33 Coin Street Stamford Street, South Bank London SE1 9NR

33 Coin Street
Stamford Street, South Bank
London
SE1 9NR

London South Bank Investment Opportunity

  • Rent rising to £43,345 p.a.x (gross) in March 2020
  • A long established restaurant investment in a highly sought after Central London location
  • Tenant in occupation for at least 34 years
  • The area has benefited from significant investment, regeneration and restoration projects in recent years
  • Listed in the Good Food Guide for over 30 years
  • Potential for significant reversion at expiry of the lease following fixed rental increases
  • Within walking distance of the Royal Festival Hall, the National Theatre, the OXO Tower, BFI IMAX Cinema & the South Bank Tower
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    33
  • Auction
    8th December 2016
  • Rent
    £37,691 per Annum Exclusive
  • Status
    Sold
  • Price
    £770,000
  • Sector
    Restaurant
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Update
  • Expand
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  • Map

* More information on the term "guide" can be found here

London South Bank Investment Opportunity

  • Rent rising to £43,345 p.a.x (gross) in March 2020
  • A long established restaurant investment in a highly sought after Central London location
  • Tenant in occupation for at least 34 years
  • The area has benefited from significant investment, regeneration and restoration projects in recent years
  • Listed in the Good Food Guide for over 30 years
  • Potential for significant reversion at expiry of the lease following fixed rental increases
  • Within walking distance of the Royal Festival Hall, the National Theatre, the OXO Tower, BFI IMAX Cinema & the South Bank Tower
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 33
  • Auction 8th December 2016
  • Rent
  • Status Sold
  • Price £770,000
  • Sector
    Restaurant
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
Less than 1 mile south east of the West End
Approx. 1.5 miles south west of the City of London
Roads
A3200, A201 (Blackfriars Road), A301 (Waterloo Road)
Rail
London Waterloo Railway Station (Zone 1) (Northern, Jubilee & Bakerloo Underground Lines), Southwark Underground Station (Jubilee Underground Line)
Air
London Heathrow and London Gatwick International Airports
Situation

South Bank is one of London's most distinctive and dynamic neighbourhoods and the cultural hub of the Capital. This prime riverside location is renowned for its world-class theatres, art centres, restaurants and galleries and exceptional local amenities. Home to the Royal Festival Hall, the National Theatre, the OXO Tower the BFI IMAX Cinema, the area continues to benefit
from significant investment whilst retaining a characterful mix of traditional pubs, lively bars and family-run restaurants. Transport links are excellent with London Waterloo, the Central London terminus for South West Trains, Bakerloo, Northern and Jubilee Lines, and Southwark Underground Station (Jubilee Line) all close by. The property is situated in a prominent corner
position at the junction of Coin Street and Stamford Street (A3200) which runs between Waterloo Bridge and Blackfriars Bridge just south of the River Thames in the heart of South Bank. Diagonally opposite is a substantial Nando’s Restaurant.

Tenure

Freehold. Freehold & Long Leasehold. The long leasehold demise is held from the Mayor and Burgesses of the London Borough of Lambeth for a term of 125 years from 14th April 1986 until 13th April 2111 at a current rent of £200 per annum. Floor plans within the documents included in the legal pack identify the Freehold and Long Leasehold demises.

Location
Miles
Less than 1 mile south east of the West End
Approx. 1.5 miles south west of the City of London
Roads
A3200, A201 (Blackfriars Road), A301 (Waterloo Road)
Rail
London Waterloo Railway Station (Zone 1) (Northern, Jubilee & Bakerloo Underground Lines), Southwark Underground Station (Jubilee Underground Line)
Air
London Heathrow and London Gatwick International Airports
Situation

South Bank is one of London's most distinctive and dynamic neighbourhoods and the cultural hub of the Capital. This prime riverside location is renowned for its world-class theatres, art centres, restaurants and galleries and exceptional local amenities. Home to the Royal Festival Hall, the National Theatre, the OXO Tower the BFI IMAX Cinema, the area continues to benefit
from significant investment whilst retaining a characterful mix of traditional pubs, lively bars and family-run restaurants. Transport links are excellent with London Waterloo, the Central London terminus for South West Trains, Bakerloo, Northern and Jubilee Lines, and Southwark Underground Station (Jubilee Line) all close by. The property is situated in a prominent corner
position at the junction of Coin Street and Stamford Street (A3200) which runs between Waterloo Bridge and Blackfriars Bridge just south of the River Thames in the heart of South Bank. Diagonally opposite is a substantial Nando’s Restaurant.

Tenure

Freehold. Freehold & Long Leasehold. The long leasehold demise is held from the Mayor and Burgesses of the London Borough of Lambeth for a term of 125 years from 14th April 1986 until 13th April 2111 at a current rent of £200 per annum. Floor plans within the documents included in the legal pack identify the Freehold and Long Leasehold demises.

Description

The property, which forms part of an attractive Grade II listed building, is arranged over basement, majority ground (to include the rear yard) and part first floors providing two restaurants (86 covers), with associated ancillary accommodation. The restaurants currently trade as Sticky Mango (accessed from Stamford Street) and RSJ (accessed from Coin Street).

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property, which forms part of an attractive Grade II listed building, is arranged over basement, majority ground (to include the rear yard) and part first floors providing two restaurants (86 covers), with associated ancillary accommodation. The restaurants currently trade as Sticky Mango (accessed from Stamford Street) and RSJ (accessed from Coin Street).

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Rent
p.a.x. (gross)
Review
Basement
Ground
Part First
Restaurant/Ancillary
Restaurant/Ancillary
Restaurant
134.00 sq m
86.40 sq m|
51.54 sq m
(1,443 sq ft)
(930 sq ft)
(554 sq ft)
RSJ RESTAURANTS
LIMITED t/a RSJ & Sticky Mango (1)
Approximately 12 years
and 8 months from
and including 19th
July 2012 until 24th March 2025
on a full repairing and
insuring lease
£37,691 p.a.x 25/03/2020 - Fixed
rental increase to
£43,345 p.a.x
Total  
271.90 sq m
(2,927 sq ft)
    £37,691 p.a.x  

(1) RSJ Restaurants Limited is a family run business that has been established at this location for approximately 34 years. RSJ Restaurant has received 4 out of 5 stars from Time Out for its food which 'consistently displays high levels of skill and refinement' in addition to its 'unique, fabulous wine list'. (Source: www.timeout.com/london/restaurants/rsj). It has also been in the Good Food Guide for approximately 30 years. Run by the same family, the recently opened Sticky Mango has also been well received, being rated as excellent by reviewers on TripAdvsior (Source: www.tripadvisor.co.uk).

Property Documents

  • Catalogue Page
    Updated Date
    29.10.19
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Seller's Solicitors
Shepherd and Wedderburn LLP Condor House, 10 St. Paul's Churchyard
London
EC4M 8AL
Lauren McLeod 0207 429 4959lauren.mcleod@shepwedd.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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