Prime development site put up for sale on South Bank

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. [caption id="attachment_946838" align="alignnone" width="847"] The Allies and Morrison scheme already has a resolution to grant planning consent[/caption] 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. [caption id="attachment_946837" align="alignnone" width="847"] The Cove Burgess Architects design creates new office space at the former printworks building only[/caption] To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette