South Bank mixed-use asset brought to market
Global real estate advisor, CBRE, has been appointed by Nuveen to sell Soho Wharf, 1 Clink Street, a comprehensively refurbished mixed use investment opportunity situated in the vibrant South Bank district of London.
Located moments from the River Thames and London Bridge station, the asset comprises 20,124 sq ft of Grade A offices, retail units over lower ground, ground and five upper floors, and a further 2,501 sq ft of residential accommodation across the sixth and seventh floors. The lower ground and ground floors comprise two units let as a museum and restaurant, Flat Iron, respectively.
The character warehouse office space was comprehensively refurbished in 2017 and is fully let offering diverse-medium term income, and recent regears in the building evidence its enduring appeal to its occupiers.
South Bank attracts more than 30 million visitors a year and has benefitted from significant investment over the past decade, making it a popular location for occupiers across the retail, F&B and office sectors. The latest phase of the neighbouring Borough Yard development is scheduled to open today, which will see the revived Victorian streets of Stoney Street, Clink Street and Bank End connected, creating a seamless link to the famous Borough Market. Completion of this phase coincides with the opening of 12 new retail concepts offering a range of beauty, food, fashion and homeware.
The sale will conclude Nuveen’s business plan for the asset following a raft of recent lettings and regears.
The scale of new developments in the area is having a transformational impact, and consequently, our research shows that South Bank has one of London’s strongest office rental growth projections for the period of 2023 to 2027. The area continues to see significant investment and development, spanning residential, office and life science uses, making it one of the most sought-after districts in London.