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£1,000,000 freehold

162-164 Abbey Street, London, SE1 Ref: 30769

A self-contained ground floor office, let for approximately 3 more years, available to purchase in the middle of Bermondsey SE1.

The unit is arranged over the ground floor of Neckinger Mills which is a brick-built, Grade II listed, Victorian former leather factory. The building now comprises this office on the ground floor, and self-contained apartments (all privately owned) on the four upper floors.

The office measures circa 2,300 sqft in total and is self-contained, with its own access directly from the private courtyard (at the rear of the building). The courtyard is accessed through a set of electric vehicular gates to the side of the property.

The unit is let until 31st December 2025 at a passing rent of £64,000 + VAT per annum. The office is occupied by Art Analysis & Research Inc. (www.artanalysisresearch.squarespace.com) who are a leading provider of both scientific and technical expertise in fine arts. The tenants have been in occupation for the past ten years, and have approximately three and a half years remaining on their lease. Rent has always been paid on time.

The passing rent is equal to approximately £27.50 per sqft, which is below the market value for an office in this location and of this specification. There is an open-market rent review included halfway through the lease in December 2022. The market rent for this office is in the region of £34 per sqft (equal to approximately £78,000 per annum).

The space is arranged mainly open-plan with a handful of other board / meeting rooms too. The accommodation is in good condition throughout and benefits from considerable floor to ceiling heights and strong sources of natural light. The property has retained its original Victorian features, namely: solid wooden floor, steal columns and wooden beams. Other amenities include: gas central heating, fully fitted kitchen, toilets, LED lighting, and fire & intruder alarms.

Please note the unit comes with a right to park within the car parking spaces to the rear of the building.

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