5-7 IRELAND YARD, LONDON EC4
RARE FREEHOLD OPPORTUNITY WITH VACANT POSSESSION
SUBJECT TO CONTRACT 5-7 IRELAND YARD, LONDON EC4
LOCATION
The property is located on the northern side of Ireland Yard, at its junction with Friar Street. Ireland Yard itself forms part of a network of medieval streets and alleys located between St Paul’s Cathedral and the River Thames. The Gatehouse in Ireland Yard was famously the London residence of William Shakespeare in the early 17th Century, due to its proximity to the Blackfriars Playhouse.
The property is located in a prime location on the western side of the City of London in close proximity to The London Stock Exchange, Ludgate Circus, Old Bailey and Blackfriars Station. The City of London consistently ranks as the world’s leading international financial and business centre and the location therefore appeals to major financial, legal and professional occupiers.
Local tenants include Dechert LLP, Amazon, Bank of America Merrill Lynch, AXA, Stephenson Harwood LLP, Banco Santander, Baker & McKenzie, Speechly Bircham, Unilever and Charles Russell. Goldman Sachs are developing their new European headquarters on Farringdon Street, 200 metres to the west of the property, demonstrating the appeal of the location to global financial occupiers
CGI of Goldman Sachs’proposed development on Farringdon Street
SUBJECT TO CONTRACT 5-7 IRELAND YARD, LONDON EC4
COMMUNICATIONS
The location benefits from excellent public transport facilities, providing good access to all parts of Central London. London Underground services at Blackfriars (District and Circle lines) are located within 150m, whilst St Paul’s Underground Station (Central lines) is within 300m.
Mainline rail services from City Thameslink (150m to the north) and the newly redeveloped Blackfriars Station (150m to the south) provide access to the First Capital Connect rail network, which is the UK’s busiest train system. This links London to Cambridge and Luton Airport in the north and with Gatwick Airport and Brighton to the south. Current improvement works will increase the network’s capacity by 5,000 passengers and will deliver trains through central London every 2-3 minutes by the end of 2016.
King’s Cross St Pancras station is readily accessible, providing intercity UK and international Eurostar services to Paris (2 hours 15 minutes) and Brussels (1 hour 50 minutes).
Numerous bus routes traverse the immediate area, linking it to a wide range of Central London destinations.
CROSSRAIL
Future development in the area is underpinned by Crossrail, Europe’s largest infrastructure project earmarked for completion in 2019. Crossrail will provide frequent rail services to 37 stations linking Maidenhead in the West to Shenfield in the East and will increase capacity and reduce journey times to key business destinations such as Heathrow Airport, Paddington, City and Canary Wharf. The property will benefit from the major upgrade of Farringdon Station which is situated 10 minutes walk to the north. Farringdon Station is projected to become the one of the busiest transport hubs in Central London delivering 140,000 passengers everyday. Crossrail will bring approximately 750,000 more people within 45 minutes travel time of Central London.
SUBJECT TO CONTRACT 5-7 IRELAND YARD, LONDON EC4
DESCRIPTION
The self-contained office building of 8,902 sq ft (827.1 sq m), arranged over basement, ground and 4 upper floors. The property is accessed from Ireland Yard via a dedicated reception. All floors are served by the main staircase in the main core, with an 8 person passenger lift between basement and 3rd floor. Originally constructed as a 19th century warehouse the property is constructed to a traditional design of solid brick walls, under a mansard roof with slate tile finish. The accommodation was refurbished in 2007 and provides largely open plan office space, with meeting rooms located in the basement. There is good natural light throughout, provided by windows on all four elevations.
The offices provide the following internal specifications: • Suspended mineral tile ceilings with inset fluorescent lighting • VRV air conditioning system • An 8 person passenger lift providing access between basement and 3rd floors • Perimeter and under floor trunking • Male and female WC accommodation on alternate landings • Kitchenettes
OPPORTUNITY
The property is located within an existing residential cluster and, therefore, has the potential to be converted to residential or alternative uses, subject to obtaining the relevant planning consent. There is further scope to add a new floor at roof level.
SUBJECT TO CONTRACT 5-7 IRELAND YARD, LONDON EC4
ACCOMMODATION
The property has been measured by Lane & Frankham in accordance with the Code of Measuring Practice (6th Edition), and provides the following areas:
GIA NIA Floor Use sq m sq ft sq m sq ft
Fourth Offices 132.6 1,427 82.5 888
Third Offices 187.0 2,013 153.5 1,652
Second Offices 182.4 1,963 150.9 1,625
First Offices 179.6 1,933 148.4 1,598
Ground Offices 175.2 1,886 143.0 1,539
Basement Offices 190.6 2,052 147.2 1,584 Storage 1.5 16
TOTAL 1047.4 11,274 827.1 8,902
An assignment of this survey will be provided to the purchaser.
SUBJECT TO CONTRACT 5-7 IRELAND YARD, LONDON EC4
TENANCY
The property will be sold with vacant possession effective from 25th March 2015.
USE
Offices within class B1 of the Town and Country Planning (Use Classes) Order 1987 (as amended).
PLANNING
The property is situated in the City of London Corporation. It is not listed but is situated within the St Paul’s Cathedral Conservation Area.
RATES
The property has a rateable value of £178,000.
TENURE
Freehold
VAT
The property has not been elected for VAT
SUBJECT TO CONTRACT 5-7 IRELAND YARD, LONDON EC4
ENERGY PERFORMANCE -
The Energy Performance Certificate is available on request. The building has an EPC rating of E 104.
PROPOSAL
We are instructed to seek an offer of £5,000,000 (Five Million Pounds), subject to contract and exclusive of VAT for the freehold interest. A purchase at this level reflects a capital value of circa £562 per square foot.
CONTACT
For further information or to arrange a viewing please contact the joint sole selling agents:
FAREBROTHER MCS 27 Bream’s Buildings 95 Jermyn Street London London EC4A 1DZ SW1Y 6JE
JAMES FROST GRAHAM MARSDEN or IAIN MALCOLM Direct Line: 0207 855 3536 Direct Line: 07768602602 or 07973518567 Email: [email protected] Email: [email protected] Or: [email protected]
Misrepresentation Act 1967 IMPORTANT: These particulars do not constitute either the whole or any part of an invitation, offer or contract in relation to the property described in the particulars. Neither Farebrother, nor its Directors, employees and agents, have authority to make or give any representation or warranty, express or implied, on behalf of any party in relation to the property. Whilst the particulars are given in good faith, intending purchasers or tenants must satisfy themselves independently as to the accuracy of all matters on which they intend to rely. All negotiations are subject to contract. September 2014
SUBJECT TO CONTRACT 5-7 IRELAND YARD, LONDON EC4
LOCATION
SUBJECT TO CONTRACT 5-7 IRELAND YARD, LONDON EC4
SITE PLAN
For Indicative Purposes Only
SUBJECT TO CONTRACT