• Prominent corner building in a core Victoria location within close proximity to St. James’s Park, Westminster and Victoria stations. The building is located 100 yards from St James Parkunderground which makes the property easily accessible.  
• The area enjoys substantial ongoing investment and regeneration of the immediate surrounding area including developments and public realm improvements. Today Victoria is a thriving commercial, residential and leisure hub, with the post-war architecture having been replaced with impressive, sleek glass buildings that have given Victoria a modern edge. Some of London’s most ambitious new developments, such as Nova,Cardinal Place, the Zig Zag building and The Broadway, have ensured Victoria has become a dynamic office market.
• The building was completed in the 1970s and occupies a prominent corner position.  The building provides 17,345 sqft (1,613 sqm) of office, retail and ancillary accommodation arranged over lower ground, ground and five upper floors.
• The office and ancillary space,totalling 13,404 sq ft (1,246 sq m) is situated over lower ground, and first to fifth floors. The office  floor plates are approximately 2,800 sq ft (260sq m) and benefit from excellent natural light on multiple sides. The fifth floor also has a private roof terrace.  The retail accommodation, totalling 3,941 sq ft (367 sq m) is arranged as two units predominantly situated over lower ground and ground floors.
• The building enjoys planning consent for a Grade A office-led redevelopment and extension of the existing building that increases the net floor area by 40% to 24,175 sq ft (2,246 sq m)with a 2 storey extension, one A3 restaurant unit and one A1 retail unit and 980 sqf of terrace space. The owner has also recently applied for the demolition and replacement of the existing building with a Grade A office-led development with retail an restaurant uses at ground floor.
• Rents in Victoria have now reached £95 psf with yields ranging from 3.75% to 4.25%. ERV of the new building is expected at over £2m with a value estimated at c. £50m. The redevelopment plan has been budgeted at £5m cost. The owner is looking to sale the property on a vacant possession with both planning permissions at a price close to £18.5m.

STRONG MARKET FUNDAMENTALS

Demand from office occupiers in this location continues to grow as they take advantage of the significant discount to prime West End rents. Victoria take-up totalled 159,095 sq ft in Q2 2019, on-par with Q1 and 8% ahead of the long-term quarterly average. The Public Sector was the most active, accounting for 58% of take-up,largely due to the quarter’s largest transaction by the parliamentary. Estates acquisition at 64 Victoria Street, followed by Finance at 20%. Availability in Victoria decreased by 27% quarter-on-quarter to 511,000 sq ft, with levels now34% below the long-term average. This reflects a current vacancy rate of 2.9%against a wider West End vacancy rate of 5.1%.