Conran Building 22 Shad Thames SE1 A vacant freehold residential, office and showroom investment.

Investment Summary

–– An attractive freehold building with views over the ; –– Located in the heart of , one of the most desirable places in to both live and work; –– Constructed in 1991 the property comprises 16,405 sq ft (1,524 sq m) of residential, office, showroom and ancillary accommodation arranged over lower ground, ground and 5 upper floors; –– To the 4th and 5th floors is an outstanding split level penthouse apartment measuring approximately 4,357 sq ft (404.7 sq m), benefiting from two panoramic terraces with views across the River Thames and London’s iconic skyline; –– The property will be sold with full vacant possession provided by no later than Q1 2020; –– A unique opportunity for investors or owner occupiers; –– Offers are invited in excess of£11.0 million which reflects a low capital value of£671 per sq ft, subject to contract and exclusive of VAT.

2 3 St Paul’s Cathedral One TowerCity Bridge Hall Shad ThamesButler’s WharfConran BuildingTower BridgeCity of LondonTower ofProvidence London Square

A rare opportuntity to acquire a freehold river facing building.

4 5 Conran Building occupies a prominent position on St Saviour’s Dock, a small Conran Building is inlet on the bank of the River Thames. To the west of the property is More located in the heart of London Estate, home to City Hall. The area has attracted major local occupiers including PwC, Ernst & Young, Norton Southwark, one of the Rose Fulbright, HG Capital, Montagu Private Equity, News International and most desirable places Zoopla. in central London to both live and work.

Southwark has been subject to significant investment with the area being transformed into one of London’s most diverse, dynamic and vibrant locations. The close proximity to the ST PAUL’S River Thames, world-class cultural attractions and amenities, in addition to ALDGATE L C em hea psid unrivalled transport links has made the e Bank of England an area a sought after location for both St Paul’s The Gherkin St r residents and major global occupiers. Cathedral eet BANK Lloyd’s of e t t e a London e g tr s S p ch CITY OF o ur h ch s n i Fe MANSION HOUSE B LONDON

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A 22 Shad Thames 219 A 8 2

Bermondsey London SE1 Square

6 7

Unrivalled Cultural Setting

A Rich History

Constructed between 1865 to 1873, Shad Thames was the largest warehouse complex in the UK during Victorian times and housed large quantities of commodities including tea, coffee, spices and Maltby Street Market More London malt. The proximity to the River Thames and being 5 min Walk 6 min Walk 8 min Walk situated in the heart of central London made it an ideal location for the delivery and distribution of Built between 1886 and 1894, this iconic Opened in 2010, the outdoor street More London has become recognised these products across the country. bridge attracts over 44,000 crossing market has quickly become a popular as a vibrant and exciting destination, per day. weekend destination. attracting ten million visitors per year During the 20th Century the area went into decline with its numerous public events. and in the early 1980’s Sir Terence Conran led the successful bid for the historic site to transform the area into more than one million square feet of retail, cultural, work and living space. The 20 year project involving the renovation and development of six principal Victorian warehouse buildings is recognised as one of the UK’s most significant urban regeneration projects. Today the development at Shad Thames is awash with high-quality waterside restaurants, apartments, offices and cultural space.

Bermondsey Street Tower of London Borough Market A historic and 10 min Walk 10 min Walk 12 min Walk Bermondsey Street is one of the oldest A leading UK tourist attraction and London’s oldest artisan food market, cultural hub in the streets in London with a history going centre of historic London. attracting over 4.5 million visitors per back over 1,000 years and today year. the street provides a vibrant mix of heart of London. restaurants and bars.

8 9 Communications

The property benefits from excellent transport links, being within a short walking distance from London Bridge, Tower Hill and Bermondsey stations. London Bridge is the fourth busiest station in the UK. London Bridge has recently undergone a £1 billion redevelopment, significantly increasing the station and rail capacity by up to 40%, bringing approximately 96 million passengers to London each year. As part of the redevelopment a new entrance was created at and opened in 2018. The new entrance is approximately 900 metres from 22 Shad Thames.

JUBILEE LINE KING'S CROSS ST. PANCRAS NORTHERN LINE CIRCLE LINE ANGEL DISTRICT LINE

NATIONAL RAIL FARRINGDON OLD STREET

BARBICAN MOORGATE STREET

MANSION HOUSE CANON STREET BLACKFRIARS EMBANKMENT BANK ALDGATE TEMPLE

BOND STREET WESTMINSTER GREEN PARK MONUMENT TOWER HILL ALDGATE EAST WHITECHAPEL

RIVER THAMES

BERMONDSEY CANADA WATER

WATERLOO SOUTHWARK LONDON BRIDGE

VICTORIA BOROUGH

ST JAMES’S PARK

ELEPHANT & CASTLE

London Bridge is the Conran Building 22 Shad Thames fourth busiest station London SE1 in the UK. More

10 11 Description

Conran Building was designed by The office accommodation is naturally Hopkins Architects and developed ventilated and finished with exposed in 1991. The property replaced the structural soffits, incorporating original 19th century granary and was recessed light fittings and underfloor comissioned by industrial designer small power provisions. Typical office David Mellor as his headquarters and floors are c. 3,000 sq ft (278.7 sq m) showroom. The building became the and provide open plan accommodation Conran HQ in 1996 and today houses with floor to ceiling heights of 2.7m. the group companies including The The ground floor showroom benefits Conran Shop, Conran + Partners and from a double height entrance and Conran Contracts. leads to a private rear terrace which overlooks St Saviour’s Dock. The six-storey polished concrete frame property has a fully glazed central The top two floors provide an block, flanked by two towers. The impressive split level penthouse building benefits from excellent levels apartment comprising 4,357 sq ft of natural light throughout with full (404.7 sq m). A feature staircase height windows on the front and back links the two floors within a central elevations. The two outer towers are atrium, connecting the spacious constructed of steel panels, creating a living areas. High quality finishes are unique architecturally styled building. provided throughout comprising One tower houses the primary staircore engineered timber or natural stone and lift while the other includes flooring and feature LED spot lighting secondary stairs and ancillary services. throughout. The 4th floor has terrace accommodation at each window, Conran Building is accessed via the with the 5th set back at either end to main entrance on Shad Thames. The form large panoramic roof terraces property benefits from a side entrance with unrivalled views across the River which leads directly to the principal Thames to the rear and over The Shard stair core and lift. There is a garage at the front elevation. The penthouse located at the rear of the building was historically the home of Sir Terence which is accessed via a private road off Conran himself. Shad Thames.

12 13 14 15 Accommodation

The Property has been measured in accordance with the RICS Code of Measuring Practice (6th edition) as follows:

Area Area Terraces Floor Use (sq ft) (sq m) (sq ft)

Net Sales Area

Fifth Residential 1,220 113.3 1,802

Fourth Residential 3,137 291.4 180

Sub Total 4,357 404.7

Net Interal Area

Third Office 2,975 276.4

Second Office 2,969 275.9

First Office 2,959 274.9

Ground Showroom 2,683 249.3

Lower Ground Storage 462 42.9

Sub Total 12,048 1,119.4

Total 16,405 1,524.1 1,982

Total Area (inclusive of terraces) 18,387 1,708.2

The building further benefits from a 829 sq ft (77.0 sq m) self contained garage. The International Property Measurement Standards Areas (IPMS3) are available upon request.

16 17 Floor Plans

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Ground Floor Showroom Fourth Floor Residential 2,683 sq ft (249.3 sq m) Residential: 3,137 sq ft (291.4 sq m) Balconies: 180 sq ft (16.7 sq m) BALCONY BALCONY BATHROOM

TERRACE BALCONY BALCONY BALCONY BALCONY BATHROOM

Typical Upper Floor Offices Fifth Floor Residential 2,975 sq ft (276.4 sq m) Residential: 1,220 sq ft (113.3 sq m) Terraces: 1,802 sq ft (167.4 sq m)

TERRACE

TERRACE TERRACE

Floorplans not to scale - for indicative purposes only Floorplans not to scale - for indicative purposes only

18 19 Market Commentary | Offices Market Commentary | Residential

Market Rents The London borough of Southwark has seen exceptionally strong house price growth with prices in the borough increasing by 75% since 2007 / 2008, which compares with an average Average Grade A rents in Southwark have increased by 35% over the last 5 years to £61.50 increase of 59% across central London. per sq ft and 2019 has already seen growth of 5% for the year to date. Grade A rents are forecast to continue to grow in the backdrop of a severe shortage in supply of office House Price Growth buildings in the Southwark market. London Southwark The table below illustrates examples of recent letting transactions that have taken place in 100% nearby vicinity of 22 Shad Thames. 80%

Property Rent (£ per sq ft) Tenant Date 60% Devon House, £75.00 Unispace Oct-19 40% St Kathaerine’s Way, E1 The Binary, 20% £61.50 Leon Restaurants Jun-19 Loman Street, SE1 0% Union House, £62.00 Neo4J Jun-19 Union Street, SE1 -20%

90 Union Street, SE1 £62.50 Sonnedix UK Feb-19 -40% 7 7 7 7 2 2 2 2 5 5 5 5 3 3 3 3 8 8 8 8 6 6 6 6 9 4 4 4 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 ------l l l l l l l r r t t r r t t r t r t r Magdalen House, t n n n n n n n n c c c c c c c p p p p p p p J u J u J u J u J u J u £60.00 Coverdale Barclay Feb-19 J u J a J a J a J a J a J a J a J a O O O O A A O A A O A O A Tooley Street, SE1 A

Supply Source: Savills Research

The Southwark sub-market has been chronically undersupplied with limited new stock, by Q2 The table below illustrates examples of recent residential comparable transactions to 22 Shad 2019 the vacancy rate equated to 4.40%. The future supply on the Southwark is very limited, Thames. The nearby Berkeley Homes development at One Tower Bridge, London SE1 saw the with many of the new developments already pre-let. There is only a further 152,000 sq ft of sale of over 350 units at a blended rate of c.£2,000 per sq ft. new space expected to be delivered across 2019 and just 150,000 sq ft in 2020. Size Property Tenure Price £ per sq ft Date Investment Market (sq ft) Central London continues to be the most liquid, transparent and secure real estate market 145, , 1,606 LLH £2.79M £1,737 Sep-19 in the world. Historic low exchange rates, combined with a strong occupational market with Blackfriars Road, SE1 future rental growth prospects have created a unique buying opportuntity. 98 Tudor House, Duchess 1,802 LLH £5.00M £2,775 Aug-19 The table below illustrates examples of recent comparable transactions to 22 Shad Thames. Walk, SE1 57 Anchor Brewhouse, 50 Size Price 4,268 Share of FH £8.25M £2,217 Jan-19 Property Tenure Tenancy Profile Date Shad Thames, SE1 (sq ft) (£ per sq ft) 231, One Blackfriars Road, Paxton House, Short-term £11.10M 2,161 LLH £5.07M £2,348 Jan-19 12,487 FH Jun-19 SE1 Artillery Lane, E1 income (£889) 1 Frying Pan Alley, £20.85M 35 Peninsula Heights, SE1 2,374 Share of FH £3.75M £1,925 Oct-18 25,172 FH Vacant Possession Apr-19 E1 (£828) 222 Bishopsgate, £21.10M 23,065 FH Short-term income Apr-19 EC2 (£915) 314 Gray’s Inn Road, £17.0M 20,410 FH Short-term income Mar-19 WC1 (£833)

20 21 Tenure Value Added Tax (VAT)

The property is held freehold. The property is elected for VAT. Title Number: TGL271849 Energy Performance Certificate (EPC)

The building has the following EPC ratings.

Floor Rating

2 Pumping 6 T Ind S ia

W H Station

4 ou 4th & 5th C(75) E 5 s L e R Tea Trade Wharf Bu CU tle B r's T usi Wh E 3rd D(88)

ne ar E s f 4 s C R en ST G tre AIN E SF IR 2nd D(91) O U RD S G Building TR 1 A EE 6a M T 16 9 b 1st D(96) 1 to 68 Court 4

6 to 5 5 Ground E(115)

0 18 2 4 Lower Ground B(41)

Multi Car PK 6 2 0 8 to A copy of the EPC certificates are are available upon request. 1 0

1 to 25 1

2 3 2 0 2 1 Court rf a h W Proposal a 51 i t rd o 4 12 co 8 2 n o o t C 1 w e

2 N Offers are invited in excess of£11.0 million, which reflects a

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9 Butlers St Saviour’s Dock 5

4 and Colonial low capital value of £671 per sq ft, subject to contract and

Wharf 1

8

8 4 Saffron exclusive of VAT. Wharf

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2 4 A

2 6 to 54 Contacts TH Java Wharf

0 1 1 to 50 1 6 D 197 to 361 A H St Saviour's Wharf

The Circle S For further information or to arrange an inspection of the

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1 property, please contact one of the following;

3 2 Stephen Hartley 6 A 0 9 2 B o 9 t 8 +44 (0) 20 7409 8955 9 C 1 9 +44 (0) 7772 638 221 NOTE: Reproduced from the Ordnance Survey Map with the permission of the [email protected] Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although Paul Bassi believed to be correct accuracy is not guaranteed. +44 (0) 20 7299 3044 +44 (0) 7779 981 370 Tenancy [email protected] Helena Griffiths Full vacant possession will be provided by no later than +44 (0) 20 7330 8616 Q1 2020. +44 (0) 7895 261 550 [email protected] Planning

Conran Building is located within the London Borough of Southwark and is not listed. The property is located within the St Saviour’s Dock Conservation area.

Important Notice Savills and their client give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Commercial Marketing: 020 7499 8644 | October 2019

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