Office / Sale
849 Sq Ft
328 Kennington Lane
Virtual Freehold Premises For Sale
The property is arranged over the ground and basement of this mid-terrace property, which forms part of an established retail parade in the heart of Vauxhall. The upper parts are accessed via their own independent entrance and comprise two residential apartments, which are sold off on long leases.
Located in the heart of Vauxhall close to the KIA Oval. Vauxhall has been transformed with significant inward investment since 2012 with the creation of the Vauxhall, Nine Elms and Battersea (VNEB) opportunity area, one of Europe’s largest and most ambitious regeneration schemes, which covers 561 acres. VNEB aims to provide over 16,000 homes, two million plus sq ft of commercial space, and significant amounts of public realm works with a pedestrianised green corridor linking Battersea Power Station to Vauxhall Cross. Connectivity throughout the area has been enhanced by the extension of the Northern Line from Kennington to Battersea via Nine Elms. Vauxhall benefits from excellent transport links, with connectivity provided to Waterloo in 4 minutes (via National Rail), King’s Cross St Pancras in 12 minutes (via Victoria Line) and Tottenham Court Road in 12 minutes (via Northern Line), which provides access to Crossrail (Elizabeth Line).
|Area (sq ft)
|The premises are rated as shop and premises and have a rateable value of £17,250.
|The vendors are seeking offers of £340,000 for the virtual freehold interest, reflecting a capital value of £400 per sq ft and a net initial yield of 6.03%.
|The lease is for a term 10 years from the 6th December 2023 at a rent of £21,275 per annum exclusive (£25.06 per sq ft overall / £46.76 per sq ft ITZA). The lease incorporates Tenant's options to break on the 28th Septmeber 2028 and 2031.