estate agency by
f y f e m c d a d e
1 Charlotte Road Shoreditch London EC2A 3DH
t 020 7613 4044 f 020 7613 4923 e [email protected] www.fyfemcdade.com
6TH December 2018
Marketing Update Report
Building to the rear of 25 - 27 Corsica Street London N5 1JT
PLEASE NOTE: This report is intended as a guide to marketing and should not be used for formal valuation purposes.
Shoreditch Office Bloomsbury Office Islington Office Waterloo Office 1 Charlotte Road 56 Marchmont Street 293 Upper Street 29 Lower Marsh London EC2A 3DH London WC1N 1AB London N1 2TU London SE1 7RG
t 020 7613 4044 t 020 7837 2022 t 020 7354 4044 t 020 7401 8088
Registered in England Reg No. 631 34921 Address: Charlotte Road, London, EC2A 3DH
Description
Property: Building to the rear of 25 - 27 Corsica Street, N5 1JT
Location: In a pocket of land to the rear of 25 – 27 Corsica Street, predominantly surrounded by residential properties and a neighbouring warehouse property in commercial use. North of Highbury Corner, between Canonbury and Holloway
Description: The property comprises a single storey detached building, brick and timber construction, mainly single glazed. Interior partitions. No parking.
Floor Area: GIA 72 sqm (775 sqft)
Condition: Poor condition, dilapidated externally and internally, requires extensive renovation.
Planning: B1 (office)
Tenure: Freehold
Tenancy: Owner occupied – Available To Let with Vacant Possession
Current passing Rent: £0
Market Rent: TBC.
Location
1 | P a g e
The subject property is located within the London Borough of Islington, which is situated within Greater London, approximately 3 miles north of the City of London and bordered by Camden to the West and Hackney to the East.
The nearest London Underground station is within a few hundred metres and 6 minutes walk at Highbury and Islington (Victoria Line, Overground, Great Northern) with a 10 minutes journey time to Kings Cross Station, 14 minutes to Moorgate, Heathrow (17 miles west) is 80 minutes.
Road communications are relatively good with fast access to the A1 and A10, the M1 is approximately 8 miles to the north west, the M25 approximately 11 miles north.
The immediate neighbourhood is predominantly residential and benefits from close proximity to amenity space of Highbury Fields park. The nearest high street is Holloway Road with an eclectic mix of retailers, seeing signs of gentrification in recent years, more notably the popular retail destination of Upper Street, at the heart of Islington, is 15 minutes walk to the south with numerous boutique shops, bars and some acclaimed restaurants.
Local Rental Market And Tenant Demand
Whilst the subject property benefits from proximity to good transport links to and from Central London and access to a broad range of local amenities it would be considered a secondary location choice to the majority of typical prospective office tenants who are responsible for driving current demand. Typically these are SMEs in the creative media and I.T. industries, marketing and content production, architecture, fashion and product design. These companies favour an association with the more fashionable neighbourhoods of Old Street, Shoreditch, Clerkenwell and the regenerated Kings Cross.
With reference to the examples below and the attached Lease Comps Report – office lettings within 0.75 miles completed over the last 24 months (Appendix I) the majority of nearby lettings have been achieving average effective rents in the region of £34 - £40 per sqft based on net internal areas.
2 | P a g e
Marketing Methods
Fyfe McDade have been marketing the property to let in its current vacant state for a period of 8 months from 26.03.2018 as confirmed in the activity report from Zoopla (Appendix II)
The property is widely marketed, being listed on our company website which is linked to the public portals Rightmove, Zoopla, On The Market. The property is also listed on dedicated commercial agency portals CoStar and Estate Agents Clearing House targeting commercial property agents representing their clients in the search and acquisition of property. Our marketing details are made available to all applicants.
The property was originally listed at £30,000 per annum but reduced to £27,000 per annum after a period of 3 months, reflecting a guide price of approximately £35 per sqft per annum.
At the time of marketing consideration was given to the location, overall size, condition and quality of space on space on offer.
Results and Feedback From Applicants
The online listings and website have yielded very few enquiries specifically for this property, there have been no email enquiries and only one telephone enquiry regarding the property.
The property is discussed with applicants who contact us with general enquiries and with property requirements of a similar size and budget, who may initially be looking in a different location. The property is also included in availability lists of potentially suitable properties and mailed to new enquiries and periodically to existing applicants on our database.
For the majority of applicants the location of the property is considered unsuitable as the neighbourhood is primarily residential, despite relatively good proximity to transport links and amenities.
For all applicants who have considered the property it is the extent of necessary works and the capital investment required to renovate the property that is proving prohibitive, despite being offered rent free incentives. The majority of applicants for units this size are also reluctant to commit to lease terms longer than 2-3 years meaning it is unlikely they will recoup their investment in the demise.
Conclusion
Given that we have been marketing the property for a considerable time without generating enquiries and despite offering rent free incentives to other applicants, the consensus feedback confirms our original assertion that, in its current dilapidated state, the property does not represent a viable proposal.
Lowering the asking price further would mean that a longer rent free incentive would need to be offered to contribute sufficiently towards the costs of renovation. Prospective tenants for this size of office do not generally have the budget for refurbishment or require sufficiently long leases that they might recoup their investment. Considering all these factors I do not realistically expect to be able to find a suitable tenant for this property in the near future.
Ralph Hall Manager Commercial Property f y f e m c d a d e
020 7613 4044 w w w . f y f e m c d a d e . c o m
1. 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 Fyfe McDade have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Fyfe McDade Limited, their clients and joint agents (where applicable) give notice that: 2. 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.
3 | P a g e
Lease Comps Summary Lease Comps Report
Deals Asking Rent Per SF Achieved Rent Per SF Avg. Months On Market 14 £44.42 £42.38 4
LEASE COMPARABLES
SUMMARY STATISTICS
Rent Deals Low Average Median High Asking Rent Per SF 13 £33.33 £44.42 £43.90 £53.84 Achieved Rent Per SF 8 £33.33 £42.38 £38.00 £51.86 Net Effective Rent Per SF 6 £33.33 £39.43 £37.58 £51.00 Asking Rent Discount 7 -2.7% 3.4% 0.0% 14.6% TI Allowance - - - - - Rent Free Months 1 2 2 2 2
Lease Attributes Deals Low Average Median High Months on Market 12 1 4 3 7 Deal Size 14 390 1,477 1,167 3,892 Lease Deal in Years 7 24.0 56.6 60.0 120.0 Floor Number 13 BSMT GRND 1 3
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079. Page 1 Lease Comps Summary Lease Comps Report
Lease Rents
Property Name - Address Rating SF Leased Floor Sign Date Type Rent Rent Type 16A Crane Grove 1 - 650 1st 08/08/2018 New £53.84 Asking
The Studios Islington 2 - 1,472 GRND 18/07/2018 New £39.50/fri Asking 6 Hornsey St
63 Halliford St 3 - 1,174 BSMT,G… 25/05/2018 New £34.07 Asking
271 Upper St 4 - 390 1st 24/01/2018 New £33.33/fri Effective
16A Crane Grove 1 - 1,591 2nd 18/11/2017 New £34.57/fri Effective
7-9 Melody Ln 5 - 1,870 2nd 14/10/2017 New £35.24 Achieved
16A Crane Grove 1 - 950 1st 01/06/2017 New £44.21/iri Effective
The Studios Islington 6 - 925 GRND 15/05/2017 New £50.00 Asking 8 Hornsey St
131-132 Upper St 7 - 3,250 1-2 11/05/2017 New £37.50/iri Effective
131-132 Upper St 7 - 1,315 3rd 17/04/2017 New £40.00 Asking
The Studios Islington 6 - 1,159 GRND 01/04/2017 New £51.00 Effective 8 Hornsey St
The Studios Islington 6 - 1,160 GRND 03/01/2017 New £50.00/fri Asking 8 Hornsey St
Screenworks 8 - 3,892 Unkwn 01/11/2016 New £51.86 Achieved Highbury Grv
36a Clare Ln 3 - 880 GRND 18/08/2016 New £37.66/fri Effective
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079. Page 2 Lease Comps Details Lease Comps Report
1 16A Crane Grove London, N7 8LE - Northern Fringe Submarket
LEASE RENTS SF Leased: 650 SF Asking Rent: £53.84/SF Sign Date: Aug 2018 Space Use: Office Lease Type: Direct Floor: 1st Floor
LEASE TERM Start Date: Sep 2018
TIME ON MARKET TIME VACANT Date On Market: Jul 2018 Date Occupied: Sep 2018 Date Off Market: Aug 2018 Months on Market: 1 Months
LEASING AGENTS Currell Commercial 309 Upper St London, N1 2TU Beverley Hedge 020 7704 7514 MARKET AT LEASE
PROPERTY Vacancy Rates 2018 Q3 YOY Current Building 0.0% 0.0% Property Type: Office NIA: 8,651 SF Submarket 1-3 Star 3.6% 1.0% Status: Built 1900 Floors: 3 Market Overall 5.3% 0.6% Tenancy: Multi Floor Size: 2,883 SF Construction: Masonry Vacancy at Lease: 0.0% Same Store Asking Rent/SF 2018 Q3 YOY Current Building £53.84 55.7% Submarket 1-3 Star £38.18 1.6% Market Overall £48.81 3.1%
Submarket Leasing Activity 2018 Q3 YOY
12 Mo. Leased SF 558,646 61.3% Months On Market 6.5 2.8
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 3 Lease Comps Details Lease Comps Report
2 6 Hornsey St - The Studios Islington London, N7 8GR - Northern Fringe Submarket
LEASE RENTS SF Leased: 1,472 SF Asking Rent: £39.50/SF Sign Date: Jul 2018 Space Use: Office PROPERTY EXPENSES Lease Type: Direct Service: Fully Repairing & In… Floor: GRND Floor Service Charge: £2.50/SF Business Rates: £21.34/SF LEASE TERM Start Date: Aug 2018
TIME ON MARKET TIME VACANT Date On Market: Jun 2018 Date Vacated: Aug 2018 Date Off Market: Jul 2018 Date Occupied: Aug 2018 Months on Market: 1 Months Months Vacant: 16 Days
LEASING AGENTS Fresson & Tee 55-56 Lincolns Inn Fields London, WC2A 3BH David Shapiro 020 7391 7100 MARKET AT LEASE Colliers International 27 Old St Vacancy Rates 2018 Q3 YOY London, EC1V 9HL Current Building 28.2% 4.7% Joshua Miller 020 7871 7424 Submarket 3-5 Star 4.6% 1.3% Sam Jacobs 020 7487 1747 Market Overall 5.3% 0.6% Emma Higgins 020 7101 2020
Same Store Asking Rent/SF 2018 Q3 YOY Current Building £39.67 7.5% PROPERTY Submarket 3-5 Star £39.33 1.6% Property Type: Office NIA: 12,356 SF Market Overall £48.81 3.1% Status: Built 2007 Floors: 10 Tenancy: Multi Floor Size: 10,556 SF Submarket Leasing Activity 2018 Q3 YOY Construction: Reinforced Concrete Vacancy at Lease: 28.2% 12 Mo. Leased SF 558,646 61.3% Months On Market 6.5 2.8
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 4 Lease Comps Details Lease Comps Report
3 63 Halliford St London, N1 3HF - Islington Ret Submarket
LEASE RENTS SF Leased: 1,174 SF Asking Rent: £34.07/SF Sign Date: May 2018 Space Use: Office Lease Type: Direct Floor: BSMT, GRND Floor
LEASE TERM Start Date: May 2018
TIME ON MARKET TIME VACANT Date On Market: Mar 2018 Date Occupied: May 2018 Date Off Market: May 2018 Months on Market: 3 Months
LEASING AGENTS Fyfe Mcdade Ltd 338 Old St London, EC1V 9DR Henry Limpus 020 7613 4044 MARKET AT LEASE
PROPERTY Vacancy Rates 2018 Q2 YOY Current Building 0.0% 0.0% Property Type: Retail NIA: 6,255 SF Submarket 2-4 Star 1.0% 0.2% Status: Built 2005 Floors: 4 Market Overall 1.6% 0.2% Tenancy: Multi Floor Size: 3,127 SF Construction: Masonry Vacancy at Lease: 0.0% Same Store Asking Rent/SF 2018 Q2 YOY Current Building - - Submarket 2-4 Star £40.76 0.2% Market Overall £45.88 0.2%
Submarket Leasing Activity 2018 Q2 YOY
12 Mo. Leased SF 96,452 35.1% Months On Market 5.7 1.9
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 5 Lease Comps Details Lease Comps Report
4 271 Upper St London, N1 2UQ - Islington Ret Submarket
TENANT Tenant Name: Mr Ali Arif
LEASE RENTS SF Leased: 390 SF Asking Rent: £33.33/SF Sign Date: Jan 2018 Achieved Rent: £33.33/SF Space Use: Office Net Effective Rent: £33.33/SF Lease Type: Direct
Floor: 1st Floor CONCESSIONS AND BUILDOUT Asking Discount: 0.00% LEASE TERM Start Date: Jan 2018 PROPERTY EXPENSES Expiry Date: Jan 2023 Service: Fully Repairing & In… Lease Term: 5 Years Service Charge: Withheld Breaks: Mutual - Jan 2021 Business Rates: £11.95/SF
TIME ON MARKET TIME VACANT Date On Market: Jul 2017 Date Occupied: Jan 2018 Date Off Market: Jan 2018 Months on Market: 7 Months MARKET AT LEASE
Vacancy Rates 2018 Q1 YOY LEASING AGENTS Current Building 0.0% 0.0% Currell Commercial Submarket 2-4 Star 0.8% 0.2% 309 Upper St Market Overall 1.5% 0.1% London, N1 2TU Jon Morell 020 7096 2785 Same Store Asking Rent/SF 2018 Q1 YOY Beverley Hedge 020 7704 7514 Current Building - - Submarket 2-4 Star £40.98 0.6% PROPERTY Market Overall £46.14 1.1% Property Type: Retail NIA: 2,663 SF
Submarket Leasing Activity 2018 Q1 YOY Status: Built Feb 1887 Floors: 5
12 Mo. Leased SF 143,929 20.5% Tenancy: Multi Floor Size: 533 SF Months On Market 5.6 0.7 Construction: Masonry Vacancy at Lease: 0.0%
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 6 Lease Comps Details Lease Comps Report
1 16A Crane Grove London, N7 8LE - Northern Fringe Submarket
TENANT Tenant Name: DHP Family Industry: Personal Services
LEASE RENTS SF Leased: 1,591 SF Asking Rent: £34.57/SF Sign Date: Nov 2017 Achieved Rent: £34.57/SF Space Use: Office Net Effective Rent: £34.57/SF Lease Type: Direct
Floor: 2nd Floor CONCESSIONS AND BUILDOUT Asking Discount: 0.00% LEASE TERM Start Date: Dec 2017 PROPERTY EXPENSES Expiry Date: Dec 2020 Service: Fully Repairing & In… Lease Term: 3 Years Service Charge: No Business Rates: £5.66/SF
TIME ON MARKET TIME VACANT Date On Market: Aug 2017 Date Occupied: Dec 2017 Date Off Market: Dec 2017 MARKET AT LEASE Months on Market: 4 Months
Vacancy Rates 2017 Q4 YOY Current Building 0.0% 0.0% LEASING AGENTS Submarket 1-3 Star 2.7% 0.9% Currell Commercial Market Overall 5.9% 0.2% 309 Upper St London, N1 2TU Same Store Asking Rent/SF 2017 Q4 YOY Jon Morell 020 7096 2785 Current Building £34.57 21.8% Beverley Hedge 020 7704 7514 Submarket 1-3 Star £38.23 3.2% Market Overall £49.94 1.6% PROPERTY
Submarket Leasing Activity 2017 Q4 YOY Property Type: Office NIA: 8,651 SF
12 Mo. Leased SF 431,100 24.5% Status: Built 1900 Floors: 3 Months On Market 5.5 1.7 Tenancy: Multi Floor Size: 2,883 SF Construction: Masonry Vacancy at Lease: 0.0%
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 7 Lease Comps Details Lease Comps Report
5 7-9 Melody Ln London, N5 2BQ - Northern Fringe Submarket
TENANT Tenant Name: Mcdonald Architects Industry: Real Estate SIC: Real Estate Agent
LEASE RENTS SF Leased: 1,870 SF Achieved Rent: £35.24/SF Sign Date: Oct 2017 Space Use: Office Lease Type: Direct Floor: 2nd Floor
LEASE TERM Start Date: Oct 2017 Expiry Date: Oct 2022 Lease Term: 5 Years
TIME VACANT Date Occupied: Oct 2017
MARKET AT LEASE PROPERTY
Vacancy Rates 2017 Q4 YOY Property Type: Office NIA: 6,920 SF Current Building 7.2% 7.2% Status: Built 2015 Floors: 3 Submarket 2-4 Star 2.9% 0.9% Tenancy: - Floor Size: 2,307 SF Market Overall 5.9% 0.2% Parking: Ratio of 0.14/1,000 SF Vacancy at Lease: 7.2%
Same Store Asking Rent/SF 2017 Q4 YOY Current Building £42.33 - Submarket 2-4 Star £39.51 2.4% Market Overall £49.94 1.6%
Submarket Leasing Activity 2017 Q4 YOY
12 Mo. Leased SF 431,100 24.5% Months On Market 5.5 1.7
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 8 Lease Comps Details Lease Comps Report
1 16A Crane Grove London, N7 8LE - Northern Fringe Submarket
TENANT Tenant Name: James Gorst Architects Ltd
LEASE RENTS SF Leased: 950 SF Asking Rent: £44.21/SF Sign Date: Jun 2017 Achieved Rent: £44.21/SF Space Use: Office Net Effective Rent: £44.21/SF Lease Type: Direct
Floor: 1st Floor CONCESSIONS AND BUILDOUT Asking Discount: 0.00% LEASE TERM Start Date: Jun 2017 PROPERTY EXPENSES Expiry Date: May 2022 Service: Internal Repairing &… Lease Term: 5 Years Service Charge: Withheld Reviews: Jun 2018, Jun 2019,…
TIME ON MARKET TIME VACANT Date On Market: Nov 2016 Date Occupied: Jun 2017 Date Off Market: Jun 2017 Months on Market: 7 Months MARKET AT LEASE
Vacancy Rates 2017 Q2 YOY LEASING AGENTS Currell Commercial Current Building 0.0% 0.0% Submarket 1-3 Star 2.3% 0.1% 309 Upper St Market Overall 6.0% 0.2% London, N1 2TU Jon Morell 020 7096 2785 Same Store Asking Rent/SF 2017 Q2 YOY Beverley Hedge 020 7704 7514 Current Building £44.21 - Submarket 1-3 Star £38.66 0.1% PROPERTY Market Overall £50.53 2.0% Property Type: Office NIA: 8,651 SF
Submarket Leasing Activity 2017 Q2 YOY Status: Built 1900 Floors: 3 Tenancy: Multi Floor Size: 2,883 SF 12 Mo. Leased SF 364,216 46.5% Months On Market 4.7 0.3 Construction: Masonry Vacancy at Lease: 0.0% LEASE NOTES James Gorst Architects Ltd has taken 16A comprising 950 sq ft (88.26 sq m) of ground floor office accommodation.
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 9 Lease Comps Details Lease Comps Report
6 8 Hornsey St - The Studios Islington London, N7 8EG - Northern Fringe Submarket
LEASE RENTS SF Leased: 925 SF Asking Rent: £50.00/SF Sign Date: May 2017 Space Use: Office PROPERTY EXPENSES Lease Type: Direct Service Charge: No Floor: GRND Floor Business Rates: £12.36/SF Suite: 30
LEASE TERM Start Date: May 2017
TIME ON MARKET TIME VACANT Date On Market: Feb 2017 Date Vacated: Feb 2017 Date Off Market: May 2017 Date Occupied: May 2017 Months on Market: 3 Months Months Vacant: 3 Months
LEASING AGENTS Copping Joyce Limited 27 Phipp St London, EC2A 4NP MARKET AT LEASE John Giblin 01732 350503 Elliot Smith 020 7749 1047 Vacancy Rates 2017 Q2 YOY Current Building 3.2% 3.2% Submarket 3-5 Star 3.1% 0.3% PROPERTY Market Overall 6.0% 0.2% Property Type: Office NIA: 28,661 SF Status: Built 2007 Floors: 10 Same Store Asking Rent/SF 2017 Q2 YOY Tenancy: Multi Floor Size: 21,361 SF Current Building £50.00 35.5% Construction: Steel Vacancy at Lease: 3.2% Submarket 3-5 Star £40.09 1.8% Parking: 2 Surface Spaces ar… Market Overall £50.53 2.0%
Submarket Leasing Activity 2017 Q2 YOY
12 Mo. Leased SF 364,216 46.5% Months On Market 4.7 0.3
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 10 Lease Comps Details Lease Comps Report
7 131-132 Upper St London, N1 1QP - Islington Ret Submarket
TENANT Tenant Name: Catapult Industry: Retailers/Wholesalers
LEASE RENTS SF Leased: 3,250 SF Asking Rent: £43.90/SF Sign Date: May 2017 Achieved Rent: £37.50/SF Space Use: Office Net Effective Rent: £37.50/SF Lease Type: Direct
Floor: 1, 2 Floor CONCESSIONS AND BUILDOUT Asking Discount: 14.58% LEASE TERM Start Date: May 2017 PROPERTY EXPENSES Expiry Date: May 2019 Service: Internal Repairing &… Lease Term: 2 Years Service Charge: £8.65/SF Business Rates: £7.26/SF
TIME ON MARKET TIME VACANT Date On Market: Oct 2016 Date Vacated: Nov 2016 Date Off Market: May 2017 Date Occupied: Jun 2017 MARKET AT LEASE Months on Market: 7 Months Months Vacant: 7 Months
Vacancy Rates 2017 Q2 YOY Current Building 0.0% 0.0% LEASING AGENTS TENANT REP Submarket 2-4 Star 0.8% 0.4% GN2 Making Moves London Market Overall 1.5% 0.1% 33 Cavendish Sq 75 Great Eastern St London, W1G 0PW London, EC2A 3RY Same Store Asking Rent/SF 2017 Q2 YOY Edward Carter 020 7183 5031 Current Building - - Sam McGirr 020 7183 7676 Submarket 2-4 Star £40.82 1.8% Market Overall £45.78 2.0% PROPERTY
Submarket Leasing Activity 2017 Q2 YOY Property Type: Retail NIA: 8,022 SF
12 Mo. Leased SF 148,623 5.7% Status: Built Jul 1953 Floors: 5 Months On Market 3.7 0.5 Tenancy: Multi Floor Size: 2,106 SF Construction: Masonry Vacancy at Lease: 0.0%
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 11 Lease Comps Details Lease Comps Report
7 131-132 Upper St London, N1 1QP - Islington Ret Submarket
LEASE RENTS SF Leased: 1,315 SF Asking Rent: £40.00/SF Sign Date: Apr 2017 Space Use: Office PROPERTY EXPENSES Lease Type: Direct Service Charge: £8.65/SF Floor: 3rd Floor
LEASE TERM Start Date: Apr 2017
TIME ON MARKET TIME VACANT Date On Market: Nov 2016 Date Vacated: Jan 2017 Date Off Market: May 2017 Date Occupied: May 2017 Months on Market: 5 Months Months Vacant: 4 Months
LEASING AGENTS GN2 33 Cavendish Sq London, W1G 0PW
MARKET AT LEASE PROPERTY Property Type: Retail NIA: 8,022 SF Vacancy Rates 2017 Q2 YOY Current Building 0.0% 0.0% Status: Built Jul 1953 Floors: 5 Submarket 2-4 Star 0.8% 0.4% Tenancy: Multi Floor Size: 2,106 SF Market Overall 1.5% 0.1% Construction: Masonry Vacancy at Lease: 0.0% LEASE NOTES Same Store Asking Rent/SF 2017 Q2 YOY 122 sq m. Third Floor. Current Building - - Submarket 2-4 Star £40.82 1.8% Market Overall £45.78 2.0%
Submarket Leasing Activity 2017 Q2 YOY
12 Mo. Leased SF 148,623 5.7% Months On Market 3.7 0.5
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 12 Lease Comps Details Lease Comps Report
6 8 Hornsey St - The Studios Islington London, N7 8HR - Northern Fringe Submarket
LEASE RENTS SF Leased: 1,159 SF Asking Rent: £50.00/SF Sign Date: Apr 2017 Achieved Rent: £51.00/SF Space Use: Office Net Effective Rent: £51.00/SF Lease Type: Direct
Floor: GRND Floor CONCESSIONS AND BUILDOUT Suite: 27 Asking Discount: -2.00%
LEASE TERM PROPERTY EXPENSES Start Date: Apr 2017 Service Charge: No Expiry Date: Mar 2020 Business Rates: £15.87/SF Lease Term: 3 Years
TIME ON MARKET TIME VACANT Date On Market: Feb 2017 Date Vacated: Feb 2017 Date Off Market: Apr 2017 Date Occupied: Apr 2017 Months on Market: 2 Months Months Vacant: 2 Months
LEASING AGENTS Anthony Green & Spencer Ltd MARKET AT LEASE 7 Manchester Sq London, W1U 3PG Vacancy Rates 2017 Q2 YOY Alex Johnson 020 7935 2335 Current Building 3.2% 3.2% Submarket 3-5 Star 3.1% 0.3% Market Overall 6.0% 0.2% PROPERTY Property Type: Office NIA: 28,661 SF Same Store Asking Rent/SF 2017 Q2 YOY Status: Built 2007 Floors: 10 Current Building £50.00 35.5% Tenancy: Multi Floor Size: 21,361 SF Submarket 3-5 Star £40.09 1.8% Construction: Steel Vacancy at Lease: 3.2% Market Overall £50.53 2.0% Parking: 2 Surface Spaces ar… LEASE NOTES Submarket Leasing Activity 2017 Q2 YOY A new tenant has taken Unit 27 The Studios comprising 1,159 sq ft (107.67 sq m) of ground 12 Mo. Leased SF 364,216 46.5% floor office accommodation. Months On Market 4.7 0.3
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 13 Lease Comps Details Lease Comps Report
6 8 Hornsey St - The Studios Islington London, N7 8HR - Northern Fringe Submarket
LEASE RENTS SF Leased: 1,160 SF Asking Rent: £50.00/SF Sign Date: Jan 2017 Space Use: Office PROPERTY EXPENSES Lease Type: Direct Service: Fully Repairing & In… Floor: GRND Floor Service Charge: No Suite: 27 Business Rates: £15.85/SF
LEASE TERM Start Date: Feb 2017
TIME ON MARKET TIME VACANT Date On Market: Nov 2016 Date Vacated: Jan 2017 Date Off Market: Feb 2017 Date Occupied: Feb 2017 Months on Market: 2 Months Months Vacant: 1 Month
LEASING AGENTS Anthony Green & Spencer Ltd 7 Manchester Sq London, W1U 3PG MARKET AT LEASE Alex Johnson 020 7935 2335 Copping Joyce Limited Vacancy Rates 2017 Q1 YOY 27 Phipp St Current Building 10.5% 6.0% London, EC2A 4NP Submarket 3-5 Star 2.8% 0.2% John Giblin 01732 350503 Market Overall 6.2% 0.0% Elliot Smith 020 7749 1047
Same Store Asking Rent/SF 2017 Q1 YOY Current Building £50.00 35.5% PROPERTY Submarket 3-5 Star £39.67 6.9% Property Type: Office NIA: 28,661 SF Market Overall £50.57 4.0% Status: Built 2007 Floors: 10 Tenancy: Multi Floor Size: 21,361 SF Submarket Leasing Activity 2017 Q1 YOY Construction: Steel Vacancy at Lease: 10.5% 12 Mo. Leased SF 366,673 52.0% Parking: 2 Surface Spaces ar… Months On Market 4.2 0.7 LEASE NOTES A new tenant has taken Suite 27, The Studios comprising 1,160 sq ft (107.77 sq m) of ground floor office accommodation. Copping Joyce and Anthony Green & Spencer Ltd acted on behalf of Stadium Investment Ltd. The deal was confirmed by Currell Commercial.
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 14 Lease Comps Details Lease Comps Report
8 Highbury Grv - Screenworks London, N5 2EA - Northern Fringe Submarket
TENANT Tenant Name: Ogury Limited
LEASE RENTS SF Leased: 3,892 SF Asking Rent: £51.86/SF Sign Date: Nov 2016 Achieved Rent: £51.86/SF Space Use: Office
Lease Type: Direct CONCESSIONS AND BUILDOUT Floor: Unkwn Floor Asking Discount: 0.00%
LEASE TERM Start Date: Nov 2016 Expiry Date: Oct 2021
TIME VACANT Date Occupied: Nov 2016
PROPERTY Property Type: Office NIA: 43,000 SF Status: Built 2014 Floors: 5 MARKET AT LEASE Tenancy: Multi Floor Size: 8,600 SF
Vacancy Rates 2016 Q4 YOY Construction: Reinforced Concrete Vacancy at Lease: 72.0% Current Building 72.0% 0.0% Submarket 3-5 Star 2.4% 0.2% Market Overall 6.1% 0.2%
Same Store Asking Rent/SF 2016 Q4 YOY Current Building £32.50 0.0% Submarket 3-5 Star £40.31 12.9% Market Overall £50.76 7.5%
Submarket Leasing Activity 2016 Q4 YOY
12 Mo. Leased SF 571,026 0.5% Months On Market 3.8 2.5
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 15 Lease Comps Details Lease Comps Report
3 36a Clare Ln London, N1 3DB - Islington Ret Submarket
TENANT Tenant Name: Real Holidays Industry: Transportation SIC: Travel Agencies
LEASE RENTS SF Leased: 880 SF Asking Rent: £37.50/SF Sign Date: Aug 2016 Achieved Rent: £38.50/SF Space Use: Office Net Effective Rent: £37.66/SF Lease Type: Direct
Floor: GRND Floor CONCESSIONS AND BUILDOUT Asking Discount: -2.67% LEASE TERM Rent Free Months: 2 Months Start Date: Aug 2016 Buildout Status: Full Build-Out Expiry Date: Aug 2026
Lease Term: 10 Years PROPERTY EXPENSES Breaks: Tenant - Aug 2021 Service: Fully Repairing & In… Reviews: Aug 2020, Aug 2024 Service Charge: £1.50/SF Business Rates: £8.25/SF
MARKET AT LEASE TIME ON MARKET TIME VACANT Date On Market: Mar 2016 Date Vacated: Feb 2016 Vacancy Rates 2016 Q3 YOY Date Off Market: Sep 2016 Date Occupied: Oct 2016 Current Building 14.1% 14.1% Submarket 2-4 Star 0.8% 0.7% Months on Market: 5 Months Months Vacant: 8 Months Market Overall 1.3% 0.1% LEASING AGENTS Same Store Asking Rent/SF 2016 Q3 YOY Robert Graham Commercial Current Building £22.86 0.0% 14 Bowling Green Ln Submarket 2-4 Star £40.32 2.1% London, EC1R 0BD Market Overall £45.08 1.9% Robert Graham 020 7167 6848
Submarket Leasing Activity 2016 Q3 YOY
12 Mo. Leased SF 127,881 8.4% PROPERTY Months On Market 4.0 0.3 Property Type: Retail NIA: 6,255 SF Status: Built 2005 Floors: 4 Tenancy: Multi Floor Size: 3,127 SF Construction: Masonry Vacancy at Lease: 14.1%
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079.
Page 16 Lease Comps Details Lease Comps Report
LEASE NOTES Real Holidays Travel Agency Ltd has taken 880 sq ft (81.75 sq m) of ground floor office space in 36A Clare Lane on a new 10 year FRI lease from the long leaseholder, a private individual, for £30,800 pa, equating to £38.50 psf (£414.41 psm). The lease is subject to a tenant option to break in year five and a rent review every four years. A two month rent free period at the start of the term was agreed. Robert Graham Commercial acted on behalf of the long leaseholder. The tenant was unrepresented. The quoting rent was £30,000 pa, equating to £37.50 psf (£403.65 psm). Freehold Managers (Nominees) Ltd is the current freeholder of the property. The deal was confirmed by Robert Graham Commercial.
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079. Page 17 Rents Lease Comps Report
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079. Page 18 Asking Rent Per SF Achieved Rent Per SF Net Effective Rent Per SF Avg. Rent Free Months £44.42 £42.38 £39.43 2.0
DEALS BY ASKING, ACHIEVED, AND NET EFFECTIVE RENT
DEALS BY ASKING RENT DISCOUNT DEALS BY RENT FREE MONTHS
06/12/2018 Copyrighted report licensed to Fyfe Mcdade Ltd - 622079. Page 19 Lease Comparables Address Tenant SF Leased StartDate Starting Rent Free Rent Breaks Landlord Type Term Effective Rent Rates Reviews
1
16A Crane Grove 650 Sep 2018 London, N7 8LE Animal Properties New Direct Northern Fringe Submarket
2 The Studios Islington 6 Hornsey St 1,472 Aug 2018 London, N7 8GR Stadium Investment Ltd New Direct £21.34/SF Northern Fringe Submarket
3
63-67A Halliford St 1,174 May 2018 London, N1 3HF Freehold Managers (Nominees) Ltd New Direct Islington Ret Submarket
4
271 Upper St Mr Ali Arif 390 Jan 2018 £33.33/SF Jan 2021 London, N1 2UQ Gibbon Chalvraft Partnership New Direct 5 Years £33.33/SF £11.95/SF Islington Ret Submarket
5
16A Crane Grove DHP Family 1,591 Dec 2017 £34.57/SF London, N7 8LE Animal Properties New Direct 3 Years £34.57/SF £5.66/SF Northern Fringe Submarket
6
7-9 Melody Ln Mcdonald Architects 1,870 Oct 2017 £35.24/SF London, N5 2BQ New Direct 5 Years Northern Fringe Submarket
Copyrighted report licensed to Fyfe Mcdade Ltd - 622079. Page 20 Page 1 Lease Comparables Address Tenant SF Leased StartDate Starting Rent Free Rent Breaks Landlord Type Term Effective Rent Rates Reviews
7
16A Crane Grove James Gorst Architects Ltd 950 Jun 2017 £44.21/SF London, N7 8LE Animal Properties New Direct 5 Years £44.21/SF Jun 2018… Northern Fringe Submarket
8 The Studios Islington 8 Hornsey St 925 May 2017 London, N7 8EG Stadium Investment Ltd New Direct £12.36/SF Northern Fringe Submarket
9
131-132 Upper St Catapult 3,250 May 2017 £37.50/SF London, N1 1QP 580 Ltd New Direct 2 Years £37.50/SF £7.26/SF Islington Ret Submarket
10
131-132 Upper St 1,315 Apr 2017 London, N1 1QP 580 Ltd New Direct Islington Ret Submarket
11 The Studios Islington 8 Hornsey St 1,159 Apr 2017 £51.00/SF London, N7 8EG Stadium Investment Ltd New Direct 3 Years £51.00/SF £15.87/SF Northern Fringe Submarket
12 The Studios Islington 8 Hornsey St 1,160 Feb 2017 London, N7 8EG Stadium Investment Ltd New Direct £15.85/SF Northern Fringe Submarket
Copyrighted report licensed to Fyfe Mcdade Ltd - 622079. Page 21 Page 2 Lease Comparables Address Tenant SF Leased StartDate Starting Rent Free Rent Breaks Landlord Type Term Effective Rent Rates Reviews
13 Screenworks Highbury Grv Ogury Limited 3,892 Nov 2016 £51.86/SF London, N5 2EA Workspace Group plc New Direct Northern Fringe Submarket
14
63-67A Halliford St Real Holidays 880 Aug 2016 £38.50/SF 2 Mos at Start Aug 2021 London, N1 3HF Freehold Managers (Nominees) Ltd New Direct 10 Years £37.66/SF £8.25/SF Aug 2020… Islington Ret Submarket
Copyrighted report licensed to Fyfe Mcdade Ltd - 622079. Page 22 Page 3 Fyfe Mcdade Ltd 1 Charlotte Road, London, EC2A 3DH 020 7613 4044 [email protected]
How is your property performing?
Corsica Street London N5 1JT
Added on 27th Mar 2018 £27,000 pa (£519 pw) Commercial property to let Corsica Street, London N5
1 1 A self contained commercial building suitable for B1 office use. The property is located north of Highbury Corner in Islington, approximately 6 mins walk from Highbury and Islington Station (Overground, Victoria) in a predominantly residential street. ...
Highbury & Islington (0.1 miles) Highbury & Islington (0.2 miles) Note: Distances are straight line measurements
Listing stats
Search result views Clicked to view Click through rate* 72 12 16.7% Branch average of 6%
* Click through rate - The percentage of people that saw your property in the Search Results page and clicked through to view your property’s details.