22 & 24 Southwark Bridge Road, SE1

Southwark Bridge Road 24, London, City of London, SE1 9HF, UK

Asset Description

Freehold
Located in the heart of the Southbank, one of London’s most dynamic submarkets, in close proximity to London Bridge and Borough Market
The existing buildings, 22 & 24 Southwark Bridge Road, comprise 79,431 sq ft NIA and 108,830 sq ft GIA of office and ancillary accommodation
The freehold extends to 0.40 acres (0.16 hectares)
Resolution to grant planning permission for the partial demolition of 22 Southwark Bridge Road and demolition of 24 Southwark Bridge Road to provide a newly developed office-led scheme, comprising 141,459 sq ft NIA and 205,397 sq ft GIA over lower ground, ground and 12 upper floors
Consent secures baseline massing with potential for further optimisation
Suitable for a range of alternative uses to include Co-living, PBSA or Hotel, subject to planning
Orms Designers & Architects produced high-level feasibility studies to demonstrate the potential for alternative uses on site
Full vacant possession is achievable in September 2025

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Attributes

Land area gross

0.16 ha

Investment strategy

Value Add

Tenure

Freehold

Number of buildings

Media

Investment Highlights

22 Southwark Bridge Road was constructed in the 1980’s and comprises 55,866 sq ft NIA over basement, lower ground, ground and six upper floors, with typical upper floors of c.6,500 sq ft. 24 Southwark Bridge Road was also constructed in the 1980’s and comprises 23,565 sq ft NIA over lower ground, ground and six upper floors. The properties are multi-let to five tenants, producing an annual rent of £161,400. The leases are all outside the L&T Act and provide the ability to achieve vacant possession in September 2025.

The site benefits from a resolution to grant planning permission for an office redevelopment under (ref. 24/AP/2246). The consent provides for the ‘redevelopment of the site including demolition of 24 Southwark Bridge Road and partial demolition of 22 Southwark Bridge Road, to provide a mixed-use development'. Designed by Orms Designers & Architects Ltd, the scheme will deliver 141,459 sq ft NIA and 205,397 sq ft GIA of best-in-class office accommodation over lower ground, ground and 12 upper floors.

Avison Young have prepared a detailed planning note, which explores the potential for alternative uses on site. The note demonstrates that subject to justification for the loss of the existing office space, an alternative use should be supported. Orms Designers & Architects has produced high level indicative schemes to demonstrate the potential for alternative uses on site; Co-Living, Student and Hotel.