8 Victoria Embankment - Hanover Green

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8 Victoria Embankment London, WC2R 2AB

Size 19,289 sq ft - 19,289 sq ft

For Sale £13,995,000

Showstopping Long Income Investment Opportunity

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Specification

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
Amphitheatre style layout configured around a large stage with further bar and restaurant space
Benefiting from an exceptionally rare 5am late night alcohol licence
Occupied by Proud Cabaret, one of the industry’s most successful operators over the past 20 years
The entire property is let to Proud West End Limited for a further 19.5 years
The lease benefits from 5-yearly rent reviews based on annual compounded CPI uplifts subject to a 4% cap and 1% collar
Current rent of £949,996 per annum reflecting £49.25 psf overall. Next review March 2028.
Current ERV is in excess of the topped-up passing rent with exceptional demand for 15,000 sq ft+ units in London
Held Long leasehold for 150 years from 12th March 2007 providing 134 years unexpired term subject to a peppercorn rent

Property overview

Proud Embankment is one of London’s landmark live entertainment destinations situated within the northernmost arch of Waterloo Bridge in one of London’s world-class leisure and entertainment districts.

The Property 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.

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 right-hand 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.

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.