Overseas House 19-23 Ironmonger Row, London EC1V 3QN
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Overseas House 19-23 Ironmonger Row, London EC1V 3QN Mixed use freehold investment opportunity with refurbishment and active management potential Overseas House, 19-23 Ironmonger Row, London EC1V 3QN Summary Summary Location • Mixed use freehold investment opportunity Transport links • Refurbishment and active management potential • Low passing rents and regarded as highly reversionary Description • Superb City fringe location between Old Street and City Floor plans Road Tenancy schedule • Approx. 7,660 sq. ft. of commercial accommodation with two flats (one sold) Planning • Seeking offers in excess of £5,750,000 Local developments • A sale at this level reflects a capital value of £700 per sq. ft. The occupational market • A sale at this level reflects a net initial yield of 3.7% assuming purchasers costs of 5.8% The investment market • Fantastic opportunity to acquire an asset in a desired part of town that continues to undergo significant transformation Proposal & contact Overseas House, 19-23 Ironmonger Row, London EC1V 3QN Summary Location Location Overseas House is situated on Ironmonger Row, between Old Street and City Road in an area known as St. Luke’s, Transport links which is on the doorstep of Old Street Roundabout. Shoreditch, Clerkenwell and Farringdon are all within the immediate vicinity. Description Old Street Roundabout, Shoreditch, Clerkenwell and Floor plans Farringdon have all been subject to substantial investment and development over the years and the significant benefits Tenancy schedule can now be seen. These districts are regarded as being amongst the most thriving, diverse and desirable locations that London has to offer. Small and large scale property Planning developments continue alongside the ever-growing list of high profile occupiers. Innovative start-ups are drawn to Local developments the area and grow alongside some of the best tech, media, fashion and other creative businesses in the world. The area The occupational market offers an abundance of trendy coffee shops, bars, critically- acclaimed restaurants and boutique hotels. The investment market St Luke’s takes its name from the church of St Luke’s on Old Street which is home to the London Symphony Orchestra Proposal & contact and the garden provides a well frequented outside space. Ironmonger Row Baths has recently undergone a £16m refurbishment providing a gym, swimming pool and spa amenity to the local community. Whitecross Street is moments from the property and has a tremendously vibrant street market at lunchtime. Ironmonger Row’s most notable commercial occupier is the world famous French luxury footwear designer, Christian Louboutin and other nearby commercial occupiers include; Google Campus, Jamie Oliver Limited, Last FM and Shelter. Overseas House, 19-23 Ironmonger Row, London EC1V 3QN Summary Transport links Location Ironmonger Row is surrounded by transport links including London Underground, national and international rail networks T E RE T and forthcoming Crossrail. S R Transport links E P P U ANGEL E AS T R Description O A D CIT Y RO AD Station Floor plans C D ITY A RO O AD R Old Street 8 mins 3 mins 7 mins Tenancy schedule D D N A A O L R S AD G T O S N R G I A Overseas House K O Y E E Barbican 11 mins 5 mins 10 mins SW N CK E A Planning L H L RO EET AD TR LD S O Angel 14 mins 4 mins 9 mins Local developments OLD GR EA STREET T Moorgate 15 mins 5 mins 9 mins EA STE T R EE N STR S The occupational market LD TR O EE T C Farringdon 17 mins 7 mins 15 mins I T Y RO D A A D The investment market RO ELL SHOREDITCH ENW Liverpool Street 19 mins 8 mins 15 mins ERK HIGH STREET F CL A R R I N G G O D S Proposal & contact O W N Shoreditch High St 22 mins 10 mins 16 mins E R L O L A FARRINGDON R D O A D Hoxton 22 mins 9 mins 15 mins BARBICAN King’s Cross 32 mins 14 mins 18 mins MOORGATE H LONDON WAL Source: Google Maps OLB L LIVERPOOL ORN VIA STREET DUCT Crossrail is due for completion in 2018 providing a high-speed, high frequency train service across central London’s east-west axis and will be easily accessible from Liverpool Street station. TfL bicycle docking stations are located nearby. Overseas House, 19-23 Ironmonger Row, London EC1V 3QN Summary Description Location Overseas House is an attractive building of late Victorian construction with a modern mansard extension at fourth Floor Size sq. m. Size sq. ft. Transport links floor level. The lower ground to third floor provide approx. 7,660 sq. ft. of commercial space and the fourth floor Lower Ground (Gym) 165.37 1,780 provides two one-bedroom flats. Description Ground (Office) 155.15 1,670 The commercial element of the building has open plan floor Floor plans plates, timber floors, large windows and enjoys generous First (Office) 129.60 1,395 floor-to-ceiling heights throughout. The lower ground floor has windows at high level to the front and rear. The ground Tenancy schedule Second (Office) 133.78 1,440 floor has large windows to the front and was subject to a light refurbishment in 2014 which included the installation Planning of comfort cooling, new light fittings, new floor covering and Third (Office) 127.74 1,375 perimeter trunking. There is scope to further improve the Local developments ground floor space. Total Commercial 711.64 7,660 The occupational market The first-to-third floors provide basic and dated office Fourth (Flat 1) 51.10 550 accommodation with significant scope for improvement. Fourth (Flat 2) 51.10 550 The investment market The building is centrally heated through a centrally controlled system and the only floor with cooling is the Total Residential 102.20 1,100 Proposal & contact ground floor office. The building has an operational 1960’s lift that travels from the ground floor to the third floor. OVERALL TOTAL 813.84 8,760 The entrance and common parts are used by both commercial and residential occupiers and there is scope to reconfigure and improve upon the existing style and arrangement. Overseas House, 19-23 Ironmonger Row, London EC1V 3QN Summary Floor plans Location The below floor plans are not to scale and are for indicative purposes only. Transport links Description Floor plans Tenancy schedule Planning Local developments The occupational market FOURTH FLOOR THIRD FLOOR SECOND FLOOR The investment market Proposal & contact FIRST FLOOR GROUND FLOOR BASEMENT Overseas House, 19-23 Ironmonger Row, London EC1V 3QN Summary Tenancy schedule Location Transport links FLOOR SIZE (SQ. FT.) USE TENANT RENT (P.A.X) RENT (PER SQ. FT.) LEASE START LEASE EXPIRY TENANT BREAK L&T ACT 1954 ERV (P.A.X) ERV (PER SQ. FT.) (Refurbished) (Refurbished) Description Lower Ground 1,780 D2 Fitnssonfire Hot Yoga CIC £21,000 £11.80 22/03/2011 21/03/2017 Inside £62,300 £35.00 Floor plans Ground 1,670 B1 Dogwoof £51,026 £30.55 01/07/2014 30/06/2019 30/07/2017 Outside £96,025 £57.50 First 1,395 B1 The Forum For The Future £45,507 £32.62 14/09/2010 13/09/2020 Inside £80,212.50 £57.50 Tenancy schedule Second 1,440 B1 The Forum For The Future £46,002 £31.95 14/09/2010 13/09/2020 Inside £82,800 £57.50 Planning Third 1,375 B1 The Forum For The Future £40,326 £29.33 14/09/2010 13/09/2020 Inside £79,062.50 £57.50 Local developments TOTAL COMMERCIAL (NIA) 7,660 sq. ft. The occupational market Fourth (Flat 1) 550 C3 Sold off £350 (Gnd Rent) N/A 24/06/2009 23/06/2134 N/A £350 The investment market Fourth (Flat 2) 550 C3 AST £20,800 N/A 11/02/2015 10/02/2016 N/A £20,800 Proposal & contact TOTAL RESIDENTIAL (NSA) 1,100 sq. ft. OVERALL TOTAL 8,760 sq. ft. £225,011 £421,550 Overseas House, 19-23 Ironmonger Row, London EC1V 3QN Summary Planning Location Land Registry The freehold interest is registered under title number Transport links NGL170529 Description Use Classes Order 1987 (as amended) The property has the following use classes: Floor plans Lower Ground floor D2 Assembly & Leisure (Gymnasium) Ground – Third floors B1 Business (a) Offices Tenancy schedule Fourth floor C3 Dwelling Planning Local Authority London Borough of Islington. Local developments Conservation Area The occupational market The property falls within the boundaries of St Luke’s conservation area - CA16 The investment market Listed Status Proposal & contact The property is not believed to be listed. For indicative purposes only Overseas House, 19-23 Ironmonger Row, London EC1V 3QN Summary Local developments Location Transport links Description Floor plans Tenancy schedule Planning White Collar Factory EC1 Provost + East EC1 The Bower EC1 Local developments Derwent London are currently developing this 237,000 sq. ft. office Due for completion in 2017, developed by Rocket Investments and A 320,000sq. ft. mixed use scheme on Old Street roundabout by led development on Old Street roundabout. Pre-lettings to The designed by Buckley Gray Yeoman architects, this 80,000 sq. ft. Helical Bar and Crosstree Real Estate Partners. The Warehouse Office Group, AKT and BGL have taken place in the landmark tower office development forms part of a mixed use scheme including the (122,000 sq. ft.) & The Studio (18,500 sq. ft.) are close to The occupational market building with 39,000 sq. ft. also available in five low rise buildings. tallest residential tower in Tech City.