MONIER ROAD FISH ISLAND 79-85 E3

A NEWLY CONSTRUCTED OFFICE DEVELOPMENT OPPORTUNITY IN FISH ISLAND, HACKNEY INVESTMENT SUMMARY

— Newly developed modern 5 storey office building, offered in shell & core condition

— Potential for a range of alternative uses - including a mix of A1, A3, B1, D1 & D2 uses

— and Fish Island are undergoing significant transformation.

— Excellent transport links being one stop from (, Overground, Underground, DLR and Eurostar services)

— Prime grade A rents have increased significantly in the last five years, with prime Hackney office rents achieving £35 per sq. ft

— Significant amount of secondary accommodation has been removed from the market for residential conversion.

— 16,777 sq ft Gross Internal Area (less building core and riser) arranged over Ground to Fourth floors with an additional 2,000 sq ft roof terrace

— Available by way of a 999-year Virtual Freehold

— There are several large occupiers with upcoming lease expiries in City Fringe, and we expect the delivery of a flagship product in Hackney to result in high profile re-locations.

— We are instructed to seek offers in excess of £4,500,000 which reflects a low capital value of £294 per sq. ft

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 2 Y A W T S A E

C H A T S TON RD A12 W ER M O O R H Wick T H Woodland Lee Valley LOWER R Velopark CLAPTON O A D Mabley ST Green HIGH MERTON TE HO OU SS R RO T C L AS E KINGSLAND E Y T LOCATION HIGHBURY & ISLINGTON Y Here East O A STRATFORD TW N S A R HOMERTON E D

STRATFORD INTERNATIONAL The building is located within the Borough of Tower WICK RD Hamlets on Fish Island, immediately south of Hackney Wick. HACKNEY WICK Copper Earmarked by the 2012 London Olympics Committee as Box Arena D Westfield D R Stratford City LAN a regeneration area, Fish Island and Hackney Wick are ASS C HACKNEY QUEEN ELIZABETH WICK RD undergoing unprecedented levels of residential and commercial OLYMPIC PARK N R RD RD E MFO T RO development. The area is characterised by Victorian industrial STRATFORD S Stratford D A

E Centre R Well Street buildings, many now occupied by art, design and tech companies VICTORIA T Common K R A

PARK E A R

both in self-contained and cooperative workspaces. P FISH G A RI ISLAND London TO Aquatics Centre IC Queen Elizabeth Olympic Park, which is 200 meters to the east, is V

Europe’s largest new urban park. Having been built for the 2012 London A Stadium 1 STRATFORD London Olympic Games, the park is now used by the general 2 HIGH STREET public. With Victoria Park 500 metres to the west, Hackney Wick VICTORIA PARK also enjoys fantastic access to some of London’s best green VILLAGE T S spaces, sport and leisure activities and music festivals. The Green Way H IG G H R O V D PUDDING E R D R OR MILL D F LD O 79-85 Not to scale - for identification purposes only

RD HACKNEY WICK MASTERPLAN AN ROM Planning permission was granted on London Borough of Hackney and 13th March 2019 to the London Legacy London Borough of Tower Hamlets. Development Corporation (LLDC) and London Borough of Hackney for their The masterplan will transform the area joint masterplan for Hackney Wick around Hackney Wick Station which Central, near to Queen Elizabeth will become a thriving town centre, Olympic Park. supporting existing communities and a new development of up to 850 new The Hackney Wick Central masterplan homes, re-providing workspace, as will deliver a new neighborhood well as providing space for new retail, centre around Hackney Wick Station, restaurants, bars, and community which recently benefited from a £28m facilities. upgrade, funded by LLDC, GLA,

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 3 SITUATION

Hackney is a well-established office location that has grown a diversified occupier base in media, fashion & tech sectors. Major office occupiers include Burberry, Nike, BT Sport, UCL, Ford, Barratt London, and Signal Noise, as well as highly regarded food and beverage operators including Crate Brewery, Truman Brewery, Foreman & Sons, Cornerstone, and The Breakfast Club.

Many of the redundant buildings have been replaced with residential-led developments and there continued to be a growing residential community attracted by the vibrant local nightlife, proximity to Westfield Stratford and the areas enviable position between two of London’s most established parks.

Hackney benefits from a buoyant economy. Its close proximity to London is ensuring house price growth and continued improving market conditions.

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 4 THE CITY

MONIER ROAD FISH ISLAND 79-85 HACKNEY E3 VICTORIA PARK LONDON STADIUM

HACKNEY WICK

STRATFORD STATION (1KM)

WESTFIELD STRATFORD (800 METRES) HERE EAST For identification purposes only. Photo taken May 2019.

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 5 HACKNEY KEY OVERGROUND DALSTON DOWNS HACKNEY STRATFORD HIGHBURY & KINGSLAND CENTRAL INTERNATIONAL JUBILEE LINE CAMDEN ISLINGTON QUEEN ROAD HACKNEY ELIZABETH DALSTON WICK VICTORIA LINE HOMERTON OLYMPIC STRATFORD JUNCTION PARK CONNECTIVITY LONDON DLR FIELDS VICTORIA KING’S CROSS PARK WEST NATIONAL RAIL ST. PANCRAS HAM INTERNATIONAL ANGEL CROSSRAIL (2022) The site benefits from excellent transport links CAMBRIDGE offering easy access into . HEATH REGENT’S PARK BETHNAL — 150 metres south of Hackney Wick London EUSTON HIGH STREET GREEN Overground station, which is currently LIVERPOOL FARRINGDON STREET undergoing a £25 million upgrade. BOND OXFORD CIRCUS — Hackney Wick station is a stop on the East STREET TOTTENHAM CANNING SOHO COURT ROAD CITY OF TOWN London branch of the LONDON Line. Stratford Station is one stop to the east MAYFAIR for connections to the GREEN HYDE PARK LONDON CITY (Central and Jubilee lines), the DLR and PARK AIRPORT LONDON national and international rail services. CANARY — Stratford will also benefit from Crossrail which CANADA WHARF NORTH VICTORIA WATER GREENWICH is scheduled to open late 2020 providing access into the West End within 13 minutes. Not to scale - for identification purposes only — Hackney Wick station offers services to Hackney Central station in 5 minutes and Highbury and Islington station in 11 minutes, from where passengers can interchange FROM 79-85 MONIER ROAD FROM HACKNEY WICK STATION FROM STRATORD STATION FROM STRATORD STATION (2022) with the Victoria London Underground line and further London Overground services QUEEN ELIZABETH CANARY LIVERPOOL 4 mins 4 mins STRATFORD 9 mins 7 mins (Source:TFL). OLYMPIC PARK WHARF STREET

VICTORIA HACKNEY LIVERPOOL — 600 metres (0.4 miles) east of the A12 with 7 mins 5 mins 10 mins 10 mins FARRINGDON easy access to the national motorway network PARK CENTRAL STREET

via the M11 and M25. HACKNEY WICK HIGHBURY & CANADA TOTTENHAM 10 mins 13 mins 11 mins 13 mins STATION ISLINGTON WATER COURT ROAD — is approximately 6 HERE KING’S CROSS LONDON CITY BOND kilometres (4 miles) to the south east and 14 mins 21 mins 15 mins 15 mins is approximately 40 EAST ST PANCRAS AIRPORT STREET kilometres (25 miles) to the north. WESTFIELD OXFORD LONDON HEATHROW 17 mins 24 mins 17 mins 44 mins STRATFORD CITY CIRCUS BRIDGE AIRPORT

Sources: google.com/maps and crossrail.co.uk

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 6 DESCRIPTION

Designed by award-winning architects Hawkins Brown, 79-85 Monier Road is an imposing 5 storey modern building inspired by the industrial spaces that populate Fish Island & Hackney Wick. With new planning rules in place, and with the existing scope of uses available for the building, there is potential to create a range of other products.

The façade is brick built boasting floor to ceiling glazing with a minimum of three aspects throughout providing excellent natural light. The building has minimal pillars offering fully flexible accommodation for either an open plan or partitioned layout. There are superb slab to slab ceiling heights with 4m on the ground floor and over 3m on the upper floors.

The building is offered in shell condition with capped services providing an opportunity for a buyer to fit-out the building to their desired requirements. SITE AREA

The property is situated on a prominent corner site extending to approximately 0.08 acres (0.04 ha).

NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 7 ACCOMMODATION UPPER FLOOR PROPOSED LAYOUT

Floors GIA* NIA** Ground Floor 3,261 sq ft/302.9 sq m 2,423 sq ft/225.1 sq m First Floor 3,379 sq ft/313.9 sq m 3,223 sq ft/299.4 sq m Second Floor 3,379 sq ft/313.9 sq m 3,223 sq ft/299.4 sq m Third Floor 3,379 sq ft/313.9 sq m 3,223 sq ft/299.4 sq m Fourth Floor 3,379 sq ft/313.9 sq m 3,223 sq ft/299.4 sq m Total 16,777 sq ft/1,558.6 sq m 15,315 sq ft/1,422.7 sq m Rooftop Terrace 2,000 sq ft/185.8 sq m

* As built GIA measurement less building core and riser. ** Assumed NIA measurement excludes core, riser, circulation space and WC’s.

GROUND FLOOR PROPOSED LAYOUT ROOTOP TERRACE M o n

ier Potential Sun Room R oa d

Entrance

Courtyard

Not to scale - for identification purposes only Full plans available on request 79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 8 CGI

ASSET MANAGEMENT OPPORTUNITIES

OFFICES A RANGE OF OTHER USES PLANNING

The current building is considered to have a lawful B1a office use. With new Class E uses in mind from 01/09/2020 there is also In 2019 the Council granted planning permission (14/00374/FUL) With several large occupiers with upcoming lease expiries in City potential that the building could be used as one, or a combination for change of use to create a mixed-use facility comprising offices, Fringe, we expect the delivery of a flagship product in Hackney to of the following uses from 1st September without requiring planning dance studios, seminar and teaching spaces, and ancillary café / result in high profile re-locations. permission: retail space.

In a market that has seen a lack of grade A supply, grade A space — Retail If the 2019 is implemented and those uses become established, in Hackney Wick has been achieving £35 psf. — Food and drink then the limitations of that consent will need to be adhered too. — Offices There is also potential to split the building floor by floor to create — Research and development Savills planning can advise further on the implications of the new smaller floor plates. — Light industrial uses use classes and this consent. — Crèche — Indoor leisure and recreation uses.

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 9 HACKNEY OFFICE OCCUPATIONAL MARKET

Since 2011 less than 395,000 sq ft of space has been newly developed or refurbished across CURRENT MARKET DYNAMIC 30 properties. Therefore the supply pipeline of well specified accommodation is exceptionally constrained. Significant amount of secondary accommodation has been removed from the market for — Total office availability in Hackney totals 2.8m sq ft, with approx 723k sq. ft currently available in residential conversion. Hackney Wick Fish Island area.

Prime grade A rents have increased by 17% in the last five years due to falling levels of supply with — Vacancy rates have been below 10% for the past 5-years, setting the base for imminent rental strong occupier demand, although Hackney is still lagging surrounding centres such as , growth. Dalston, Stratford and Hoxton, where rents in refurbished buildings have achieved £45+ per sq ft. — The 5-year average take up in the wider submarket is c.600,000 sq. ft per year There are several large occupiers with upcoming lease expiries in the city fringe, and we expect the delivery of good quality product to result in some high-profile re-locations, especially in the wake of — Prime rents achieved of £35 per sq ft and secondary rents are between £25 and £30 per sq ft. Covid-19 lockdowns and social distancing; making offices located outside of busy city centres and within close proximity of employees homes increasingly desirable. — We expect average Hackney rents to achieve £40 per sq ft in the short term as supply continues to diminish.

— Wider Eastern Fringe, within which Hackney Wick and Fish Island regeneration area is a constituent, has a total asset value of c.£9.3bn, and an average rent of £34 per sq. ft.

RECENT LETTING COMPARABLES

Property Name Location Floors Tenant Area (sq ft) Rent (per sq ft) Term (Break) Date Stone Masons Yard Hackney Wick Ground and 1st Urchin Studios Ltd 4,635 £35.00 10 Q3 20 Bagel Factory Hackney Wick Ground HSSMI 4,383 £35.00 10 Q4 19 Bagel Factory Hackney Wick 1st Powster 6,689 £35.00 6 (3) Q3 19 Here East Olympic Park Ground LMA 30,220 £45.00 15 Q3 19 Press Centre Olympic Park 3rd APL Logistics 8,644 £46.50 10 (5) Q4 19 Building S9, Westfield Avenue Stratford 7th FNZ 10,579 £47.00 10 Q3 19 Building S5, Westfield Avenue Stratford 17th Nursing and Midwifery Council 21,588 £47.50 10 Q1 19 Building S9, Westfield Avenue Stratford 3rd - 6th Cancer Research 129,840 £45.00 10 Q4 18

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 10 HACKNEY DEMOGRAPHIC

The Hackney market is becoming increasingly popular for young professionals, with 18-35 year olds now making up 37% of the population.

An increasing number of buyers originate from . Good infrastructure links to London City mean that an increasing number of young professionals are relocating from London to Hackney and commuting into work or working locally.

The housing market in Hackney Wick has been traditionally strong, with a growth of 11% in average house prices between 2016 and 2020. The wider Hackney Borough has a large number of family sized homes and flats, as well as a growing range of new high-end residential led mixed-use developments.

Prime new build residential values in Hackney Wick have been in excess of £800 per sq. ft.

HACKNEY WICK LOCAL DEVELOPMENTS

Stone Studios (CGI) The Bagel Factory Stonemasons Yard Queens Yard (CGI)

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 11 HACKNEY OFFICE INVESTMENT MARKET

KEY COMPARABLE OFFICE INVESTMENT TRANSACTIONS INCLUDE THE FOLLOWING:

Property Date Location Area (sq ft) Sale Price Yield Term Certain (years) Price (per sq ft) Netil House, Westgate Street Dec 2019 54,598 £23.39m 2.94% TBC £428 1 Tramway Avenue Dec 2019 Stratford 14,424 £8.24m (part of portfolio) 4.45% 7.7 £571 9 Prescott Street Feb 2019 Whitechapel 109,058 £53.85m 4.55% 3.6 £494 SHORT INCOME/ DEVELOPMENT INVESTMENT TRANSACTIONS

Property Date Location Area (sq ft) Sale Price Yield Price (per sq ft) 6 Orsman Road Oct 2019 Haggerston 33,950 £31,750,000 VP £935 469 Road June 2019 Bethnal Green 10,014 £5,100,000 VP £509 34-38 Provost Street Dec 2019 Hoxton 11,306 £13,500,000 VP £1,194 16 Chart Street Dec 2018 Hoxton 11,487 £9,250,000 VP £805 3 Smeed Road Nov 2018 Fish Island 5,379 £5,080,000 VP £944

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 12 PROPERTY INFORMATION

EPC PROPOSAL

EPCs are available on request. We are instructed to seek offers in excess of £4,500,000 subject VAT to contract, which reflects:

The property is elected for VAT. — £268 per sq ft GIA — £294 per sq ft NIA

CONTACTS

Dean Marks Jon Cuthbert +44 (0) 20 7877 4546 +44 (0) 20 7614 0901 [email protected] [email protected]

James Emans Sean Crowhurst +44 (0) 20 7409 8132 +44 (0) 20 8509 4436 [email protected] [email protected]

Important Notice Savills, Strettons and their clients give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills and Strettons have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | August 2020

79-85 MONIER ROAD, FISH ISLAND, HACKNEY E3 2PS 13