Mixed Use Investment Opportunity
OLD STREET Shoreditch, London EC1
A Prime Freehold Mixed Use Investment Opportunity
OLD STREET Liverpool Street Station Spitalfields Market Moorgate Station
Amazon HQ
Shoreditch High Street Station Flight Club The Stage
Boxpark Shoreditch The Curtain Hotel
Nobu Hotel Shoreditch Ace Hotel Tech City Hoxton Hotel
Old Street Station Tramshed
Last Days of Shoreditch
Shoreditch Town Hall OLD STREET Bounce
Hoxton Square
OLD STREET Investment Considerations
• Freehold
• Fully let mixed use investment opportunity comprising:
-- Ground floor retail unit extending to approximately 400 sq ft (37.16 sq m)
-- Recently refurbished self-contained three bed flat arranged over three upper floors extending to approximately 1,171 sq ft (108.79 sq m)
-- The property as a whole extends to 1,571 sq ft (145.95 sq m)
• Ground floor let at a current rent of £24,500per annum
• Flat let subject to an AST at a current rent of £42,900 per annum
• Total current passing rent of £67,400 per annum which equates to £42.90 per sq ft overall
• Situated in the highly desirable Shoreditch Triangle, a 5 minute walk to Tech City
• Attractive mid terrace building, in close proximity to the Shoreditch High Street regeneration area
• Offers are sought in excess of £1,400,000 for the Freehold interest subject to contract and exclusive to VAT
• A purchase at this level reflects aNet Initial Yield of 4.54% after purchasers costs of 6.05% and a capital value of £891 per sq ft
OLD STREET Location Connectivity
307 Old Street is prominently situated on the north side of Old Street, in the heart 307 Old Street benefits from excellent transport connectivity: of London’s most vibrant sub-market, Shoreditch. Old Street is one of the major Distance Station Services thoroughfares in Shoreditch forming the northern boundary of the coveted ‘Shoreditch (Direction) Triangle’. The tech city cluster surrounding Old Street Roundabout is located just a few 390 metres Old Street Northern Underground and Mainline Rail services hundred metres to the west of the property. The City of London is located approximately (West) a 10-minute walk to the south, with Clerkenwell/Farringdon equidistant to the west. 1,000 metres Northern, Hammersmith & City, Circle and Metropolitan Moorgate (South West) Underground and Mainline Rail services Shoreditch provides an abundance of amenities to the creative occupier base, offering 800 metres Central, Hammersmith & City, Circle and Metropolitan Liverpool Street a number of bars, restaurants and hotels including The Hoxton Hotel, Nobu Hotel, The (South) Underground and Mainline Rail services Tramshed, Jamie Oliver’s Fifteen, Ace Hotel and The Breakfast Club. The new Art’Ortel 540 metres Shoreditch High Street London Overground services will also be situated less than 100 metres from 307 Old Street. (South East)
The location is set to improve further upon the delivery of major forthcoming infrastructure projects. The Liverpool Street and Moorgate entrances to the Elizabeth Line (Crossrail) Elizabeth line are approximately a 10-minute walk to the south of the property and will provide access to Bond Street and Canary Wharf within 7 minutes and Heathrow within 32 minutes, from Crossrail is Europe’s largest infrastructure project and is set to transform London’s transport late 2018. Old Street station is to undergo a £50m upgrade which will convert the existing network. It is estimated that the new rail line will bring an extra 1.5 million people within 45 1970s roundabout into an attractive new pedestrianised public space, including seating minutes of central London. Services are due to commence later this year with Liverpool Street set within a landscaped setting. It will see the north-western ‘arm’ of the junction by City to become one of the key hubs which is located approximately 800 metres from 307 Old Street. Road closed and two-way traffic reintroduced to the gateway to Tech City as it becomes Liverpool Street Crossrail will provide direct links to the West End, Canary Wharf and London a new hub for the thousands of people who live, work and socialise nearby. Heathrow.
OLD STREET Description
307 Old Street comprises a mid terrace building arranged over ground and three upper floors.
A residential flat is arranged over the three upper floors. The flat has its own access at street level and benefits from a recent comprehensive refurbishment to comprise three bedrooms (ensuite bathroom to master bedroom), family bathroom and kitchen/ reception room, and measures approximately 108.79 sq m (1,171 sq ft) with the additional benefits of a terrace. The ground floor is let to A&Z dry cleaners and comprimises approximately 37.16 sq m (400 sq ft).
Floor plans are available upon request.
Accommodation
The property has not been measured by Allsop. We are informed the property extends to approximately: OLD STREET
Floor Use Sq ft Sq m Third Floor Second Floor Residential 1,171 108.79 First Floor Ground Floor Retail 400 37.16 Total 1,571 145.95
First Floor Please note, this plan is not to scale.
OLD STREET Tenancy and accommodation schedule
Tenant Floor Accommodation Area (sqft) Lease Start Lease Expiriy Rent (pa) Rent (£ psf) OLD STREET Shoreditch, London Residential Flat 3rd EC1 3 bedrooms, family 2nd AST bathroom, ensuite 1,171 15/09/2017 14/09/2018 £42,900 £36.64 bathroom, kitchen / 1st reception room and terrace
A & Z Dry Cleaners Ground Retail 400 23/10/2005 23/06/2020 £24,500 £61.25
Total 1,571 £67,400 £48.95 Proposal
Offers are sought in excess of VAT £1,400,000 for the Freehold Tenancy interest, subject to contract The retail unit is let to A&Z Dry Cleaners, subject to a lease for a The property is not elected for VAT. and exclusive of VAT. term expiring June 2020 at a current rent of £24,500 per annum. A purchase at this level reflects The flat is let subject to an Assured Shorthold Tenancy at a current EPC a Net Initial Yield of 4.54% after rent of £42,900 per annum. purchasers costs of 6.05% and The flat has an EPC rating of C76. The retail unit has an EPC rating of a capital value of £891 per sq D87. Copies of the certificates are available upon request. Tenure ft. The property is held Freehold under Title No: 373303. Contacts Planning For further information or to arrange an inspection, please contact: Commercial Investment The property is located within the London Borough of Hackney. Christopher James The property is not Listed but is situated within the South 020 7588 4433 Shoreditch Conservation Area. [email protected]
Residential Investment
James Hood 020 7344 2637 [email protected]
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective allsop.co.uk purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. March 2018 OLD STREET