EXECUTIVE SUMMARY
- Freehold
- Existing building extends to 16,413 sq ft (1,525 sq m) GIA
- Planning permission (ref: PA/17/01230/A1) granted for redevelopment to comprise 15 private apartments and 5,317 sq ft (494 sq m) of new A3 space across lower ground and ground floor
- For sale by way of informal tender on an unconditional basis
- Vacant possession
Computer Generated Image of Proposed Exterior PAGE 1 LOCATION
The site is situated in prime East London, with Brick Lane to the north, Spitalfields to the west and Whitechapel to the east.
Underpinned by the rejuvenation of Spitalfields Market, the area surrounding the site has undergone extensive regeneration over the last 10 years and is now an established vibrant and fashionable location. Brick Lane, celebrated for its food markets, galleries and numerous bars and restaurants, is situated immediately north of the site. Spitalfields Market, famous for its eclectic arts, food and fashion, is situated approximately 450 metres west of the site. In addition, Commercial Street and Whitechapel Road, both only a few minutes’ walk from the site, benefit from a wide range of amenities with occupiers including Yuu Kitchen, The Culpepper, Lupita, HotBox London and The Whitechapel Gallery.
PAGE 2 LOCAL OCCUPIERS
RESTAURANTS, BARS LOCAL DEVELOPMENTS GT & LEISURE 1 London Square ES TE SHOREDITCH 1 Hotbox Spitalfields R N HIGH STREET 2 The Breakfast Club 2 Aldgate Place ST T RE 8 3 The Culpepper 3 Goodmans Fields EE E R BRICK LANE T
4 Apples & Pears Bar 4 Aldgate Tower ST SHOREDITCH
5 BYOC 5 The Relay Building 5 6 Zebrano 6 The Whitechapel Building HIGH 7 7 H Old Truman’s Brewery Altitude TC
8 Boxpark 8 The Gherkin VA 7
9 Pizza Union 9 The Leadenhall Building L REDI L O 17 10 Planet Organic 10 20 Fenchurch Street 4 1 4 ANCE
11 Duck & Waffle SH
12 RO Lupita 2
13 Som Saa CULTURE AD B108 Exchange Old 6 5 14 Chuck Burgers 1 Whitechapel Gallery Square Spitalfields
15 Discount Suit Company Market CO WHITECHAPEL 2 Toynbee Studios 8 11
Cocktail Bar MMERCIAL BRICK 3 Petticoat Lane Market
16 Swingers 4 Brick Lane Market BROADGATE 9 7 3
17 Hawksmoor
10 18 Tayyabs TE
LANE 19 Ottolenghi GA 19 S S LIVERPOOL TR 5 Royal London
20 New York Italian STREET 9 EDUCATION E Hospital
E 12
Brick Lane T 1 1 Coventry University A1 21 BISHOP A Band of Burgers 12 OS AD London NEW 0 18 13 2 1 2 The Sir John Cass Faculty BORN ST 21 APEL RO
of Art, Architecture & 20 SHOPPING 1 TECH R 3 HI Design (CASS) 4 W O 1 Brick Lane Market 10 1 AD 3 Hult International
2 2 15 All Saints Business School London 1 11 7
3 Mac Cosmetics CA 3 14 4 Metropolitan University HO 4 M Urban Outfitters 5 Glasgow Caledonia O UN ALDGATE EAST ST M D 2 5 Dr. Marten’s ILE SD Petticoat 3 4
University S I T T EL HIGH 6 Jigsaw CH Square 5 B AP 2 COMMER EVIS 5 H CIAL ROAD A C 13 7 Chanel TE I MARK 7 8 Lululemon 6 4 ALDGA TE T WH S S
9 Cos 8 6 DUKE H
LEMAN HIG 10 Hackett C 3 TE 11 Superga PL GA MA AN 16 D TREET AL S N 9 IE AL ON
N
ST SELL ST WHITECHAPEL
MI R R EE E NO ET S T TREE RIES B108 FENCHURCH T
STREET
10
PAGE 3
CONNECTIVITY
The site benefits from excellent transport links to The City, West End and Canary Wharf, sitting between Aldgate East Station (approximately 250 metres to the south west) and Whitechapel Station (approximately 770 metres to the east) which in 2018 will benefit from Crossrail. Liverpool Street, Aldgate and Shoreditch High Street are also within easy reach of the property. In addition there are numerous bus routes along Commercial Street, Whitechapel High Street and Whitechapel Road serving both the immediate and wider area.
STATION SERVICES Aldgate East District, Hammersmith & City Aldgate Circle, Metropolitan Whitechapel District, Hammersmith & City, London Overground, Elizabeth Line Shoreditch High Street London Overground Liverpool Street Central, Circle, Hammersmith & City, Metropolitan, London Overground, TfL Rail, Elizabeth Line Fenchurch Street c2c Rail Tower Hill District, Circle
PAGE 4 k 25
13
1 2 4
t o 24 21
0 b Sta 1 El Su to 4 19 11 ST WN 2 26 TO to PE HO 36 9 1 15 2 Centre Health
38 to
48
5 3 2 20 1 1 El Sub Sta to 1 1 7 E to AGU 14 17 THE SITE / DESCRIPTION MONT D EET 12 to OL STR 6 15.3m 4 King's 2 Ar
The existing property is situated on the eastern side of PH 42 Osborn Street, and comprises a brick clad building arranged 2 6 4 40 Gr over basement, ground and four upper floors extending to een Dragon 1 3 t 2 2 o 94 9 t 88 to o 6 0 approximately 16,413 sq ft (1,525 sq m) GIA. The site area 38
Yar extends to 377 sq m (0.093 acres). O d 63 SBORN
The property sits between similar brick clad buildings of five STREET El Sub Sta
2 and four storeys to the north and south and is bounded by 6
ion 62 a car park to the rear. b Stat ty Su Electrici 2 22 7
Hostel
6 1
12 to
20 McAuley House 29 14 19 .2 to m 23
2 5
1 Garage 2
PH 2 to 10 17
1 7 s 15 st of Po 1 3 D ine A L O R ay W 1 9 15 1 cle to 3 APEL Cy 3 H 7 C ITE G UN WH THORPE
3 1 Whitechape Art Galler S way TR View south along Osborn Street View north along Brick Lane Rail E ET und Library o Angel gr y
A l 74 Under lle b y Car Park 84 13.4m 1 to 9 76 Mon TCBs 1 NagpaSURROUNDINGl House 77 83 71 REGENERATIONAldgate East Station
The immediate and surrounding area has undergone significant London Square’s Spitalfields development, situated change over the last 5 years. New schemes include Goodmans approximately 200 metres to the west of the site, which will Fields, Altitude, The Relay Building and Aldgate Tower with many provide for 63 residential units in addition to B1 Office incorporating ground floor restaurant and retail space in addition accommodation, is currently achieving between £1,150-£1,200 psf. to new public realm. Schemes presently being marketed both in the UK and overseas are benefitting from strong demand More immediate to the site, the neighbouring Archer’s Pub from both owner occupiers and investors, who are attracted by is subject to a planning application for refurbishment including the area’s vibrant feel. The City fringe has also benefited from a new roof extension. an influx of tech and creative companies with the growth of the TMT sector dominating much of the surrounding commercial space.
PAGE 5 RETAIL PITCH
The retail pitch provides links from Brick Lane up to Whitechapel The existing pitch is made up of a mix of local and national Road, with connections to Commercial Street. Nearby Brick retailers and restaurateurs including Band of Burgers, Lloyds Lane and Spitalfields are home to many independent shops, Bank and Grounded Coffee. galleries, markets, bars and restaurants. The world famous Spitalfields market is a popular tourist destination which has Regeneration in the area is seeing an influx of young become a thriving F&B and retail environment. Brick Lane is now professionals living and working in the area, alongside a large considered a primary destination within East London, having student population studying in nearby institutions including transformed vacant and derelict buildings into an exciting social London Metropolitan University and CASS. and commercial environment. The Whitechapel Gallery is a local landmark, drawing in tourists In the immediate locality, the area is changing and we are and visitors from the wider area. seeing the area become more of an established retail pitch. Neighbouring developments such as Goodman’s Fields and We anticipate retail occupiers drawing in customers from the Aldgate Tower have brought an exciting line-up of tenants local student population, new and existing residents in the area, such as Pizza Union, Curzon Cinema and Black Sheep Coffee. staff from nearby local offices and Barts Hospital and shoppers/ tourists visiting Spitalfields and Brick Lane.
The table below illustrates recent lettings in the vicinity:
GROUND FLOOR BASEMENT DATE ADDRESS AREA (SQ FT) RENT (P.A.X) RENT / SQ FT RENT / SQ FT TENANT
Q3 17 37-39 Commercial Road 5,280 £165,000 £31 Unknown Q2 17 53 Brick Lane 1,374 £40,000 £29 MWA Foods Q4 16 83 Middlesex Street 478 £24,000 £50 Empanda Café Q3 2016 74 Alie Street 1,776 £115,000 £65 Pizza Union Q3 2017 11 Wentworth Street 375 £24,453 £65 N/A Q2 2017 38 Commercial Street 7,610 £210,000 £28 N/A Q2 2017 Unit 2 - 21 Lime Street 2,945 £95,000 £41 £21 N/A
Average £42 £21
PAGE 6 PLANNING AREA SCHEDULE
The building is located within the London Borough of Tower FLOOR SQ FT GIA SQ M GIA Hamlets, is not listed and lies within the Brick Lane and Lower Ground 3,627 337 Fournier Conservation Area. Ground 3,800 353
Planning permission has been granted First 3,466 322 (Ref: PA/17/01230/A1) for: Second 3,197 297 Third 3,035 282 “Erection of a roof extension and change of use for the ground floor A2 space to A3 and the first floor A1 space to C3; Fourth 2,788 259 minor demolition works associated with internal and external Fifth 1,561 145 alterations and reconfiguration of the existing building to Total 21,474 1,995 provide 15 units and associated works.”
THE CONSENTED SCHEME Designed by Moreno Masey Architects, the consented scheme comprises fifteen private apartments (5 x 1 bed, 8 x 2 bed, 2 x 3 ACCOMMODATION SCHEDULE bed) over first to fifth floors. The existing building is proposed to be altered through partial demolition and infill at 1st to 4th TYPE FLOOR SQ FT NSA SQ M NSA SQ FT GIA SQ M GIA floors with a new 5th floor extension. A3 Retail LG 2,960 275 3,627 337 A3 Retail G 2,357 219 3,800 353
PROFESSIONAL TEAM Total 5,317 494 7,427 690
- Moreno Masey: TYPE FLOOR SQ FT NSA SQ M NSA SQ FT GIA SQ M GIA Architects 1 Bed 1st 775 72 3,466 322 2 Bed 1st 786 73 2 Bed 1st 797 74 - Kitesgrove Design: 2 Bed 1st 603 56 Project Management 1 Bed 2nd 753 70 3,197 297 and Interior Design 1 Bed 2nd 538 50 2 Bed 2nd 861 80 - DP9: 1 Bed 2nd 624 58 Planning Consultant 3 Bed 3rd 1,195 111 3,035 282 2 Bed 3rd 861 80 1 Bed 3rd 646 60 2 Bed 4th 947 88 2,788 259 2 Bed 4th 861 80 1 Bed 4th 646 60 3 Bed 5th 1,507 140 1,561 145 Total 12,400 1,151 14,047 1,305
PAGE 7 CONSENTED FLOOR PLANS
REAR / FIRE DOOR TO RESTAURANT UNIT
BIN STORE ACCESS
TERRACE BIN STORE UNIT 2.1 PLANT TERRACE TERRACE
UNIT 1.1
BIKE STORE
UNIT 1.2 UNIT 2.2
A3 - COMMERCIAL UNIT 2 STAIR STAIR A3 - COMMERCIAL UNIT 1 LIGHT- LIGHT- WELL WELL
UNIT 1.3 UNIT 2.3
UNIT 1.4 RESIDENTIAL UNIT 2.4 LOBBY
RESIDENTIAL COMMERCIAL 1 COMMERCIAL 2 ENTRANCE ENTRANCE ENTRANCE
OSBORN STREET OSBORN STREET OSBORN STREET OSBORN STREET
BASEMENT GROUND FIRST SECOND
KEY TO APARTMENT TYPE N ONE BEDROOM TWO BEDROOMS THREE BEDROOMS
Plans not to scale. For identification purposes only.
PAGE 8 KEY TO APARTMENT TYPE CONSENTED FLOOR PLANS THIRD UNIT 3.2 ONE BEDROOM TERRACE OSBORN STREET UNIT 3.1 STAIR UNIT 3.3 LIGHT- WELL TWO BEDROOMS FOURTH UNIT 4.3 THREE BEDROOMS OSBORN STREET
TERRACE TO PENTHOUSE PRIVATE STAIR UNIT 4.1 UNIT 4.2 LIGHT- WELL FIFTH OSBORN STREET TERRACE UNIT 5.1 TERRACE LIGHT- WELL Plans not to scale. For identification purposes only. N PAGE 9 Computer Generated Image of Proposed Fifth Floor Terrace PAGE 10 FURTHER INFORMATION
TENURE The property is held freehold under title number NGL88596.
TENANCY The property will be sold with the benefit of vacant possession.
EPC Available on request.
VAT Offers are to be made exclusive of VAT.
INSPECTIONS Inspections are strictly by appointment only.
METHOD OF SALE The property will be sold on an unconditional basis. Offers are invited subject to contract and exclusive of VAT.
DATA ROOM A full suite of documents are available via www.32-38osbornst.co.uk
CONTACT
KNIGHT FRANK CF COMMERCIAL James Barton Craig Fisher [email protected] [email protected] 0207 7185 226 020 3216 3911
Ellie Cunningham Marc Dobber [email protected] [email protected] 0207 7185 204 020 3216 3914
Computer Generated Image of Proposed Exterior PAGE 11 WWW.32-38OSBORNST.CO.UK
MISREPRESENTATION ACT 1967 - CF Commercial and Knight Frank LLP for themselves and for the Vendors or lessors of this property whose agents they are given notice that: All description, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers or tenants 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. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. These particulars are produced in good faith and set out a general guide only and do not constitute part of any offer or contract. No person in the employment of CF Commercial and Knight Frank LLP has any authority to make or give representation or warranty in relation to this property. All prices and rents are quoted exclusive of VAT unless otherwise stated. September 2017. Designed and produced by Cooper Rose 020 3440 5160