3-6 SPRING PLACE , LONDON NW5

EXISTING INDUSTRIAL WORKSHOP WITH NEW OFFICE CONSENT IN THE HEART OF KENTISH TOWN 2 3-6 SPRING PLACE 3

CONSENTED LANDMARK OFFICE SCHEME IN THE HEART OF KENTISH TOWN.

Development Summary

Planning consent for Piercy & Company designed scheme to provide 35,061 sq ft (3,257.3 sq m) NIA of Grade A flexible work space including restaurant/café & kitchen accommodation.

Underdeveloped site of approximately 0.48 acres (0.19 hectares).

Potential to refurbish existing B2 industrial accommodation.

Sold with the benefit of vacant possession.

Existing site totals 20,546 sq ft (1,908.79 sq m) GIA of B2 industrial accommodation.

5 minute walk from Kentish Town Station.

Located close to & King’s Cross.

Local occupiers include MTV, Getty Images, French Connection & Hugo Boss.

Close to all the local amenities on Kentish Town Road.

Virtual freehold for a term of 946 years unexpired at a peppercorn.

Offers in excess of £10,000,000.

Capital Value of £285 per sq ft on the consented floor areas and £486 per sq ft on the existing floor areas. 4 5

KENTISH CIT Y OF KING’S ST PANCRAS TOWN CAMDEN REGENT’S CAMDEN REGENT’S LONDON CROSS INTERNATIONAL ROAD TOWN PLACE MARKET PARK

KENTISH TOWN REGIS ROAD GROWTH AREA. CAMDEN COUNCIL IS PROMOTING THIS INDUSTRIAL AREA FOR MIXED USE EMPLOYMENT-LED REDEVELOPMENT

K E N T I S H U PS ROYAL MAIL TOWN DEPOT DELIVERY OFFICE 6 3-6 SPRING PLACE 7

MTV HQ

KENTISH TOWN AND NEIGHBOURING CAMDEN HAVE BECOME ESTABLISHED OFFICE LOCATIONS OFFERING Chicken Shop COST EFFECTIVE ALTERNATIVES TO THE TRADITIONAL CENTRAL LONDON SUB-MARKETS

KOKO Camden

Saint Espresso & Kitchen Kentish Town is located in the approximately 3.2km (2 miles) north of the West End, 4.7 km (2.9 miles) north-west of the City and less than 2.4km (1.5 miles) north-west of King’s Cross, one of Europe’s Largest urban regeneration projects. Parliament Hill The property is situated in the heart of Kentish Town on the western side of Spring Place at the junction with Holmes Road. Kentish Town and neighbouring Camden have become established office locations offering cost effective alternatives to the traditional Central London sub-markets. The area is considered one of London’s major creative media and advertising hubs. Its strong business reputation has drawn companies such as software consultancies, advertising firms, publishing houses, TV, radio, fashion houses, news and media, making it an integral part of the Soho-Clerkenwell media triangle. Local occupiers include MTV, Sheppard Robson, Hugo Boss, French Connection, Warner Bros, ASOS and Getty Images. A growing resident population in Kentish Town has led to an improving retail and leisure provision with new operators such as The Bull & Last, Pizza East Kentish Town and The Oxford Tavern located moments away Hugo Boss + French Connection HQ German Gymnasium Camden Lock Location from 3-6 Spring Place on Kentish Town Road. 8 3-6 SPRING PLACE 9

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Entertainment Restaurants And Bars

1 Camden Lock Market 1 The Grafton 13 A GROWING AND 2 Camden Stables Market 2 Wahaca Kentish Town 3 Koko 3 German Gymnasium Kentish Town DEMOGRAPHICALLY 4 Jazz Café 4 Shaka Zulu 5 9 2 5 5 The Blues Kitchen 15 CHANGING POPULATION 11 10 6 London Zoo 6 Whole Foods 5 14 4 7 Caravan Fashion 8 Dishoom King’s Cross 9 Beef & Brew 6 1 ASOS BELSIZE 10 The Oxford Tavern 4 2 Whistles PARK KENTISH 11 Café Renoir 1 3 Hugo Boss TOWN 12 Chicken Shop Wales Road Kentish Town 4 French Connection Prince Of 13 Pizza East West 5 Ted Baker 14 Saint Espresso & Kitchen 5 6 Oliver Sweeney 15 Camden’s Daughter

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KENTISH TOWN & KENTISH UNRIVALLED DOMESTIC AND TOWN WEST STATIONS INTERNATIONAL TRANSPORT WITHIN A 5 MINUTE WALK LINKS FROM KING’S CROSS ST PANCRAS INTERNATIONAL

Kentish Town Connectivity 7 mins to Euston 9 mins to King’s Cross/ King’s Cross & St Pancras International

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1 2 Six lines (Circle, Leeds Hammersmith & City, Metropolitan, Northern, 1 hr 46 mins Piccadilly & Victoria). Kentish Town West Manchester 27 Mins to Stratford Access to three main rail services including; 1 hr 8 mins Birmingham Camden Road East Coast Main Line, Midland Mainline and 49 mins 25 Mins to Stratford rail services. Amsterdam 3 hr 41 mins High speed services to other major London European cities including Paris and Brussels. Cologne 8 mins to Euston 4 hr 28 mins 10 mins to King’s Cross/ St Pancras Int King’s Cross/ High Speed 2 (HS2) Lille Brussels 1 hr 22 mins St Pancras Int 1 hr 48 mins High speed 2 (HS2) is a planned high-speed Camden Town services to The North, Eurostar services inter-city rail network. 3 mins to Euston to Europe and a mojor Paris 6 mins to King’s Cross/ London Underground hub. 2 hr 15 mins St Pancras Int Vastly reduced journey times across a number of the UK’s major cities, including Birmingham, Leeds and Manchester. Journey times from King’s Cross: The first phase proposes to link London with Birmingham. The second phase will bring two Lyon 4 hr 55 mins Heathrow Bond Paddington King’s Cross London Canary London thirds of the population of Northern England Airport Street St.Pancras Int Bridge Wharf City Airport within two hours of the capital by extending Bordeaux further north to Manchester and Leeds. 5 hr 16 mins Avignon 55 13 12 11 23 23 5 hr 14 mins Euston to Birmingham in just 49 minutes. Montpellier Marseille 6 hr 14 mins 2 6 hr 13 mins

Bakerloo Central Circle District DLR Hammersmith & City Jubilee Construction of will begin between Metropolitan Northern Piccadilly Victoria 2021 and 2022 where Euston will be a major interchange HS2

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THE EXISTING VACANT SITE TOTALS 20,546 SQ FT (1,908.79 SQ M) GIA OF B2 INDUSTRIAL ACCOMMODATION

Description

Comprises a single-storey (double height) brick warehouse building. The building fronts onto Spring Place with multiple vehicle and pedestrian accesses along this frontage. V

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S P Planning R IN G P L A C E Located in the London Borough of Camden in the , Kentish Town Ward. The property does not lie within a designated conservation area nor is it listed or identified as a building of architectural merit.

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W ET IL RE 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. L S T E NE S LO Stationery Office. Crown Copyright reserved. R TH O A A D G R A F T O N R O A D

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T I EE L STR K I KIN N Tenancy IL Tenure W S T

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E Sold with the benefit of full vacant possession. VirtualW freehold for a term of 946 years unexpired S at a peppercorn. Further details are available on request.

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Second Floor Proposed Floor Plans

First Floor

Planning permission was granted by the London Borough of Camden on 21 December 2017 (under reference 2016/5181/P) for the demolition of existing buildings and structures and the development of a part-six and part-two storey building comprising office (Class B1) at ground and upper floors; café (Class A3) and flexible event space (Sui Generis) at ground floor and associated works. The consented scheme will provide 35,062 sq ft (3,257 sq m) NIA of Grade A flexible work space including restaurant/café & kitchen accommodation over lower ground, ground and five upper floors. The consented floor areas are as follows;

GIA GIA NIA NIA Floor Use Sq M Sq Ft Sq M Sq Ft Ground Floor

5th Floor Office 316 3,401 225 2,422

4th Floor Office 570 6,135 480 5,166

3rd Floor Office 570 6,135 480 5,168

2nd Floor Office 640 6,889 550 5,922

1st Floor Office 675 7, 266 566 6,093 Office Area Ground Office / 1,285 13,832 952 10,248 Meeting Rooms Floor Retail Common areas Lower Ancillary 178 1,916 4 43 Reception Ground Designed by Restaurant/Cafe Piercy & Company 4,234 45,574 3,257 35,062 Event Space 18 3-6 SPRING PLACE 19

QUOTEPIERCY & CO VISUALS OF QUOTE THE CONSENTED SCHEME

Reception Event Space

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Date Address Tenant Area Rent Term Date Address Tenure Price NIY Capital Value Comments Sq Ft (PSF) (Years) (£PSF) Unit 2, Q1 2018 12 Oval Road, NW1 Post Fashion 2,633 £51.65 10 New vacant office sold Q2 2018 Regent House, LLH £1,400,000 £859 to an owner occupier. iTech Media Pratt Mews, NW1 Q1 2018 10 Parkway, NW1 11,487 £57.50 10 Services Vacant office building 114-118 Parkway, sold to an owner Q4 2017 45 Holmes Road, NW5 Vyper Industries 969 £45.00 3 Q1 2018 LLH £4,000,000 £800 NW1 occupier in need of Elements Talents capital expenditure. Q4 2017 42 Gloucester Avenue, NW1 4,222 £45.60 5 Solutions Unit 1, Regent House, New vacant office sold Q1 2018 LLH £1,500,000 £1,003 Q3 2017 163-203 Eversholt Street, NW1 N/A 4,162 £55.00 10 Pratt Mews, NW1 to an owner occupier. Centro 3,4,5, Q3 2017 64 Rochester Place, NW1 N/A 1,732 £55.00 N/A Multi-let warehouse Q1 2018 Selous House & Freehold £109,000,000 4.21% £831 style office investment. Conviviality Atelier House, NW1 Q3 2017 Utopia Village, 7 Chalcot Road, NW1 1,871 £55.00 N/A Brands Multi-let warehouse Q1 2018 Centro 1 & 2, NW1 Freehold £76,500,000 5.81% £902 Delmore Asset style office investment. Q3 2017 7 Harmood Grove, NW1 700 £47.17 5 Management St Pancras Offices let until 2020 Q1 2018 Commercial Centre, Freehold £30,000,000 1.54% £1,029 with development 63 Pratt Street, NW1 potential. Dunn’s Hat Factory, Multi-let un-refurbished Q2 2017 106-110 Kentish Freehold £25,300,000 4.30% £681 office investment. Town Road, NW1

Market Office Market Investment Market The Central London office market has continued its strong transactional London is perceived as a safe haven for overseas investors due to a Commentary activity in 2018 with high take-up levels and with low vacancy rates. transparent and competitive investment market, established legal system and political stability. Domestic and institutional investors Limited availability coupled with strong demand and rising rents in the remain active and demand is strong for value add and development prime West End market has forced occupiers to consider more viable opportunities positioned to take advantage of these growth forecasts. and cost-effective alternatives with submarkets such as King’s Cross and Camden benefitting most and experiencing strong rental growth. Despite the depth of investor demand, recent months have been characterised by a shortage of available investment product. The Tenants have become increasingly eager to take advantage of first half of 2018 illustrates this trend particularly, with turnover up to the King’s Cross regeneration with its first-class amenities and the end of Q2 being 26.5% below the same period in 2017. This supply communications. As a result, there has been a positive impact on office and demand imbalance, however, is showing signs of abating with rental growth in Camden and the neighbouring Kentish Town. transactions under offer forecast to drive turnover by the end of Q3 to approximately £5.7 billion, surpassing the equivalent totals recorded in 2017 and 2016, as well as being 24% above the 10-year average. Kentish Town benefits from low rental levels compared to neighbouring Camden and King’s Cross but with substantial development taking place nearby, growth expectations are predicted to be strong as investors seek to take advantage of opportunities within the Borough which are likely to show strong returns in the foreseeable future. 22 3-6 SPRING PLACE

OFFERS IN EXCESS OF £10,000,000 REFLECTING A CAPITAL VALUE OF £285 PER SQ FT ON THE CONSENTED FLOOR AREAS.

Further Information

EPC VAT Available on request The property is elected for VAT

Contact

Mark Shipman [email protected] +44 (0)20 7493 8184

Nathan Sugar [email protected] +44 (0)20 7529 5716

Peter Ng [email protected] +65 6733 3212

Declaration: Michael Elliott and Hanover Green for themselves and for the vendors of this property whose agents they are, give notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott or Hanover Green has any authority to make or give any representations or warranty whatever in relation to this property.

November 2018 (Q4139)