The Bt Centre the Bt Centre
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THE BT CENTRE 81 NEWGATE STREET, LONDON Investment Summary 2-5 Location 6-15 Major Local Landmarks 16-17 Connectivity 18-19 The BT Centre 20-33 Tenure & Tenancy 34-41 Refurbishment & Development Potential 42-49 CONTENTS Further Information 50-57 Contact 58 THE BT CENTRE 3 The BT Centre represents one of the most significant generational development opportunities in Central London A rare and truly unique development opportunity, which has been the home of BT for 150 years, opposite the iconic St Paul’s Cathedral. Substantial freehold island site comprising 1.6 acres (0.65 hectares). Benefitting from exceptional connectivity, the BT Centre is located directly opposite St Paul’s underground station and is a short walk from Farringdon, where the Elizabeth Line (Crossrail) is due to open in 2019. Originally developed in 1984 as the headquarters of BT Plc, the building provides an existing net internal area of 302,265 sq ft (28,081.0 sq m), with a gross internal area of 515,648 sq ft (47,905.1 sq m). The building is arranged over two basement levels, ground and nine upper floors, with floor plates ranging from 13,811 sq ft (1,283.0 sq m) to 35,193 sq ft (3,269.5 sq m), centred around a full height atrium. Occupying an unobscured island site, the property benefits from excellent levels of natural light and prominent sight lines, along with unique 360 degree views across Central London. The property will be subject to a 30 month leaseback INVESTMENT INVESTMENT SUMMARY to British Telecommunications Plc at an annual rent to be agreed between BT and the purchaser. Initial feasibility studies have been undertaken by a professional team led by Sheppard Robson Architects, with a number of options to reposition the building via major refurbishment or full-scale redevelopment (subject to the normal consents), with the potential to increase the NIA by c. 75% to circa 527,326 sq ft (48,991 sq m). Offers are invited, subject to contract and exclusive of VAT, for the freehold interest in the property. Moorgate Barbican Station THE BT CENTRE 5 Current Museum of London Guildhall Gresham Street Bank of America Merrill Lynch St Paul’s Cheapside Underground Station One New Change St Paul’s Cathedral Paternoster Square A 1.6 ACRE FREEHOLD ACRE FREEHOLD A 1.6 ISLAND SITE LOCATION 1/3 22% London accounts for 22% of the UK’s GDP London houses over 1/3 of and is firmly established as the world’s $Europe’s Tech Unicorns (businesses primary market for foreign exchange valued at over $1 billion). derivatives and energy futures. 40M FOUR London’s top 10 tourist attractions There are four UNESCO World Heritage sites located were visited by 40 million in London – the most of any city in the world. tourists in 2017. 33% 300 Over 33% of the European HQ’s of Over 300 languages are spoken in London Global Fortune 500 companies are – the most of any city in the world. based in London. London remains the pre-eminent global gateway SIX London is the world’s busiest airport hub, city - a hub for commerce, served by six international airports and handling more than 1 billion flights a year culture and tourism. to nearly 400 destinations. £2.45BN In 2017 venture capital investment into the London tech sector reached an all-time high of £2.45 billion - the highest of any European city. LONDON 11 EAST VIEW 13 WEST VIEW THE BT CENTRE 15 Cheapside and Gresham Street, two of the most distinguished addresses Paternoster Square in the City, run directly eastwards from the building. Cheapside itself is the most significant retail destination in A short walk to the north lies Smithfield and Clerkenwell – one the City, boasting a multitude of shops, cafés, restaurants of the most fashionable and vibrant districts in the capital, with and bars. This is complemented by One New Change – the its resurgence catalysed in part by the planned opening of City of London’s only purpose-built shopping centre – which The Elizabeth Line at the nearby Farringdon Station in 2019. sits directly to the south-east of The BT Centre. A short walk Already an established office location, attracting a diverse eastwards along Cheapside and Gresham Street leads to mix of occupiers largely from the technology, media and many of the City’s most iconic landmarks, including the Bank telecommunications sectors, the area also boasts a dynamic of England, Royal Exchange, Guildhall, Mansion House and the leisure scene with Michelin-starred restaurants and some of landscape-defining Eastern Tower Cluster. the world’s most fashionable bars and hotels. Directly to the south of the building lies St Paul’s Cathedral. The site has been home to a cathedral for over 1,400 This area is also set to become the years. The current Sir Christopher Wren designed iteration was completed in 1710 and is now one of the most iconic City of London’s principal cultural landmarks in Europe, attracting over 1.5 million visitors in 2017. hub. Smithfield General Market Adjacent to St Paul’s Cathedral is Paternoster Square. is proposed to become the new Developed in 2003 by Mitsubishi Estate Co. and Stanhope Plc, the Estate is centred around a square piazza and is home to home of the Museum of London, Smithfield the London Stock Exchange. Paternoster Square also offers LOCATION an enviable selection of shops, bars and restaurants, providing occupying the General Market, exceptional amenity for local office occupiers. The Annexe (Fish Market and Red The BT Centre occupies a highly prominent freehold island site in the heart To the west lies London’s traditional legal district, which is House) and the Engine House. home to the Old Bailey, Royal Courts of Justice, Inns of Court of Central London, directly opposite St Paul’s Cathedral. This dynamic and and UK Commercial Courts. This area has established itself as a magnet for major global occupier campuses, including The City of London Corporation and the Mayor of London vibrant location is one of the most highly sought after in London by both the headquarters of Goldman Sachs, Hogan Lovells, Deloitte have pledged £180 million towards the £250 million project, and Bank of America Merrill Lynch, which is located directly which forms the keystone of the City’s Culture Mile Programme. international investors and a diverse range of occupiers. opposite The BT Centre. Museum visitor attendance is anticipated to double to over two million a year. Due to open its doors to the public in 2022, the Museum will reposition Smithfield Market and cement the area’s position as a genuine cultural destination. Just to the north of The BT Centre on the site of the current Museum of London on London Wall, proposals are in place for a new £250 million Centre for Music. This new world-class concert and performance venue will be the home of Sir Simon Rattle’s London Symphony Orchestra and will accommodate 1,900 people in the main hall. CGI of proposed new Museum of London at Smithfield The Millennium Bridge Angel N King’s Cross St. Pancras THEBT CENTRE BT CENTRE 17 White Collar Factory Old Street THE BT CENTRE Shoreditch High Street Farringdon East Farringdon Barbican 8 Smitheld Market 12 Chancery Lane Moorgate Liverpool Street 10 The Leadenhall Building 7 City Thameslink 11 2 (North Entrance) 9 Tower 42 5 Royal Exchange Guildhall St Paul’s St Paul’s Lloyd’s of London Cathedral 3 6 City Thameslink 1 Bank of England 30 St Mary Axe Bank 4 Mansion House Blackfriars 20 Fenchurch Street Temple Cannon Street Monument Tate Modern The Shard London Bridge WaterlooMAJOR LOCAL LANDMARKS Angel N King’s Cross St. Pancras White Collar Factory Old Street 8 SMITHFIELD GENERAL 2 1 NEW STREET THE BT CENTRE 7 PLUMTREE COURT, Shoreditch High Street MARKET, EC1 SQUARE, EC4 EC4 The site is set to become the new home 1 ST PAUL’S The 270,000 sq ft estate, developed by Due to complete in 2019, the new 840,000 sq ft of the Museum of London, comprising Landsec, is the London HQ of global Farringdon East office development will be the new London HQ c.175,000 sq ft of exhibition space and CATHEDRAL, EC4 accountants Deloitte LLP. of Goldman Sachs. housing 6 million items. The new museum Farringdon is due to open its doors in 2022. Built in 1710 and designed by Sir Christopher Barbican Wren, St Paul’s is one of the most iconic 8 Smitheld Market landmarks in Europe. 12 Chancery Lane Moorgate Liverpool Street 10 The Leadenhall Building 7 City Thameslink 11 2 (North Entrance) 9 Tower 42 5 Royal Exchange Guildhall St Paul’s St Paul’s Lloyd’s of London 10 THE LONDON Cathedral 3 6 City Thameslink 1 Bank of England 30 St Mary Axe SYMPHONY ORCHESTRA 4 BLOOMBERG PLACE, Bank HALL, EC2 EC4 9 THE OLD BAILEY, EC4 3 ONE NEW CHANGE, EC4 New York architects Diller Scofidio + Renfro The 3.2 acre site is the new London HQ 4 The Old Bailey is London’s Central Criminal have been appointed on the design of Sir The 560,000 sq ft Landsec development is the of Bloomberg LP, with c.763,000 sq ft of Mansion House Court, with the first medieval courts dating Simon Rattle’s London Symphony Orchestra City of London’s only purpose-built shopping office, retail and leisure accommodation. The Blackfriars back to 1585. Hall, with planning expected to be submitted by centre and is host to a wide variety of retailers development incorporates a new food and retail 20 Fenchurch Street December 2018.