18 Victoria Park Sq
Highly Sought After Investment And Development Opportunity In The Heart Of Bethnal Green Overview
A highly attractive investment opportunity
Investment Summary
• Freehold • Located in the heart of Bethnal Green, one of London’s most up diverse, fastest growing and vibrant districts. • The property occupiers a prominent corner position on Victoria Park Square with extensive views overlooking Museum Gardens. • 18 Victorian Park Square benefits from superb connectivity being 160m from Bethnal Green Underground Station (Central Line) running into Liverpool Street Station in 3 minutes. • The property comprises two buildings, an impressive period building to the front and large1960s building to the rear. • Comprises 11,615 sq ft of office accommodation arranged across the two buildings over lower ground, ground, first and second floors with the benefit of onsite parking. • Significant development opportunity with potential to increase massing with extension to the rear. • Potential for a wide variety of uses such as hotel, residential and offices subject to planning. • Sold with Vacant Possession. • Offers are invited in excess of £4,950,000 subject to contract and exclusive of VAT. • A sale at this level reflects a low capital value of £426 per sq ft.
Exterior view of 18 Victoria Park Square, with Victorian frontage, overlooking Museum Gardens opposite
18 Victoria Park Sq
1 2 Aerial Location
Victoria Broadway One of London’s Park Market vibrant and fastest growing districts – Bethnal Green
In recent years Bethnal Green has been the subject of a significant amount of inward investment from a wide range of developers, investors and owner occupiers looking to capitalise on its excellent location.
Strategically positioned in the heart of East London, Bethnal Green borders Shoreditch to the west, Hackney to the north and Whitechapel to the south. Bethnal Green has become a popular location for many of the Tech, Media, Creative & Fashion sectors, who are looking to take advantage of Bethnal Green’s close proximity to the City of London (1.9 miles to the south west), Old Street Roundabout (1.6 miles to west) and Canary Wharf (2.6 miles to the south).
V&A Museum BOXCAR Brewery Mama of Childhood & Taproom Shelter
2 mins walk 5 mins walk 9 mins walk
Queen Mary Columbia Oval University of Road Flower Space London Market
10 mins walk 15 mins walk 16 mins walk
Journey times from the building. Source: TfL.
18 Victoria Park Sq
Broadway Containerville Cambridge Gas Canary Bethnal Bethnal Whitechapel Market Heath Holders Wharf Green Green
18 Victoria Park Sq
3 4 Situation
Buzzing with vibrancy
18 Victoria Park Square is situated on the north eastern side of Victoria Park Square on a prominent position overlooking Museum Gardens.
Juice Trap
London Cocktail Club The Beehive Coffee
Regent’s Canal
Pavilion Victoria Park Campania
18 Victoria Park Sq
The Café Chantant Ombra
London Fields Arepa & Co
V&A Museum of Childhood
Bethnal Green benefits from an excellent amenity offering with an eclectic blend of open spaces, trendy railway arches, independent retailers, gourmet restaurants, bars and numerous leisure activities. Synonymous with London’s popping music and art scene, Bethnal Green boasts some of London’s most well-known music venues and art galleries including The Oval. This desirable blend of leisure amenities and commercial offerings has led to Bethnal Green becoming a popular place to live, work, meet and eat. Victoria Park Lake Mama Shelter
5 6 Situation
18 Victoria Park Square is situated Museum Gardens has often been described as An area on the north eastern side of Victoria the focal point of Bethnal Green, with numerous Park Square on a prominent position shops, bars and Paradise Row Railway Arches overlooking Museum Gardens. in a 200-metre radius. Museum Gardens is also full of home to world famous V&A Children’s Museum. talent t e e r t S e r a M
Surrounding Area Map
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Local Occupiers Amenities Hotels 1 HSBC 9 BOXCAR Brewery 1 York Hall 7 London Buddhist Centre 1 The East London 2 Iceland & Taproom 2 Victoria Park 8 Bethnal Green Library Hotel 3 McDonald’s 10 Specsavers 3 Queen Mary University 9 Bethnal Green Post Office 2 Mama Shelter 4 KFC 11 Boots 4 Columbia Road 10 Mile End Hospital 3 Town Hall Hotel 5 Tesco Metro 12 The Hive Flower Market 11 Oval Space 4 Travelodge 6 Halifax 13 Co-op Food 5 Haggerston Park 12 BP Petrol Station 7 The Star of 14 The Green Truffle 6 V&A Museum of 13 Bethnal Green Bethnal Green 15 Sainsbury’s Local Childhood Police Station 8 Cakebox 16 Bikeworks
18 Victoria Park Sq
18 Victoria Park Square benefits Bethnal Green Underground Station is Quick from excellent connectivity being located 160 metres to the west of the property in close proximity to numerous and is served by the Central Line running into & easy transport hubs. Liverpool Street Station in 3 minutes.
Liverpool Street Station is one of London links best connected rail stations and is served by the London Underground, National Rail, Overground and from 2022, Crossrail.
Connections Near & Far
Highbury Hackney & Islington Dalston Downs Canonbury Kingsland Homerton Overground Hackney Stratford London 10 mins cycle Wick Fields
Cambridge 8 mins walk Heath Old 18 Victoria Street Park Sq Bethnal Mile Northern Line Green End 3 mins walk Moorgate Whitechapel Liverpool Hammersmith & City Line Street Aldgate Circle Line Metropolitan Line East
Aldgate
Midtown / Bank West End Monument
District Line Tower Hill Journey times from the building. Source: TfL.
Bethnal Green Overground station is located 0.5 miles to the south of the property while Whitechapel Rail Station is located 0.9 miles to the south. From 2022, as well as London Underground services, Whitechapel Station will benefit from the arrival of Crossrail.
Image of Whitechapel Crossrail Station 7 8 The Building
A prominent building with a Victorian aesthetic
18 Victoria Park Square offers a highly attractive opportunity to significantly increase massing and create a desirable offering maintaining the buildings rich history and period features.
The prominent corner property comprises a Victorian front building which is arranged over lower ground, ground and three upper levels with fantastic views overlooking Museum Gardens. The front building connects to a larger 1960’s building to the rear. 1
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18 Victoria Park Sq
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The property is arranged over two buildings and provides 11,615 sq ft (1,079 sq m) of commercial accommodation. The front building is an attractive Victorian building boasting many of its coveted original features. The 1960’s rear building provides open plan floor plates with natural light from two elevations.
18 Victoria Park Square offers excellent potential for a wide variety of uses subject to planning.
1 Views overlooking Museum Gardens 2 Ground floor accommodation with courtyard 3 Open plan commercial space 4 4 Ground floor stairwell
9 10 Accommodation
Arranged over four floors with potential for a variety of uses
Floor Sq Ft (GIA) Sq M (GIA)
Second 810 75
First 4,701 437
Ground 5,199 483
Lower Ground 905 84
Total 11,615 1,079
Lower Ground Floor
905 Sq Ft / 84 Sq M VICTORIA PARK SQUARE
SUGAR LOAF WALK
18 Victoria Park Sq
Plans not to scale. For indicative purposes only. N
Ground Floor
5,199 Sq Ft / 483 Sq M VICTORIA PARK SQUARE
Courtyard
SUGAR LOAF WALK
First Floor
4,701 Sq Ft /437 Sq M VICTORIA PARK SQUARE
SUGAR LOAF WALK
Second Floor
810 Sq Ft / 75 Sq M VICTORIA PARK SQUARE
SUGAR LOAF WALK
Office Space Core Terrace 11 12 Development Potential
A great opportunity
The site offers potential for High growth sub-market a significant refurbishment with significant development and 18 Victoria Park Square offers significant and extension to the rear investment projects taking place development potential for a wide variety subject to planning. within the immediate vicinity. of uses, subject to the necessary consents.
Pricing underlined by strong Extensive views Mixture of highly desirable Potential for a wide variety of commercial and residential overlooking the park. Victorian features and uses including hotel, residential values within the locality. modern design capabilities. and offices subject to planning.
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18 Victoria Park Sq
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Exciting opportunity to restore characterful building with the ability to create modern 21st century contemporary building to the rear.
Potential to extend
1 Exterior facing Museum Gardens 2 Rear of building 3 3 Ground floor interior space
13 14 Office & Residential Markets
Occupier demand in 2021 has accommodation in outer core locations with Cost significantly increased with excellent connectivity such as Bethnal Green. businesses across the City Fringe However, supply continues to be constrained restarting their office searches. with a very limited development pipeline over effective the course of 2021 & 2022.
Demand has been primarily driven by the and in Non-core locations such as Bethnal Green Tech, Media and Creative industries who are continue to outperform core locations with craving a return to the office. demand occupier demand increasing for cost effective high specification accommodation with Covid-19 has created a two tier market, with excellent local amenities situated in close tenants demanding cost effective high quality proximity to major business districts such as accommodation. This requirement has led to the City of London & Shoreditch. an increase in demand for Grade A office
Occupational Evidence
Canal Place 2 Hillman Street 84 Teesdale Street Long Street Studios 1-3 Sheep Lane E8 E8 E2 5-9 Long Street EC2 Date: Q1 2021 Date: Q1 2021 Date: Q3 2020 Date: Q3 2020 Size: 2,110 sq ft Size: 29,534 sq ft Size: 764 sq ft Size: 1,008 sq ft Rent: £30.70 per sq ft Rent: £28.00 per sq ft Rent: £36.00 per sq ft Rent: £50.00 per sq ft Term: 10 years Term: 5 years Term: 3 year lease Term: 3 years Floor: 1st Floor: Ground-4th floor Floor: 2nd Floor: Ground Tenant: Yeast Bakery Ltd Tenant: Dept. Work & Pensions Tenant: The Art of Football Tenant: Social Blue
Investment Market
1-3 Barnsbury Square N1 2-16 Bayford Street E8 16 Prescott Street E1 469 Bethnal Green Road E2 Date: Q4 2020 Date: Q4 2020 Date: Q1 2020 Date: Q4 2019 Size: 9,316 sq ft Size: 14,802 sq ft Size: 8,772 sq ft Size: 10,014 sq ft Rent: £30.70 per sq ft Rent: - Rent: - Rent: - PP: £6,150,000 PP: £6,600,000 PP: £4,950,000 PP: £5,100,000 Cap Val: £660 per sq ft Cap Val: £581 per sq ft Cap Val: £564 per sq ft Cap Val: £509 per sq ft
18 Victoria Park Sq
Bethnal Green is one of East London’s Fuelled by young professionals, first time A great most popular residential areas and buyers and local families who are drawn to the continues to see a steady increase area by the excellent connectivity into Central in residential values. London and abundance of amenities. place for Average sold house prices within Bethnal young Green have seen a 9.24% increase over the past 5 years. Existing flat’s within the immediate buyers area have averaged £800 per sq ft+ when sold in recent years with new build and converted properties exceeding £900 per sq ft+.
Residential Transactions
Flat 42 Dinmont House Flat 27 Minstrel Court Flat 28 Mulberry House Pritchard Road E2 Teesdale Close E2 Victoria Park Square E2 Date: Q2 2021 Date: Q4 2020 Date: Q4 2020 Size: 495 sq ft Size: 760 sq ft Size: 639 sq ft PP: £360,000 PP: £580,000 PP: £595,000 Cap Val: £727 per sq ft Cap Val: £763 per sq ft Cap Val: £929 per sq ft
6 Sugar Loaf Walk 27 Wood Close 2 Ainsley Street E2 E2 E2 Date: Q4 2020 Date: Q1 2021 Date: Q2 2020 Size: 638 sq ft Size: 631 sq ft Size: 720 sq ft PP: £492,000 PP: £610,000 PP: £560,000 Cap Val: £771 per sq ft Cap Val: £966 per sq ft Cap Val: £778 per sq ft
15 16 Further Information
VAT Tenure
The property is elected for VAT. The property is held freehold under title number’s NGL196034 & 257747.
Planning
The front building is Grade II* listed. The rear building is not listed. The property is located within the Bethnal Green Gardens Conservation Area.
EPC
A copy of the EPC is available upon request.
Pricing
Offers are invited in excess of £4,950,000 subject to contract and exclusive of VAT. This reflects a low capital value of £426 per sq ft.
Contact
Julian Meir Jordan Oldfield 07956 949 604 07736 177 891 [email protected] [email protected]
Shaun Simons Chris Incledon 07788 423 131 07787 130 719 [email protected] [email protected]
Compton and Kingsbury Consultants give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Compton or Kingsbury Consultants has any authority to make any representation or warranty whatsoever in relation to this property. April 2021.
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