Showstopping Long Income Investment Opportunity Benefitting from a Rare Late Night Licence
Summary
- One of London’s landmark destination live entertainment venues
- Strategically located amongst London’s world-class leisure and amenity districts of Covent Garden and Southbank
- Comprising a 19,289 sq ft live events' arena providing exceptional volume and up to 9m+ floor to ceilings
- The tenant has recently made significant capital expenditure refurbishing the accommodation to create an amphitheatre style layout configured around a large stage with further bar and restaurant space
- Benefitting from an exceptionally rare 5am late night alcohol licence
- The entire property is let to 8 Victoria Embankment Ltd until 2050, subject to a tenant only break option in 2040 (approximately 24 years unexpired) The lease is guaranteed by Tokyo Industries (Ultimate) Ltd. D&B Rating of 3A3 with a tangible net worth of over £12.5 million
- Topped-up passing rent of £1,000,000 per annum which reflects £51.84 psf, with a fixed increase to £1,050,000 per annum in 2030. 5-yearly CPI linked rent reviews, compounded annually, thereafter subject to a cap of 2.0% and a collar of 0.5%
- Held Long leasehold for 150 years from 12th March 2007 providing 131 years unexpired term subject to a peppercorn rent
Location
8 Victoria Embankment is situated on the northern side of the River Thames directly underneath Waterloo Bridge. Victoria Embankment is an internationally known location in Central London with the area being home to a number of major attractions including; Somerset House, the Royal Opera House, The National Gallery, the Savoy Hotel and Soho House. The location in particular plays a major role in attracting visitors for entertainment purposes with multiple theatres and performance venues being situated in the local proximity.
Additionally, the Property benefits from being situated directly opposite the Southbank which hosts multiple internationally renowned destinations including; the London Eye, the Southbank Centre, the Hayward Gallery and the OXO Tower. The Property is also only a short walk from Covent Garden Piazza.
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Mainline Stations
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Charing Cross7 mins
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Waterloo10 mins
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Waterloo East10 mins
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Blackfriars12 mins
Underground Station
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Temple3 mins
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Embankment6 mins
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Charing Cross7 mins
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Covent Garden7 mins
Further Information
Price Offers in excess of £13,380,000
Rates Payable Upon Enquiry
EPC Rating This property has been graded as B
Description
The Emerald Theatre is one of London's landmark live entertainment destinations situated within the northern most arch of Waterloo Bridge, in one of London's world-class leisure and entertainment districts.
The tenant has recently refurbished the accommodation inputting significant capital expenditure and comprises 19,289 sq ft of exceptional entertainment space configured in an amphitheatre style layout across ground, mezzanine and first floors. The unique and open-plan layout also benefits from exceptional floor to ceiling heights providing the perfect performance venue which has been utilised for multiple types of immersive events, including recently for Charlotte Tilbury.
The ground floor provides the ultimate experience for visitors with its unique open-plan performance space and customer seating arranged around the exterior of the floor. Luxury VIP clientele are also catered for with their own individual private seating area provided on the righthand side of the performance area. Additional seating is provided on the mezzanine floor which encases the whole of the ground floor level.
Customer food and beverage requests are provided for with two bars and a substantial trade kitchen on the ground floor. An additional large bar on the mezzanine floor encompasses the back wall.
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