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For Sale - Office and Retail Building of Interest to Investors, Developers & Owner Occupiers

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For Sale - Office and Retail Building of Interest to Investors, Developers & Owner Occupiers 69–89 MILE END ROAD, WHITECHAPEL, LONDON E1 FOR SALE - OFFICE AND RETAIL BUILDING OF INTEREST TO INVESTORS, DEVELOPERS & OWNER OCCUPIERS 98,684 FT² (9,168 M²) GIA KEY INVESTMENT CHARACTERISTICS _ Dept. W is a mixed use iconic building consisting of office and retail. It is situated in the heart of Whitechapel, comprising 98,684 ft² (9,168 m²) GIA arranged over basement, ground and three upper floors. _ Dept. W is a 1920’s art deco building, which formerly housed the famous Wickhams department store. _ Located 200 yards east of Whitechapel’s proposed Elizabeth Line station. Occupiers include Tesco, Sports Direct, Central Working, Foxcroft & Ginger and KANO Computing. _ The property is held by way of 4 Freehold and 6 Long Leasehold Interests. _ The site covers an area of 0.65 acres. _ Planning consent has been granted as of 31st March 2016 for a Buckley Gray Yeoman Architects designed scheme to improve the existing 1st and 2nd floor office accommodation and replace the existing 3rd floor with a new two storey extension. A new central core would serve the upper floors accessed from a new main entrance fronting Mile End Road. _ Current passing rent of £747,982.50 per annum. _ Vacant possession of the 1st to 3rd floors can be provided by February 2017. _ The planning permission extends the existing building to 127,775 ft² (11,871 m²) gross external area and 97,553 ft² (9,063 m²) net internal area of B1 on 1st to 4th floor with retail and leisure use (use class A1/A2/A3/A4/B1/D1/D2) on ground and lower ground. _ Offers in excess of £38,500,000, representing £390.00 ft² on the existing gross internal area. 01 DEPT. W 02 Royal London Whitechapel Cambridge Heath Rd Hospital Station Elizabeth Line Entrance 03 DEPT. W A RICH BUILDING HISTORY This iconic property was for the early part of the 20th Century occupied primarily by Wickhams Department Store, heralded as the “Harrods of the East End”. The building was designed to upstage Selfridges department store on Oxford Street, having a grand neo-classical colonnaded front but with a central tower and clock that Selfridges did not have. Mr Wickham’s store was a grand and glorious East End emporium heralded as the “Harrods of the East End”. His highly respected store was a celebrated part of the community for over 40 years. At the time that Mr Wickham was putting together his first design plan, a certain Mr Spiegelhalter had a thriving jewellery business along that particular stretch of the Mile End Rd. It’s not known why, but the jeweller, having initially agreed to re-locate, had a change of heart. The story goes that Mr Spiegelhalter was made an offer of ‘having the floor covered with sovereigns’ to move out. His response was, “only if they are stood on edge”. He then wasn’t in the mood to move until 1982 and the front of his shop still stands defiantly proud in the middle of the grand colonnade. 04 LOCATION Dept. W is located approximately 5 minutes walk east of the proposed Whitechapel Elizabeth Line station and approximately 7 minutes walk west of Stepney Green station. It’s situated in a prominent position on the north side of Mile End Road at its junction with Cleveland Way. This iconic building is located three miles to the east of the City of London within Tower Hamlets with a substantial frontage onto Mile End Road, which links East London and the City. The surrounding area is due to dramatically change with the opening of the Elizabeth Line in 2018. Further, Tower Hamlets recent consultation paper proposes c.£900M of redevelopment in the area over the next 15 years to revitalise Whitechapel Road with new offices, shops and homes funded by a mix of grants and private finance. Whitechapel Vision to provide: _ Elizabeth Line to open in 2018. _ 3,500 new homes by 2025. _ 5,000 new jobs. _ Civic redevelopment of the Old Royal London Hospital. _ Transforming Whitechapel Road into a destination shopping area for London. _ Creating 7 new public squares and open spaces. _ Creating a world class Life Science Campus at Queen Mary University London. 05 DEPT. W 06 LOCATION The area is undergoing a dramatic transformation and along with the excellent travel links has attracted occupiers from a wide range of sectors. The property is seven minutes walk to the west to the current Whitechapel station entrance (East London, District and Hammersmith & City lines) and Stepney Green station (District and Hammersmith & City lines). Bethnal Green station (Central line) to the north is less than a 10 minute walk away. Bethnal G reen Road The new Elizabeth Line station will connect Whitechapel to Canary Wharf and Heathrow via Central London. C Bethnal a W m Green i l b m G C i r o o l d o t r S g f b i S t e e e r c l e d e H R e Amenities p S t o e t t r r a a e Weavers e d t e R h t 01 o Fields R a 40 Winks Hotel d o a Bethnal Green d 02 Genesis Cinema Gardens 03 06 T Chicken Shop hre e C Currys PC World olts Lan e 04 07 Bethnal t Dirty Burger ree t Halfords igh S dle a M H Green alcolm Place 05 C 08 udw CrossFit London ort d h St 05 a r Mile End Retail Park eet Ro d t a f tus Ro o an M cr n a B 09 B ar n Sainsbury’s s l e y St C re e t l o l ue i n g n ve Transport lines A rt e w b e l o C G o o St l d o eet r Bartholmew b St S am ngh e t London Underground assi r M Gardens e et R e e r St s o t a H h d C ep e e a a ph C London Overground d a as l Str d a ee B m t Ro r S t a r e h e d t t Elizabeth Line y a Central e C S t C H l e r e e e v 09 National Rail e p e g C l h t District d a i o r n a o D b d s ar p l A in m W g e R a 06 v Hammersmith & City o r n a e w C s y 07 Elizabeth C treet u S l 08 d e rwar o 07 DEPT. W Du Line s e Stepney Whitechapel 03 Green 04 Edward Passag e Road 02 01 Whitechapel Road Mile End Road C Royal London a v Hospital e l l H w i Ro S S n e a Rav A t d n d e n r lina e G n rov e i e e b t y a S l R S t R t r e e e d o ma p e a n n t Li s R d S ndley o t e Str ad e y eet p G n r e e y e n G J a r e Smi m t e a hy n St i re c e a t S te S p t n r e e y e W ay t Stepney Green Park ELIZABETH LINE As the City moves east, Whitechapel is set Elizabeth Line times from to become one of the most connected places Whitechapel (in mins) in the capital by public transport, with a significant rail and tube interchange at Whitechapel station. 03 The Elizabeth Line will run 118 km from Maidenhead and Heathrow in CANARY WHARF the west, through new twin-bore 21km tunnels under central London to Shenfield and Abbey Wood in the east. It will bring an additional 1.5 million people within 45 minutes commuting distance of London’s key business districts. Around 200 million passengers will travel on the Elizabeth Line 05 each year and the route will provide a 10% increase to rail capacity STRATFORD in the capital. The new Whitechapel Elizabeth Line station will use the existing Whitechapel Road entrance to the London Underground and London Overground station, with a new separate entrance onto Cambridge Heath Road providing access to all lines and within a 07 5 minutes walk (350 yards) of Dept W. CITY AIRPORT The Elizabeth Line platforms will be in deep tunnels to the north of the existing station but they will all share a concourse, ticket hall, gateline and station operations room, leading to a fully integrated station that Top: New over-station development from Durward Street. Above left: New concourse. provides an easy step-free interchange between the Elizabeth Line, Above right: New secondary Elizabeth Line entrance at Cambridge Heath Road. Hammersmith and City, District and Overground lines. Stratford 10 5 mins BOND STREET Reading Heathrow Bond Street Farringdon 63 mins 38 mins 10 mins 5 mins WHITECHAPEL Slough Paddington Tottenham Liverpool 41 mins 13 mins Court Road Street 38 7 mins 2 mins Canary Wharf HEATHROW 3 mins AIRPORT 08 WHITECHAPEL DEVELOPMENT 5,000 Whitechapel has a rich history often characterised by extremes of social conditions in the times of Victorian London. NEW JOBS Notoriety Whitechapel was at the centre of national attention during the tragic murders committed by Jack the Ripper, the Siege of Sidney Street by Winston Churchill and the Second World War bombing of the East End.
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