 16,555

104-110 Rochester Row 102 Rochester Row 78-100 Rochester Row

Picture showing the current building

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Existing Floor Plans

104/110 Rochester Row 102 Rochester Row 78/100 Rochester Row

Sold off conference centre

Sold off residential

104/110 Rochester Row 102 Rochester Row 78/100 Rochester Row

Sold off conference centre

Sold off residential

Ground Floor Typical Upper Floor

R O C H E S T E R R O WR O C H E S T E R R O W

Existing Accommodation Schedule

Address Demise Use Area Tenant Lease Expiry Rent

78-100 RR Ground – 3rd Floors Offices 16,555 Vacant - -

104-110 RR (Sold off on Long Lease)

Pt Basement & Pt Ground 4 Parking Spaces

Conference Centre 6,255

Health Care Financial Management Association

20/12/2141 -

102 RR (Sold off on Long Lease)

13 Flats 7 Parking Spaces

Residential (Long Leases) 12,786 Various 24/03/2141 -

102 RR (Sold off on Short Lease)

3 Flats 1 Parking Space

Residential (Short Leases) 2,737 Various 24/03/2051 £500

Basement Car Park 11 Spaces Car Parking Various Various £43,296.00

Basement Car Park 10 Spaces Car Parking Vacant - -

TOTAL 38,133 £43,796.00

104-110 Rochester Row 102 Rochester Row 78-100 Rochester Row 104-110 Rochester Row 102 Rochester Row 78-100 Rochester Row

View from the west side of Rochester Row

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Consented Opportunity

– 78-100 Rochester Row benefits from Planning Permission (19/04254/FULL) granted in October 2019 for a rear extension from ground to 3rd floor and a roof extension at 4th floor to provide additional office floorspace comprising 25,123 sq ft NIA. The consent includes a new façade design, new core design plus reposition and reconfiguration of car, cycle parking, plant and storage areas.

– The consent includes:

• New façade design

• Enlarged and repositioned office core with two passenger lifts serving all floors

• New double height centralised office entrance

• New 4th floor office with impressive views across London

• Office slab to slab heights of 3.04 m – 3.76 m

• Secure basement cycle storage for 48 spaces and dedicated male and female changing facilities

• Four male showers and four female showers

• Creation of an additional 8,568 sq ft net lettable area (51%) with office floor plates ranging from 3,500 sq ft to 6,000 sq ft

Consented Floor Area Schedule

Residential Leases for Lease Extension Purposes– No. 102 Rochester Row comprises 18 residential apartments, 15 sold off on

long leaseholds to March 2141 and 3 on long leaseholds to March 2051

– Substantial premium opportunity for the extension of the three flats. Further potential available by negotiation

– Additionally, apartment No. 19 is vacant but forms part of the consented development area for No. 78-100 Rochester Row

– Full tenancy schedule available on request

Consented GIA (sq ft) Consented NIA (sq ft)

Fourth Floor 5,565 4,865

Third Floor 6,792 6,060

Second Floor 6,232 5,490

First Floor 5,985 5,242

Ground Floor 5,514 3,466

Basement 9,817 3 car parking spaces

Total 39,945 25,123

Site plan showing immediate surroundings

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R O C H E S T E R R O W

Second Floor

N

Ground Floor

R O C H E S T E R R O W N

Consented Floor Plans

First Floor

R O C H E S T E R R O W

104-110 Rochester Row 102 Rochester Row 78-100 Rochester Row 104-110 Rochester Row 102 Rochester Row 78-100 Rochester RowBasement

R O C H E S T E R R O W N

N

Fourth Floor

R O C H E S T E R R O WN

Third Floor

NR O C H E S T E R R O W

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Local Investment/Development

Local Investment/Development schemes include:

11 Belgrave Road Quadrum

Buckingham Green Scheme London Oriental

Greencoat Place Derwent

Scotland Yard Scheme Northacre

25 Wilton Road Royal London

Eccleston Yards Grosvenor

Victoria Station upgrades TfL

Nova Landsec

Market Commentary

Transaction Date Property Purchase PriceCapital Value

psf Yield Purchaser

Q2 2020 1 Old Queen Street £24m £1,104 4.55% GMG Real Estate

Q1 2020 63 Catherine Place £6.7m £1,175 VP Netcraft Ltd

Q4 2019 19-21 Queen Anne’s Gate £10.6m £2,106 VP Private

Q2 2019 21 Dartmouth Street £89m £1,676 3.75% Government

Q1 2019 Premier House, 10 Greycoat Place £50m £824 VP GMG Real Estate

Q1 2019 4 Matthew Parker Street £51.5m £1,310 4.47%Charles Street Buildings

Rental Comparables

Capital Comparables

– The Victoria sub-market experienced one of its strongest years on record through 2019 with take-up surpassing 300,000 sq ft and prime rents eclipsing the £100.00 per sq ft barrier.

– Over the past 10 years, the regeneration by major Landlords and stakeholders has repositioned Victoria in the context of the West End as a desirable commercial hub for some of the world’s most significant occupiers.

– Current Victoria vacancy rate (2.0% vs West End at 5.0%), public sector activity and take-up and a very tight committed development pipeline.

– The West End continues to be characterised by a shortage of quality investment and development product which retains investor enthusiasm for prime opportunities that can capitalise on the strong market fundamentals, particularly within the Victoria sub-market.

Transaction Date Property Tenant Rent

Q4 2019 Buckingham Green, The Caxton Building – 1st Floor QRT £95.00 psf

Q4 2019 21 Palmer Street, The Asticus Building – 10th Floor Belgrave Capital £99.00 psf

Q4 2019 40 Grosvenor Place – 2nd Floor Liberty Commodities Ltd £83.00 psf

Q4 2019 40 Grosvenor Place – Part 1st Floor Lockheed Martin £90.00 psf

Q2 2019 Buckingham Green, The Caxton Building – 5th Floor Rolls-Royce PLC £95.00 psf

Q2 2019 Buckingham Green, The Caxton Building – 3rd Floor Resolution Life £87.50 psf

Q2 2019 Buckingham Green, The Caxton Building – 2nd Floor Upfield Food UK Ltd £88.50 psf

Q4 2018 Buckingham Green, The Caxton Building – 4th Floor Novalpina £95.00 psf

Further Information

Jonathan Martyr

T 0207 747 0123

M 0778 753 3996

E jonathan.martyr@levyrealestate.co.uk

James Elliott

T 0207 747 0143

M 0784 011 1493

E james.elliott@levyrealestate.co.uk

Simon Tann

T 0207 747 0141

M 0774 818 0198

E simon.tann@levyrealestate.co.uk

Levy Real Estate LLP, for themselves and for the owners of this property whose agents they are, give notice that these particulars provide a general guide to the development which is offered subject to contract and availability. These particulars do not constitute an offer or contract or any part of an offer or contract. We (and anyone in our employ) do not imply, make or give any representation, guarantee or warranty whatsoever relating to the terms and neither does our client (the vendor, lessor or assignor). An intending purchaser, lessee or assignee must by inspection or otherwise satisfy himself as to the correctness of the statements contained in these particulars. All negotiations must be conducted through the agents, Levy Real Estate LLP. Under the Finance Act 1989, VAT may be applicable at the standard rate. October 2020.

Designed by Tayler Reid

Harry Cormack

T 0207 747 0144

M 0781 546 3822

E harry.cormack@levyrealestate.co.uk

Contact

PlanningThe property is situated in the London Borough of Westminster.

EPC78-100 Rochester Row has an EPC rating of C-55.

VATThe property is VAT Elected.

VideoPlease click here.

Data RoomPlease contact the vendor’s agents for access to the data room.

ProposalOffers in excess of £17,500,000 (Seventeen Million Five Hundred Thousand Pounds) are invited for the Freehold interest, subject to contract and exclusive of VAT.

https://youtu.be/11Q5zghs6hg