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Rushworth Street, Southwark, London SE1

PRIME FREEHOLD BUILDING CURRENTLY USED AS STUDENT ACCOMMODATION WITH POTENTIAL FOR ALTERNATIVE USES
For sale
  • Ideally located 0.4 miles to the South East of Southwark Underground Station (Jubilee Line).
  • Situated within a popular residential area and surrounded by a number of new build mixed used developments.
  • Freehold.
  • Currently arranged as a 21-bedroom student accommodation.
  • The building totals 6,112 sq ft / 567.8 sqm GIA.
  • Let to Brittania Student Services Ltd on a reversionary lease expiring in September 2023 at a current passing rent of £221,260 pa.
  • The tenant has been in occupation since 2013. The lease is outside the Landlord & Tenant Act 1954.
  • There is an opportunity to re-gear the existing lease with the tenant. Additionally, there is scope to obtain vacant possession and directly let or pursue alternative uses such as residential, HMO or serviced apartments. These are all subject to obtaining the necessary consents.
  • We are instructed to seek offers in the region of £4,000,000 (Four Million Pounds), subject to contract, reflecting a Net Initial Yield of 5.19% assuming standard purchasers costs of 6.53%.
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