The Royle Building
Total Page:16
File Type:pdf, Size:1020Kb
THE ROYLE BUILDING A HIGH YIELDING REVERSIONARY INVESTMENT OPPORTUNITY, LOCATED WITHIN ONE OF LONDON'S MAJOR REGENERATION AREAS INVESTMENT SUMMARY THE ROYLE BUILDING ROYLE THE • Located equidistant from two of London’s most vibrant Tech Belt locations, Shoreditch and Angel, just a 10 minute walk from Tech City • Attractive canal side setting, within close proximity to one of London’s major mixed use regeneration areas, City Road Basin and the City Road • The property provides approximately 1,080 sq m (11,579 sq ft) NIA of high quality newly refurbished office accommodation arranged predominantly at ground floor level, across two units • Long leasehold interest for a term of 125 years expiring 23 June 2123 (105 years unexpired) at a nominal initial ground rent of £1,000 per annum ROAD LONDON N1 • Fully let to award winning Catapult Enterprises Ltd (t/a Propercorn), and Somesuch & Co Ltd with weighted income of approximately 6.6 years unexpired 41 WENLOCK • Current passing rent of £510,473 per annum which equates to a reversionary £44.09 per sq ft overall. • Offers are sought in excess of £7,950,000 subject to contract and exclusive of VAT • A purchase at this level reflects ahighly attractive net Initial yield of 6.01%, after purchaser’s costs of 6.68%, and a capital value of £687 per sq ft overall 2 LOCATION THE SURROUNDING AREA HAS THE ROYLE BUILDING ROYLE THE EXPERIENCED SIGNIFICANT REGENERATION IN RECENT YEARS. The property is located on the The location is set to improve western side of Wenlock Road, further upon the delivery of major which adjoins City Road to the forthcoming infrastructure projects. south, one of the main arterial Old Street station is to undergo a ROAD LONDON N1 roads that links the City of London £50m upgrade, which will convert with Shoreditch, Kings Cross and the existing 1970s roundabout into Euston. The surrounding area and in an attractive new pedestrianised particular City Road has undergone public space, including seating significant regeneration in recent and trees. It will see the north- 41 WENLOCK The Royle Building is located years, with numerous high quality western 'arm' of the junction by City equidistant from two of London’s conversions of commercial and Road closed and two-way traffic most vibrant and rapidly expanding industrial buildings to vibrant mixed reintroduced to the gateway to Tech Tech Belt locations, Shoreditch use schemes comprising offices, City as it becomes a new hub for the and Angel. The property offers an residential, hotel, student and retail thousands of people who live, work attractive canal side setting, within uses. Schemes such as 250 City and socialise nearby. close proximity of Islington’s City Road, The Eagle and Canaletto have Road Basin regeneration zone. Old benefited from the area’s proximity Street Roundabout and Tech City to the City of London, excellent are approximately a 10 minute walk public transport links and greatly to the south east of the property improved local amenities, making and the cosmopolitan areas of Angel this a desirable destination for urban and Clerkenwell are located a short living and working. distance to the west and south-west respectively. 4 T GREA IVY S T EA S TERN S T NEW N RD T P T ACKING ULS S LOCAL OCCUPIERS T A ON S PREBEND S REES S ST P T T T ST PETER’S S ON S VE T LINT LABURNUM S RD TON A HISTON S UPPER UPPER T W THE ROYLE BUILDING ROYLE THE T ARLING ALL S NUTAnT unprecedented influx of Ttechnology,THUR media, and telecommunication T 15 HOW’S S companiesK (TMT) to Shoreditch and the area surrounding Old Street I GERRARD RD GLE WHARFCROPLEY S RD N TLE RD EA G NEW N RD Roundabout in recent years has secured its position as a major global S 17 A L NOEL RD P technologyA hub. Shoreditch and Tech City have become distinct as P P N L I D T London’s new centre of creativityE and innovation. The area serves T 24 H PEARSON S B F T O R Y I X as an incubator for start-ups in fin-tech, media, technology, fashion, E D S L 1 T T D O music and art industries. Local occupiers include Cancer Research N ANGEL S T S UK, Amazon, Google Campus, Ticketmaster, Headspace, Silicon Valley 16 ELIA S T WHARF RD Bank, Inmarsat, Adobe Systems, Lowe Group (Interpublic), and QuidCo. T T OCK S 18 SHEPHERDES WENL HOXTON S T JOHN S 1 D1 MODELS 10 VICE 27 WENL PENTONVILLE 2 NEW NORTH RD CITY RD FALKIRK2 SHEADSPACET 11 MIXCLOUD CREMER S OCK RD T T 25 S W 3 MOORFIELDS EYE 12 L.K. BENNETT ALK HOSPITAL VE 13 CAPCO O 26 H Y A ROAD LONDON N1 ASHER 4 CBS INTERACTIVE T BERD RD X 14 TRANSFERWISE T CENTRAL S HA S ON A E SEBUR CITY RD SHOREDITCH 5 FARFETCH S 15 PIXIPIXEL AMWELL S RO MORELAND S 19 RD T HOXTON T 6 INMARSAT GO UMBIA RD 16 KAPLAN 3 SQUARE COL T S 7 EMC2, AKT & SPARK 44 41 WENLOCK WELL RD 17 TICKETMASTER T DINGLEY RD T 4 21 8 CAPITAL ONE Y S 5 OLD ST 18 CANCER RESEARCH UK OLD STREET 9 GOOGLE MARGER T C S U W LEVER S 12 R 13 ANFIELD S T T 6 A I ARD S N Shoreditch and Angel provide rich amenity to the creative occupier base, 23 SEW R 11 D offering a number of bars, restaurants, and hotels including: 22 20 7 T T A T ABERN T OLD S OLD STREET 19 JAMIE OLIVER’S FIFTEEN 24 THE NARROWBOAT PUB ON S 10 14 COMPT 28 20 ACE HOTEL 25 SARDINE S CLE P T CITY RD T A S GEE S UL 21 THE BREAKFAST CLUB 26 NICHE BRICK LN T BANNER S CLERKENWELL 8 T 22 THE HOXTON HOTEL 27 JAMIE’S ITALIAN SCRUTT SHOREDITCH HIGH STREET 9 ON ST 23 THE TRAMSHED 28 OZONE COFFEE 5 CONNECTIVITY FARRINGDON 0.95 MILES FROM THE ROYLE BUILDING THE ROYLE BUILDING ROYLE THE 61 MINS 40 MINS ELIZABETH LINE (CROSSRAIL) READING SHENFIELD 7 MINS Crossrail is Europe’s largest infrastructure project and is set to transform SOUTHALL WEST ACTON BOND WHITECHAPEL EALING MAIN LINE STREET London’s transport network. It is estimated that the new rail line will bring an extra 1.5 million people to within 45 minutes of Central London. Services are due to commence in 2018 with Farringdon set to become one of the key 27 MINS HANWELL 18 MINS 10 MINS 5 MINS LIVERPOOL hubs and is located approximately a mile from The Royle Building. HAYES& EALING PADDINGTON TOTTENHAM STREET HARLINGTON BROADWAY COURT ROAD When Crossrail opens in 2018, Farringdon Station will be the only 34 MINS 18 MINS HEATHROW ABBEY WOOD station in London that is connected to the Crossrail, Underground and AIRPORT Thameslink networks. Approximately one quarter of the population of England will be able to reach Farringdon Station within 45 minutes, which amounts to over 13.25 million people. Farringdon Station will provide a direct link to three of London’s five airports, with travel times to London destinations significantly reduced. It is also one stop to Kings Cross and the Eurostar Terminal. With 140 trains per hour forecasted to pass through ROAD LONDON N1 the interchange, this location is expected to become an ever increasing business hub for occupiers seeking world class connectivity. ANGEL 0.3 MILES FROM THE ROYLE BUILDING CROSSRAIL 2 AND ANGEL UNDERGROUND STATION TWICKENHAM 41 WENLOCK Angel Underground Station is currently included in the plans for a future SHEPPERTON north-south rail service across Greater London known as Crossrail 2. This KINGSTON will link Surrey and Hertfordshire via central London stations including TOOTING KING’S ROAD TOTTENHAM BROADWAY CHELSEA COURT ROAD NEW Victoria and King’s Cross St Pancras. The scheme aims to achieve SOUTHGATE Government approval in 2020, and be fully operational in the early 2030s. HAMPTON COURT WIMBLEDON CLAPHAM VICTORIA EUSTON STRAIGHT LINE JUNCTION CHESHUNT STATION SERVICES CHESSINGTON KINGS CROSS DISTANCE (DIRECTION) SOUTH ST.PANCRAS 0.55 miles Northern Underground and Old Street MOTSPUR PARK (South east) Mainline Rail services 0.3 miles Angel Northern Underground services EPSOM (West) Circle, Metropolitan and 0.95 miles Farringdon Hammersmith & City (South west) Underground services 6 GROUND FLOOR VACANT POSSESSION VALUES WITHIN THE LOCALITY HAVE ACHIEVED IN EXCESS OF £800 PER SQ FT 2 5 7 1 6 12 10 8 9 11 13 4 3 LOCAL DEVELOPMENTS THE ROYLE BUILDING ROYLE THE 1 2 3 4 5 1 THE BOWER, EC1 7 ATLAS, EC1 Primary Use: Offices Primary Use: Residential Developer: Helical Developer: Rocket Investments Private Units: 301 2 WHITE COLLAR FACTORY, EC1 Primary Use: Offices 8 250 CITY ROAD, EC1 Developer: Derwent London Primary Use: Residential SHOREDITCH, Developer: Berkeley Homes ANGEL AND THE 3 THE ANGEL BUILDING, EC1 Primary Use: Offices 9 CANALETTO, EC1 CITY ROAD HAS 6 9 Developer: Derwent London Primary Use: Residential BEEN SUBJECT TO Developer: Groveworld UNPRECEDENTED 4 44-48 WHARF ROAD, N1 ROAD LONDON N1 DEVELOPMENT Primary Use: Offices 10 ST MATTHEWS & ST MARKS Owner: Urban Lime Ltd HOUSE, SHEPHERDESS WALK, N1 ACTIVITY IN Primary Use: Offices RECENT YEARS. Developer: Schroders 5 SPECTRUM, 160 OLD STREET, 41 WENLOCK 7 8 10 EC1 Primary Use: Offices 11 THE LEXICON, EC1 Developer: Ropemaker Primary Use: Residential Partnership (50:50 JV between Developer: Mount Anvil GPE and the BP Pension Fund) This is largely being driven by occupational demand from rapidly 12 225 CITY ROAD, EC1 growing tenants within the tech 6 PROVOST & EAST, EC1 Primary Use: Residential and creative sectors, but also Primary Use: Offices Developer: Reuben Brothers residential occupiers seeking to be Developer: Rocket Investments part of the exciting transformation 11 12 13 of Shoreditch and the Tech Belt.