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Home , Angel tube station, Barnsbury, City Road, Clerkenwell, Hoxton, Islington

158 •160 ROAD KING’S CROSS N1

RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS 158•160 KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

CGI of proposed scheme

• Freehold. • Exceptional opportunity to acquire a consented office led development scheme. • Vacant Possession possible on six months' notice. • Situated on Pentonville Road, within 500m of the eastern fringe of the King's Cross regeneration scheme. • King's Cross is London's largest single regeneration site totalling 69 acres of mixed-use redevelopment. • Prime King's Cross rents have reached in excess of £85 per sq ft, and notable tenants include Google, Facebook, Sony Music and Universal Music. • Planning Permission granted for demolition of the existing and creation of a new build office development that increases the gross floor area to 12,873 sq ft (1,195 sq m). Offers are sought in excess of£4,000,000 (Four Million Pounds), subject to contract and exclusive of VAT. This reflects£310 per sq ft on the consented gross areas. 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

EUSTON ST PANCRAS INTERNATIONAL KING’S CROSS

THE FRANCIS CRICK INSTITUTE

UNIVERSITY OF ARTS LONDON

UNIVERSAL MUSIC

HAVAS MEDIA SONY MUSIC UK (2021)

FACEBOOK (2021) LOUIS VUITTON

COAL DROPS YARD GUARDIAN MEDIA GROUP GOOGLE HQ

GREAT NORTHERN HOTEL

VEVO UK THE STANDARD HOTEL CALEDONIAN ROAD

ST PANCRAS RENAISSANCE MIDLAND HOTEL VEOLIA NIDO STUDENT ACCOMMODATION IQVIA

GRAY’S INN ROAD

KING’S CROSS ROAD

PENTONVILLE ROAD

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For illustrative purposes only. St Mary Magdalene Garden West & 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 Caledonian RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS Park

Chalk Farm CALEDONIAN ROAD ƒ

CAMDEN TOWN

CAMDEN ROAD BARNSBURY ESSEX ROAD ISLINGTON LOCATION

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ET E R T D S R OA E R P N P MORNINGTON CRESCENT IA U ON D E L A C ST PANCRAS KINGS CROSS Regent’s ANGEL D LE ROA Park KING’S CROSS PENTONVIL KIN G’ S CR OSS

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P WARREN EUSTON LACE King’s Cross is bordered by the STREET SQUARE AD O ELL R W N West End and Covent Garden to KE R LE C

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BLOOMSBURY Y GREAT PORTLAND S

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O C RTLAND O U R T R O AD P GOODGE STREET L AC FARRINGDON E BARBICAN RN LIVERPOOL STREET OLB HIGH H HOLBORN CHANCERY LANE CITY OF T REE REET ST RD ST OXFO LONDON WIGMORE OXFORD CIRCUS COURT ROAD COVENT ST PAUL’S

TREET RD S BOND STREET OXFO GARDEN

R E BANK G E N T Covent Marble Arch S T R Garden EET BLACKFRIARS CANNON STREET MANSION Leicester HOUSE Square TEMPLE MONUMENT PICCADILLY CIRCUS

GREEN PARK EMBANKMENT SOUTH BANK 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

SITUATION

The property is situated on the north side of Pentonville Road in the London Borough of Islington just west of Pentonville’s junction with Cumming Street. The development is a 5 minute walk from King’s Cross St. Pancras underground and mainline stations and a 10 minute walk from , on the eastern fringe of the King's Cross regeneration scheme. The open space of Park is located adjacent to the property and the popular restaurant and fashion hub of Islington is just a short walk east of Pentonville Road. The immediate area is a mix of office, residential, retail and leisure with a diverse office occupier base ranging from media, design, technology and architectural occupiers. The extensive amenity at King’s Cross Quarter is situated a 10 minute walk north west and offers an abundance of restaurants and bars housed at Coal Drops Yard and Granary Square. The substantial development immediately to the west of the property is the KX200 Nido Student scheme, which comprises 560 student flats over 16 storeys. 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

CONNECTIVITY King’s Cross is arguably London’s best-connected location, renowned for housing two CONNECTIONS KENTISH TOWN • of the capital’s busiest national railway stations, London King’s Cross and St. Pancras 7 mins International, which combined transport nearly 70 million passengers annually.

EUSTON •• 1 min

KING’S CROSS/ST PANCRAS ••••••

ANGEL • 2 mins •• OXFORD CIRCUS OLD STREET • 4 mins 4 mins

COVENT GARDEN 5 mins MOORGATE •••• 6 mins

••• VICTORIA PICCADILLY CIRCUS • BANK •••• 8 mins 8 mins 8 mins

LIVERPOOL STREET LONDON BRIDGE •• 10 mins •••• 10 mins

KNIGHTSBRIDGE 13 mins

London’s King’s Cross and St. Pancras International The King’s Cross St Pancras transport hub serves six stations offer UK mainland and international railway London Underground lines (Circle, & City, services via National Rail and Eurostar. Euston railway Metropolitan, Northern, Piccadilly and Victoria lines), station is also a short walk, providing easy reach to the which is more lines than any other station on the network. UK’s major cities.

There are excellent bicycle provisions in the area is under a mile (a 15 minute walk) with six Santander docking stations within a 10 from the property. In late 2020 Farringdon will minute walk of the property, including one next complete and is set to become Britain’s busiest train door to the property at Calshot Street. station, dealing with more than 140 trains every hour offering accessibility to 25% of ’s population in 45 minutes.

BRUSSELS PARIS ROTTERDAM AMSTERDAM 2h 01 mins 2h 16 mins 3h 49 mins 4h 38 mins

Journey Times source: Tfl & Eurostar. 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

EXISTING PROPERTY The property currently comprises a two storey The property is currently let on a six retail building arranged over ground and month licence to the Rhythms of Life lower ground floors. There is open plan retail homeless charity. Notice to terminate accommodation on the ground floor and a this licence can be given at any time. warehouse space on the lower ground. There is a rear loading yard accessed from Cumming TENURE Street. We understand the building currently measures approximately 2,540 sq ft.(1) Freehold.

1Measurements have been provided by the vendor. Allsop LLP have not been able to fully measure or inspect the property. The areas outlined here are approximations and Allsop LLP take no liability for inaccuracies. 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

CGI OF PROPOSED SCHEME VIEW FROM WEST - PENTONVILLE ROAD

PROPOSED ACCOMMODATION THE SCHEME ELEVATION

Proposed Floor Proposed Proposed NIA* NIA* The consented redevelopment demolishes the GIA Sq M GIA Sq Ft Sq M Sq Ft existing building and replaces it with a five storey office building arranged over lower ground, ground and three upper floors. The development helps to Third 180 1,938 152 1,636 deliver much needed new functional office space within the London Central Activities Zone (‘CAZ’). Second 227 2,443 192 2,067 The building will be arranged as two blocks comprising flexible office space that will pick up First 227 2,443 192 2,067 the front and rear building lines of the adjacent developments to the west of Pentonville Road and Ground 301 3,240 222 2,390 Cumming Street to the rear. There is a central link block that enables single core development and Lower Ground 261 2,809 215 2,314 helps maximise light and the use of light wells in the development. Total 1,196 12,873 973 10,474 60 sqm of the proposal is allocated for affordable workspace, offered at a peppercorn rate for 20 years. PLANNING Further in-depth detail of the development can be on the data room. The site sits within the London Borough of Islington. Islington Council Website: https://planning.islington.gov.uk/ Full Planning Permission has been granted for Application Number: P2019/2290/FUL. There has been a delay in the council updating the *NB net internal areas scaled from plan and subject to formal For identification purposes only. planning portal however, the decision notice is available in the data room. verification. Allsop LLP take no liability for inaccuracies. 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

PROPOSED FLOORPLANS

LOWER GROUND FLOOR GROUND FLOOR FIRST & SECOND FLOORS THIRD FLOOR

FULL PLANNING CONSENT 5 STOREY OFFICE DEVELOPMENT 12,873 SQ FT GIA 16 CYCLE SPACES FLEXIBLE OFFICE SPACE

For identification purposes only. 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

KING’S CROSS REGENERATION

King’s Cross, a 67-acres district of British history in central London that following World War Two was left forgotten and unloved, has now become one of London’s most recently regenerated areas and is today a sought after office and residential location within the capital. The area has undergone extensive development since the mid-1990s with more than £3 billion invested to create an exemplar mixed-used scheme that is recognised globally. Upcoming is the City Quarter scheme that comprises 50 new buildings, 1,900 new homes, 20 new streets, 10 new public parks and squares, 500,000 sq ft of restaurant and retail space and 26 acres of open space, which will complete in 2022. The regeneration has also transformed the once overlooked office market in King’s Cross. There is now 3.5 million sq ft of workspace in the district, all benefiting from acces to one of the best-connected transport hubs in London. The buildings have been designed to lead the way in workplace design and performance, and have attracted numerous global occupiers and start-ups. From 2021 King’s Cross will be home to Sony Music UK, relocating its HQ from Kensington, who will be joining Vevo, Havas and Universal Music Group. Combined Sony and Universal were responsible for more than half the UK album sales in 2019, and their presence signifies that King’s Cross has also become a music hub. These music and media group sit alongside the tech giants of Google and Facebook. Google already has its HQ in King’s cross and is currently constructing a new 900,000 sq ft HQ designed by Thomas Heatherwick Other notable office occupiers include Nike, Guardian Media Group, Arcadis, and PRS for Music. The area also boasts a number of distinguished academic and cultural institutions, including St. Martin’s College campus and the University of Arts London, which have cemented the location’s reputation for being a art and cultural centre. Regeneration of 67 Acres: 5.4m sq ft of offices / 2.2m sq ft of residential and 1m sq ft of retail & leisure space 158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS

OFFICE LETTING MARKET INVESTMENT MARKET

The transformation of King’s Cross over the past decade has turned a once fringe office location into a global destination Central London’s real estate investment market saw circa £15Bn of transactions in 2019. London’s real estate for office occupiers. King’s Cross is recognised as a location with superb facilities, excellent transport links and high quality investment market throughout 2019 remained robust in a market environment of low interest rates and weakened building stock. Over 3.5 million sq ft of office space has been let to world renowned occupiers such as Universal Music, sterling. The market continues to be characterised by investor enthusiasm and a shortage of available investment Google, Nike, Facebook, Sony Music and Havas. product with many investors reluctant to sell in a tight market. The King’s Cross & Euston sub-market saw 813,000 sq ft of take-up in 2019, firmly establishing itself as London’s most King’s Cross is one of the top investment locations for investors, given the exceptional regeneration over the past active West End sub-market. The current vacancy rate stands at 3.7%, the second lowest in London. The office development 15 years, however availability of investment and development stock has been restricted. Completion of a new office pipeline also remains constrained across London with approximately 70% of schemes under construction already being scheme at 158-160 Pentonville Road would closely follow the opening of Crossrail, and occupation by Google and pre-let. Prime rents for King’s Cross currently stand at £85.00 per sq ft. Sony of their headquarters office buildings, which in turn attract other TMT occupiers to the area. Whilst record rental levels have been achieved in the N1C postcode, the immediately surrounding areas, including Pentonville Road, have benefitted hugely as a result of proximity to the Kings Cross Quarter hub.

Size Cap Val Address Floor Size (Sq ft) Tenant Rent Date Date Address Price NIY Purchaser Comments (Sq ft) £PSF The Lighthouse, The Diamond Trading Lighterman 1st 4,493 £72.50 Dec 2019 House, 297 Pentonville Road, N1 Company Dec 19 13,400 £13m 3.85% £925 Northill Multi-let offices 26 Wharfdale Road N1 Kings Gate, 1 Bravingtons Walk, N1 3rd 1,869 CCSUK Ltd £69.50 Dec 2019 1-6 Field Street 7 flats & offices/ Sep 19 & 14-16 Leeke 13,200 £9.25m 2.30% £700 UK Fund studio Street WC1 Kings Gate, 1 Bravingtons Walk, N1 1st 1,800 Undisclosed £69.50 Oct 2019 Co-op let to 2023 275 Gray’s Inn Jul 19 13,145 £9.35m Vacant £711 Bywater and vacant offices Bravington House, 296-298 Road WC1 2nd 2,945 Pure Gym £67.50 Jul 2019 to be refurbished Pentonville Road, N1 Unit 1, 150 Jan 19 Pentonville 8,459 £7.45m Vacant £881 Private Ground floor only 11-21 Northdown Street, N1 3rd 2,579 Gyroscope £68.50 Jun 2019 Road N1

1 Pancras Sq, N1 5th 7,072 The Office Group £85.00 Mar 2019

115-123 Pentonville Road, N1 2nd 4,542 Dataiku £100.00 Feb 2019

Kings Place, 90 York Way, N1 3rd 18,578 Astrazeneca £74.50 Dec 2018 VAT The property is VAT elected.

EPC EPC certificate available in the data room.

AML A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/PentonvilleRoad

PROPOSAL Offers sought in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. This reflects £310 per sq ft on the proposed gross areas.

For further information or to make arrangements for viewing please contact:

NATIONAL INVESTMENT WEST END Alex Butler Liam Stray Nick Pemberton Chloe Newton 020 7543 6722 020 7543 6769 020 7543 6775 020 7543 6886 07801 219 888 07956 981 575 07711 070131 07825 032284 [email protected] [email protected] [email protected] [email protected] allsop.co.uk

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertaKing’s and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.20