M in Er Va H Ous E

MINERVA HOUSE

26-27 Hatton Garden Rare multi-let office investment with numerous asset management angles Farringdon EC1N 8BR 13,182 Sq Ft (1,224.6 Sq M) Investment Summary

• Attractive 7 storey period building occupying a prominent position on Hatton Garden. • Period building providing characterful space over basement, ground and 5 upper floors • Freehold • Sought after location popular with media and technology occupiers. • Total accommodation of 13,182 sq ft. • Multi let to 23 tenants. • Numerous asset management angles with upcoming rent reviews and lease expiries on several units. • Potential to add floor area or explore change of use to residential, subject to planning. • Local evidence to support office rents in excess of £50 psf • Total passing rent £245,582 per annum (low average rent of £18.63 psf)

Seeking offers in excess of £7.25 million for the freehold interest. This provides a low capital value of £549 psf, a net initial yield of 3.2% allowing purchaser’s costs at 5.8% and a reversionary yield of 7.15% based on our ERV of £549,020 pa.

Minerva House 2 26-27 Hatton Garden, Farringdon EC1N 8BR BARBICAN STATION Header

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SMITHFIELD FARRINGDON MARKET STATION

Minerva House

NEW STREET SQUARE MinervaCHANCERY House LANE 3 26-27 Hatton Garden, Farringdon EC1N 8BR Location

Angel The property is located in the diverse and fashionable Kings Cross St Pancras area of Farringdon in the London Borough of Camden.

Close to the West End, the City and Old Street, the area has become in demand from investors and Old Street occupiers alike.

The transport links are excellent, with Farringdon and Chancery Lane stations both within a 5 minute walk. Farringdon (Hammersmith & City, Metropolitan and Circle Lines and Network Rail services) offers direct access to Gatwick, Luton and King’s Cross St Pancras. Chancery Lane (Central Line) offers access to Stratford Barbican to the east and Oxford Circus to the west. Farringdon has been chosen as one of the central London Crossrail 620m 7 mins stations and from 2019 the introduction of Crossrail will make Farringdon even more accessible. Chancery Lane Moorgate 480m 5 mins Farringdon 320m 3 mins

Holborn 950m 13 mins St Paul’s 950m 13 mins

Blackfriars

Not to scale. For identification purposes only.

Minerva House 4 26-27 Hatton Garden, Farringdon EC1N 8BR

Description

This attractive seven storey period building was built circa 1930 and its original features compliment the surrounding area perfectly.

The building includes an 5-person passenger lift, rear fire escape and flexible floor-plates. The units benefit from excellent ceiling height and natural light.

Located on the east side of Hatton Garden connecting Holborn Circus to Clerkenwell Road, the property is in the centre of the Farringdon story. The area is world famous for its jewellery district, but has recently become popular with showrooms and architects amongst others. In the last couple of years the influx of TMT businesses to nearby ‘Tech City’ has pushed the area forward as a sought-after office location, where new emerging companies are situated amongst fast growing and established businesses.

Minerva House 6 26-27 Hatton Garden, Farringdon EC1N 8BR Minerva House 7 26-27 Hatton Garden, Farringdon EC1N 8BR Header

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Minerva House 8 26-27 Hatton Garden, Farringdon EC1N 8BR Typical Floor Plans

Ground Floor Third Floor Fifth Floor

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Minerva House 9 26-27 Hatton Garden, Farringdon EC1N 8BR Tenancy Schedule

Suite Tenant Size Floor Lease Term End Annual Rent ERV ERV 1954 Act Comments (Sq Ft) Start Date Rent (PSF) (PSF) Protected

1 Universal Imports Limited 693 LG 29-Sep-95 10 years Holding Over £6,500 £9.38 £24,255 £35.00 Yes -

2 Habib Benelbaida 1,425 LG 25-Mar-10 5 years 24-Mar-15 £9,000 £6.32 £35,625 £25.00 Yes S/c capped at £6000 pa. The vendor holds a rent deposit of £2,250

3 Carriage Jewellery Limited & 437 LG 24-Jun-14 5 years 23-Jun-19 £5,500 £12.59 £10,925 £25.00 No The vendor holds a rent deposit of £1,295.00 Diamond Jewellery Studio Limited 4 Landsberg 1218 Ground 6-Jan-04 5 years Holding Over £29,394 £24.13 £54,810 £45.00 Yes Fixed rent increase to £31,950 pa on 06/01/2015.

5 & 6 Tresor Paris (UK) Limited 1,529 Ground 6-Aug-12 5 years 5-Aug-17 £38,610 £25.25 £68,805 £45.00 No The vendor holds a rent deposit of £14,202.54.

7, 8 & 11 Richard Susskind & Co. Ltd 1,237 1st 25-Mar-11 5 years 24-Mar-16 £30,888 £24.97 £55,665 £45.00 No S/c capped at £7.50 psf. The vendor holds a rent deposit of £3,000.

9 LANDLORD OCCUPIED 156 1st LL LL LL £0 £0.00 £7,020 £45.00 N/a -

10 JM Asscher Ltd 401 1st 8-Feb-14 3 years Holding Over £9,000 £22.44 £18,045 £45.00 No The vendor holds a rent deposit of £3,395.47.

12 Levy Gems Limited 379 2nd 24-Jun-12 5 years 23-Jun-17 £7,744 £20.43 £17,055 £45.00 Yes S/c capped at £9.00 psf. Fixed rent increase to £8,096.00 pa on 23/06/15 and £8,448.00 on 23/06/16. 13 Cableborder Limited 542 2nd 1-Apr-07 5 years Holding Over £11,500 £21.22 £24,390 £45.00 Yes S/c capped at £7.00 psf.

14 Muhammed Ishaq & Majid Khan 197 2nd 23-Jul-07 5 years Holding Over £2,800 £14.21 £8,865 £45.00 No S/c capped at £9.00 psf.

15 Nasiruddin & Jahangir Shaikh 307 2nd 1-May-13 5 years 30-Apr-18 £4,300 £14.01 £13,815 £45.00 No Fixed rent increase to £4,500.00 pa on 30/04/16.

16 Levy Gems Limited 583 2nd 24-Jun-12 5 years 23-Jun-17 £12,794 £21.95 £26,235 £45.00 Yes S/c capped at £9.00 psf. Fixed rent increase to £13,351.00 pa on 23/06/15.

17 Wahid Nawab 130 3rd 01-Nov-13 2 years 31-Oct-15 £2,000 £15.38 £5,850 £45.00 No -

18a S Howie, C Hogarth & M Rooney 433 3rd 7-Oct-06 5 years Holding Over £8,000 £18.48 £19,485 £45.00 No -

18b Shahajuddin Shaikh 231 3rd 24-Jun-04 5 years Holding Over £4,000 £17.32 £10,395 £45.00 Yes -

19 Freeman (Precious Stones) Limited 263 3rd 15-Jul-05 10 years 14-Jul-15 £5,040 £19.16 £11,835 £45.00 Yes -

19a Carrier Select Limited 123 3rd 31-Aug-12 2 years + 10-Jul-15 £2,600 £21.14 £5,535 £45.00 No The vendor holds a rent deposit of £1,638.89.

19b Cad Creations Limited 139 3rd 5-Nov-10 2 years Holding Over £2,850 £20.50 £6,255 £45.00 No The vendor holds a rent deposit of £2,235.00.

20 Ramanlal M. Shah Limited 429 3rd 20-Nov-11 10 years 19-Nov-21 £8,360 £19.49 £19,305 £45.00 Yes S/c capped at £2,717 to 20-Nov-16, rising annually in line with RPI thereafter. Rent Review 20-Nov-16. 21 Mahendra Sadiwala 145 3rd 18-May-08 3 years + Holding Over £2,750 £18.97 £6,525 £45.00 No S/c capped at £9.35 rising annually in line with RPI.

22A Gemrusa (UK) Limited 297 4th 1-Apr-12 5 years 31-Mar-17 £4,300 £14.48 £13,365 £45.00 Yes S/c capped at £8.00 psf.

22B, 23 D A & G S Aminoff 958 4th 24-Jun-12 5 years 23-Jun-17 £19,517 £20.37 £43,110 £45.00 Yes S/c capped at £9.00 psf. Fixed rent increase to £20,404.00 pa on 23/6/15 and & 24 £21,292.00 pa on 23/6/16. 25 Agenzia Nationale Stampia 930 5th 14-Jun-07 7 years 25-Mar-15 £18,135 £19.50 £41,850 £45.00 No S/c capped at £9.00 psf. The vendor holds a rent deposit of £4,533.00. Associata 13,182 £245,582 £549,020

Minerva House 10 26-27 Hatton Garden, Farringdon EC1N 8BR Tenure

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The property has been elected and therefore VAT will The property is located within the London Borough of We are seeking offers in excess of £7.25 million for the be payable on the purchase price. Camden. We have been informed that the property is freehold interest. not listed. This provides a low capital value of £549 psf, a net initial yield of 3.2% allowing purchaser’s costs at 5.8% and a reversionary yield of 7.15% based on our ERV of £549,020 pa.

Further Information

Further information is available at www.minervahouseec1.co.uk. Should you wish to access the password controlled data site or arrange an inspection, please contact:

Jonathan Franks Ashley Goodman +44 (0) 20 7831 8311 +44 (0) 20 7831 8311 +44 (0) 7796 692 665 +44 (0) 7973 184 329 [email protected] [email protected]

IMPORTANT NOTICE Richard Susskind & Co gives notice to anyone who may read these particulars as follows:

1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4 The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. October 2014. Q2959

Minerva House 12 26-27 Hatton Garden, Farringdon EC1N 8BR