Single Let Office Investment with Potential for Extension
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12-27 SWAN YARD SINGLE LET OFFICE INVESTMENT WITH POTENTIAL FOR EXTENSION 1 12-27 SWAN YARD INVESTMENT SUMMARY Prime City Fringe office building totalling 10,428 sq ft Excellent location, 2 minutes walk from Highbury & Islington Station Strong local amenity with plentiful shops, restaurants, pubs and bars and leisure on Upper Street Well specified Headquarters building constructed in 2002 providing modern, air conditioned office accommodation arranged over lower ground, ground and two upper floors. Let to Wowcher Limited with a guarantee from DMG Media Ltd (5 A1) with a weighted income of 6.14 years to expiry and 1.14 years to (Landlord or Tenant) break. Current passing rent of £367,587 per annum exclusive, equating to £35.25 per sq ft overall. Recent feasibility has identified the potential to enhance/vary the previous mixed use planning consent, to extend the building by upto a further 5,430 sq ft. We are instructed to seek offers in excess of £6,265,000 (Six Million Two Hundred and Sixty Five Thousand Pounds) subject to contract and exclusive of VAT equating to a Net initial Yield of 5.50%, after standard purchase costs. A purchase at this level reflects an attractive rate of £600 psf overall. 3 D R X E S S S E 99 1 CANONBURY 1 A 4 0 1 A 1 0 2 1 A A1201 NEW N RD AY RD V LOW E OL H S T D R R Y N S T O I T A T T S S R HIGHBURY & Y T E R S P ISLINGTON U P K B U C ESSEX ROAD H O G I C Y H A L 4 LIVE 1 R A P 0 O O L 1 R D A B5 1 5 T L I V E RP 1 A O O S D L O L R O A D 1 A 0 5 5 2 A 0 OLD STREET 3 CALEDONIAN RD & BARNSBURY CALEDONIAN RD ANGEL 1 1 1 0 0 A 5 5 A A A 5 2 0 3 GOSWELL RD T HIGHBURY & S ISLINGTON N C H A O J T L E D T S D S L O R A N E 15 IA L IV N L C Y R VI R O D O E R K T P W N 2 A KING’SST CROSSPANCRAS / Y PE STRATFORD A D R 52 0 N 0 E 7 D 1 38 M 0 A 1 5 C A WHITECHAPEL 14 HIGH STREET Y O OXFORD R T K S CIRCUS W HERTFORDNORTH A N Y O T N 3 I 0 W 5 S A 11 YORK WAY A501 GREEN PARK PARK FINSBURY 9 5 SHOREDITCH KINGS CROSS HIGH STREET 202 KINGS CROSS/ A5 ST PANCRAS 11 ST PANCRAS D R VICTORIA LINE – JOURNEY TIMES* MIDLAND RD Journey times in minutes are approximate N DALSTON O JUNCTION 4 T S U E VICTORIA STATION HIGHBURY & ISLINGTON OVERGROUND – JOURNEY TIMES* EVERHOLT ST A4200 OLD STREET 5 HIGHBURY & ISLINGTON EUSTON SQUARE 7 5 EUSTON NATIONAL RAIL SERVICES – JOURNEY TIME* COMMUNICATIONS ROAD MOORGATE The A1 is a key arterial route through the London Borough of Islington, travelling along Upper Street and down to Aldersgate in the City of London. Swan Yard is located outside of the Congestion Charging Zone. 12-27 SWAN YARD RAIL Highbury & Islington Station is within a two minute walk, benefiting from Underground, Overground and National Rail connections. The Victoria Line provides direct access to King’s Cross and beyond to the West End. The Overground service provides access to Stratford, Dalston and Shoreditch to the East, Hampstead and Richmond to the West. Direct access to the City and ‘Tech City’ is provided by regular First Capital Connect Services. ENTRAL LONDON LOCATION, APPROXIMATELY 2 MILES FROM THE CITY OF D AFFLUENT C LOCATION 12-27 SWAN YARD IS LOCATED CENTRALLY WITHIN THE LONDON BOROUGH OF ISLINGTON WHICH IS A VIBRANT AN LONDON AND THE WEST END. A major factor that attracts many to this Prime Zone 1 and 2 hotspot is its exceptional transport facilities and close proximity to the City, making it a top choice for professionals. Islington is home to an eclectic mix of high-end fashion retailers, boutiques, bars and restaurants centred on Islington High Street, Upper Street and Essex Road. The area also benefits from a lively theatre culture, several cinemas, numerous art galleries and music venues. The Business Design Centre is also located on Upper Street and hosts major events and trade shows throughout the year. 4 SWAN YARD HIGHBURY AND ISLINGTON STATION 12-27 SWAN YARD 12-27 SWAN YARD U P P E R S T R E E T DESCRIPTION 12 – 27 SWAN YARD COMPRISES A MODERN AND WELL CONFIGURED OFFICE BUILDING DEVELOPED IN 2002. THE BUILDING TOTALS 10,428 SQ FT (968.8 SQ M) OF PURPOSE BUILT OFFICE ACCOMMODATION OVER LOWER GROUND TO SECOND FLOORS AND PROVIDES WELL SPECIFIED OFFICE ACCOMMODATION AS FOLLOWS: Full Height glazed atrium Perimeter trunking Air conditioning Metal tile suspended ceilings Two large Terraces to the 2nd floor Male and Female WCs on each floor 10 Person Passenger Lift SITUATION 12-27 SWAN YARD IS PROMINENTLY SITUATED AT THE SOUTHERN END OF SWAN YARD, AN ATTRACTIVE MEWS OFF HIGHBURY STATION ROAD AND RUNNING PARALLEL TO THE NORTHERN END OF UPPER STREET IN ISLINGTON. The immediate area comprises a mix of office, retail and Highbury Corner is undergoing a substantial upgrade residential buildings. Highbury Fields, Islington’s largest due for completion in Summer 2019. This will include park, is located within a few minutes’ walk. It offers an pedestrianisation of the western arm of the roundabout, attractive outdoor space. much improved public realm and new green space, segregated cycle lanes and permanent closure of Highbury Station Road. INVEST IN ISLINGTON TRANSPORT SOCIAL Excellent transport links via Highbury & Islington Station Islington High Street and Upper Street is well known for its (within 2 minutes walk) provides direct access to the City of vibrant assortment of retail, bars, restaurants and other social London, the West End, King’s Cross/ St Pancras, Shoreditch amenities. These include Sadler’s Wells theatre, the Almeida and Stratford. theatre, VUE cinema complex, Screen On The Green, the Hilton hotel, the N1 Shopping Centre, Camden Passage INVESTMENT AND GROWTH retail as well as the Islington Business Design Centre. Islington continues to benefit from significant investment and growth within the locality due to its proximity to the A PLACE TO DO BUSINESS rapidly expanding ‘tech belt’ formed by the sub-markets of Development activity within the Tech Belt continues to King’s Cross, Farringdon, Clerkenwell and Old Street increase as demand from the TMT sector has continued to expand and push outside of the traditional boundaries of the core markets in a search for characterful or design-led accommodation, as demonstrated by Derwent London’s Angel Building. 6 7 12-27 SWAN YARD 12-27 SWAN YARD TENANCY TENURE 12-27 SWAN YARD IS SINGLE LET TO WOWCHER The property is held Freehold. A copy of the registered title LIMITED FOR A TERM OF 10 YEARS FROM 9.3.2015 Hig is available on request. hbury C WITH EXPIRY ON 8.3.2025. THERE IS A MUTUAL orner OPTION TO BREAK ON 8TH MARCH 2020 ON There is a right of way along the north east elevation in 6 MONTHS NOTICE. THE LEASE IS ON FULL favour of the adjoining property. Railway Highb REPAIRING AND INSURING TERMS (SUBJECT TO A There is a restriction on height of partury Softatio then Road western PHOTOGRAPHIC SCHEDULE OF CONDITION) AND elevation, further information available on request. Highbury Island OUTSIDE OF THE 1954 LANDLORD AND TENANT ACTRailway Railway The current rental income of £367,587 per annum equates to S w a rental of £35.25 psf overall and the next rent review is on a n Y 9.3.2020. The rent is payable monthly. a r Highb d u ry Corner The lease is Guaranteed by the excellent covenant of DMG Hampton Court Media Limited (Company No. 5765286). Gardens t C e o e m r t p S t r o e n p Leisure Centre T p e U r r a c e ACCOMMODATION THE PROPERTY HAS BEEN MEASURED IN ACCORDANCE WITH THE RICS CODE OF MEASURING PRACTICE L aycock (6TH EDITION). THE PROPERTY PROVIDES THE FOLLOWING APPROXIMATE NET INTERNAL FLOOR AREAS: Street Laycock Street Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved FLOOR SQ FT SQ M GROUND FLOOR Lower Ground 2,835 263.4 COVENANT Ground 2,862 265.9 First 2,991 277.9 WOWCHER LTD IS THE SECOND LARGEST BRITISH E-COMMERCE MARKETPLACE ACTIVE IN THE UK AND IRELAND. Second 1,740 161.7 TOTAL 10,428 968.8 The website allows subscribers access to products and services from local merchants. It serves 52 cities around the UK and Ireland. Founded in 2009 by Nicholas Brummitt and bought in 2011 by DMG Media, Wowcher currently has a user-base of roughly 10 million members. It is a deal of the day sales website that uses the power of group buying or bulk buying to get unbeatable deals on the best stuff to do, see, visit, eat and buy in a variety of cities in the UK. The company was originally registered in November 2015 following the Daily Mail Group (DMGV Investments Limited) selling a 70% stake for £29 million to Exponent Private Equity.