£7,000,000 /Sale price

Description8-20 Pocock Street comprises 13,759 sq. ft of office accommodation arranged over the ground and first floor of an 8-storey building completed in 2000. Above the first floor, the property is held under a separate title and is used as residential accommodation, owned by the freeholder Legal & General.The office specification includes the following:- Both floors benefit from their own dedicated step free entrances at street level- A mixture of exposed services and suspended ceilings- Full access raised floors- Disabled access lift- Male, female and disabled WCs on each floor- Air conditioning- Shower and cycle storage facilitiesThe first floor underwent full comprehensive tenant refurbishment works in 2017, at lease renewal. The ground floor also underwent full landlord refurbishment in 2023, to include new air-conditioning, lighting, meeting rooms, bike store, WCs and showers.Location8-20 Pocock Street benefits from exceptional connectivity being within walking distance of five underground stations and three mainline stations, as well as a number of major bus routes and arterial roads. The property is situated within 200m of Southwark Underground Station providing access to the Jubilee Line, only 6 minutes to Bond Street Station, in London Mayfair.TermsOffers are invited in the region of £7,000,000 for the Long Leasehold interest, subject to contract and exclusive of VAT. An asset purchase at this level reflects an attractive NIY of 9.00% and a low capital value of £509 psf.Specifications8-20 PocockStreet comprises 13,759 sq. ft of office accommodation arranged over the ground and first floor of an 8-storey building completed in 2000. Above the first floor, the property is held under a separate title and is used as residential accommodation, owned by the freeholder Legal & General.The office specification includes the following:Both floors benefit from their own dedicated step free entrances at street levelA mixture of exposed services and suspended ceilingsFull access raised floorsDisabled access liftMale, female and disabled WCs on each floorAir conditioningShower and cycle storage facilitiesThe first floor underwent full comprehensive tenant refurbishment works in 2017, at lease renewal. The ground floor also underwent full landlord refurbishment in 2023, to include new air-conditioning, lighting, meeting rooms, bike store, WCs and showers.TenureThe property is held by way of a long leasehold interest, under title number TGL195726, from 2ndNovember 2001 for 150 years, at a peppercorn rent, with approximately 125 years to lease expiry.The property occupies a site of approximately 0.18 acres (0.07 hectares).The Freehold of the property is owned by Legal & General, who granted an overriding lease to Sanctuary Housing Association (SHA). SHA are therefore the immediate Landlord.The lease allows the Landlord (SHA) to buy back the ground and first floors, between September and December 2030. In our view this right is highly unlikely to be exercised, but in the event it is the terms of the buy-back are considered highly favourable to the leaseholder. Further details can be provided upon request.