TEN ARTILLERY LANE - Allsop

A Vacant Freehold building located 150 metres from Liverpool Street Station

TEN ARTILLERY LANE

SPITALFIELDS LONDON E1

THE art illery bu i ld ing • sp italf i elds

Executive Summary

Freehold

Located in a vibrant and central City location, situated on the southern side of Artillery Lane, accessed off Bishopsgate, 150m from Liverpool Street Station

The property provides 6,466 sq ft (600.70 sq m) of office and ancillary accommodation arranged over basement, ground and four upper floors

The property will be offered with full vacant possession

Potential to increase the net lettable area through rationalisation and extension, subject to obtaining the necessary consents

Suitable for a variety of uses including offices, private members club, restaurant/retail accommodation at ground floor and residential, subject to obtaining the necessary consents

Prime rents in the micro-location are north of £70.00 per sq ft for refurbished accommodation

Offers are sought in excess of £4,300,000 subject to contract and exclusive of VAT reflecting a capital value of £665 per sq ft on the net area of the existing accommodation


Location & Connectivity

Liverpool Street

SPITALFIELDS LONDON E1

Aldgate

The Old Truman

Brewery

Fruit & Wool

Exchange

The

Shard

Spitalfields

Market

5 Broadgate

UBS HQ

the Broadgate

Estate

Principal

tower

Principal Place

Amazon UK HQThe stage

Location

HeathrowAirport

41

Hayes &Harlington

EalingBroadway

PaddingtonTottenhamCourt Road

BondStreet

Farringdon

LIVERPOOLSTREET

GatwickLuton

Stansted

61 27 18 10 47

Reading Whitechapel

22

CanaryWharf

CustomHouse

AbbeyWood

Stratford ShenfieldRomford

42278

6 10 18

THE artillery building

MIDDLESEX ST.

ELDON STREET

LONDON WALL

LONDON WALLWORMWOOD STREET

CHEAPSIDE

MO

ORG

ATE

LEADENHALL STREET

WHITECHAPEL HIGH STREET

ST. PAUL’S CHURCHYARD

CANNON STREETUPPER THAMES STREET

CHARTERHOUSE STREET

CHISWELL STREET

QUEEN VICTORIA STREET

CLERKENWELL RO AD

APPO

LD S

TREE

T

COMM

ERCIAL STREET

LEMAN STREET

BISHOPSG

ATE

SHO

RED

ITC

H H

IGH

ST.

CITY ROAD

GREAT EASTERN STREET

GO

S WELL RO

AD

GO

SWELL RO

AD

WORSHIP STREET WORSHIP STREET

BETHNAL GREEN ROAD

HOLBORN VIADUCT

CORNHILL

BRUSHFIELD STREET

ARTILLERY LA.

BRICK LANE

THREADNEEDLE STREET

LIVERPOOL STREET

TICKETHALL

MANSIONHOUSE

ST.PAUL’S

OLD STREET

MOORGATE

CANNONSTREET

FENCHURCHSTREET

ALDGATEEAST

ALDGATE

BANK

SHOREDITCHHIGH STREET

LIVERPOOLSTREET

TechCity

Shoreditch

The City

Spitalfields

4-10 Artillery Lane is located in a vibrant and central City location, which is accessed from Bishopsgate, one of the City’s principal thoroughfares. The property is within 150 metres of Liverpool Street Station and the world-renowned Broadgate Estate.

Immediately to the north of the property is the Bishops Square Estate, a unique Foster & Partners designed development owned by JP Morgan and Tribeca Holdings stretching across 7 acres comprising landmark offices, 21 retail and restaurant units, traders market and various open public spaces.

The immediate area is home to a diverse occupier base including Amazon, Royal Bank of Scotland, Bacardi, Allen & Overy, WeWork, Survey Monkey, RBB Economics, CMC Markets and Salesforce.

A number of high-profile developments have recently completed and have significantly enhanced the area including Bishops Square, Principal Place (Amazon’s UK HQ) and the Salesforce Tower. Future projects which will further enhance the location are 100 Bishopsgate, The Stage and the London Fruit and Wool Exchange.

As well as being a prime office location, 4-10 Artillery Lane benefits from the vibrant and cosmopolitan retail, leisure and restaurant amenities situated within Bishops Square and Old Spitalfields Market.

The emergence of Spitalfields as a restaurant, fashion and tech hub has established the immediate area as a 7-day a week trading location attracting independent retailers alongside multi-national operators.

Elizabeth line (Crossrail)

4-10 Artillery Lane is within a short walking distance (150 metres) of Liverpool Street Station which will act as the primary connection for Crossrail in the City of London when delivered in December 2018. Crossrail, Europe’s largest infrastructure project, will provide unrivalled connectivity across London with direct access from Liverpool Street Station to Canary Wharf in 6 minutes, Bond Street in 7 minutes and Heathrow Airport in 41 minutes.

Connectivity

4-10 Artillery Lane benefits from the following excellent transport connectivity:

Station Services Distance

Liverpool StreetHammersmith & City, Circle, Metropolitan and Central Underground lines, National Rail Services to Essex and East Anglia and Elizabeth Line (2018)

150 metres

Aldgate Circle and Metropolitan Underground lines 400 metres

Aldgate East District, Hammersmith & City Underground lines 500 metres

Shoreditch High Street London Overground Services 600 metres

Fenchurch Street National Rail Services to Essex and East Anglia 800 metres

Bank/MonumentDistrict, Circle, Northern, Central, Waterloo & City Underground and Docklands Light Railway linking to Canary Wharf and City Airport

800 metres

Map not to scale, indicative only


Local Occupiers Local AmenitiesM

oorg

ate

Moo

rgat

e

City Road

Worship Street

Wils

on S

treet

Sun Street

Primrose StreetSpital Square

Appold

Street

Brushfield St.

Artillery Lane

Bish

opsg

ate

Bish

opsg

ate

Old

Broa

d St

reet

Lothbury

Bevis Marks

Houndsditch

Bell Lane

Frying Pan Alley

Middlesex Street

Comm

ercial Street

Brick Lane

Commercial Street

Bethnal Green Road

London Wall

Clift

on S

treet

Curta

in R

oad

Shor

editc

h Hi

gh S

t.

Great Eastern Street

Fins

bury

Pav

emen

t

Old Spitalfields Market

Broadgate

FinsburySquare

FinsburyCircus

Tower 42

LiverpoolStreet

Moorgate

Aldgate

AldgateEast

ShoreditchHigh Street

Old Street

9

2

12

3

7

3

211

54

10

8

512

6

10

98

104

2

1

11

8

78

6

312

74

7

4

10

6

2

1

13

6

11 5

11

12

91

5

1

3

9

Insurance / Financial

1. RBS

2. UBS

3. Deutsche Bank

4. Swiss RE

5. CMC Markets

6. Allied Irish Bank

7. Tullet Prebon

8. Westpac Group

9. Bloomberg

10. Trireme Insurance

11. Royal Bank of Canada (2018)

12. IHS Global

Media / Technology

1. WeWork

2. Second Home

3. Amazon

4. Runway East

5. Mother

6. Factset

7. SapientNitro

8. Williams Lea Tag

9. Uber

10. Smart Focus

11. Currencycloud

12. Google Campus

Professional

1. Bacardi

2. Allen & Overy

3. RBB Economics

4. Salesforce

5. Ashurst (2018)

6. Clyde & Co

7. Pinsent Masons

8. Herbert Smith Freehills

9. Squire Patton Boggs

10. McDermott Will & Emery

11. Northumbria University

12. Coventry University

Developments

1. London Fruit & Wool Exchange

2. 100 Bishopsgate

3. One Crown Place

4. Art’otel, Great Eastern Street

5. 22 Bishopsgate

6. 13-14 Appold Street

7. Blossom Street

8. The Stage

9. Shoreditch Village

10. The Goodsyard

11. Principal Place

12. 100 Liverpool Street

Source: Google Maps

Artillery Lane

1 min walk

Brushfield Street

2 mins walk

Bethnal Green Road

6 mins walk

Artillery Lane

1 min walk

Widegate Street

2 mins walk

Bishopsgate

4 mins walk

Commercial Street

7 mins walk

OF BISHOPSGATE

Middlesex Street

1 min walk

Middlesex Street

3 mins walk

Commercial Street

4 mins walk

Great Eastern Street

7 mins walk

Brushfield Street

2 mins walk

Frying Pan Alley

3 mins walk

Bishopsgate

5 mins walk

Shoreditch High Street7 mins walk

Map not to scale, indicative only

The property benefits from excellent amenities with Spitalfields Market, Broadgate Circle and the Devonshire Square Estate a short distance away, providing a wide variety of retail, dining and entertainment options.

Box Park is located a short walk to the north, just behind Shoreditch High Street Station. Next to the station lies Shoreditch House which is run by the famous Soho House Brand.

Salesforce Tower is also close by, which is home to the famous Duck & Waffle and Sushi Samba restaurants. To the east lies Brick Lane which is home to London’s largest agglomeration of curry houses. The area is further characterised by the vibrant nightlife surrounding the Truman Brewery and its array of bars and pop-up restaurants.

Spital Square

3 mins walk


Local Developments

6. 13-14 Appold Street, EC2

DeveloperMasterworks Development Corporation

Use Office & hotel

Size 80,000 sq ft & 392 bed hotel

Completion 2020 (estimate)

Comments Planning consented

5. 22 Bishopsgate, EC2

Developer AXA Real Estate/Lipton Rogers

Use Office and retail

Size 1,380,000 sq ft

Completion Q4 2019

Comments Under construction

11. Principal Place, EC2

Developer Brookfield/ ENPAM

Use Office, retail and residential

Size 634,000 sq ft & 301 C3 units

Completion Q3 2017

Comments Offices 100% pre-let to Amazon

12. 100 Liverpool Street, EC2

Developer AXA Real Estate/Lipton Rogers


Size 520,000 sq ft

Completion Q4 2019


The micro-location has experienced substantial investment and development activity and will continue to be a focus for developers over the coming years with a number of developments planned or under construction.

A summary of the notable projects either recently completed, under construction or proposed is set out below:

4. 84-86 Great Eastern Street & 1-3 Rivington Street, E1

Developer Aspirations Ltd

Use Office and hotel

Size 55,000 sq ft & 318 bed hotel

Completion 2021 + (estimate)

CommentsHotel space to be occupied by Art’otel

9. Shoreditch Village Phase II, E1

Developer Brockton Capital


Size 96,000 sq ft (gross)

Completion 2020 + (estimate)

Comments Subject to planning

3. One Crown Place, EC2

Developer MTD Alloy Metals

UseOffice, hotel, members club and retail


Completion 2020


8. The Stage, EC2

Developer Plough Yard Developments

Use Office, residential and leisure


Completion Q2 2019

Comments Office space fully pre-let to WeWork

2. London Fruit & Wool Exchange, E1

Developer Exemplar/M&G

Use Office & retail

Size 320,000 sq ft

Completion Q1 2018

CommentsThe office space is fully pre-let to Ashurst

7. Blossom Street, E1

Developer British Land

Use Office, residential and retail


Completion 2020/2021 (estimate)

Comments Planning consented

1. 100 Bishopsgate, EC2

Developer Brookfield

Use Office

Size 878,693 sq ft

Completion Q4 2018

Comments

118,000 sq ft to Jefferies Group and 218,500 sq ft to Royal Bank of Canada with option for further 50,000 sq ft

10. The Goodsyard, E1

Developer Hammerson & Ballymore

Use Office, residential and retail

Size 700,000 sq ft

Completion 2020 +

Comments Subject to planning


The Artillery Building

Description

The building comprises 6,466 sq ft (600.70 sq m) of office and ancillary accommodation arranged over basement, ground and four upper floors. The existing office accommodation is dated with mineral fibre suspended ceilings, raised floors and a combination of recessed CAT 2 type lighting and surface mounted lighting.

The offices are serviced by a single staircase accessed off Artillery Lane and a passenger lift. There is a secondary fire escape connecting the basement and ground floor to the east of the building which could be converted into a secondary entrance to service the ground floor and basement.

The current specification of the office space can be summarised as follows:

– Suspended ceilings

– Raised floors

– Recessed ‘CAT 2’ type lighting and surface mounted lighting

– Passenger lift

– Air-conditioning

– WCs (male & female on alternate floors)

– Double glazed windows

– Raised floors

Accommodation

The property has been measured by Pure Real Estate Services Limited in accordance with the RICS Code of Measuring Practice 6th Edition and International Measuring Standard IPMS 3. The survey is assignable to a purchaser and a Duty of Care can be provided.

Floor Use NIA (sq ft) NIA (sq m)

4th Office 876 81.40

3rd Office 1,128 104.83

2nd Office 1,105 102.63

1st Office 1,118 103.89

GroundOffice 1,017 94.52

Reception 94 8.69

BasementOffice 1,082 100.48

Storage 46 4.26

Total 6,466 600.70

Typical Upper (1st) Floor

1,118 sq ft – 103.89 sq m

Up DownCirculation

LiftW/CRiser

Office

Lift

Ground Floor

1,111 sq ft – 103.21 sq m

Lift

Reception

Office

Floor plans not to scale, indicative onlyArtillery Lane

Artillery Lane


Refurbishment Potential Tenure & Tenancy

Tenure & Site

The property is held Freehold and is registered at HM Land Registry under two title numbers 184842 and 301763.

Tenancy

The property will be offered for sale with full vacant possession.

LB

Swedeland Ct

Catherin

BISH

OPS

GAT

E

WIDEGATE STREET

ARTILLERY LANE

FOR

TS

TREE

T

MIDDLESEX STREET

112

214

1

125to

129

PH

Bank

210212

PH

3

4a

17

5a

155

3

124

206

4

133

38

PH

20224

194to200

220to

226126

23

26to30

32

2619

4to10216

22to

24

2

6

20

12to18

12

Bunge House

Naut

5

House

Bishopsgate Institute

1

22118

131

1 13

192

186to

190

228

Bish

opsg

ate

Arca

de

110

14

21

1 15 to 25

232to

238

114

20

5

The StewardBuilding

and Library

CGI of indicative office layouts CGI of indicative retail frontage

The property provides the opportunity for a comprehensive refurbishment. Consideration should be given to:

• Extending and enlarging the reception area;

• Potential to increase massing through the addition of further floors;

• Taking advantage of the retail pitch through change of use at ground and basement to a retail/restaurant use (subject to obtaining the necessary consents).

Silver Shadow Studio has produced some indicative CGIs illustrating what the internal floor space and ground floor could look like following a refurbishment and change of use (subject to obtaining the necessary consents).

CGI of indicative office layouts

Comparable Transactions

AddressSize sq ft

Completion Date

TenureTenancy Profile

PriceCapital Value

£/sq ftPurchaser

2 Wakley Street, N1

7,500 Q4 2017 FHVacant

Possession £8,000,000 £1,067

Owner Occupier

Argus House, 175-179 St John Street, EC1

14,201 Q3 2017 FHVacant

Possession£14,200,000 £1,000

Owner Occupier

66 Cannon Street, EC4

14,048 Q3 2017 FHVacant

Possession£14,500,000 £1,032 Bank of Beirut

46 Worship Street, EC2


Possession£3,500,000 £1,128 Touchstone

8 Baltic Street East, EC1


Possession £5,625,000 £755

Private Investor

14-18 Copthall Avenue, EC2

8,481 Q3 2016 FHShort-term leaseback until October 2016 to Union Bank UK Plc

£6,750,000 £796LaSalle

Investment Management

14 Dufferin Street, EC1

3,972 Q2 2016 FHSingle let to 2Q spaces

until July 2017£3,500,000 £881

British Antiques Association

42-46 Princelet Street, E1

19,113 Q1 2016 FHVacant Possession by January 2017

£16,500,000 £863Brockton Capital

Plan not to scale, indicative only


James Abrahams

T 020 7588 4433 E [email protected]

Chris Room


Marsha Rabinovich


04859

DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to 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 Parties 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 Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. January 2018.

Further Information

contact

Planning

The property is located in the City of London. It is not listed, but is situated within a conservation area.

VAT

The property is elected for VAT.

EPC

The property has an EPC rating of E (125). A copy of the certificate is available upon request.

Proposal

We are instructed to seek offers in excess of £4,300,000 (four million, three hundred thousand pounds) subject to contract and exclusive of VAT for the freehold interest in the property. This pricing reflects a capital value of £665 per sq ft on the net area of the existing accommodation.

TEN ARTILLERY LANE - Allsop

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