Rare Prime Freehold Office / Residential Opportunity Of Interest To Owner Occupiers, Developers & Investors
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 five tenants, on short-term leases, producing a gross income of £152,565 per annum determinable upon between one and three months prior written notice.
Of interest to Owner Occupiers, (Live-Work), Developers and Investors.
We are instructed to seek offers of £3,400,000 (Three Million Four Hundred Thousand Pounds) for the Freehold interest, subject to contract.
The premises are not elected for VAT.
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.
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.
|Floor||Description||Sq Ft Net||Sq Ft Gross||Sq M Net||Sq M Gross|
|Total Front||2,225 (165)||2,950 (125)||206.6 (15.2)||274 (11.5)|
|Floor||Description||Sq Ft Net||Sq Ft Gross||Sq M Net||Sq Ft Gross|
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.
The billing authority is Westminster City Council and the overall assessments are as follows;
|Rear Building||Rateable Value|
|Maisonette||Council Tax Band F (Ref. T3601040001002)|
The premises are held Freehold, Title Number: NGL477522.
The premises are currently occupied by four commercial tenants on two year leases, subject to a mutual option to determine upon one/three months written notice. The maisonette is let on a contractual tenancy (outside of the Housing Act 1988) at a rent of £2,047.50 per calendar month (£24,570 per annum).
A detailed tenancy schedule is available upon request, the total gross income from the premises is currently £152,565 per annum.
£3,400,000 (Three Million Four Hundred Thousand Pounds). The property is not elected for VAT.
The vendor will not accept any offers that are conditional upon planning.
The offices have an EPC rating of 83, which falls within Band D.
The maisonette has an EPC rating of 45, which falls within Band E. Copies of the EPCs are available upon request.
Each party shall bear their own legal costs in respect of this transaction.