Hamilton House
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1 HAMILTON HOUSE Header Copy HAMILTON HOUSE 1 TEMPLE AVENUE LONDON EC4 CITY OF LONDON BUSINESS CENTRE INVESTMENT AND POTENTIAL REFURBISHMENT OPPORTUNITY HAMILTON HOUSE 2 3 HAMILTON HOUSE Header Header Copy CONTENTS Investment Summary 5 Location 8 Local Occupiers 10 Transport & Communications 14 Tideway 16 The Property - History 18 The Property - Description 19 Accommodation 20 Floor Plans 22 The Hamilton House Business Centre 24 Active Management Potential 26 Headlease Summary 30 Tenure 31 Additional Information 31 Proposal 34 Contacts 34 HAMILTON HOUSE 4 5 HAMILTON HOUSE Header INVESTMENT SUMMARY CITY OF LONDON BUSINESS CENTRE INVESTMENT AND POTENTIAL REFURBISHMENT OPPORTUNITY Located in a prime Central London location, Hamilton House is operated as a Business Centre by the Freeholder, the City of London Corporation. Prominently situated on the north side of Victoria Embankment and served by Temple and Blackfriars Underground Station and City Thameslink. Grade II Listed building providing office and ancillary accommodation comprising approximately 29,349 sq ft (2,726.80 sq m) arranged over basement, lower ground, ground and five upper floors. A new 150 year lease, subject to a gearing of 7.5% of Rack Rental Value will be granted by the Freeholder. The Lease will be subject to an initial ground rent of £50,000 per annum for the first 5 years, with five yearly reviews thereafter. The Business Centre (www.hamilton-house.co.uk) currently produces a gross income of approximately £1,237,179 per annum, and a net income of approximately £532,174 per annum. The current occupancy rate is approximately 96%. There are currently approximately 76 licences held by 41 occupiers, the majority of which are quarterly. Outstanding asset management opportunities to enhance value either through upgrading the existing Business Centre operation or carrying out a comprehensive office refurbishment, subject to obtaining necessary consents. We are instructed to seek offers in excess of £15,500,000 (Fifteen Million Five Hundred Thousand Pounds) in respect of a new 150 year lease, subject to a gearing of 7.5% of Rack Rental Value, subject to contract and exclusive of VAT. Assuming acquisition costs of 6.73%, a purchase at this level reflects a low capital value of £528 per sq ft. Smithfield Barbican St Paul’s City Tower Blackfriars Canary Tate One Blackfriars Market Centre Cathedral Cluster Station Wharf Modern The Shard HAMILTON HOUSE Temple Gardens New Street Old OXO Square Bailey Sea Containers House Tower HAMILTON HOUSE 8 9 HAMILTON HOUSE LOCATION HAMILTON HOUSE IS LOCATED IN THE HEART OF CENTRAL LONDON, WHERE THE CITY CONNECTS WITH MIDTOWN AND THE CAPITAL’S FINANCIAL, LEGAL AND PROFESSIONAL WORLDS MEET Copy Hamilton House occupies a highly prominent position on the northern Due to its proximity to the Royal Courts of Justice, the Central Criminal side of Victoria Embankment at its junction with Temple Avenue. Victoria Court, the Commercial Courts and the four Inns of Court, the area has Embankment forms a key route linking the City of London to Midtown traditionally attracted numerous legal occupiers which today include and thereafter the West End. Baker and McKenzie, Freshfields and Taylor Wessing. Located in one of the most exciting sub-markets in Central London, The area continues to witness increased demand from a number of the surrounding area continues to attract global occupiers including the world’s leading Professional, Banking services and more recently Amazon, Bank of America Merrill Lynch and Goldman Sachs. Technology and Media companies. This demand is further supported by the proximity to Paternoster Square and One New Change, which offer a wide range of retail and leisure operators including Corney & Barrow, Paternoster Chop House, Hugo Boss, Reiss and Jamie Oliver’s Barbecoa. EUSTON OLD STREET OCCUPIERS GRE A T EASTERN EET RESTAURANTS FARRINGDON ROA R STREET WOBURN OLD ST L EISURE & CITY ROA PLAC HAMILTON HOUSE 10 11 HAMILTON HOUSE E D SHOREDITCH D HIGH STREET RUSSELL CO SQUARE ROAD CLERKENWELL MM E R CI A L STREET LOCAL SOUTHAMPTON R Header 23 21 GRAY’S INN ROA 11 OCCUPIERS FARRINGDON 19 THEOBALD’S ROAD H FARRINGDON ROAD A CULTURE GOODGE ALDERSGATE STREET OW T STREET T BARBICAN O T 22 EE N R ST G SE A OCCUPIERS D OU R RH D TE AR E CH N LD 20 FIE 1 British American Tobacco 14 Goldman Sachs 4 ITH T SM ES W 2 Bupa 15 PWC 24 MOORGATE 3 LSE 16 Tate & Lyle HOLBORN LOOMSBURY WAY 4 Mitsubishi 17 ACCA B HIGH HOLBORN 5 Copy CHANCERY LONDON WALL LIVERPOOL 5 Sainsbury’s 18 Law Society LANE STREET HOLBORN 14 6 Shell 19 Mediacom C HOLBORN BISHOPSGATE 9 H LANE 7 A FARRINGD 7 Google 20 Reed N 12 VIADUCT 15 C HOLBORN E 8 Jones Day 21 Warner Bros 13 R 13 LINCOLN’S INN Y HIGH FIELDS L 9 Mishcon De Reya 22 Webber Shandwick A FETTER N ON STREE MOORGATE TOTTENHAM E 10 Coutts 23 CCW OXFORD STREET COURT ROAD 12 11 Aecom 24 WSP CHARING CROSS ROAD 18 GRESHAM STREET KINGSWAY 12 Deloitte 25 Covington & Burling 14 T 3 13 Fladgates OXFORD ST PAUL’S STREET CIRCUS 10 FLEET STREET 16 17 THREADNEEDLE 4 25 8 BOND STREET 11 8 1 5 6 16 CITY 5 THAMESLINK MARBLE ARCH 3 CH BANK RESTAURANTS LEISURE & WY L D T A K CULTURE ING COVENT 7 REE GARDEN 11 6 CANNON STREET WILL 1 Roka 1 National Gallery 3 1 IAM 2 The Savoy 2 OXO Tower 9 QUEEN VICTORIA STR EET CHURCH ST MIDDLE TEMPLE S 3 STK 3 Theatre Royal STRAND TREE E GARDENS MANSION 7 HOUSE AC 4 L’atelier 4 Tate Modern T GR UPPER THAMES STREET 5 The Ivy 5 Aldwych Theatre 10 LEICESTER VICTORIA EMBANKMENT CANNON BLACKFRIARS 6 Radio Rooftop Bar 6 Royal Opera House SQUARE 2 TEMPLE STREET 7 Balthazar 7 Somerset House 2 MONUMENT 8 The Delauney 8 Royal Festival Hall HAMILTON 9 Clos Maggiore 9 National Theatre PICCADILLY 17 HOUSE CIRCUS LOWER THAMES STREE 10 Rules 10 Royal Courts Of Justice REGENT STREET 6 WATERLOO BRIDGE 11 Hawksmoor 11 Trafalgar Square 10 T 1 STRAND 12 Coopers 11 4 13 Fields Bar & Kitchen 2 IDGE SOUTHWARK BRIDGE 14 Mirror Bar And Holborn CHARING Dining Room 9 CROSS NDON BR 15 Chicken Shop & LO Hubbard And Bell 8 at The Hoxton 15 16 LutyensGREEN PARK EMBANKMENT 17 El Vino LONDON BRIDGE SOUTHWARK WATERLOO WATERLOO EAST HYDE PARK CORNER KNIGHTSBRIDGE BOROUGH HAMILTON HOUSE 12 13 HAMILTON HOUSE HAMILTON HOUSE 14 15 HAMILTON HOUSE EUSTON TRANSPORT CROSSRAILOLD STREET GRE A & COMMUNICATIONS T EASTERN FARRINGDON ROAD STREET WOBURN OLD STREET CITY PLAC HAMILTON HOUSE IS IDEALLY LOCATED TO BENEFIT FROM LONDON’S THE ELIZABETH LINE WILL INCREASE LONDON’S RAIL CAPACITY BY MORE THAN ROAD E EFFICIENT AND RAPIDLY EXPANDING PUBLIC TRANSPORT NETWORK 10% AND WILL SERVICE AN ESTIMATED 200 MILLION PASSENGERSSHOREDIT EACHCH YEAR. HIGH STREET RUSSELL SQUARE COMME Hamilton House benefits from excellent transport infrastructure, beingROA situatedD in close proximity to a number of Mainline Rail and London The opening of Crossrail will transform connections across Central CLERKENWELL Underground stations. These stations include: London. Hamilton House is in an excellent position to benefit RCIA significantly from this, located a short walk away from the main Crossrail entrance at Farringdon station. L STR SOUT E Due for completion in 2018, Crossrail at Farringdon will become E T HAM one of Britain’s busiest train stations and will be a key link in bringing GRAY’S INN ROA PTON ROW passengers from outer London to the business hubs in the City and THEOBALD’S ROAD H FARRINGDON ROAD Canary Wharf as well as providing access to the Underground, Mainline A GOODGE FARRINGDON ALDERSGATE STREET T and City Thameslink services. STREET T BARBICAN O T EE N R ST Travel times across Central London from Farringdon Crossrail station are G SE A D OU expected as follows: R RH D TE AR E CH N LD FIE ITH T SM ES W URY WAY MOORGATE B HOLBORN LOOMS B HIGH HOLBORN CHANCERY LONDON WALL LIVERPOOL STANSTED LANE E STREET HOLBORN HOLBORN VI MAIDENHEAD PADDINGTON TOTTENHAM LIVERPOOLBISHOPSGATE STRATFORD LAN FARRINGDON E COURT ROAD STREET C ADUCT H HOLBORN A N HIGH C E R FETTER Y TOTTENHAM S MOORGAT 57 45 32 8 4 2 2 8 10 43 L E OXFORD STREET COURT ROAD A L STREE I N E M CHARING CROSS ROA 7 GRESHAM STREET . T READING HEATHROW BOND STREET FARRINGDON CANARY SHENFIELD 0 AIRPORT WHARF KINGSWAY OXFORD 0 LUTON . ST PAUL’S TREET 5 GATWICK CIRCUS M FLEET STREET THREADNEEDLE S I L BOND STREET E CITY S THAMESLINK S D E S L MARBLE ARCH CH I LE BANK WY I DESTINATION TRAVEL TIME DEPARTING FROM D M T L M INTERNATIONAL A .7 K .4 0 ING WI COVENT HAMILTON 0 GARDEN HOUSE CANNON STREET St Pancras International 8 minutes City Thameslink L LIAM ST D QUEEN VICTORIA STR The property benefits from excellent London City Airport 30 minutes St Paul’s Underground station STRAN EET international transport links with the following MANSION REET approximate journey times to London’s Gatwick AirportACECHURCH STREE 35 minutes Blackfriars station 0.3 MILES 0.3 MIL ES HOUSE international transport terminals: GR UPPER THAMES STREET Heathrow Airport 40 minutes Chancery Lane Underground Station LEICESTER VICTORIA EMBANKMENT CANNON BLACKFRIARS SQUARE TEMPLE STREET Stansted Airport 50 minutes St Paul’s Underground Station MONUMENT PICCADILLY CIRCUS LOWER THAMES STREET REGENT STREE WATERLOO BRIDGE D STRAN T SOUTHWARK BRIDGE CHARING CROSS NDON BRIDGE LO GREEN PARK EMBANKMENT LONDON BRIDGE SOUTHWARK WATERLOO WATERLOO EAST HYDE PARK CORNER KNIGHTSBRIDGE BOROUGH HAMILTON HOUSE 16 17 HAMILTON HOUSE TIDEWAY: BLACKFRIARS BRIDGE FORESHORE The Blackfriars Bridge Foreshore site is located close to Hamilton House, As part of the Thames Tideway Project, the Blackfriars Bridge Foreshore on the north bank of the river Thames to the west of Blackfriars Bridge.