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EXECUTIVE SUMMARY + Brilliantly positioned about 100 metres north of Old Street Roundabout in the heart of Tech City, which is home to one of Central London’s fastest growing and most vibrant commercial districts. The freehold sale of two adjoining office properties: Napier House and Hertford House totalling existing area of 33,793 Ft² (NIA) / 47,663 Ft² (GIA).
+ Existing size of Hertford House – 26,119 Ft² (NIA) / 30,786 Ft² (GIA). Existing size of Napier House – 7,674 Ft² (NIA) / 11,877 Ft² (GIA). + Planning permission granted for a proposed refurbishment, and extension of the locally listed Hertford House to produce 33,852 Ft² (NIA) / 44,283 Ft² (GIA), and the demolition and erection of a new building on the adjoining Napier House to produce 16,267 Ft² (NIA) / 24,596 Ft² (GIA). Total redevelopment potential of 50,119 Ft² (NIA) / 68,878.44 Ft² (GIA). + Redevelopment designed and planning permission obtained by Buckley Gray Yeoman Architects. Delivered with full vacant possession. + Our clients are seeking offers in excess of £27,000,000 for the benefit of our clients' unencumbered freehold interest. A sale at this level equates to £538.72 /Ft2 based on the proposed consented NIA. + The property is VAT elected and therefore will be applicable to the purchase price. Subject to contract.
THIS IS A SPECIAL CHANCE TO PURCHASE AND DEVELOP TWO ADJOINING FREEHOLD PROPERTIES WITHIN THIS HIGHLY DESIRABLE OLD STREET / SHOREDITCH DISTRICT.
WE BELIEVE THIS OPPORTUNITY WILL BE OF SIGNIFICANT INTEREST TO DEVELOPERS, INVESTORS AND OWNER OCCUPIERS.
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SPITALFIELDS MARKET
BROADGATE
BUNHILLFIELDS
FINSBURYSQUARE
GARDENS
BO
UN
DARY STREET
VIRGINIA ROAD
GREAT EASTERN STREET
GREAT EASTERN STREET
WILLOW STREET
LEONARD STREET
SING
ER STREET
COWPER STREET
FEATHERSTONE STREET
MALLO
W STREET
LEONARD STREET
BATEMAN’S ROW
NEW INN YARD
HOLYWELL LANECLERE STREET
LUKE STREET PHIPP S
TREE
T
KING
JOH
N C
T
PAU
L ST
REET
WIL
SON
STR
EET
SCRUTTON STREET SCRUTTON STREET
CHRISTINA STREET
EPWORTH STREET
TABE
RNAC
LE S
TREE
T
OLD STREET
OLD STREET
OLD STREET
PEERLESS STREET
BALDWIN STREET
BOOT STREET
CHART STREET
BRUNSWICK PLACE
CHART STREET
BUTTESLAND STREET
BATH
STREET
BUNH
ILL ROAD
CITY RO
AD
CITY RO
AD
CITY RO
AD
CITY ROAD
EAST
RO
AD
BONHILL STREET
WORSHIP STREET
EARL STREET
FINSBURY SQUARE
FINSB
URY SQ
UARE
FINSBURY SQUARE
SUN STREET
WORSHIP STREET
CLI
FTO
N S
TREE
T
CUR
TAIN
RO
AD
BETHNAL GREEN RD
SHO
REDITC
H H
IGH
STREET
ROPEMAKER STREET
BEECH STREET
ELDON STREET
LONDON WALL
APPOLD S
TREE
T
BISH
OPS
GAT
E ST
REET
BISH
OPS
GAT
E ST
REET
MIDDLESEX STREET
COMMERCIAL STREET
BRUSHFIELD STREET
FOLGATE STREET
CH
ARLO
TTE RO
AD
CU
RTAIN RO
AD
OLD STREET
DRYSDALE STREET
RIVINGTON STREETRIVINGTON STREET
HACKNEY ROAD
CALVERT AVENUE
REDCHURCH STREET
KING
SLAND
ROAD
CO
RON
ET STREET
RUFU
S STREET
HO
XTON
STREET
PITFIELD
STREET
BAC
HE’S STREET
CORONET STREETHOXTON SQUARE
HOXTON SQUAREBOWLING GREEN WALK
ARNOLDCIRCUS
CRANWOOD STREET
VINC
E STREET
OLD STREET
MOORGATE
MOORGATE
LIVERPOOL STREET
LIVERPOOL STREET
SHOREDITCHHIGH STREET
HERTFORD HOUSENAPIER HOUSE
06 The Hoxton Hotel07 Ceviche08 The Book Club09 Jamie Oliver's Fifteen10 Boxpark
11 Shoreditch House12 Boundary / Albion13 Dinerama14 Pizza East15 Blues Kitchen
16 Ace Hotel17 Dishoom 18 Village Underground19 Red’s True Barbecue20 Zigfrid Von Underbelly
LOCAL AMENITIES
01 Bone Daddies02 Shoreditch Grind03 Nightjar04 Ozone Coffee Roaster05 Boom Cycle
LOCATION
The property is a short walk from the vibrancy of Hoxton Square, together with being in close proximity to the core of the main tributary streets of Shoreditch and Old Street.
To the south east of the property lies the core district of Shoreditch hosting local landmarks such as the iconic Tea Building, Box Park, Brick Lane, Old Truman Brewery and Old Spitalfields Market, providing quality retail and leisure amenities, as well as flexible office space for creative industries.
Up until the 1970’s and 1980’s, the area was mainly populated by warehouses, factories, workshops that were occupied by artists, jewellers, printers, furniture makers, clothing, silk and textile manufacturers as well as other light—industrial concerns.
The location then further evolved as a destination that predominately catered towards City occupiers seeking good value overflow accommodation in close to proximity to the core of the City itself. In addition young / aspiring artists and designers also took advantage of low cost / financially competitive office spaces.
Their presence has gradually declined to make way for a diverse concentration of higher grade commercial property development, together with many large residential schemes as well from major house builders.
The retail and leisure scene has also become highly desirable during daytime, night time and more so at weekends, where some might say is becoming a tourist zone.
TOP LEFT Jamie Oliver's Fifteen (09)BOTTOM LEFT Ceviche (07)TOP RIGHT Dinorama (13)BOTTOM RIGHT Ace Hotel (16)
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BRUNSWICK PLACE
CHART STREET
CHART STREET
CRANWOOD STREET
OLD STREET
EAST
RO
AD
CITY ROAD
CO
RSHAM
STREET
BAC
HE’S STREET
CH
ARLES SQU
ARE
20-26
1-34
1-16
3
1-34
1-34
223225
229231
233
11-13
22-24
25-34
35
18-21
9
2
14-22
12
2-6
49B49A
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LOCATION
NAPIER HOUSEHERTFORD HOUSE
Over the past decade the location has transformed into the coolest office district in London boasting some of the brightest and interesting business on the world stage, these include; Adobe, Amazon, Bold Rocket, Capco, CBS Interactive, Comparethemarket.com, FarFetch, Google Campus, Inmarsat, John Brown Media, Lee Cooper Jeans, LK Bennett, Maxus, Mendeley, Microsoft, Mother Advertising, Mullen Lowe, Pivotal, R/GA, Silicon Valley Bank, Soundcloud, TechHub, Vice Magazine, Vodafone, Wrangler Jeans to name but a few.. Comparisons have been made to the Meat Packing District in New York and Silicon Valley in San Francisco.
More than a fashionable hot spot, it is now seen as the vibrant and frenetic heart of a creative cluster of businesses in London. Since the launch of the Government’s “East London Tech City” initiative in November 2011, the area accelerated and positively thrived. The “Silicon Roundabout” is fast becoming the major hub for media agencies and tech firms with a digital edge.
A vibrant and culturally diverse neighbourhood, Shoreditch is one of the fastest growing districts within Central London and an enviable location for people from all walks of life.
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LOCAL OCCUPIERS
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Old Street Station provides access to the Northern Line and National RailServices and is located on ‘Silicon Roundabout.’ Transport for London has been working on a scheme to improve the stations environment by providing pop-up shops, cafes and bars.
Liverpool Street station is one of London’s largest transport hubs providing access to the Central, Hammersmith & City, Circle and Metropolitan Lines in addition to mainline services to Essex, East Anglia and Stansted Airport. Currently, Liverpool Street services approximately 123 million travellers a year which is set to increase with the completion of Crossrail in 2018.
OVER THE PAST FEW YEARS TRANSPORT FOR LONDON HAS BEEN TRANSFORMING THE STATION'S RETAIL ENVIRONMENT.
CONNECTIVITY
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O MINS
8MINS
41MINS
6 MINS
34 MINS
Liverpool Street /MoorgateBond StreetHeathrow Stratford Shenfield
10 MINS
Paddington
2 MINS
Farringdon
6 MINS
Canary Wharf
19MINS
Abbey Wood
ELIZABETH LINE (CROSSRAIL)
As of 2018, Europe’s largest infrastructure project, the Elizabeth Line (Crossrail) will be open for public use. This high frequency, high capacity service will change the way people travel around the capital.
The Elizabeth Line will, for the first time, deliver a direct connection between all of London’s main employment centres; linking Heathrow with Paddington, the West End, the City and Canary Wharf.
With an estimated 200 million travellers each year, the new railway will support the major regeneration across London and add an estimated £42bn to the UK economy. Liverpool Street will be significant transport hub on this historic project.
Times are estimated, provided by Transport of London.
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OLD STREET ROUNDABOUT REDEVELOPMENT
+ Old Street roundabout is soon to be transformed into a pedestrian square under new plans unveiled, with building anticipated to commence towards the end of 2017 (subject to change).
The roundabout itself at London’s technology epicentre could cease to exist - with one side being paved over to make a large ‘peninsula’ designed to make the junction safer for pedestrians and cyclists.
+ The radical design would see the north-western side of the roundabout paved over to create a new public space. Old Street station would have a new entrance way installed in a central location where the island is
at present.
Other planned improvements include segregated cycle lanes and cycle-friendly traffic signals. Five new pedestrian crossings would be added and unnecessary street furniture would be removed, according to the plans.
+ The main feature would be a central pedestrianised walkway lined with trees and benches.
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LOCAL DEVELOPMENTS
PRINCIPAL PLACE115 Worship Street EC2
A 600,000 Ft2 Foster & Partners designed mixed use development by Brookfield. Amazon, the global on-line retailer, has pre-let 430,000 Ft2 of space. Scheduled for completion during 2017.
WHITE COLLAR FACTORY100 City Road EC1
A 278,000 Ft2 office and retail scheme, together with 10,000 Ft2 of residential developed by Derwent London, Scheduled by Derwent London. Scheduled for completion in Q2 2017.
SPECTRUM160 Old Street EC1
Designed by ORMS Architects, Spectrum is a 160,000 Ft2 redevelopment including offices retail & restaurant. The offices are collaborative, light filled spaces. The building is due for completion by Great Portland Estates in Q1 2018.
THE BOWER207 — 2011 Old Street EC1
A new landmark quarter developed by Helical plc featuring 320,000 Ft2 of office, restaurant and retail accommodation. Phase 1 is now complete and fully let. Phase 2 is expected to be completed during Q2 2018.
PROVOST + EAST N1
The scheme developed by Rocket Investments forms part of the Atlas Building and includes an 83,000 Ft² office and retail building. The entire office building has been pre-let to ‘WeWork’ due to complete in 2017.
THE CURTAIN HOTEL45 Curtain Road EC2
The hotel is being developed by Gansevoort Hotel Group and will comprise 120 guest room, a rooftop pool and lounge and over 6,000 Ft2 of meeting and event space. The hotelis due to open in 2017.
THE ATLAS BUILDING10 East Road N1
Rocket Investments are developing this residential tower of 253 private apartments across 39 storeys. The development launched in September 2015 completion is due in December 2018. At the end of Q4 2016, 183 units had successfully sold.
201 — 207 SHOREDITCH HIGH STREET E1
A development by Highgate Holdings will include a 200-room luxury hotel and 127,724 Ft2 of office space arranged over 30 storeys. The project is expected to be delivered in 2018.
THE STAGEHewett Street EC2
The Stage, by Galliard Homes, will be a new mixed-use development in the heart of Shoreditch consisting of 400,00 Ft2 of offices, 412 apartments set within a 37 storey tower, leisure space and retail.
SHOREDITCH VILLAGEShoreditch High Street
A 150,000 Ft2 mixed-use and public realm scheme situated opposite the iconic Tea Building. Phase two is to be developed by Brockton Capital under the direction of AHMM Architects.
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HERTFORD HOUSE WAS CONSTRUCTED AS A SCHOOL HOUSE IN 1886, AND OPENED IN 1887 AS 'CATHERINE STREET SCHOOL' (THE FORMER NAME FOR CRANWOOD STREET.)
It was designed by Thomas Jerram Bailey FRIBA (1843-1910) a national expert on school architecture of his era. He designed the building in the Queen Anne architectural style. The site has subsequently operated as an infant school, food college and premises for City University.
The building was substantially altered during a conversion to offices in the 1980’s, with elements of the facade retained, but all of its original internal structure removed.
It was also during this conversion that the 4 storey Napier House extension was constructed on the land to the west of Hertford House.
SITE HISTORY
HERTFORD HOUSE EXISTING BUILDING
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HERTFORD HOUSE - KEY FEATURES
LEFT Cranwood Street elevation
Hertford House was constructed as a school house in 1886 and opened in1887 as ‘Catherine Street School’ (the former name for Cranwood Street).
The building was substantially altered during a conversion to offices in the 1980’s, with elements of the façade retained, but all of its original internal structure removed and rebuilt.
Hertford House is not Statutory listed by Historic England, but has been identified by the council as being ‘locally listed’.
The current specification for Hertford House comprises of metal pan suspended ceilings, inset lighting, air-conditioning, raised flooring, carpet flooring, two passenger lifts and external roof terrace directly from the 3rd floor.
Arranged across LG, Ground, Mezzanine, 1st – 3rd floors, the existing size of Hertford House is 26,119 Ft² (NIA) / 30,786 Ft² (GIA) approx.
Planning permission has been granted for a proposed refurbishment and extension of Hertford House to produce 33,852 Ft² (NIA) / 44,283 Ft² (GIA).
The site is situated within the ‘Tall Buildings Opportunity Area’.
The site is located within the Hoxton West Ward of the Boroughof Hackney.
The site is not situated within a Conservation Area.
Hertford House internal views
Hertford House internal views
LEFT Cranwood Street elevationBELOW Hertford House reception lobby
NAPIER HOUSE EXISTING BUILDING
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TOP Napier House typical office floorLEFT Cranwood street elevation
NAPIER HOUSE - KEY FEATURES
+ It was also during the Hertford House conversion that the 4 storey Napier House extension was constructed on the land to the west of Hertford House.
+ Arranged across LG (car park), Ground, 1st – 3rd floors, the existing size of Existing size of Napier House – 7,674 Ft² (NIA) / 11,877 Ft² (GIA).
+ The current specification for Napier House comprises of collumn-free open plan floor plates providing metal pan suspended ceilings, inset lighting, air-conditioning, raised flooring, carpet flooring, one passenger lift and additional street access directly from Cranwood Place and Brunswick Place.
+ Full planning permission granted for a proposed demolition and new build of Napier House to produce 16,267 Ft² (NIA) / 24,596 Ft² (GIA) approx.
+ The site is situated within the ‘Tall Buildings Opportunity Area’.
+ The site is located within the Hoxton West Ward of the Borough of Hackney.
+ The site is not situated within a Conservation Area.
LEFT Cranwood Street elevation
RIGHT Napier House typical office floor
LEFT Brunswick place elevationRIGHT Reception lobbyBOTTOM Typical office floor
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EXISTING FLOOR PLANS
SIDE ELEVATION - HERTFORD HOUSE SIDE ELEVATION - NAPIER HOUSE
Car Park
LOWER GROUND FLOOR
NIA: 229.00 M2 / 2,465 Ft2
NIA: 00.00 M2 / 0 Ft2
HHNH
GIA: 0.00 M2 / 0 Ft2
GIA: 228.73 M2 / 2,462 Ft2
GROUND FLOOR NIA: 296.82 M2 / 3,195 Ft2
NIA: 142.70 M2 / 1,536 Ft2
HHNH
GIA: 496.93 M2 / 5,349 Ft2
GIA: 212.37 M2 / 2,286 Ft2
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EXISTING FLOOR PLANS
RoofTerrace
Plant
Plant
FIRST FLOOR NIA: 605.26 M2 / 6,515 Ft2
NIA: 190.64 M2 / 2,052 Ft2
HHNH
GIA: 736.99 M2 / 7,933 Ft2
GIA: 220.83 M2 / 2,377 Ft2
SECOND FLOOR NIA: 606.93 M2 / 6,533 Ft2
NIA: 190.17 M2 / 2,047 Ft2
HHNH
GIA: 739.04 M2 / 7,955 Ft2
GIA: 220.74 M2 / 2,376 Ft2
THIRD FLOOR NIA: 500.00 M2 / 5,382 Ft2
NIA: 189.43 M2 / 2,039 Ft2
HHNH
GIA: 652.64 M2 / 7,025 Ft2
GIA: 220.74 M2 / 2,376 Ft2
FOURTH FLOOR(ROOF)
NIA: 0.00 M2 / 0 Ft2
NIA: 0.00 M2 / 0 Ft2
HHNH
GIA: 0.00 M2 / 0 Ft2
GIA: 0.00 M2 / 0 Ft2
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COMMENTARY
Local reputable Shoreditch firm - Buckley Gray Yeoman Architects have designed and successfully secured a full planning permission to redevelop both Napier House and Hertford House.
Planning permission granted for a proposed refurbishment, and extension of the locally listed Hertford House to produce 33,852 Ft² (NIA) / 44,283 Ft² (GIA), and the demolition and erection of a new building on the adjoining Napier House to produce 16,267 Ft² (NIA) / 24,596 Ft² (GIA). Total redevelopment potential of 50,119 Ft² (NIA) / 68,879 Ft² (GIA).
The proposals seek to extend and refurbish Hertford House in a sensitive manner, create a brand new standalone Napier House, which better compliments the locally listed Hertford House, and to provide the London Borough of Hackney with new high quality commercial office space.
In particular one of key moves of the redevelopment is to provide a dual approach from both Brunswick Place and Cranwood Street, as this provides greater versatility and options of entry for prospective occupiers.
The scheme has the potential to pursue the highest BREEAM rating.
The site is situated within the ‘Wenlock Priority Employment Area’.
The site is situated within the ‘Tall Buildings Opportunity Area’.
The site is situated within the ‘City Fringe Opportunity Area’.
ABOVE Brunswick view CGIRIGHT Cranwood view CGI
Hertford House Reception CGI
Hertford House Office CGI
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PROPOSED FLOOR PLANS
GROUND FLOOR NIA: 531.96 M2 / 5,726 Ft2
NIA: 167.04 M2 / 1,798 Ft2
HHNH
GIA: 834.00 M2 / 8,977 Ft2
GIA: 284.00 M2 / 3,057 Ft2
FIRST FLOOR NIA: 700.02 M2 / 7,535 Ft2
NIA: 192.03 M2 / 2,067 Ft2
HHNH
GIA: 832.00 M2 / 8,956 Ft2
GIA: 251.00 M2 / 2,702 Ft2
SECOND FLOORSECOND FLOOR
THIRD FLOOR
NIA: 647.01 M2 / 7,255 Ft2
NIA: 192.03 M2 / 2,067 Ft2
NIA: 192.03 M2 / 2,067 Ft2
HHNHNH
GIA: 832.00 M2 / 8,956 Ft2
GIA: 251.00 M2 / 2,702 Ft2
GIA: 251.00 M2 / 2,702 Ft2
LOWER GROUND FLOOR
NIA: 268.95 M2 / 2,895 Ft2
NIA: 0.00 M2 / 0 Ft2
HHNH
GIA: 426.00 M2 / 4,585 Ft2
GIA: 244.00 M2 / 2,626 Ft2
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PROPOSED FLOOR PLANS
Roof
THIRD FLOORFOURTH FLOOR
NIA: 521.00 M2 / 5,608 Ft2
NIA: 192.03 M2 / 2,067 Ft2
HHNH
GIA: 640.00 M2 / 6,889 Ft2
GIA: 251.00 M2 / 2,702 Ft2
FOURTH FLOORFIFTH FLOOR
NIA: 449.00 M2 / 4,833 Ft2
NIA: 192.03 M2 / 2,067 Ft2
HHNH
GIA: 550.00 M2 / 5,920 Ft2
GIA: 251.00 M2 / 2,702 Ft2
Roof
ROOFSIXTH FLOOR
NIA: 0.00 M2 / 0 Ft2
NIA: 192.03 M2 / 2,067 Ft2
HHNH
GIA: 0.00 M2 / 0 Ft2
GIA: 251.00 M2 / 2,702 Ft2
ROOFSEVENTH FLOOR
NIA: 0.00 M2 / 0 Ft2
NIA: 192.03 M2 / 2,067 Ft2
HHNH
GIA: 0.00 M2 / 0 Ft2
GIA: 251.00 M2 / 2,702 Ft2
Napier House Reception CGI
Napier House Office CGI
THE ARCHITECTS
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THE ARCHITECTS
Formed in 1997, Buckley Gray Yeoman architects, is an award winning architecture and design practice based in Shoreditch, London. Directed by Matt Yeoman and Paul White, the firm provides pragmatic and deliverable solutions to complex design issues.
The practice’s work is driven by the needs and ambitions of its clients. It combines clarity and precision, with individuality and aesthetic finesse, to provide exceptional buildings and interiors that withstand the test of time.
Buckley Gray Yeoman has an expanding portfolio of work across a range of sectors including offices, residential, retail, hotels, schools and master planning.
BUCKLEY GRAY YEOMAN ARCHITECTS HAVE DESIGNED AND SUCCESSFULLY SECURED A FULL PLANNING PERMISSION TO REDEVELOP AND REMODEL THE EXISTING BUILDINGS TO INCREASE THE FLOOR AREA AND ADD SIGNIFICANT VALUE.
LEFT C Space developed on behalf of HelicalTOP The Buckley Building developed on behalf of Derwent LondonBOTTOM 10 Bloomsbury Way developed on behalf of London & Regional Properties
MARKET COMMENTARY
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THE RISE AND RISE OF THE CITY FRINGE MARKET PLACE
+ There remains a strong demand from investors and tenants alike in the broad City Fringe area. In the medium term the new Farringdon station plus Crossrail is expected to provide a major boost to the area as it will be located on one of London’s main arterial routes and improve the station’s connectivity greatly. Farringdon will provide an interchange with Thameslink and Crossrail and London Underground as such it is set to become one of the most accessible locations in central London. Passengers will be able to travel directly to three of London’s five main airports from here (Heathrow, Gatwick and Luton) and interchange with intercity and international train services. In advance of this a broad range of investors are putting their faith in what is already an area relatively undersupplied with Grade A office space. Tenants have been drawn to the area partly due to a lack of good quality and competitively priced space in the West End and also in the evolving ‘Silicon Roundabout’ and ‘Tech City’ micro markets. It is also culturally, socially and commercially an increasingly attractive location for tenants with the volume and quality of local amenities improving all the time. + Farringdon / Clerkenwell / Shoreditch (City Fringe) office availability in Q1 2017 rose by it fastest rate since 2009 with the key driver released of second-hand space. Second-hand space rose by 300,000 Ft² with Farringdon the key growth point. New / refurbished supply remains constrained with overall availability of new space falling by close to 20% in the year to date. + The current vacancy rate in the City Fringe stands is just 5.8% compared to a cyclical high of 14% in Q2 2009 and ten-year average of 8.9%. In 2017 to date, demand has been significantly above average once more. In Q1 alone, 476,000 Ft² of deals were concluded with the likes of Expedia, Brainlabs and Havas all signing for expansion space.
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THE RISE AND RISE OF THE CITY FRINGE MARKET PLACE
+ Shoreditch still remains the aspiring tech giant’s location of choice and after chronic supply shortages in 2014-2015, new Grade A supply is being snapped up by space hungry occupiers. Despite uncertainty post EU referendum, demand has remained robust across the entire City fringe office market, although deal negotiations have proved more challenging. Regardless, transactional activity in the City Fringe, is back above the long term trend, and prospects of annual take-up in 2017 being significantly above average are anticipated. + The second half of 2014 showed prime rents in the City Fringe experience further sharp uplift. Headline rents have grown by 18% over the past 12 months in Shoreditch and currently stand at £65.00 /Ft² compared to £55.00 /Ft² at the start of 2015. Farringdon / Clerkenwell rents also rose in 2015 up from £62.50 /Ft² to £70.00 /Ft² in which represents annual growth of 12%. Delivery of new, prime development space as well as competition for prospective product has driven rental uplift. This is demonstrated by pre- letting activity at Derwent’s White Collar Factory and Helical’s The Bower scheme. These schemes are likely to continue to set the benchmark for headline rental levels for the location. + Traditional media occupiers are being forced to look outside the traditional Soho / Covent Garden locations in order to satisfy demands for space. Shortage of Grade A product has forced up occupational costs with financial and business services occupiers, whose focus has traditionally been the core Mayfair and St James’s markets, now encroaching on Soho and Midtown markets in order to satisfy space requirements. This trend in turn is forcing media occupiers with major requirements such as Publicis and Ogilvy & Mather to look further afield, away from their existing locations. Locations such as Argent’s King’s Cross scheme and Farringdon, Clerkenwell and Shoreditch have already proved extremely attractive and have figured strongly in pre-letting activity. Source: Colliers International Research Team.
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GILRAY HOUSE146-150 CITY ROAD EC1
Date: Q1 2017Area: 11,023 Ft²Tenure: FreeholdPrice: £11.00mCapital Value: £997.91 /Ft²NIY: 4.55%
LOCAL INVESTMENT TRANSACTIONS
293-295 OLD STREET EC1
Date: Q4 2016Area: 11,034 Ft²Tenure: FreeholdPrice: £11.25mCapital Value: £1,019.58 /Ft²NIY: 0.00%
NICON HOUSE21 WORSHIP STREET EC2
Date: Q1 2017Area: 12,864 Ft²Tenure: FreeholdPrice: £14.25mCapital Value: £1,107.75 /Ft²NIY: 4.91%
WHITE BEAR YARD144A CLERKENWELL ROAD EC1
Date: Q1 2017Area: 21,193 Ft²Tenure: FreeholdPrice: £19.00mCapital Value: £896.52 /Ft²NIY: 4.93%
FINSGATE 5-7 CRANWOOD STREET EC1
Date: Q4 2016Area: 27,518 Ft²Tenure: FreeholdPrice: £22.00mCapital Value: £799.48 /Ft²NIY: 2.90%
78 COWCROSS STREET EC1
Date: Q4 2016Area: 10,122 Ft²Tenure: FreeholdPrice: £9.20mCapital Value: £908.91 /Ft²NIY: 3.26%
PIVOTAL 123 PENTONVILLE ROAD N1
Date: Q4 2016Area: 26,751 Ft²Tenure: FreeholdPrice: £24.00mCapital Value: £897.16 /Ft²NIY: 5.18%
8-10 HATTON GARDEN EC1
Date: Q2 2016Area: 11,630 Ft²Tenure: FreeholdPrice: £12.03mCapital Value: £1,034.39 /Ft²NIY: 3.44%
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SUTTON YARD66 GOSWELL ROAD EC1
Date: Q3 2016Floor: 5th & 6thSize: 9,448 Ft²Term: 10 yearsRent: £70.00 /Ft²Tenant: Confidential
WHITE COLLAR FACTORY100 CITY ROAD EC1
Date: Q3 2016Floor: Part 10th & Part 11thSize: 22,700 Ft²Term: 15 yearsRent: £67.50 /Ft²Tenant: Spark 44
WHITE COLLAR FACTORY EC1
Date: Q1 2016Floor: 9th & 10thSize: 28,385 Ft²Term: 15 yearsRent: £63.00 /Ft²Tenant: Capital One Services
LOCAL OCCUPATIONAL MARKETING
C SPACE, 37-45 CITY ROAD EC1
Date: Q4 2016Floor: 3rd part & 4th Size: 15,387 Ft²Term: 11 yearsRent: £69.50 - 72.50 /Ft²Tenant: NeuLion
20 FARRINGDON ROAD EC1
Date: Q2 2016Floor: 5thSize: 9,225 Ft²Term: 10 yearsRent: £62.50 /Ft²Tenant: Trade Desk
WHITE COLLAR FACTORY EC1
Date: Q1 2016Floor: 7th and 8thSize: 28,568 Ft²Term: 15 yearsRent: £63.50 /Ft²Tenant: Adobe
45 FOLGATE STREET E1
Date: Q2 2017Floor: LG, G & 1stSize: 8,206 Ft²Term: 10 yearsRent: £63.50 /Ft² on best Tenant: FoolProof
THE STEWARD BUILDING
Date: Q1 2016Floor: 3rdSize: 9,564 Ft²Term: 10 yearsRent: £70.00 /Ft²Tenant: Bacardi Martini
99 SHOREDTICH EC1
Date: Q3 2016Floor: Whole BuildingSize: 44,448 Ft²Term: 10 yearsRent: £65.00 /Ft²Tenant: R/GA Media Group
THE BOWER OLD STREET EC1
Date: Q4 2015Floor: 7thSize: 12,240 Ft²Term: 15 yearsRent: £67.50 /Ft²Tenant: Stripe Payments UK Ltd
FLOOR AREAS
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The existing floor areas have been measured and provided by Plowman Craven measuring surveyors, where a duty of care certificate will be provided.The proposed floor areas have been provided by Buckley Grey Yeoman architects, which are for guidance purposes only.
BUILDING FLOOR AREAS — NAPIER HOUSE
Exisiting (NIA) Existing (GIA) Proposed (NIA) Proposed (GIA)
Floor M2 Ft2 M2 Ft2 M2 Ft2 M2 Ft2
7th 0.00 0 0.00 0 192.03 2,067 251.00 2,702
6th 0.00 0 0.00 0 192.03 2,067 251.00 2,702
5th 0.00 0 0.00 0 192.03 2,067 251.00 2,702
4th 0.00 0 0.00 0 192.03 2,067 251.00 2,702
3rd 189.43 2,039 220.74 2,376 192.03 2,067 251.00 2,702
2nd 190.17 2,047 220.74 2,376 192.03 2,067 251.00 2,702
1st 190.64 2,052 220.83 2,377 192.03 2,067 251.00 2,702
Ground 142.70 1,536 212.37 2,286 167.04 1,798 284.00 3,057
Car Parking 0.00 0 228.73 2,462 0.00 0 244.00 2,626
Total 712.93 7,674 1,103.40 11,877 1,511.24 16,267 2,285.00 24,596
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The existing floor areas have been measured and provided by Plowman Craven measuring surveyors, where a duty of care certificate will be provided.The proposed floor areas have been provided by Buckley Grey Yeoman architects, which are for guidance purposes only.
BUILDING FLOOR AREAS — HERTFORD HOUSE
Exisiting (NIA) Existing (GIA) Proposed (NIA) Proposed (GIA)
Floor M2 Ft2 M2 Ft2 M2 Ft2 M2 Ft2
4th 0.00 0 0.00 0 449.00 4,833 550.00 5,920
3rd 500.00 5,382 652.64 7,025 521.00 5,608 640.00 6,889
2nd 606.93 6,533 739.04 7,955 674.01 7,255 832.00 8,956
1st 605.26 6,515 736.99 7,933 700.02 7,535 832.00 8,956
Mezzanine 188.50 2,029 234.49 2,524 0.00 0 0.00 0
Ground 296.82 3,195 496.93 5,349 531.96 5,726 834.00 8,977
LG 229.00 2,465 0.00 0 268.95 2,895 426.00 4,585
Total 2,426.51 26,119 2,860.09 30,786 3,144.93 33,852 4,114.00 44,283
Grand Total 3,139.45 33,793 3,963.49 42,663 4,656.17 50,119 6,399.00 68,879
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Colliers International and Harris Associates give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property.
FURTHER INFORMATION
Harris Associates
Jonathan [email protected] T: +44 (0) 20 3841 5185M: +44 (0) 7733 008 688
Dan [email protected] T: +44 (0) 20 3841 5186M: +44 (0) 7920 521 898
Simon [email protected] T: +44 (0) 20 3897 1602M: +44 (0) 7732 899 152
CONTACT
For further information or to arrange viewings, then please do not hesitate in contacting the joint sole selling agents:
Colliers International
Michael [email protected] T: +44 (0) 20 7871 7421M: +44 (0) 7880 795 679
Elliott [email protected] T: +44 (0) 20 7871 7425 M: +44 (0) 7834 918 700
Shaun [email protected] T: +44 (0) 20 7871 7422M: +44 (0) 7788 423 131
Comprehensive legal data room is available on request.
SUMMARY
We believe this opportunity will be of significant interest to developers, investors and owner occupiers. + Totalling existing area of 33,793 Ft² (NIA) / 47,200 Ft² (GIA).
Total redevelopment potential of 50,119 Ft² (NIA) / 68,879 Ft² (GIA). + Delivered with full vacant possession. Our clients are seeking offers in excess of £27,000,000 for the benefit of our clients' unencumbered freehold interest. + A sale at this level equates to £538.72 /Ft² based on the proposed consented NIA. The property is VAT elected and therefore will be applicable to the purchase price. + EPC – certificates provided within the legal data room. Subject to contract.