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£2,500,000 OIRO

59-61 Old Kent Road, London, Greater London SE1 Ref: 30458

An opportunity to acquire an office building (E use class) on the Old Kent Road which offers potential for re-development (stpp). The existing building comprises a part 1/part 3 storey building measuring c5,125sqft which is laid out as multiple offices. To the rear there is a car park suitable for 2-3 vehicles. The property is positioned on the corner of Aberdour Street & the Old Kent Road, the A2/A201 flyover runs adjacent to the site. The site is well connected via the Bricklayers Arms Roundabout which sits opposite, it provides road links to Elephant & Castle, London Bridge and further into the Old Kent Area. The site is located within the Old Kent Road opportunity area, and if developed, could become a landmark building and gateway to the Old Kent Road.

In March 2023 the vendor had a positive pre-application with Southwark Council for a proposed 6 storey new build mixed use scheme (a copy of the pre-application and response can be provided upon request).

The property is currently rented on a short-term basis and produces £70,600pax. The ground and first floor are let to a single tenant at a passing rent of £60,000pax until 2025, and the second floor is holding over at £8,000pax. There is a licence agreement with an internal telephone mast company at £2,600pax which has expired. There is 800sqft of vacant space on the top floor.

The vendor is seeking offers in the region of £2,500,000, unconditional offers preferred.