Rare Prime Freehold Office / Residential Opportunity Of Interest To Owner Occupiers, Developers & Investors 

SUMMARY

40 Great Smith Street is a prime Freehold, residential / office building, situated within the heart of Westminster a few hundred metres from the Houses of Parliament and the River Thames.

An attractive Grade II listed property compromising offices and a maisonette of approximately 3,530 sq ft / 327.8 sq m (NIA/GIA) with a total gross GIA of 4,645 sq ft / 431.4 sq m, providing modern and period accommodation.

Currently let to four tenants, on short-term leases, producing a gross income of £151,714.92 per annum determinable between one and six months prior written notice.

Of interest to Owner Occupiers, (Live-Work), Developers and Investors.

We are instructed to seek offers of £3,000,000 (Three Million Pounds) for the Freehold interest, subject to contract.

The premises are not elected for VAT.

LOCATION

Great Smith Street lies immediately to the West of Parliament Square and Broad Sanctuary and links Victoria Street with Marsham Street. It is located in the heart of Westminster’s cultural, government and business district, being just a few minutes walk from the Houses of Parliament.

No.40 itself is located on the west side of Great Smith Street, close to its junction with Marsham Street. Situated in a thriving commercial, residential and leisure hub, which has witnessed extensive regeneration including Nova, Cardinal Place and Buckingham Green developments, which will shortly be followed by the luxury residential led, mixed-use scheme, The Broadway, a few minutes from the property.

THE BUILDING

No.40 comprises two buildings linked by a glazed walkway.

The front building is listed Grade II and was built around 1670 and is currently occupied as offices and A2 on the Lower Ground, Ground and the First Floor, with a self-contained, 1/2 bed maisonette on the second and third floors.

The property is of brick construction, under a pitched tiled roof and benefits from central heating, with many period features retained, including much of the original panelling, fireplaces, cornices etc and full width vault under the pavement, providing useful storage.

The rear building was constructed in the mid 1980’s on three floors, being steel framed, and having part-pitched slate roof and part flat asphalt. It is self-contained, having its own central heating system and full width terrace on the first floor and small patios at ground level, which provide space for bicycles. There are kitchen units on each floor and plumbing for a shower on the ground floor.

ACCOMMODATION

Front Building;

Floor Description Sq Ft Net  Sq Ft Gross Sq M Net  Sq M Gross
Lower Ground Offices 500 745 46.4 69.2
Vault Store (125) (125) (11.5) (11.5)
Ground Offices 405 605 37.6 56.2
First Offices 420 605 39.0 56.2
Kitchen/Store (40) (3.7)
Second/Third Maisonette 900* 995 83.6* 92.4
Total Front   2,225 (165) 2,950 (125) 206.6 (15.2) 274 (11.5)

Rear Building;

Floor Description Sq Ft Net Sq Ft Gross Sq M Net Sq Ft Gross
Ground Offices 635 750 59.0 69.7
First Offices 435 585 40.4 54.3
Second Offices 235 360 21.8 33.4
Total Rear    1,305 4,645 327.8 431.4
GRAND TOTAL   3,530 4,645 327.8 431.4

PLANNING

No. 40 is Grade II Listed and located within the CAZ (Core Central Activities Zone) and the Westminster Abbey and Parliament Square Conservation Area. Together with Nos. 36 and 38 Great Smith Street, No. 40 comprised the first speculative terraced house built in London. In the early 1900’s, the lower ground and ground floors were used as a café/restaurant with residential above. After World War II, the ground floor was occupied as an Estate Agency (A2) and associated offices and this use continues until the present day.

Permission was granted for the erection of a three-storey office building in what was the rear garden in 1984. On the 30th July 1998 (Ref: 982898), permission was granted for a maisonette on second and third floors and a flat on the first floor, which has been partially implemented.

RATES

The billing authority is Westminster City Council and the overall assessments are as follows;

Rear Building Rateable Value
Offices G/1st/2nd £30,000.00
Front Building  
Offices LG £8,550.00
Offices G £14,800.88
Offices 1st £14,250.00
Front Building  
Maisonette Council Tax Band F (Ref. T3601040001002)

TENURE

The premises are held Freehold, Title Number: NGL477522.

TENANCIES

The premises are currently part occupied by three commercial tenants on flexible leases, subject to a mutual option to determine upon one to three months written notice.

The maisonette is let on an AST at a rent of £1,976.66 per calendar month (£23,719.92 per annum).

A detailed tenancy schedule is available upon request, the total gross income from the premises is currently £151,714.92 per annum.

PRICE

£3,000,000 (Three Million Pounds). The property is not elected for VAT.

The vendor will not accept any offers that are conditional upon planning.

EPC

The offices have an EPC rating of 112, which falls within Band E.

The maisonette has an EPC rating of 45, which falls within Band E. Copies of the EPCs are available upon request.

LEGAL COSTS

Each party shall bear their own legal costs in respect of this transaction.

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Your contact details for this property

Philip Martin
pmartin@tuckerman.co.uk
DDI: 020 3328 5372
MOB: 07811 103045

William Dickson
wdickson@tuckerman.co.uk
DDI: 020 3328 5374
MOB: 07921 452 727

Tuckerman Residential - 0207 222 5510

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