Tuckerman has sold 66 South Lambeth Road to a private investor. The building, which is prominently located to the south of Vauxhall Station, was sold for £7.7 million reflecting a yield of 8% on behalf of Warner Estate.
Despite the tough market conditions in Central London, the building received high levels of interest partly thanks to the recent consistent improvement to the Vauxhall area, following the major development at St George Wharf. Interest was further buoyed by the announcement that the US Embassy is to move from its current location in Grosvenor Square, to a new five acre site on Nine Elms. Additional local large scale development schemes are now in the design and planning stage, including the redevelopment of the 56 acre New Covent Garden Market and Battersea Power Station. Tuckerman, had let the entire 22,000 sqft four storey office in March 2008 to Leonard Cheshire Disability, on a 16 year lease up until March 2024, at a rent of £28.50 psf. This was following a full refit and refurbishment of the property.