Gaterule has put 25 Lavington Street, SE1, on London’s South Bank up for sale for around £80m.
The property investment business run by the Oestricher family, according to Companies House, has instructed CBRE to look for a buyer for the 1.6-acre freehold site near to Blackfriars Bridge and the Tate Modern. It comes with a resolution to grant planning consent for an Allies and Morrison-designed scheme (below) that has a gross development value of £340m.
There is also the option of a development partnership with the vendor to create the scheme, which includes 173 apartments spread across two buildings of 13 and 21 storeys, as well as a 10-storey office building to provide 122,205 sq ft of space, plus ancillary retail.
The development partnership option would see a purchaser apply a land value to the site. However, it is understood that any offer would need to be competitive against unconditional offers for the site.
Consisting of two office buildings, one a former printworks, the site currently provides 132,804 sq ft of office space.
The smaller of the two buildings is currently occupied by serviced office provider One Avenue Group on a rent of £550,000 per year. A landlord’s break notice has been served on the tenant and vacant possession of the entire site is achievable from 27 March 2019.
In addition, Cove Burgess Architects have designed a scheme for the site which looks at redeveloping just the former printworks building to provide more than 163,000 sq ft of office space.
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