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London EC1 Attractive Clerkenwell Warehouse Freehold 15-27 Gee Street London EC1 the Opportunity

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London EC1 Attractive Clerkenwell Warehouse Freehold 15-27 Gee Street London EC1 the Opportunity 15-27 Gee Street London EC1 Attractive Clerkenwell Warehouse Freehold 15-27 Gee Street London EC1 The Opportunity • Freehold. • Located in the very heart of Clerkenwell, one of London’s most sought-after and dynamic sub-markets. • Exceptional connectivity within a short walk of Crossrail ‘The Elizabeth Line’ at Farringdon, due to open in 2022. • Highly prominent corner building with attractive brickwork features and natural light to three elevations. • 16,586 sq ft (1,540.9 sq m) of office and ancillary accommodation arranged over ground and two upper floors. • There are 14 residential apartments at third floor and above which have been sold off on a long leasehold interest. • Multi-let to three office tenants, producing a passing rent of £957,313 per annum, equating to £57.72 per sq ft overall. • Weighted average unexpired term certain of 6.3 years to expiries and 4.3 years to the earliest determination. • Value enhancement opportunities including potential extension of existing leases to lengthen income. • We are instructed to seek offers in excess of £17,100,000, subject to contract and exclusive of VAT, reflecting a net initial yield of5.25% (assuming purchaser’s costs of 6.74%) and a low capital value of £1,031 per sq ft. 15-27 Gee Street London EC1 Honourable Radnor The City Old Street London Bridge Cannon Street Barbican St. Paul’s River Smithfield Farringdon Artillery Company Park Station Station Station Station Thames Market Station 15-27 Gee Street 15-27 Gee Street The Location 15-27 Gee Street is situated in the thriving sub-market of Clerkenwell, equidistant from both Farringdon and Old Street stations. 4 Clerkenwell is one of London’s most vibrant sub-markets, establishing itself as a thriving centre of business innovation and culture, with take-up dominated by the creative, media, fashion and technology industries. A prospering community of start-ups sit alongside some of the biggest global organisations, such as Amazon and Adidas, to create a lively and 1 dynamic place to work, live and socialise. 5 2 Images 1. Farringdon Road 2. Radnor Park, Clerkenwell 3. The Crown Tavern, Clerkenwell Green 4. Smithfield Market roof detail 3 5. Charterhouse Square 15-27 Gee Street The property itself occupies a 5 prominent position bounded by Bastwick Street to the north, Ludlow Street to the east and Gee Street to the south. The property lies in close proximity to one of the main Clerkenwell junctions connecting a number of important arterial roads. Goswell Road connects the City to Clerkenwell and through to Angel in the north. Clerkenwell Road runs east to west, connecting the location to Midtown and the West End beyond. Parallel to Gee Street lies Old Street, running east to west and linking Shoreditch to Clerkenwell. Old Street and ‘Silicon Roundabout’ form a significant part of London’s tech belt, a leading location for the capital’s TMT sector with ‘place making’ schemes such as White Collar Factory, The Bower and Spectrum attracting an eclectic mix of occupiers and retailers. 1 2 3 4 6 Images 1. Shop front, Old Street 2. Charterhouse Street, Clerkenwell 3. Fortune Street Park, Clerkenwell 4. Fare, Bar & Restaurant, Old Street 5. Saint Luke’s Garden, Clerkenwell 6. Smithfield Market entrance 15-27 Gee Street London EC1 Communications The Elizabeth Line (Crossrail) 15-27 Gee Street benefits from exceptional Crossrail is Europe’s largest transport links situated within a short infrastructure project. A major new walking distance of Old Street, Barbican railway line nearing completion under and Farringdon stations. central London, due to open in 2022. The new line will increase London’s rail-based transport network capacity by approximately 10%, with an estimated 200 million annual passengers. Farringdon Station is anticipated to be the 20 minutes only interchange with direct access to the Elizabeth Line, the London Underground and Thameslink services. 15 minutes Significantly Reduced Journey Times Angel 10 minutes 14 min 15-27 Gee Street 5 minutes Bond Street Farringdon Whitechapel Stratford 4 min 5 min 10 min 15-27 Gee Street Old Street 10 min Tottenham Liverpool Heathrow Court Road Street Canary Wharf 31 min 2 min 2 min 8 min Barbican 6 min For the first time, a direct connection will be delivered between all of London’s main employment centres, linking Heathrow with Paddington, the West End, the City, Canary Farringdon Moorgate 12 min 17 min Wharf and commuter suburbs beyond. The new line will revolutionise the way people travel across London with dramatically reduced journey times to and from Farringdon Station. 15-27 Gee Street Local Developments Completed 1 : Harella House 4 : Kaleidoscope 7 : White Collar Factory The micro-location has been the subject of significant regeneration and a Developer: Chait Investment Developer: Helical Developer: Derwent London Corporation Size: 88,500 sq ft Size: 237,000 sq ft number of high profile schemes will further benefit the local surroundings. Size: 44,000 sq ft Status: Completed in 2019. Status: Completed in 2017. A summary of recently completed, under construction and proposed Status: Recently completed. TikTok, rent in the mid-£80’s psf. Rents up to £75 psf. schemes is set out below. 2 : The Ray 5 : Spectrum 8 : The Stills Developer: Viridis Developer: Great Portland Estates Developer: City of London Corporation Size: 100,000 sq ft Size: 166,000 sq ft Size: 45,000 sq ft Status: Completed in 2019. Pre-let to Status: Completed in 2018. Status: Completed in 2020. Pre-let to LinkedIn, rent up to £82.50 psf. Rents up to £85 psf. J A Kemp, rents up to £80.50 psf. C I T Y R O A D 3 : Farmiloe Building 6 : The Bower Developer: ASI Developer: Helical Size: 64,500 sq ft Size: 320,000 sq ft HOXTON Status: Completed in 2019. Pre-let to Status: Completed in 2018. N E W N R D . Live Nation, rent up to £100 psf. Rents up to £87.50 psf. GOSWELL ROAD C I T Y R O A D KING SQ. Under Construction GARDENS 1 : 2 Clerkenwell Road 3 : Bloom Clerkenwell 5 : 33 Charterhouse Street CLERKENWELL 15 Developer: IHG & Omenport Developer: HB Reavis Developer: Helical / Ashby Capital Gee Street Developments Size: 145,000 sq ft Size: 196,000 sq ft Size: 151-bed hotel Status: Due to complete in 2021. Status: Due to complete in 2022. OLD STEET Status: Under construction. 2 : 17 Charterhouse Street 4 : HYLO 6 : Featherstone Building O L D S T . Developer: M&G / De Beers Developer: CIT Developer: Derwent London Size: 145,500 sq ft Size: 289,000 sq ft Size: 127,000 sq ft BUNHILL Status: Due to complete early 2021. Status: Due to complete in 2021. Status: Due to complete 2022. FIELDS De Beers’ new HQ. C I T Y R O A D CLERKENWELL RD. Proposed 1 : iBasin (Phase 2) 3 : Shoreditch Island 5 : 20-28 Glasshouse Yard Developer: Berkeley Homes Developer: Shoreditch Island Limited Developer: Evans Randall BABICAN FINSBURY Size: 35,000 sq ft Size: 80,000 sq ft Size: 55,000 sq ft FAINGDON GOSWELL ROAD Status: Estimated completion Status: Estimated completion Status: Estimated completion in 2022. in 2024. in 2024. 2 : Development House 4 : Museum of London, Smithfield Mkt. FARRINGDON RD. Developer: CDL Developer: City of London MOOGATE FINSBURY Size: 70,000 sq ft Corporation CIRCUS Status: Estimated completion Size: 440,000 sq ft LONDON WALL in 2023. Status: Due to open in 2024. 15-27 Gee Street The Property 15-27 Gee Street is an attractive warehouse-style building bounded 4 by Bastwick Street, Ludlow Street and Gee Street. The property is an attractive warehouse-style building providing approximately 16,586 sq ft (1,540.9 sq m) of office accommodation arranged over ground and two upper floors. Additionally, there are fourteen private residential apartments situated on the third floor and above which have been sold off on a long lease. 1 2 Images 1. Exterior view looking west 2. Exterior building detail 3. Exterior view looking south west 4. Interior view, first floor 3 5. Interior view, first floor 5 15-27 Gee Street London EC1 The office accommodation is split into three units each with their own entrance, providing flexibility and privacy for the tenants. The largest unit is accessed via Bastwick Street and provides a self-contained ground and first floor office connected via an internal staircase. The second floor underwent a refurbishment in 2016 and this unit is accessed from Gee Street via both a passenger lift serving all office floors and a staircase. The smallest unit is located on part of the ground floor and is accessed via Gee Street. The residential accommodation also benefits from its own entrance on Gee Street 1 which leads to a separate stairwell and lift. The specification of the majority of the office space is in keeping with that of a warehouse- style building, affording the space generous floor to ceiling heights, exposed ceilings, parquet wooden flooring and grit blasted concrete Images columns (2nd floor). Each of the tenants have 1. Interior view, first floor access to their own WCs and there are shower 2. Interior view, first floor facilities on the first and second floors. 3. Interior view, first floor 3 Specification 15-27 Gee Street benefits from the following specification: One passenger lift serving all office floors Lighting: T5 lamps in office space, LED lighting with occupancy sensors in WCs Natural ventilation through openable windows, Cycling facilities: Tenants have created their own double glazed on ground and first floors facilities within their demise Heating & cooling: Daikin VRF system Shower facilities on the first and second floors 2 15-27 Gee Street London EC1 Floor Areas The property has been measured by Sterling Temple in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the approximate net internal floor areas: Floor Use Area (sq ft) Area (sq m) Second Offices 5,894 547.6 First Offices 5,427 504.2 Ground (Bastwick Street) Offices 1,027 95.4 Ground (Gee Street) Offices 4,238 393.7 Total 16,586 1,540.9 Prospective purchasers must satisfy themselves as to the accuracy of these areas.
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