19 Buckingham Gate - Allsop

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.