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
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C D ITY A RO O AD R Old Street 8 mins 3 mins 7 mins Tenancy schedule D D N
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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
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Farringdon 17 mins 7 mins 15 mins I T Y
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D A A D The investment market RO ELL SHOREDITCH ENW Liverpool Street 19 mins 8 mins 15 mins ERK HIGH STREET F CL
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Proposal & contact O W N Shoreditch High St 22 mins 10 mins 16 mins E
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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. completion with The Tower (165,000 sq. ft.) due for completion in 2017. The investment market
Proposal & contact
Canaletto EC1 250 City Road EC1 148 Old Street, EC1 A 31 Storey residential tower currently under development by 250 City Road is a mixed use development by Berkeley Homes A 50:50 Joint Venture between Great Portland Estates and the BP Groveworld providing 190 luxury apartments overlooking the city designed by Foster & Partners providing 80,000 sq. ft. of Pension Fund to transform and refurbish this 98,000 sq. ft. office road basin. Due for completion 2016. commercial space and 616 residential homes in two towers of 42 building to 151,000 sq. ft.. Developers on site with completion due and 36 storeys. Construction is under way with completion of the 2017, the scheme has been forward sold to Cornerstone Real Estate first phase due for 2018. Advisers. Overseas House, 19-23 Ironmonger Row, London EC1V 3QN
Summary The occupational market
Location Central London’s commercial occupational market has improved considerably and TMT sectors and this is well supported by the wide variety of well known over the last five years and 2015 has been marked with strong demand from companies located there, including Expedia, Publicis Group, Amazon and various sectors. It is reported that employment in the banking and financial Alexander McQueen. Transport links sectors is now at a record high, while the Technology, Media and Telecoms (TMT) industries still represent the largest business sectors for the take up of Rents for Grade A space in the area are currently around £65 per sq. ft., and Description office space. floor plates below 5,000 sq. ft. remain the most in demand. There is a particular lack of supply in this sub-market, with low vacancy rates and a limited supply Floor plans This is specifically relevant for the Tech City and Northern City Fringe location. line fueling further growth. The introduction of Crossrail to the area will also Clerkenwell and Old Street have become the favoured area for creative industries increase demand in the office sub market. Tenancy schedule
Planning
Local developments Recent office transactions
The occupational market Address Area Floor Rent Date
The investment market Compton Courtyard, 40 Compton Street, EC1. 6,265 sq. ft. 4th £62.50 psf Q3 2015
Proposal & contact Turnpoint, 26 Underwood Street, London,N1. 1,678 sq. ft. 4th £55.00 psf Q3 2015
Compton Courtyard, 40 Compton Street, EC1. 2,099 sq. ft. 1st £63.00 psf Q3 2015
The Bonhill Building, 15 Bonhill Street, EC2. 6,588 sq. ft. 6th £60.00 psf Q202015
Exmouth House, 3-11 Pine Street, EC1. 3,641 sq. ft. 3rd £68.00 psf Q2 2015
Lector Court, 151-153 Farringdon Road, EC1. 2,324 sq. ft. 1st £62.50 psf Q2 2015
River House, 143-145 Farringdon Road, EC1. 2,524 sq. ft. 1st £65.00 psf Q2 2015 Overseas House, 19-23 Ironmonger Row, London EC1V 3QN
Summary The investment market
Location London’s real estate market has continued to be highly sought after attracting investment from around the world. During 2015, transactions have totalled circa £14 billion, with overseas investors dominating prime asset purchases and domestic Transport links investors generally focusing on assets priced at less than £100 million. The level of this activity, combined with limited supply and strong rental growth has seen prime yields Description fall to 4% in the City and City Fringe locations.
Floor plans Investors are increasingly seeking opportunities which enable them to add additional value through active asset management, refurbishing or redeveloping the buildings. Tenancy schedule
Planning Recent investment transactions Local developments Address Price Capital value N.I.Y. Date The occupational market Challoner House, 19-21 Clerkenwell Close, EC1. £12,600,000 £810 psf 2.48% Q3 2015 The investment market 28-30 St. John’s Square, EC1. £7,000,000 £905 psf 3.14% Q3 2015 Proposal & contact 102-108 Clerkenwell Road, EC1. £15,225,000 £879 psf 3.03% Q2 2015
65 Clerkenwell Road, EC1 £12,175,000 £960 psf 3.72% Q2 2015
Angel House, 338 Goswell Road, EC1. £33,950,000 £738 psf 3.7% Q2 2015
Rivington House, 82 Great Eastern Street, EC2 £15,220,000 £857 psf 4.75% Q2 2015 Overseas House 19-23 Ironmonger Row, London EC1V 3QN
Summary Proposal and contact
Location Proposal VAT The freehold interest in title number NGL170529 is The property is elected for VAT. Transport links offered for sale with the benefit of the tenancies outlined within the enclosed tenancy schedule. Energy Performance Certificate Description Available upon request Price We are instructed to seek offers in excess of Floor plans £5,750,000.
Tenancy schedule
Planning
Local developments Contact The occupational market For further information or to arrange an inspection, please contact the sole selling agents, Anton Page: The investment market Finn Ledwidge James Taylorson Proposal & contact [email protected] [email protected]
Stephen Page Chris Antoniou [email protected] [email protected]
Misrepresentation Act 1967. Anton Page for themselves and for the vendors of this property whose agents they are, give notice that: These particulars do not form any part of any offer or contract: the statements contained therein are issued without responsibility on the part of the firm or their clients and therefore are not to be relied upon as statements or representations of fact, any intending purchaser must satisfy himself as to the correctness of each statement made herein: and the vendor does not make or give, and neither the firm nor any of their employees have any authority to make or give, any representation or warranty whatever in relation to this property. Subject to contract. November 2015.