PRIME FARRINGDON FREEHOLD INVESTMENT WITH FUTURE DEVELOPMENT POTENTIAL 48–50 ST JOHN STREET

INVESTMENT SUMMARY

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– Freehold.

– Prime location in the heart of Farringdon, moments from .

– Prominent building benefiting from substantial frontage onto St John Street.

– Comprises 19,543 sq ft (1,815.6 sq m) of much sought after office and showroom accommodation.

– Multi-let to four tenants producing a passing rent of £889,810 per annum reflecting a highly reversionary £45.53 per sq ft.

– WAULT of 2 years to expiry with vacant possession achievable in December 2022.

– Significant value enhancement opportunity to create unique high specification office and showroom accommodation through refurbishment and redevelopment.

– Potential to increase the net internal area by approximately 23% to 24,098 sq ft (2,239 sq m).

– Offers are invited in excess of £17,500,000 subject to contract and exclusive of VAT.

– Pricing at this level reflects a net initial yield of 4.76% (assuming purchasers costs of 6.74%) and a capital value of £895 per sq ft on the existing area (or £726 per sq ft on the proposed area, subject to necessary consents).

Overview 01 / 02 48–50 ST JOHN STREET

Museum Charterhouse Barbican Farringdon Smithfield of Old Street Road Buildings Barbican Centre Moorgate Crossrail Entrance The City Market Farringdon St Paul’s (2024)

Location 03 / 04 48–50 ST JOHN STREET

FARRINGDON

Farringdon is a historic Central London district characterised by its medieval streets and fashionable warehouse style office buildings.

Situated at the heart of London’s world renowned tech belt, the neighbourhood has become one of Europe’s most exciting office markets attracting occupiers from the rapidly growing Tech and Creative sectors. Complementing the innovative base of office occupiers, Farringdon is London’s design district and the choice location for interior, furniture and textile showrooms. The area boasts over 80 showrooms with the prime pitch extending along St John Street and Clerkenwell Road.

Milliken – Berry Street Vitra Showroom – Clerkenwell Road

TECH/CREATIVE SHOWROOM OCCUPIERS OCCUPIERS

Kohler Experience Centre – Clerkenwell Road West One Bathrooms – Clerkenwell Road by Bailey Furniture Supplier – Clerkenwell Green

Location 05 / 06 Sh

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Midland Rd Rd W St. Pancras Pentonville al k International City Rd

King’s Cross Rd

Euston St C ity Swinton Rd 48–50 ST JOHN STREET

Judd St

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Sidmouth St THE LOCATION

entral St 1

Exmouth Mark Old Street

Hunter St G

17 o 17 s w

St Tavistock Pl e l Jo l

R d 48 - 50 St John Street occupies a prime hn F 4 a r Wo r St 24 i 26 4 n g mid terrace position. The property is located burn Pl d

o t B n S 23 8 ld 10 R O u on the east side of the principal north south 9 n d 7 1 h e i v 2 25 l 3 l

A R thoroughfare of the popular Farringdon 12 o y 3

r 6 w e 4 office and showroom district. b e 5 s 11 o Russell Square 13 5 8 R 5 6

F d ll R It is situated equidistant from Clerkenwell Road and 14 15 20 a we r rken Cle r i G 7 n St John St Cowcross Street, as well as being within a four minute g 6 9 o d 7 1 s ell Rd o w Southampton Ro enw n rk e walk of the historic Smithfield meat market and Cle R l 22 18 l d 27 20 R

Farringdon Station. 30 d 19 Barbican 2 21 St w 31 2 3 eech 35 Hatton Garde B 12 St John – St John Street 18 19 10 Red Lion St 16 Gr Farringdon 11 a y’ 15 et Crossrail Barbican s Inn 16 n Farringdon Entrance Centre Rd Smith eld Mark 32 14 34 13 H Moorgate olbor High n 33 Chancery 29 London Wall Lane 28 Holborn

Ho lbo Chancer r n n V L ia r du e c t t High Holborn t Kingsway e City F Gresham St y Lane w e Thameslink N Dr u ry L a n e St Paul’s

Fleet St LOCALStrand OCCUPIERS AMENITIES HOTELS 1 Alexander McQueen 21 LiveNation 1 1 Citadines (Ticketmaster) The Zetter – Clerkenwell Road Polpo – Cowcross Street 2 Deloitte Digital 2 Leather Lane Market 2 Malmaison 3 Unilever 22 Tesco Digital 3 Clerkenwell Green 3 The Rookery 4 Zaha Hadid Architects 23 Clerkenwell Workshops 4 Dans Le Noir 4 The Rosebery 5 Ennismore 24 GoCardless 5 The Eagle 5 The Zetter Townhouse 6 Grimshaw Architects 25 Yelp 6 The Slaughtered Lamb 6 Yotel 7 Publicis Groupe 26 Hill+Knowlton Strategies 7 Granger & Co 7 The Bryson 8 Airbnb 27 Kurt Geiger 8 The Modern Pantry 9 Allford Hall 28 Amazon 9 Luca Monaghan Morris 29 Hogan Lovells 10 Hix 10 Fred Perry 30 Eventbrite 11 Smithfield Market 11 Solus 31 Indeed 12 St John 12 LinkedIn (Microsoft) 32 De Beers 13 Bounce 13 Adidas 33 Sainsbury’s PLC 14 Club Gascon 14 Photobox 34 Trade Desk 15 Bleeding Heart Yard 15 IDEO 35 Grey Communications 16 The New Gymbox 16 Ben Sherman 17 Exmouth Grind 17 Splash Worldwide 18 Department of Coffee & 18 Macmillan Publishers Social Affairs 19 AKQA (WPP) 19 The Fence Vinoteca – St John Street MOB45 – Farringdon Road 20 Save The Children 20 Pure Gym

Location 07 / 08 48–50 ST JOHN STREET

UNRIVALLED THE ELIZABETH LINE CONNECTIONS (CROSSRAIL)

The Elizabeth Line is Europe’s largest infrastructure The property has outstanding connectivity. project and once completed will comprise a It is situated only 320 metres from Farringdon 100km east west underground line. It will enhance Station. Farringdon Station from 2022 will connectivity of 48–50 St John Street to the become Central London’s principal rail hub. City, West End, Heathrow and Canary Wharf. It will be the only interchange station for the London The Elizabeth Line will provide a 10% increase in rail Underground, Thameslink, National Rail and the Elizabeth capacity for London as well as providing a £42 billion Line (Crossrail) providing unrivalled public transport links benefit to the London economy. across London, as well as direct links to three of London’s five airports. This service will provide trains every 2.5 minutes during peak hours, with each being able to carry 1,500 people. Further to its proximity to Farringdon Station, 48-50 Overall there will be 41 accessible stations, which includes St John Street is nearby a number of other transport hubs. 30 upgraded and 10 brand new stations. Farringdon Station New Farringdon Station Ticket Hall

The property is ideally situated being less than 320 metres form the new Lindsey Euston King’s Cross Luton Liverpool Street entrance to Farringdon Station. 10 mins St Pancras Airport Street 3 mins 5 mins 55 mins • 10 new stations • 24 nine carriage trains per hour • 200 metre long trains • £42 billion benefit to UK Economy • 63,000 jobs created in Paddington Barbican Central London 14 mins 6 mins • 1,500 passengers per train • 200 million passengers per annum • 10% increase in London rail capacity

New Lyndsey Street Entrance Bond Street Canary Wharf Stratford 15 mins 24 mins 10 mins Reading Heathrow Bond Street Whitechapel Farringdon 59 mins 31 mins 5 mins 4 mins

Heathrow Gatwick Slough Paddington Tottenham Liverpool Farringdon London Bridge Airport Airport 35 mins 8 mins Court Road Street 3 mins walk 11 mins 35 mins 40 mins 2 mins 2 mins Canary Wharf 8 mins

Journey times taken from Farringdon Station, source TfL. Walk times taken from the building.

Connectivity 09 / 10 48–50 ST JOHN STREET

THE CULTURE MILE LOCAL & SMITHFIELD MARKET DEVELOPMENTS

The Culture Mile will form London’s newest cultural hotspot. It extends from Moorgate in the , through Barbican finishing at the historic Smithfield Market.

Smithfield Market lies at the bottom of St John Street. It has operated as a meat market since 1174, but 2020 marks a new chapter in its history. It has been earmarked to become the cultural hub of the City of London. Planning permission has been submitted to transform this iconic building into a 450,000 sq ft 24 hour destination comprising a food hall, concert venue and exhibition space. The proposed £337m redevelopment will be complemented 33 , The Bloom (Farringdon Station 17 Charterhouse Street, by the new Museum of London at West Smithfield and EC1 Western Ticket Hall), EC1 EC1 the proposed Centre for Music on the site of the old Status: Under Construction Status: Under Construction Status: Under Construction Museum of London. Developer: Helical Bar Developer: HB Reavis Developer: Anglo American

Architect: Lifeschutz Davidson Architect Architect: John Robertson Architects Architect: MCM Architecture 130,000 sq ft of grade A 142,000 sq ft of office 192,000 sq ft of office and Scheme: Scheme: Scheme: offices, retail and restaurant accommodation retail accommodation accommodation Completion: Q2 2020 Completion: Q1 2022 Completion: Q3 2021 Sale and Leaseback Tenant: Tenant: Available Tenant: Available to Anglo American

Smithfield Market Proposal

Kaleidoscope (Farringdon Station The Farmiloe Building, 100 St John Street, Eastern Ticket Hall), EC1 St John Street, EC1 EC1

Status: Completed Status: Completed Status: Completed

Developer: Helical Bar Developer: Aberdeen Standard Investments Developer: Lothian Pension Fund

Architect: PLP Architecture Architect: AWW Architects Architect: AWW Architects 88,600 sq ft of office and 63,400 sq ft of grade A office Scheme: Scheme: 31,297 sq ft of office and retail accommodation accommodation Scheme: showroom accommodation Completion: Q4 2019 Completion: Q4 2019 Completion: Q3 2019 Tenant: Available Tenant: Pre-let to LiveNation Tenant: 60% let Museum of London Proposed Centre for Music

Developments 11 / 12 48–50 ST JOHN STREET

THE BUILDING

48 – 50 St John Street offers a rare opportunity to significantly increase massing and create an inspiring high specification office and showroom building.

The prominent mid-terraced property comprises a 1960’s front building which links at lower ground, ground and first floor levels to a spectacular Victorian warehouse building at the rear. The property consists of 19,543 sq ft (1,815.6 sq m) of highly prized office and showroom space. The offices account for 11,397 sq ft (1,058.8 sq m) of the accommodation and are arranged over first to third floors. The first floor extends to the rear building where the original pitched roof with roof lights and an impressive floor to ceiling height creates a bright floor plate which opens out onto a terrace.

Reception / Waiting Area First Floor Rear Building

The second and third floors have regular shaped floor plates with excellent natural light from the front and rear elevations. The third floor benefits from a large roof terrace with charming views overlooking The Charterhouse and St Barts. At ground and lower ground floor levels 48-50 St John Street provides 8,146 sq ft (756.7 sq m) of sought after showroom accommodation. The showroom accommodation is accessed through an attractive courtyard from an imposing gated entrance on St John Street.

First Floor Front Building Ground Floor Courtyard

The Building 13 / 14 48–50 ST JOHN STREET

ACCOMMODATION N LOWER GROUND 2,613 sq ft / 242.8 sq m

48–50 St. John Street has been Floor Use NIA Sq Ft NIA Sq M Floor Gas Intake independently measured by Sterling Lift Stump

Ter race BT & Battery Room Temple in accordance with the 3rd Office 2,182 202.7

Electricity Core Sub Station RICS Code of Measuring Practice 2nd Office 2,692 250.1

Electricity (6th Edition) and comprises the Switchgear Room 1st (Front & Rear) Office 6,523 606.0 St John Street following Net Internal Areas. IPMS3 areas are available upon request. Pt Ground (Front Left) Office/Showroom 1,523 141.5 Pt Ground (Right Rear) Office/Showroom 2,349 218.2 Pt Ground (Left Rear) Office/Showroom 1,661 154.3 Lower Ground Office/Showroom 2,613 242.8

Total 19,543 1,815.6

GROUND FLOOR 1ST FLOOR

5,533 sq ft / 514.0 sq m 6,523 sq ft / 606.0 sq m

Skylight

TBC Roof at 1st level

Skylight Lift Lift Office

TBC Male WC Female WC

Reception Lobby

Female Male Office WC WC

St John Street Open Void St John Street

Kitchen Area

TBC

Office

Open Void TBC

2ND FLOOR 3RD FLOOR

2,692 sq ft / 250.1 sq m 2,182 sq ft / 202.7 sq m

Lift

Male Female WC WC

St John Street St John Street

For indicative purposes only. Ground Floor Showroom Not to scale.

The Building 15 / 16 48–50 ST JOHN STREET

TENANCIES TENANCY INFORMATION

48-50 St John Street is multi-let at a passing rent £889,810 per annum reflecting a highly reversionary of £45.53 per sq ft. Kastner & Partners The British Institute of Radiology Kastner & Partners are a leading The British Institute of Radiology £889,810 The WAULT is 2 years. Vacant possession independent advertising agency is a registered charity and can be secured in December 2022. operating from eight offices around an international membership the world including Los Angeles, organisation for professionals Madrid, Milan and Frankfurt. working in imaging, radiation Kastner & Partners clients include oncology and the underlying Red Bull, Adidas, Pott and sciences. Brookfield Properties. Content Square Limited Kusch & Co Ltd (Guarantor NSG Content Square is an international Finance SSP.z.o.o.S.K) software and data solutions Kush & Co Ltd is a leading company that uses artificial 3rd Floor Terrace manufacturer in the field intelligence and digital data of commercial furniture. analytics to analyse companies Floor Tenant Area Lease Lease Rent per Rent per L&T Act Comments Headquartered in Germany, performance and efficiencies, Content Square Limited 45% Sq Ft Start Expiry Annum Sq Ft 1954 Kusch & Co Ltd was acquired measuring the impact of their Kusch & Co 29% in Jan 2019 by Nowy Styl Group. Kastner & Partners 13% Kastner & Rent deposit clients actions allowing for Partners 3rd 2,182 15/03/2012 14/03/2022 £115,000 £52.70 Outside of £36,562.50 Nowy Styl Group are based in improved business efficiency. The British Institute 13% in London Poland and are considered one of of Radiology Limited plus VAT Content Square employ over 550 Europe’s top commercial furniture people and have six offices globally. The British Rent deposit designer and manufacturers. 2nd Institute of 2,692 03/12/2012 02/12/2022 £117,937 £43.81 Outside of £49,725 plus Radiology VAT

Content Rent deposit 1st Square 6,523 11/03/2019 02/12/2022 £397,903 £61.00 Outside £198,951.50 Limited plus VAT TENURE

Guarantor NSG Finance Pt Ground (FL) 1,523 10/05/2012 09/05/2022 £64,553 £42.39 Outside SSP.z.o.o.S.K. The property is held freehold Sublet to under title number NGL288900. Foster & Baylis

(Presitge) ST JOHN STREET Pt Ground (RL) 1,661 10/05/2012 09/05/2022 £70,623 £42.51 Outside Limited expiring ST JOHN’S LANE Kusch & April 2022 Co Ltd 48-50 PLANNING Pt Ground (RR) 2,349 10/05/2012 09/05/2022 £100,719 £42.88 Outside Guarantor 48 - 50 St John Street is in NSG Finance the London Borough of Islington. SSP.z.o.o.S.K Pt 2,613 10/05/2012 09/05/2022 £19,875 £7.60 Outside Lower Ground It is not listed, but sits within The Charterhouse Square

2 car parking CHARTERHOUSE Conservation Area. Courtyard spaces. NA 13/02/2004 12/02/2005 £3,200 NA Outside SQUARE Car Parking The tenant is holding over.

London Pt Power 29/09/1961 28/09/2021 £0 £0 Inside Lower Ground Networks CHARTERHOUSE STREET CHARTERHOUSE STREET Total 19,543 £889,810 £45.53

Tenancies 17 / 18 48–50 ST JOHN STREET

DEVELOPMENT LOWER GROUND (SHOWROOM) GROUND (SHOWROOM) POTENTIAL 2,335 sq ft / 217 sq m 6,953 sq ft / 646 sq m

The part new build and part retention pre app meetings have been positively received by the London Borough of Islington. St John Street St John Street

The AWW Architect proposal includes the demolition of the front building and its replacement with a Grade A office led development incorporating much sought after showroom accommodation with prime frontage onto St John Street. Details of the proposed scheme are: – Creation of an additional 4,555 sq ft (423.1 sq m), 1ST FLOOR 2ND FLOOR increasing the net internal area by 23%.

– Demolition and re-build of the front office building 6,835 sq ft / 635 sq m 3,089 sq ft / 287 sq m to provide a six storey building arranged over lower ground, ground and four upper floors.

– Terraces on the 4th floor with views to the east

across The Charterhouse down to St Paul’s and Proposed Exterior CGI views to the south along St John Street to Smithfield Market.

St John Street – Improved ceiling heights throughout. – Showroom unit on lower ground and ground floors St John Street with extensive frontage onto St John Street. – Impressive façade which relates to the existing street scape. – Further information available in the data room. – Repositioning of the core to create efficient floorplates.

3RD FLOOR 4TH FLOOR

PROPOSED ACCOMMODATION 3,089 sq ft / 287 sq m 1,797 sq ft / 167 sq m

Floor Use GIA Sq Ft GIA Sq M NIA Sq Ft NIA Sq M

4th Office 2,435 230 1,797 167

3rd Office 3,832 356 3,089 287

2nd Office 3,832 356 3,089 287 St John Street St John Street

1st (Front & Rear) Office 9,024 838 6,835 635

Ground Showroom 9,351 869 6,953 646 Office N Showroom Lower Ground Showroom 6,685 621 2,335 217 Showers / Cycle Store Ter race Total 35,159 3,270 24,098 2,239 For indicative purposes only. Core Not to scale.

Development Potential 19 / 20 48–50 ST JOHN STREET

MARKET COMMENTARY

OCCUPATIONAL MARKET INVESTMENT MARKET

The Farringdon leasing market continues to go from strength to strength. Strong The outperformance of the occupational market combined by the demand from tech, fashion and creative sectors, combined with occupiers migrating sizeable government investment into the areas transport infrastructure from the City core is providing strong market fundamentals for future rental growth. has attracted increased investor interest in the Farringdon market.

17-18 Haywards Place EC1 90 Bartholomew Close, EC1 12-13, 14 Greville Street, EC1

Size: 11,000 sq ft Size: 30,929 sq ft Size: 14,747 sq ft Parchment House, 38-42 St John Street, EC1 100 St John Street, EC1 Condition: Refurbished Condition: Refurbished Condition: Un-refurbished 13 Northburgh Street, EC1 Tenure: Freehold Tenure: Freehold Tenure: Freehold 4 years to break and 8.2 to expiry and WAULT: 12 months Size: 1,652 sq ft Size: 5,101 sq ft Size: 3,780 sq ft WAULT: WAULT: 7.3 years to expiry 5.6 years to expiry Price: £14,750,000 Floor: 5th floor Floor: LG & G Floor: 5th Price: £15,600,000 Price: £48,500,000 Cap Val: £1,000 per sq ft G- £73.00 per sq ft Cap Val: £1,418 per sq ft Cap Val: £1,568 per sq ft Rent: £70.00 per sq ft Rent: Rent: £82.50 per sq ft NIY: 1.38% NIY: 4.21% NIY: NIY 3.92% LG- £41.00 per sq ft Date: Q4 2019 Deal Date: Q4 2019 Deal Date: Q3 2019 Deal Date: Q3 2019 Date: Q3 2020 Date: Q2 2020

102-108 Clerkenwell Road, EC1 52-54 St John Street, EC1 80 Clerkenwell Road, EC1

Size: 17,470 sq ft Size: 12,340 sq ft Size: 12,387 sq ft Condition: Un-refurbished Condition: Refurbished Condition: Refurbished The Stock House, Verse Building, 109-111 Farringdon Road, EC1 17-18 Britton Street, EC1 Cranwood Street, EC1 Tenure: Freehold Tenure: Freehold Tenure: Freehold 0.75 years to break 3.16 years to break 5.63 years to break WAULT: WAULT: WAULT: Size: 2,953 sq ft Size: 2,075 sq ft Size: 2,528 sq ft and 2.2 years to expiry and 6 years to expiry and 8.37 years to expiry Price: £17,450,000 Price: £14,250,000 Price: £18,500,000 Floor: 3rd & 4th Floor: 5th Floor: 1st Floor Rear Cap Val: £999 per sq ft Cap Val: £1,155 per sq ft Cap Val: £1,494 per sq ft Rent: £75.13 per sq ft Rent: £75.00 per sq ft Rent: £67.50 per sq ft NIY: 3.86% NIY: 4.65% NIY: 4.62% Deal Date: Q3 2019 Deal Date: Q3 2019 Deal Date: Q2 2019 Date: Q3 2019 Date: Q1 2019 Date: Q3 2018

Market Commentary 21 / 22 FURTHER INFORMATION

VAT PROPOSAL

The property has been elected for VAT and Offers are invited in excess of £17,500,000 it is anticipated that the transaction will be subject to contract and exclusive of VAT. treated as a Transfer of a Going Concern. This reflects an attractive net initial yield of 4.76% (assuming purchasers ENVIRONMENT CREDENTIALS costs of 6.74%) and a capital value of £895 per sq ft on the existing area The Energy Performance Certificate (or £726 per sq ft on the proposed area, is available in the data room. subject to the necessary consents).

CAPITAL ALLOWANCES

There are no capital allowances available.

VIEW DATA ROOM VIRTUAL Access to the data room is available TOUR upon request.

CONTACT Kyle Joss t 020 7487 1958 To arrange a viewing please contact m 07712 241 851 the sole selling agents: e [email protected]

Michael Raibin t 020 7871 7421 m 07880 795 679 e [email protected]

Colliers International 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. September 2020.

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