Clerkenwell Road London Ec1 Multi-Let Freehold Investment for Sale
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CLERKENWELL ROAD LONDON EC1 MULTI-LET FREEHOLD INVESTMENT FOR SALE INVESTMENT HIGHLIGHTS • Freehold. • Prominently located, at the heart of Farringdon. • Excellent transport connectivity which will be further enhanced by the opening of the Elizabeth Line at the end of 2018. • A Ben Adams Architects designed warehouse style office redevelopment completed to an exceptional standard during 2017. • 8,954 Ft2 (831.9 M2) mixed use building. • Multi let to five tenants producing a total passing rent of £564,779 per annum, (£63.08 Ft2). • A weighted average unexpired lease term in the region of 7.07 years to lease expiries (approximately 4.16 years to break). • Offers are invited in excess of £9,975,000 (£1,114 /Ft²), subject to contract and exclusive of VAT. • A net initial yield of 5.31% (assuming acquisition costs of 6.69%). LOCATION 50 — 54 Clerkenwell Road is situated Clerkenwell Road and St John Street at the heart of Clerkenwell one of London’s have also become synonymous with most fashionable office districts. It benefits interior and furniture showrooms, drawing from a prominent position on the northern customers from across the UK seeking side of Clerkenwell Road approximately cutting edge designs for both commercial 100 metres to the east of its junction with and residential properties. St John Street. New trend setting restaurants such Enjoying a rich economic history as Granger & Co, Modern Pantry, Clerkenwell has blossomed in recent years Albion, Sosharu and Luca have opened attracting a diverse range of businesses as in Clerkenwell to satisfy the diverse well as becoming the centre of London’s workforce increasing the cosmopolitan world renowned Tech Belt and the hub for feel to the area. creative industry in Europe. Clerkenwell’s appeal will be further enhanced by the opening of the Elizabeth Line in 2018, which is expected to be the catalyst for further growth to this exciting office market. The areas unique blend of building stock and excellent transport connections has and continues to attract some of the world’s brightest and most exciting businesses. Office tenants such as Agent Provocateur, Alexander McQueen, Amazon.com, Adidas, Tesco Digitial, Kohler, Publicis Groupe and Zaha Hadid Architects have all chosen Clerkenwell as their home. CITY RD CITY RD AMWELL ST 37 LOVER ST AREA MAPBATH ST LEVER ST 10 YARDLEY ST RADNOR ST CENTRAL ST PERCIVAL ST SKINNER ST SEWARD ST FARRINGDON RD 46 SPAFIELD ST 26 EXMOUTH MARKET 18 OLD STREET PEAR TREE ST Food /Dining Leisure /Culture GOSWELL RD MALLOW ST 44 BATH ST ST JOHN ST COMPTON ST 1 Granger & Co. 26 Charterhouse Square BASKTWICK ST 2 HIX OysterOLD ST & Chop House 27 St James Church 3 The Modern Pantry 28 SmithfieldFEATHERSTONE ST Market SANS WALK GEE ST WOODBRIDGE ST DALLINGTON ST 4 Sosharu 29 Hoxton Gallery ST JAMES WALK 29 5 St. John 30 Frameless Gallery BREWHOUSE YARD BANNER ST SEKFORDE ST 19 WHITECROSS ST 40 NORTHBURGH ST BOWLING GREEN LN 6 Luca 31 Museum of the Order ofCITY RD Saint John GARRETT ST BERRY ST 20 7 Pho 32 The Old Sessions House 27 OLD ST PEAR TREE COURT 1 17 42 8 POLPO Smithfield 33 The Zetter Hotel AYLESBURY ST WARNER ST GREAT SUTTON ST 9 Byron 34 The Zetter Townhouse Clerkenwell 12 BALTIC ST ROSEBERY AVE 39 10 Palatino 35 Malmaison RAY ST 34 3 45 43 11 Burger & Lobster 36 The Rookery 16 22 GOLDEN LANE DUFFERIN ST 21 CLERKENWELL RD GOSWELL RD 12 Sushi Tetsu 37 Otium Health & Leisure CLERKENWELL GREEN ST JOHNS SQUARE ALBEMARLE WAY HERBAL HILL 32 33 41 30 13 Smiths of Smithfield 38 Fabric BACK HILL 23 15 14 VinotecaFORTUNE ST Farringdon CLERKENWELL RD 6 15 Brew Dog ST JOHN’S PI 31 ST JOHN ST 4 BRITTON ST 7 16 The Artisan Of Clerkenwell GRAY'S INN ROAD FARRINGDON RD FANN ST 17 The Slaughtered Lamb ShoppingST BATH FINSBURY SQUARE FINSBURY BRISET ST TURNMILL ST 18 The Peasant HATTON WALL 19 Look mum no hands! 39 Vitra ALBION PL 26 20 The Gibson 40 Koleksiyon 11 21 Benugo 41 The Fold EAGLE CT 35 BENJAMIN ST 22 J + A Cafe 42 Ocee Design ST CROSS ST 23 Anfa Cafe 43 Boss Design Group KIRBY ST 24 Bea’s of Bloomsbury Bakery 44 Knoll International 9 5 CARTHUSIAN ST HATTON GARDEN 36 8 14 LEATHER LANE 38 FARRINGDON COWCROSS ST BARBICAN 25 Dose 45 Duravit 2 GRAY'S INN ROAD 24 LINDSEY ST 38 FARRINGDON RD LONG LANE 13 GREVILLE ST 28 25 ALDERSGATE ST CHARTERHOUSE ST CHANCERY LANE MOORGATE HOLBORN CIRCUS WEST SMITHFIELD LONDON WALL EXCEPTIONAL CONNECTIVITY 50 — 54 Clerkenwell Road benefits from When the Elizabeth Line opens at the end exceptional transport connectivity. The of 2018, Farringdon will become one of the closest station being Farringdon where the UK’s busiest stations and will be within one Elizabeth Line (Crossrail), Europe’s largest hour commute for approximately a quarter infrastructure project is nearing completion. of the UK’s population. It will also be the It will connect and reduce journey times only interchange station for Underground, between London’s main business districts; Thameslink, National Rail and Elizabeth linking to Heathrow, Paddington, the West Line Services. End, the City, Canary Wharf and Stratford. Station Distance Walking Time Services Farringdon 450 metres 7 min Barbican 450 metres 7 min Old Street 900 metres 12 min Chancery Lane 1.1 kilometres 15 min Elizabeth Line (Crossrail) Stratford 10 mins Reading Heathrow Bond Street Whitechapel 57 mins 32 mins 4 mins 5 mins Farringdon Slough Paddington Tottenham Liverpool Street 36 mins 8 mins Court Road 2 mins 2 mins Canary Wharf 8 mins Farringdon station – view of proposed Long Lane station entrance from Lindsay Street. Image credit: Crossrail.co.uk WHO’S HERE LOCAL DEVELOPMENTS Herbal House, 10 Back Hill EC1 The Smithson, 6-9 Briset Street EC1 Farringdon West EC1 Farringdon East EC1 Completed Under Construction Under Construction Under Construction Developer Allied London & Aerium Developer Savills IM Developer HB Reavis Developer Helical Architect Buckley Gray Yeoman Architect Tate Hindle Architect John Robertson Architects Architect PLP Architecture Scheme 115,000 Ft2 mixed use Scheme 47,900 Ft2 of Grade A office Scheme 207,000 Ft2 of Grade A offices Scheme 75,000 Ft2 of Grade A offices development comprising accommodation and retail, 25,000 Ft2 of retail and retail accommodation offices, retail and residential and restaurant Completion Q1 2018 Completion Q2 2018 Completion Q4 2019 Completion Q2 2019 Charterhouse Place EC1 The Ray, 119 Farringdon Road EC1 The Bower, Old Street EC1 Spectrum, 160 Old Street EC1 Planning Submitted Under Construction Under construction Under construction Developer TH Real Estate Developer Viridis Real Estate Developer Helical Developer Great Portland Estates Architect Lifschutz Davidson Sandilands Architect Allford Hall Monaghan Morris Architect Allford Hall Monaghan Morris Architect Orms Scheme 165,000 Ft2 of Grade A offices Scheme 100,000 Ft2 development Scheme 171,000 Ft2 (Phase II, The Tower) Scheme 153,000 Ft2 of Grade A and 30,000 Ft2 of retail including 90,000 Ft2 of Grade A office accommodation, office accommodation of Grade A offices plus two restaurant units Completion Q2 2021 Completion Q1 2019 Completion Q3 2018 Completion Q2 2018 THE BUILDING Desirable workspaces in The office floors from 1st to 3rd level form part of the original architecture of the a creative corner of London property. The original wood floorboards have been salvaged, reconditioned and 50 — 54 Clerkenwell Road is a mixed- brought back to former glory. use building originally constructed in the early 1930’s. It comprises showroom The authenticity is further enhanced by accommodation on lower ground and the revealing brickwork that has been grit ground floors with highly desirable office blasted along multiple walls, which brilliantly accommodation arranged over the 1st complements the warehouse aesthetic. to 5th floors. The air-conditioning system has been The showroom accommodation has a bespoke designed specifically for this prominent and highly sought after glazed property. The fan coil units and ductwork frontage extending to over 12 metres are designed to act as furniture mounted approx along Clerkenwell Road. to the ceilings on 1st and 2nd floor levels. The fan coil units are positioned on the floor The office accommodation was fully adjacent to the perimeter within the 3rd refurbished and extended in 2017. – 5th floor spaces, which are housed with white metal casements. The Ben Adams Architects designed scheme tastefully retains the character The original roof of the building was of the original warehouse whilst allowing removed at the 3rd floor and replaced with for the addition of two new modern two new storeys at 4th and 5th floor levels. glazed office floors, with terraces that benefit from excellent panoramic views of the City of London. More specifically, the entrance lobby has been completely overhauled, together with the installation of a new passenger lift that opens directly onto the office demise areas themselves. OFFICE SPECIFICATION The building has recently been fully refurbished and extended with new M+E throughout. • Superb natural daylight • Excellent floor to ceiling heights • Exposed brickwork and structural beams • Modern lighting • Windows installed to upper floor levels • WC and shower facilities to each floor • Exposed air-conditioning system • Perimeter trunking system to 1st–3rd floors • Original timber wood flooring to 1st–3rd floors • New wood flooring to 4th & 5th floor • Private roof terraces to 4th & 5th floor • Bike storage area in rear courtyard ACCOMMODATION 50 — 54 Clerkenwell Road has been independently measured by Sterling Temple,