19 Buckingham Gate - Allsop

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19 Buckingham Gate FLOOR PLANS N Boiler Room . Lift Shaft Lift Machinery Lift Lift Lift Lift Lift Lift Lightwell LOWERGROUND FLOOR FLOOR FIRSTFLOOR SECONDFLOOR THIRDFLOOR FLOOR FLOOR LOWER GROUND GROUND FOURTH FIFTH ROOF
19 Buckingham Gate 19 Buckingham Gate London Tenure Tenancy EPC Freehold. The property is entirely let to The Communication Group plc on FRI terms from 24th June 1987 and expiring 24th June 2017. The passing rent of £286,630 reflects £38.70 per sq ft overall. There is currently an outstanding review from June 2012. Energy Performance Certificate. Barracks Barracks The tenant occupies the lower three floors and has sub-let the 3rd and 4th floors to Paccship UK Ltd by way of two sub-leases expiring on 31st August 2014. The 5th floor has been sub-let to Risk Management Group Ltd until 31st October 2015 and the tenant has applied to underlet the 2nd floor on a short flexible term. All the sub-leases are contracted outside the Landlord & Tenant Act 1954. Buckingham Gate 14 15 Tenant’s Covenant 16 17 18 19 20 21 The Communication Group plc is a management and public relations consultant. Clients include De Beers, Coutts, Rolls Royce and BHP Billiton. They are a public company incorporated in 1985. The latest accounts available for the year ending December 2011 show tangible net worth of £212,729 off sales turnover of £2,096,438. www.thecommunicationgroup.co.uk. 37 22 23 24 Residential Development Potential 16 47 51 53 Catherine Place 55 55a 57b Retail 57a Subject to necessary consents, the building would suit conversion to residential flats. Upon lease expiry it should be possible to improve floor plate efficiency, increasing the saleable area over the current net internal. In addition it may be possible to extend to the rear at lower levels and potentially add a 6th floor. Our clients have commissioned architects to produce an initial feasibility study into conversion of the building to residential flats. Plans are available on request. 12 0m 5m 10m 15m 26 30 32 57 59 Residential Market A favourable planning regime and escalating prices for prime London residential property has resulted in a growing number of conversions from office to residential use. VAT We understand that the building is not elected for VAT and therefore VAT will not be payable on this purchase. A number of precedents have been set along Buckingham Gate in recent years, with at least eight buildings or around 20% of the commercial stock, obtaining planning permission for conversion to residential. Schemes include Land Securities’ 59 units at Wellington House, 70 Buckingham Gate, with both 24 and 6-9 Buckingham Gate currently under construction. Further office properties have been purchased recently with the intention to convert to residential, including 1-3 Buckingham Gate, with around 170,000 sq ft of prime residential planned. Planning The property is not listed although is situated within the Birdcage Walk Conservation Area.
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19 Buckingham Gate - Allsop

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