338 Goswell Road London Ec1
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ANGEL HOUSE 1 ANGEL HOUSE 338 GOSWELL ROAD LONDON EC1 HIGHLY REVERSIONARY MULTI-LET OFFICE INVESTMENT FOR SALE 2 ANGEL HOUSE ANGEL HOUSE 3 EXECUTIVE SUMMARY Located 300m to the south of Angel Underground Station (Northern Line) within the heart of London’s ‘Tech Belt’. Freehold and Head Leasehold interests for sale. The Head Lease is dated 24th June 1935 for a term expiring 23rd June 2034 at a fixed rent of £1,500 per annum. Attractive Art-Deco building providing approximately 4,256 sq m (45,808 sq ft) of high quality warehouse style office accommodation arranged over lower ground, ground and four upper floors. Multi-let to five tenants with an average weighted unexpired lease term of approximately 5.4 years, or 3 years to the earliest determination. Highly reversionary passing rent of £1,329,942 per annum, equating to only £29.03 per sq ft overall. Numerous asset management opportunities to improve income and significantly enhance value. Offers are sought in excess of £28,000,000, for the Freehold and Head Leasehold interests in the property, subject to contract and exclusive of VAT. This reflects a net initial yield of 4.49% and a low capital value of £611 per sq ft assuming purchaser’s costs of 5.8%. THE CITY OF LONDON THE SHARD ‘SILICON ROUNDABOUT TECH CITY’ OLD STREET CLERKENWELL ROAD 250 CITY ROAD ANGEL HOUSE CITY ROAD GOS WELL RO AD CAMDEN PASSAGE FARRINGDON ST PAUL’S SMITHFIELD STATION EXMOUTH CATHEDRAL MARKET MARKET OLD STREET CLERKENWELL ROAD CITY S ROAD T J O H N S T GOS R E WELL E T RO AD THE ANGEL BUILDING KINGS CROSS / ST PANCRAS ANGEL SQUARE INTERNATIONAL 10-4 PENTONVILLE ROAD ANGEL PENTONVILLE RO AD T E E TR S ER PP U 6 ANGEL HOUSE LOCATION Angel House is situated on the east side of Goswell Road, approximately 200 metres to the south of the junction with The Angel, at the heart of one of London’s most vibrant sub-markets. Angel House is located approximately 300 metres to the south of Angel Underground Station, at the heart of the ‘Tech Belt’. The property benefits from being strategically located between the three major ‘Tech Belt’ sub-markets: Clerkenwell to the south, Shoreditch to the south east and Kings Cross to the west. Angel is an established office location and has an array of restaurants, shops, bars and cultural attractions. Camden Passage is famous for its boutique shops, whilst both the Sadlers Wells and Almeida theatres host internationally renowned productions. Angel has attracted a wide variety of occupiers including Kaplan, Expedia, Cancer Research UK, Ticketmaster and The Royal Bank of Scotland. ANGEL HOUSE 7 COMMUNICATIONS Angel Underground Station is Angel House is well located to benefit from Underground and included in the plans for a north- National Rail services from the following transport hubs: south rail service across Greater Angel – Northern Line. London, known as Crossrail 2. This Farringdon – National Rail Services (Thameslink), will link Surrey and Hertfordshire via Circle, Metropolitan and Hammersmith & City Lines. Farringdon is set to become London’s busiest train station central London stations including upon completion of Crossrail in 2018. Victoria and King’s Cross St Pancras. Old Street – National Rail Services and Northern Line. King’s Cross St Pancras – Northern, Piccadilly, Victoria, Circle, Metropolitan, Hammersmith & City, Eurostar International Terminal, and National Rail Services. ANGEL 300m 4 mins S H E A D P P ENT O N V I L L E R O H E ANGEL HOUSE C RDES KING’S CROSS 338 GOSWELL ROAD LONDON EC1 S ST PANCRAS I T Y R O WA AD 1,400m 18 mins L E K A S T R T S A E T E O R J G D T O O S H S H N W G E OLD STREET I S L H T L R H E R 1,400m 18 mins C T E G O I T D R A E A D R Y T E E O ’ R S T S D H L O S T I E S E N K T R S I L N F N VA A N CI E E R R P R R R S O T R E E T I N A G D D T G E O E R R T N S E D A L O T R E O E A U A S D T N E S R E N T B V C S U T A I R N T E Y E Y H T J R O I R E L H L O B N E A D R A S O R D O O L E L W R E N W K R C L E S BARBICAN FARRINGDON T R E 16 mins 1,250m 18 mins E 1,400m E T T A G L G O D A R F O R A F N ’ S Y D A M O L A A ’ T R B S MOORGATE O L O R R E D O H I ET O N I E E T N E R N TR A N GRAY’S N S L E R G G S G 2,000m 26 mins INN U N S O O A R D H L R G E T O O T BROADGATE R D E A A A N H C T D D Not to scale. E R E L SMITHFIEL FI O MARKETH For identification T S A MI S T T D S purposes only. WE L O N D O N WA L L H O E L B T O L O A R N D N O N G V I W S A A L P D L U C O T H S I GUILDHALL N E B W G A T E CENTRAL S T CRIMINAL R E TOWER E COURT T 42 F A R 30 ST MARY R AXE I ROYAL COURTS N BANK OF B E OF JUSTICE G ST PAUL’S ENGLAND V I D S S CATHEDRAL M K O A R N S LLOYDS T BUILDING R T M E E E I E N R T O T S R I H E S C R N U E H W U P P E R T H A M E S C S T R E E T E C B E N T R A K M R G N B A E M I D I A R O T G C I V E S T E R G E D E I L O T W R E R T B H A M E S K S T R E E T E BANKSIDE PIER R A RIVER TAXI A S T W S M H I T H B T THE TOWER F I E L D U L THE GLOBE OF LONDON O D G E A THEATRE S C RI B K TATE MODERN ST KATHARINE F ART GALLERY DOCKS N R O I D A R ON S L B SOUTHWARK E R CATHEDRAL G I D D BOROUGH I G MARKET R E B R E W O T T E E R T S H B G I L H A H C G K U FR O R O I A B R S R OA D 8 ANGEL HOUSE THE ‘TECH BELT’ In 2014 Central London office The areas which have proved to be most popular with the take-up was dominated by creative creative industries are Shoreditch, Clerkenwell, Farringdon, Angel and Kings Cross – collectively now known as the ‘Tech industries such as media, TV, Belt’. These markets are now experiencing unprecedented telecommunications, publishing levels of demand from occupiers attracted by the tenant and computer programming. The mix, amenities, excellent transport links and variety of accommodation. creative industries have contributed Angel House provides characterful space, strongly in TO THE VAST MAJORITY OF employment demand from the creative industries, who are willing to growth in Central London over the pay a premium for this type of accommodation. past five years. There are several examples of highly successful office schemes within the locality such as The Angel Building and 10-4 Pentonville Road, which now have an ERV in excess of £60.00 per sq ft. Angel House benefits from similar characteristics to these schemes and is therefore well placed to capture this strong occupier demand and growth. ANGEL HOUSE 9 View from roof looking south 10 ANGEL HOUSE LOCAL DEVELOPMENTS Angel House is located amongst some of the most exciting developments in the ‘Tech Belt’, enjoying increasing popularity among tenants, developers and investors. Angel Square - This prominent corner Pivotal, 123 Pentonville Road - Monteagle building was acquired by Derwent London Barlow Trust Ltd are carrying out a for £75m in Q4 2014 and consists of three refurbishment of the existing building with multi-let connected buildings around a a roof extension to provide 26,000 sq ft of central courtyard totalling 128,700 sq ft. Grade A office accommodation. Completion is scheduled Q2 2015. 250 City Road - The 5.5 acre site is currently King’s Cross Central - The King’s Cross being developed by Berkeley Homes and will Central Ltd Partnership is developing the provide a 1.2 million sq ft residential lead largest mixed use scheme in Central London scheme.