RX are delighted to launch Bermondsey Square, SE1 on behalf of Oval Real Estate.

June 2022 | News

The freehold island comprising, 1.06 acres (0.43 hectares), is situated off Bermondsey Street in close proximity to London Bridge station.


Developed in 2009, the property comprises a prominent mixed-use building, split into two distinct wings, totalling 41,651 sq ft. The high quality office accommodation comprises 27,722 sq ft across the south wing and there are 76 soldoff residential apartments across the north wing. In addition the building provides for 12,682 sq ft of retail and leisure accommodation across four units over the ground floor.


The offices are multi-let to four tenants and the 4th, part 3rd and part 2nd are vacant and available to let. The offices account for 79% of the income (including rental guarantees) and provide a passing rent of £1,354,025 per annum, reflecting £49.25 per sq ft overall. The retail and leisure accommodation accounts for 19% of the total income with Sainsbury’s accounting for over 40% of this.


The total rent passing is £1,711,571 per annum reflecting a reversionary £42.74 per sq ft overall. The income provides for a WAULT of 5.9 years to lease expiries and 4.4 years to breaks.


Offers are invited for the Jersey company, which owns the freehold interest, in excess of £29,000,000, reflecting a net initial yield of 5.80%. This reflects a capital value of £718 per sq ft on the net usable area and a reversionary yield of 5.93%.