Farringdon Road

FARRINGDON ROAD

LONDON EC1

MULTI-LET FREEHOLD INVESTMENT FOR SALE

OPPOSITE FARRINGDON STATION 55 FARRINGDON ROAD LONDON EC1

INVESTMENT SUMMARY

Prime location sitting adjacent to Farringdon Station in the heart of Clerkenwell.

The building provides 4,716 Ft2 (NIA) of superb warehouse style office accommodation arranged over lower ground to 4th floors.

The building is multi let to 6 tenants and produces a reversionary passing rent of £166,263 (£35.26 per Ft2).

Seeking offers in excess of £3.85 million for the freehold interest.

This provides a low capital value of £816.37 per Ft2 (NIA) and a net initial yield of 4.08% assuming purchasers costs of 5.8%.

1 55 FARRINGDON ROAD LONDON EC1

CHANCERY BARBICAN ST PAUL’S FARRINGDON LANE STATION CLERKENWELL SMITHFIELD STATION STATION GREEN MARKET STATION

55 2 55 FARRINGDON ROAD LONDON EC1 ANGEL KING’S CROSS S ST. PANCRAS H PENTONVILLE ROAD PENTONVILLE ROAD E P H ER D

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Clerkenwell is one of London’s most sought after locations

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and is a favoured destination for companies in the creative,

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D N technology and fashion industries. Local occupiers include OL

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Ben Sherman, Kurt Geiger, Agent Provocateur, Alexander T G ITEC

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Y’S CLERKENWELL V W R A McQueen, Airbnb and WPP. GREEN O

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ALDERSGA OUTHAM 55 Farringdon Road is situated at the west side of

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Farringdon Road between the junctions of St Cross Street LL E STRE W P N T KE ER O L C

N E EET to the north and Greville Street to the south. T R O R CHARTERHOUSE O ROSS ST N RO C W T T S FARRINGDON SQUARE E

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STRE H TTON A C E

D BE BALD’S RO BARBICAN GR O

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AY AR Transport links are excellent with Farringdon underground

T DE EE ’ S STR IN N LANE G KING T USE N EE O LO N TR RH KET BARBICAN station and National rail in very close proximity E S TE AR R ILL HAR M OA EV SW R C G D ELD of the building. AY SMITHFIELD FI SMITH MOOGATE ST GI MUSEUM OF WE LT LONDON SPUR STREET OLD BAILEY

HIGH HOLBORN HO L B O R N LONDON WALL

The underground at the newly refurbished Farringdon

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LANE station provides commuters with access to the Circle line, HOL BO C R H N VI Hammersmith and City line and Metropolitan line. The A NE AD NC A UC L T R E R TE CITY Thameslink provides direct access by rail, north and south Y LANE T E THAMESLINK F

EW to such towns as St Albans, Brighton and Wimbledon. Both N Gatwick and Luton Airport can also be reached in under an hour using the Thameslink service.

Crossrail is due for completion in 2018; when Farringdon will become London’s best serviced station.

3 55 FARRINGDON ROAD LONDON EC1

4 55 FARRINGDON ROAD LONDON EC1

THE BUILDING

55 Farringdon Road is a converted warehouse style office building arranged over lower ground to fourth floors, served by a passenger lift. The building measures 4,700 Ft2 NIA (please check measurements with new ST measurements, GIA?).

The building provides column free open plan floor plates all with self-contained WC’s and air conditioning. The upper floors benefit from excellent natural daylight and superb ceiling height. An external balcony on the first floor provides tenants with the added amenity of outdoor space.

5 55 FARRINGDON ROAD LONDON EC1

6 55 FARRINGDON ROAD LONDON EC1

SPECIFICATION

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7 55 FARRINGDON ROAD LONDON EC1

FLOOR Lower Ground Ground First PLANS 950 Ft2 / 88.2 M 2 938 Ft2 / 87.1 M 2 714 Ft2 / 66.3 M 2

Floor M2 Ft2 Fourth 65.0 700 Third 65.0 700 Second 66.3 714 First 66.3 714 Ground 87.1 938 Lower Ground 88.2 950 Total 437.9 4,716

Plans are for indicative purposes only (not to scale). Farringdon Road Farringdon Road

8 55 FARRINGDON ROAD LONDON EC1

FLOOR Second Third Fourth PLANS 714 Ft2 / 66.3 M 2 700 Ft2 / 65.0 M 2 700 Ft2 / 65.0 M 2

Floor M2 Ft2 Fourth 65.0 700 Third 65.0 700 Second 66.3 714 First 66.3 714 Ground 87.1 938 Lower Ground 88.2 950 Total 437.9 4,716

Farringdon Road Farringdon Road Farringdon Road

Plans are for indicative purposes only (not to scale).

9 55 FARRINGDON ROAD LONDON EC1

MARKET COMMENTARY

CAPITAL TRANSACTIONS Continued low government bond yields combined with a historically low base rate has created a shortage of supply in 65 CLERKENWELL ROAD, EC1 20-25 GLASSHOUSE YARD, EC1 the Central London real estate market. This in turn has led to a 2 2 consensus forecast of strong rental growth and attracted a Size: ?,??? Ft Size: 10,042 Ft Price: £12.175 million (£960.02 psf) Price: £5.475 million (£802.67 psf) plethora of hungry investors in the market place. Tenure: Freehold Tenure: Freehold NIY: 3.9% NIY: 1.43% Looking back towards Q2 2015 the City investment market attracted in the region of £3bn of asset purchases, significantly outperforming the long-term average of £1.8bn.

Prime yields around the core of The City are benchmarking c4.25%, with competing returns in the City Fringe achieving c4.75%.

Correspondingly, West End prime yields have held steadfast at a staggeringly low 3.75%. There is a general consensus that whilst these yields appear low versus past trends, comparatively real estate is still outperforming other traditional investment asset classes such as bonds, treasuries and equities. WREN HOUSE, 43 HATTON GARDEN, EC1 80 CLERKENWELL ROAD, EC1

2 2 Please see a selection of investment transactions Size: 15,491 Ft Size: 10,850 Ft Price: £14,500,000 (£936 /Ft2) Price: £8,500,000 (£783.41 /Ft2) mentioned adjacent: Tenure: Freehold Tenure: Freehold NIY: 4.19% NIY: 3.01%

10 55 FARRINGDON ROAD LONDON EC1

MARKET COMMENTARY

OCCUPATIONAL Clerkenwell, Farringdon and Barbican have a rich diversity of office space, the location is very active at present which is heavily driven by the upsurge in interest from TMT sector LECTOR COURT, 109-111 FARRINGDON ROAD, EC1 151-153 FARRINGDON ROAD, EC1 companies relocating to the area. 1st Floor 2 1st Floor Size 3,177 Ft Size: 2,500 Ft2 Rent £66.00 /Ft2 There is currently a shortage of office accommodation in the Rent: £65.00 /Ft2 area which is driving rents and reducing tenant incentives. The local leasing market is expected to further improve with a number of large high quality local developments being carried out and the arrival of Crossrail in 2018.

Please see a selection of leasing transactions mentioned adjacent:

36-38 HATTON GARDEN, EC1 COMPTON COURTYARD, 40 COMPTON STREET, EC1 5th Floor Size: 1,800 Ft2 1st Floor Rent: £70.00 /Ft2 Size: 2,099 Ft2 Rent: £63.00 /Ft2

11 55 FARRINGDON ROAD LONDON EC1

TENANCY SCHEDULE

Ft2 Planning Floor Tenant Rent / A Rent / Ft2 Lease Start Break Lease End Approx Use

Fourth 700 B1 ABTT £26,500.00 £37.85 11/10/14 None 11/10/19

Anderson Green Third 700 B1 £25,900.00 £37.00 02/01/14 Mutual Break Option on the 3rd year 02/01/19 Limited

Pendomer Mutual Break Option on the 3rd year Second 714 B1 £30,500.00 £42.71 24/06/14 24/06/19 Communications LLP (this has been operated)

First 714 B1 Hunter Jameson £38,913.00 £54.50 17/07/15 Mutual Break Option on the 3rd year 17/07/20

Management and Ground 938 B1 £30,000.00 £31.98 28/08/14 Mutual Break Option on the 5th year 28/08/24 Constructions Limited

Lower Ground 950 B1 M&M Electrical Limited £14,450.00 £14.89 24/06/13 None 24/06/18

Total 4,716 £166,263.00

12 FURTHER INFORMATION

PLANNING USE Richard Silver 020 7871 7423 B1 office space. [email protected]

Ricky Blair LOCAL AUTHORITY 020 7871 7420 The property is located within The London Borough [email protected]

FARRINGDON ROAD of Camden.

LISTED STATUS 55 The building is not listed.

VAT Richard Susskind The property is elected for VAT and as such will be 020 7831 8311 [email protected] payable on the purchase price. Daniel Cohen 020 7831 8311 SALE PRICE [email protected] We are seeking offers in excess of £3.85 million which represents a net initial yield of 4.08%.

TENURE EPC Freehold. TBC.

Misrepresentation Act 1967: Hatton Real Estate and Richard Susskind & Company for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither Hatton Real Estate and Richard Susskind & Company nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 1989: Unless otherwise stated all prices and rents are quote exclusive of VAT. Property Misdescriptions Act 1991: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. November 2015

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