| Property Type | Land & Buildings / Investments / Drinking Establishment) |
| Tenure | For Sale |
| Size | 5,033 sq ft |
| Price | Offers in excess of £3,000,000 |
| VAT | Applicable |
| Energy Performance Rating | Upon enquiry |
Glengall Bridge is located on the Isle of Dogs in the London Docklands to the south of the Canary Wharf Estate. The Canary Wharf estate comprises approximately 20 million sq ft of office and retail accommodation. Amenities include over 300 shops, bars and restaurants with 4 retail malls.
The property is situated on Pepper Street to the east side of Millharbour and to the west of Millwall Inner Dock. Pepper Street is the main thoroughfare through the Glengall Bridge Estate providing pedestrian access from Millharbour to Limeharbour crossing the over the dock via a ‘Dutch’ bridge.
Communications are provided by Docklands Light Railway (DLR) Stations at Crossharbour and South Quay. Canary Wharf underground station (Jubilee & Elizabeth Line) is within a 10 minute walk to the north or 2-3 stops via the DLR from Crossharbour. By road, the Limehouse Link Tunnel is 1 km to the West providing access to the City and West End whilst the motorway network can be quickly accessed via the A2 (Blackwall Tunnel), A12 and A13 which are 2 kms to the north-west.
The surrounding area is going through a period of significant residential led regeneration. The property sits on the Glengall Bridge Estate which is dominated by earlier generation commercial led schemes built between 1985-1993 that are now planned to be redeveloped which includes the adjacent scheme at “Glengall Quay” (319 residential apartments) and Bellerive House that has planning for conversion into 59 residential apartments.
The existing building has a footprint of280 sq.m which, combined with outside areas sits on an overall plot of 461 sq.m.
The site is currently occupied by a 3-storey building with a public house on the first two storeys with a two-bedroom flat on the top floor.
The pub seating areas face the Millwall Outer Dock to the south-east and deliveries are provided from Muirfield Crescent which is currently predominantly used as a servicing route.
| Name | sq ft | sq m |
|---|---|---|
| Ground | 2,000 | 185.81 |
| 1st | 2,000 | 185.81 |
| 2nd - Flat | 1,033 | 95.97 |
| Total | 5,033 | 467.59 |
The pub is currently leased to Canary Wharf Taverns Ltd at a passing rent of £75,000 pa on a lease held outside the Landlord & Tenant Act renewal provisions. The lease expires on 5th October 2028 with a mutual break option on 5th October 2026 with 6 month’s notice. In our opinion, the Estimated Rental Value (ERV) for the pub is in the region of £125,000 pa (£30 per sq.ft overall).
The flat is offered with vacant possession. In our opinion, the ERV for the flat is in the region of £25,000 pa.
The combined ERV is therefore £150,000 p.a
The property was constructed during the 1990’s under Enterprise Zone planning regulations and holds an established pub use (originally A4, now Sui Generis). In 2011 planning was granted to extend the property to provide a second floor flat addition PA/11/01036/A1
In 2019 planning was granted for a redevelopment to provide 9 residential apartments and pub PA/19/01712/A1 (now lapsed).
The property sits within LB Tower Hamlets’ area for tall tower development N.B the neighbouring Glengall Quay consent provided up to 30 storeys.
Recent planning exercises exploring redevelopment options have been carried out by 3D Reid architects alongside Montagu Evans acting as planning consultants. A massing study and planning report is available to view in the data-room. In summary, it is felt that the site is suitable of a number of uses including residential, co-living, hotel, serviced apartment and student accommodation extending to 18-20 storey’s in height, approximately 60,000 sq.ft GIA.
The property is held on a virtual freehold for 999 years from 1998.
The title allows for redevelopment with unlimited air-rights for a taller building within the current building line.
The property’s contribution to the running of the wider estate is currently £2,354 pa for the current year.
The pub has a Rateable Value of £91,500 with the current estimated rates payable for the year to April 2024 being £48,700 per annum.
For the residential apartment, the council tax band “E” currently paying £2,114.47 pa.
EPC score for the pub is C53 and E53 for the residential apartment.
No capital allowances are offered as part of any sale.
The building has been elected for VAT that will therefore be charged on the purchase price.
Seeking offers in excess of £3,000,000 + VAT for the virtual freehold interest
Potential buyers will be required to carry out standard Anti-Money Laundering checks.
Access to a data-room for the property is available upon request by following this link:
https://portal.agents-society.com/data-room/426/21-pepper-street-e14
