100 BUNHILL ROW EC1 DRAFT Prime London Freehold Investment Opportunity THE OPPORTUNITY INVESTMENT SUMMARY Prominently located in the heart of Tech City, less than 250 metres from Silicon Roundabout and Old Street Station
Attractive corner modern office building situated on Bunhill Row between the iconic new developments of the Spectrum & Hylo.
Providing 13,328 sq ft (1,238.2 sq m) of accommodation over lower ground, ground and three upper floors.
The property benefits from a recent media style refurbishment within the common areas and over lower ground and ground floor offices.
Multi-let to three tenants; Palladium International Limited , ADT Fire and Security PLC and Think Jam Limited with a WAULT of 4.31 years to expiries and 2.72 years to breaks.
The total current rent is £631,350 per annum which equates to a low average passing rent of £47.37 per sq ft.
Approximately 60% of the overall income is securely let to the strong covenants of ADT Fire and Security PLC & Palladium International Limited with for an average term of 3.76 years respectively.
Opportunity to further enhance rental growth through upgrading the unrefurbished accommodation.
Freehold.
The vendor is seeking offers in excess of £11,850,000 (Eleven Million, Eight Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 5.00% after unadjusted purchaser’s costs of 6.8%.DRAFT This reflects a low capital value of £889 per sq ft.
02 100 BUNHILL ROW, EC1 LONDON LONDON - A GLOBAL CITY
London retained its No.1 position ahead of The London Stock Exchange is the world’s third New York in the most recent Z/Yen Global largest with a market capitalisation Financial Centres Index. London consistently of £6.2 trillion. dominates global capital flows attracting more cross-border capital into real estate than any other city. Over 300 languages are spoken in London – more than any other city in the world.
More than 1/3 of Europe’s Tech Unicorns (businesses valued at >$1 billion) are based London is one of the world’s leading global in London. tourist destinations. Each year 15 million tourists are attracted by the rich culture London offers through its four UNESCO world heritage sites, London is the Fintech Capital of the World, theatres, museums and art galleries. Home to 17 of the top 50 Global Fintech companies, the highest density anywhere in the World. More than 70% of the FTSE 100 and 100 of Europe’s 500 largest companies are headquartered in London. £ $ London accounts for 22% of the UK’s Europe’s largest City with the population Gross Domestic Product (GDP) and is firmly forecast to reach 10 million by 2030. established as the world’s primary market € ¥ for foreign exchange derivatives and energy futures.
London provides access to nearly 400 global destinations from 6 airports.
£13.8 Billion invested in London Tech Companies. Over the past five years London has benefited from more tech investment than Amsterdam, Berlin, Dublin and Paris combined.
DRAFTLondon boasts the fifth largest urban economy in the world with a GDP of over £731bn.
03 100 BUNHILL ROW, EC1 LONDON
100 WHITECROSS SHOREDITCH OLD CANARY BUNHILL LIVERPOOL THE STREET BARBICAN SOUTH HIGH STREET STREET WHARF ROW STREET CITY MOORGATE MARKET CENTRE BANK
DRAFT
04 100 BUNHILL ROW, EC1 LOCATION
TECH CITY
London’s Silicon Valley Silicon Roundabout Local Occupiers
Old Street Roundabout and the surrounding area has become The Silicon roundabout area is an integral part of the wider synonymous with technology companies and web businesses East London Tech City ‘technology hub’, which stretches from leading to it becoming known as Silicon Roundabout, in a Old Street to the Queen Elizabeth Olympic Park in Stratford. reference to America’s Silicon Valley. Cisco, Facebook, Google and Intel are amongst the companies that have committed to invest in the ‘hub’ with Imperial College In recent years, many technology companies have moved to the London, Loughborough University and University College London area and local occupiers now include Turner Broadcasting, Stripe, also agreeing to be academic partners. This initiative has CBS Interactive Ltd, Farfetch, Google, Dopplr, Last.fm, Glue Isobar, meant there has been rapid growth in the number of high-tech Banksthomas, TweetDeck, livemusic.fm and McDonalds. companies locating to the area in the last five years. In addition, several game and app developers, including Old Street roundabout is in the final stages of a £50 million Sports Interactive have also based themselves in the vicinity. upgrade to create an attractive new pedestrianised pubic space, An additional boost to the area’s ‘tech’ credentials came in including seating and landscape gardens. New cycle lanes and September 2011 when Google opened their ‘Campus’ on Bonhill two way traffic will be introduced to provide easy access to Tech Street, which is now firmly established as a co-working and City, the hub to thousands of creative occupiers and residents. entrepreneur centre providing workspace for start-up tech firms. Highly visible advertising space, similar to New York’s Time Square will brighten up the roundabout. DRAFT
05 100 BUNHILL ROW, EC1 LOCATION
HOXTON KING’S CROSS ANGEL
KING’S CROSS
ROAD ONVILLE PENT HOXTON AD ST PANCRAS HACKNEY RO
KING’S CROSS ST PANCRAS
CI TY RO AD
G O SW
E LL
RO
A GR D
AY KINGSLAND REET S D ST IN OL
REET N
ST R OA CLERKENWELL D GR
EA D T A EA CH HIGH N RO ET RE ST D ST ER L GREE OL N
ST
WHIT R OLD STREET E BETHNA BUNHIL ET
RUSSELL SHOREDIT
GO
SQUARE AD EC 100 SHOREDITCH
SW RO RO L HIGH STREET RO
EL SS ST
AD RO W CITY LL L NWE
E RO
CLERK REET
AD SHOREDITCH
FA
R
RINGDON
T E
RE ST H FARRINGDON C E BE
C
BARBICAN OM
RO
TE FARRINGDON M AD
E
R
CI PSGA
CHANCERY O AL LIVERPOOL
LANE S
MOORGATE STREET BISH T
RE N LBOR HO H IG H H O ET LB OR N
LONDON WALL
LO
N HOLBORN DON
WA
FA L L
E RRINGDON
T CITY A
G THAMESLINK
R ALDGATE
OO EAST
M
ST
COVENT
REET ST PAUL’S C HEAPSI ALDGATE
DE L GARDEN E BANK MA
N
S KI TR N ET E G RE E T W ST H IL THE CITY RC L MANSION IA BLACKFRIARS HOUSE M FENCHU FENCHURCH ST
TEMPLE R STREET VICTORIA EMBANKMENT U E PPER E TH T AME S STRE CANNON ET TOWER HILL L ST REET HIL WER MONUMENT TO DRAFT
RIVER THAMES RIVER THAMES
06 100 BUNHILL ROW, EC1 CONNECTIVITY UNRIVALLED CONNECTIONS
Communications The Elizabeth Line (Crossrail) Stratford The Property benefits from its proximity to Old Street Heathrow Bond Street Farringdon Whitechapel 8 mins Underground Station providing access to the Northern line 33 mins 7 mins 2 mins 2 mins which is less than a 4 minute walk away. Barbican, Moorgate and Liverpool Street are all situated within a 5-12 minute walk providing access to the Circle, Metropolitan, Central, Hammersmith & City lines and Elizabeth Line, which is scheduled to be running in 2022. Reading Paddington Tottenham Moorgate/ 61 mins 10 mins Court Road Liverpool Street Canary Wharf 4 mins 6 mins
CGI of Moorgate Elizabeth Line Entrance Walk & Cycle Times
Old Street 4 mins 2 mins Angel Shoreditch High St 19 mins 11 mins 6 mins 5 mins
Farringdon Liverpool Street 14 mins 12 mins 5 mins 5 mins
Barbican Bank DRAFT8 mins 16 mins 3 mins Moorgate 6 mins 8 mins 3 mins
07 100 BUNHILL ROW, EC1 LOCATION LIFESTYLE & SITUATION
Situation
100 Bunhill Row is prominently situated in the heart of “Tech City” on the west side of Bunhill Row to the south side of Old Street immediately to the west of Old Street Roundabout.
The property lies adjacent to Hylo which is to benefit from major redevelopment of the site by CIT, and to the rear of GPE’s recently completed Spectrum mixed use development at 160 Old Street.
Furthermore, it is situated within close proximity to the iconic “Tech City” developments to include The Bower and The White Collar Factory, immediately to the north of the HQ buildings of Slaughter & May and Trowers & Hamlins as well as The University of Law and Cass University.
The property benefits from the amenities of Old Street, Farrington, Shoreditch and the famous Whitecross Street Food Market which are all located within close proximity. Furthermore, the Virgin Active Gym and Gymbox are located nearby .
The newly developed Featherstone residential development is situated opposite 100 Bunhill Row providing high quality residential units.
Hotel and restaurant occupiers in the area include Ceviche, Enoteca DRAFTDa Luca, Bone Daddies, Honest Burger, Shoreditch Grind, The Nobu Hotel, Ace Hotel, The Hoxton Hotel, Dishoom and Hoi Polloi.
08 100 BUNHILL ROW, EC1 HOXTON KING’S CROSS ANGEL KING’S CROSS
PENT ON ST PANCRAS VILLE ROA Hotels Restaurants Galleries D
KING’S CROSS
ST PANCRAS HOXTON
Bars Gyms Shopping
LOCATION
Local Occupiers Cafés CIT Y RO AD Restaurants Hotel M by Montcalm Red Dog Saloon Honest The Alchemist Burgers Bars Retail The Z Hotel GR Breakfast Bone Club Coffee Galleries Daddies CycleLab AY Cerviche ET Sneakersnstuff S INN STRE Gyms Occupiers Nightjar OLD The Clove Farfetch/CBS/ Club John Brown Bounce Goodhood
Enoteca Da Shoreditch Grind RO The Coin Luca Hoi Polloi Finsbury Leisure Laundry REET GO Centre A Exmouth Zaha Hadid Goswell Road Tokyo Tramshed ST SW Iniva D Market Gallery Coffee Gymbox Bike EL The Hoxton Ace L OLD STREET Hotel RO Inmarsat House of Zaha Hadid Modern CH HIGH Dishoom The Quality A ET Art RE Merchants Hackney Architects CLERKENWELL D ST Brainlabs/Adobe/ Chop House LD Tavern D O Spark44/Box/ OA R Look Mum Capital One/ Nobu N
G EE No Hands Runpath McQueen R Smoking Ozone 71a E GR
A SHOREDIT Goat L Mother Airbnb Gallery T NA E AS Forge TH BE Granger T The Eagle E & Co Taylor St R & Co N RUSSELL The Slaughtered Passo The Baristas The Curtain ST
BUNHIL Lamb The Gibson Morning R Artillery E SQUARE Arms Star E Boxpark
T Whitecross
Clerkenwell The Modern St Market
AD
Grind L AD Pantry RO Dinerama RO SHOREDITCH
WELL EN RO K GO WHIT The Green CLER SHOREDIT CH
London College W NTT The Coach Virgin SWEL of Fashion Data
Active HIGH ST REET
CITY Google EC Queen of Luca Hoxton
RO
L Polú Poké PureGym RO Sourced Fix
SS ST 100 The Allegory Loaf Market
AD Flight Eight
The Jerusalem Club Kurt Members Tavern REET Geiger University Club Hawksmoor
Finch’s The Jugged of Law
The Hat Hair The Season
F Slaughter Grant Pinsent Tank & ARRINGDO & Tun Hats C & May Thornton Masons Paddle O
St John M
T M EE Iberica R E ST H R A endant Virgin C E Beer & Galvin La C BE Linklaters Active N I Bun Chapelle A The Wright Offspring RO Monzo WeWo rk BARBICAN L Vinotecca Addleshaw Grocer Brothers S Goddard T Daddy AD All Bar
RE
One
Donkey The We Are E
T Ask for Botanist Bar
FARRINGDON
Janice Nuffield
Bleeding E Anthropologie The Real Yauatcha Jose Pizarro
T
Heart Greek Barbican A
G
Smiths of S
Notes WeWork P MOB45 Smithfield CHANCERY O
H 1 Rebel S O olenghi I LANE Links of
B Taylor St MOORGATE
London Baristas Honest Gunpowder Boss
LIVERPOOL
Bounce Burger Menswear
FARRINGDON Schroders Natural
STREET
HO Kitchen L BO Molton
RN
Brown
LONDON WALL Dirty DRAFT
Dicks Amazon LO Som Saa ND Tempus O N W Arts AL Andaz HOLBORN PureGym L PureGym
CITY
Peicoat Lane
Deloi e Duck & Waffle Market THE CITY THAMESLINK
09 100 BUNHILL ROW, EC1
ALDGATE
Blacksheep Soho Coffee EAST
COVENT ST PAUL’S GARDEN ALDGATE BANK
K I N ET G RE W ST H I C LL R HU MANSION IA C EN BLACKFRIARS HOUSE M F FENCHURCH S T TEMPLE R STREET VICTORIA EMBANKMENT UP E PER ET THAM ES ST REET CANNON TOWER HILL ILL STREET ER H MONUMENT OW T
RIVER THAMES RIVER THAMES
DEVELOPMENTS LOCAL DEVELOPMENTS
1 SPECTRUM 2 THE BOWER 5 THE ATLAS BUILDING 6 WENLOCK WORKS 160 OLD STREET, EC1 207-211 OLD STREET, EC1 145 CITY ROAD, EC1 SHEPHERDESS WALK, N1 GPE Helical Rocket Investments Schroders 166,300 sq ft offices 320,000 sq ft 302 apartment residential 130,880 sq ft tower & 80,000 sq ft of offices Completed Q3 2018 Completed Q3 2018 Completed 2019 Completed 2018 100% let 100% let 80% let or under offer 100% let
3 WHITE COLLAR FACTORY 4 PANAGRAM 7 M BY MONTCALM 8 TWENTY BONHILL STREET, 1 OLD STREET YARD, EC1 GOSWELL ROAD, EC1 151-157 CITY ROAD, EC1 EC2 Derwent London Dorrington Endora Holdings Ltd The Max Barney Estate 237,000 sq ft 52,788 sq ft 247 bedroom hotel 70,245 sq ft Completed Q3 2017 Under Construction HOXTON Completed 2015 Completion due Q3 2020 ANGEL 100% let Completion due Q4 2020 100% let c. 70% let to Kingsley Napley
KING’S CROSS
ROAD PENTONVILLE ST PANCRAS 54% let or under offer
KING’S CROSS ST PANCRAS
SCRIPT CHAPTER HOUSE 6 9 10
44 FEATHERSTONE STREET, BRUNSWICK PLACE, EC1
C ITY RO 7 AD EC1 LBS Properties
5 LBS Properties GR G 10 33,982 sq ft AY OS REET S WE D ST 50,938 sq ft IN OL LL REET Completed Q2 2019 N
ST R RO 2 OA AD Under construction D GR 100% let EA
T EA CH HIGH ET S Completion due Q4 2020 RE T ST D ER OL 1 3 N
S OLD STREET T
WHIT R E BUNHIL ET SHOREDIT
RUSSELL 9 11
SQUARE AD EC
100 RO RO GO L
RO THE FEATHERSTONE HYLO 8
SS ST SW 11 12 AD SHOREDIT CH RO W CITY LL 4 NWE E EL L HIGH STREET BUILDING 103-105 BUNHILL ROW, EC1 CLERK REET
RO 12
FEATHERSTONE STREET, EC1 FA AD CIT
R
RINGDON CO
ET Derwent London
RE ST MM H 261,143 sq ft C E BE
E R
C 126,500 sq ft
RO I AL Under construction
BARBICAN TE FARRINGDON AD S
T
R Under construction PSGA E
DRAFT O E Completion due Q3 2021 CHANCERY LIVERPOOL T
LANE
MOORGATE STREET BISH
Completion due Q4 2021 N LBOR HO H IG H H O
L B OR N
LONDON WALL
HOLBORN
FA
E RRINGDON
T CITY A
G THAMESLINK
R ALDGATE
OO EAST 10 100 BUNHILL ROW, EC1
M
L ST EMA
REET ST PAUL’S C HEAPSI ALDGATE D N E S T R BANK E ET
KI N ET G RE W ST H IL RC L MANSION IA BLACKFRIARS HOUSE M FENCHU FENCHURCH ST
TEMPLE R STREET VICTORIA EMBANKMENT U E PPER E THAM T ES ST REET CANNON TOWER HILL ILL ST REET R H MONUMENT OWE T
RIVER THAMES RIVER THAMES
THE BUILDING DESCRIPTION Prominent attractive corner office building refurbished to a high media style specification, providing 13,328 sq ft (1,238.2 sq m) of office accommodation arranged over lower ground, ground and three upper floors.
Well configured floors provide good floor to ceiling heights, excellent natural light and views overlooking Bunhill fields. The recently refurbished ground and lower ground floors benefit from their own self-contained entrance and an outdoor garden terrace. The entrance lobby has recently been refurbished to a high standard. Furthermore the first floor accommodation is being refurbished by the tenant.
The property currently provides the following specification:
VAV air conditioning system
Metal tile suspended ceilings
Fully accessible raised floors
New 5-person passenger lift servicing all floors
Male and female WCs on each floor
Excellent floor to ceiling heights
DRAFTShower and disable facilities
Outdoor terrace on lower ground floor level
11 100 BUNHILL ROW, EC1 THE SPACE ACCOMMODATION
The property has been professionally measured by Lower Ground Floor Ground Floor Plowman & Craven and provides the following approximate 2,807 Sq Ft / 260.8 Sq M 2,163 Sq Ft / 200.9 Sq M net internal floor areas:
Stairs Accommodation Sq Ft Sq M Stairs
Third 2,677 248.7
Second 2,846 264.4
First 2,835 263.4
Ground 2,163 200.9
Lower Ground 2,807 260.8
Total 13,328 1,238.2
First Floor Second Floor Third Floor 2,835 Sq Ft / 263.4 Sq M 2,846 Sq Ft / 264.4 Sq M 2,677 Sq Ft / 248.7 Sq M DRAFT
For indicative purposes only. Not to scale.
12 100 BUNHILL ROW, EC1 DRAFT
13 100 BUNHILL ROW, EC1 THE TENANTS TENANCY TENURE
The property is multi-let to three tenants in The property is held Freehold. accordance with the tenancy schedule below and produces a current rent of £631,350 per annum, BUNHILL which equates to a low average passing rent of
£47.37 per sq ft. RO
W All of the leases are excluded from the security of tenure and compensations provisions of sections 24-28 of The Landlord & Tenant Act 1954 (as amended).
REET The property has an average weighted unexpired lease term of R ST CHEQUE 4.31 years to expiry and 2.72 years to breaks.
STREET CA ENUE AV H IL DUFFERIN L STREET DUFFERIN BUNHILL
RO
W
Tenant Floor Area Area Lease Terms Rent Review Break Rent Rent Comments (sq m) (sq ft) (£ pa) (£ psf)
3rd Floor 248.7 2,677 From: 17/03/2014 Palladium 2nd Floor 264.4 2,846 10 years £240,000 £43.45 - Bank guarantee held. International Limited Sub Total: 513.1 5,523 Expiry: 16/03/2024
ADT Fire and 1st Floor 263.4 2,835 From: 29/09/2020 - 12 months rent free period which expires on 5 years £141,350 £49.86 Security PLC Sub Total: 263.4 2,835 Expiry: 28/09/2025 29th June 2021, the vendor will provide a top up.
From: 05/07/2016 - Tenant break option requires 6 months notice. If not exercised then tenant is entitled to 5 Ground Floor 200.9 2,163 Expiry: 04/07/2026 months rent free. Think Jam Limited Lower Ground Floor 260.8 2,807 10 years 05/07/2022 05/07/2022 £250,000 £50.30 - Rent deposit held. Sub Total: 461.7 4,970 - Service charge cap of £79,043 per annum (£15.90 per sq ft), reviewed annually linked to RPI. - Underlet to Doddle Parcel Services Limited. TOTALS DRAFT1,238.2 13,328 £631,350 £47.37
14 100 BUNHILL ROW, EC1 THE TENANTS TENANT COVENANTS
PALLADIUM ADT FIRE & SECURITY THINK JAM
Palladium International Limited is an established organisation ADT Fire and Security PLC is one of the UK’s largest and most Established in 2004. Think Jam Limited are a successful creative working as consultants on behalf of governments, business and established alarm and security companies. They provide services and brand marketing company providing expertise within the investors to help solve both their social & commercial challenges. to both commercial and residential properties and currently film, gaming and TV sectors. They recently announced a multi protect over 237,000 homes in the UK. million pound strategic partnership with Dorman Media Holdings, For the year ending June 2019 the company reported a turnover owned by Sir Lloyd Dorfman. Clients of Think Jam include of £97,389,140, a pre tax profit of £21,041,908 and net assets For the year ending September 2019 the company reported a Twentieth Century Fox, The Stanley Kubrick Estate, Lionsgate of £18,156,988. turnover of £348,083,000, pre tax profit of £24,261,000 and net and Entertainment One. assets of £628,390,000. thepalladiumgroup.com thinkjam.com adt.co.uk DRAFT
15 100 BUNHILL ROW, EC1 MARKETS MARKET COMMENTARY Estimated Rental Value EC1 Office Market We are of the opinion that the property is highly reversionary Old Street is now considered the centre for all emerging technical, The local office market is expected to improve further as a number highlighted by the comparable evidence shown below. media and creative agencies. of larger high quality developments are being undertaken. These businesses vary in size and range from start-ups through Traditionally regarded as a low cost property option for media and to larger global companies. Prime EC1 rents are currently in the the creative industries that have been priced out of areas such as excess of £75 per sq ft. 2018 saw vacancy rate down to only Soho and Covent Garden, Old Street is rapidly becoming a mature 3.8% overall. market. Demand from technology, media and creative businesses has, over the last few years, powered the rise in office rents.
Investment Comparables Leasing Comparables
BACTA HOUSE, 24 COWPER STREET, CHAPTER HOUSE, 100 ST JOHN STREET STYLUS, VERSE BUILDING, PEMBROKE WHARF, N1 EC1 BRUNSWICK PLACE, EC1 EC1 116 OLD STREET, EC1 BRUNSWICK PLACE, EC1 Q4 2020 Q4 2020 Q3 2020 Q3 2020 Q2 2020 May 2020 4,342 sq ft 7,742 sq ft 33,982 sq ft 2nd & 3rd floors 1st Floor 3rd floor (fitted) £4.9m £9m £46m 9,966 sq ft 5,437 sq ft 2,121 sq ft £1,128 per sq ft £1,162 per sq ft £1,353 psf £71.25 per sq ft £71.50 per sq ft £75.00 psf 4.56% 4.4% £4.48% Nuffield Foundation Greensill Capital UK Limited Kaizen Acquired by a private investor Acquired by a private investor Acquired by a Private Investor 15 year term / 10 year break 5 year term / 3rd year break 3 year term
17-18 HAYWARDS PLACE, 90 BARTHOLOMEW CLOSE, 34-38 PROVOST STREET, THE BOWER, 76-78 CLERKENWELL ROAD, CHAPTER HOUSE, EC1 EC1 N1 207-211 OLD STREET, EC1 EC1 BRUNSWICK PLACE, EC1 Q3 2020 Q2 2020 Q4 2019 Jan 2020 Sept 2019 June 2019 11,000 sq ft 30,929 sq ft 11,223 sq ft 15th floor 1st - 4th floors 3rd & 4th floors £15.6m £48.51mDRAFT£13.5m 11,331 sq ft 8,829 sq ft 10,572 sq ft £1,418 psf £1,568 psf £1,202 psf £85.00 psf £67.80 psf £71.00 psf 4.21% 3.92% 4.71% Infosys WeWork Ebiquity Acquired by La Francaise Group Acquired by Le Francaise Group Acquired by Private Investor 5 year term 15 year term / 10th year break 10 year term / 5th year break
16 100 BUNHILL ROW, EC1 FURTHER INFORMATION
Value Added Tax Surveys Contact The property has been elected for VAT purposes and it is The vendor will provide: For further information or to arrange anticipated that the sale will be treated as a Transfer of a - A full measured survey carried out by Plowman & Craven. a viewing please contact one of: Going Concern (TOGC). - A building survey carried out by Hollis.
EPC All surveys are assignable and will be uploaded into the data room. Alexis Nicolas Energy Performance Certificates are available within the T 020 3667 5050 data room. Investment Rationale M 07932 708 881 E [email protected] Service Charge - Core City fringe location in the heart of Tech City - Prominent corner refurbished media style building The budget year ending 2022 is estimated at £12.63 per sq ft. Ryan Springer - Low average passing rent of £47.37 psf T 020 3667 5050 Further details are available within the data room. - Highly reversionary in comparison to prime EC1 rents M 07932 792 531 E [email protected] - Opportunity to further enhance rental growth through Planning upgrading the unrefurbished accommodation. The property is located within the London Borough of Islington. - Average weighted unexpired lease terms of 4.31 years to expiries and 2.72 years to breaks. The property is not listed but is located within the Bunhill Fields and Finsbury Square conservation area. - Approximately 60% of overall income is securely let to undoubted covenants for an average term of 3.76 years. Data Room - Low capital value of £889 per sq ft Stephen Gevertz An electric data room is available for the property. - Freehold T 020 7580 4333 For access to the data room please contact Proposal M 07879 628 646 Springer Nicolas or Lewis and Partners. E [email protected] The vendor is seeking offers in excess of £11,850,000 (Eleven
Million, Eight Hundred and Fifty Thousand Pounds) subject to Joseph Rantor contract and exclusive of VAT, which reflects a net initial yield of T 020 7580 4333 5.00% after unadjusted purchaser’s costs of 6.8%. This reflects a M 07976 599 374 low capital value of £889 per sq ft. DRAFTE [email protected] Messrs Springer Nicolas and Lewis & Partners for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Messrs Springer Nicolas and Lewis & Partners cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of fact or representations, and must satisfy themselves as to their accuracy; (iii) no employee of Messrs Springer Nicolas and Lewis & Partners has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property; (iv) rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; and (v) Messrs Springer Nicolas and Lewis & Partners will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. (vi) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/ tenants should satisfy themselves as to the fitness of such items for their requirements. May 2021.
Designed and produced by Cre8te - 020 3468 5760 – cre8te.london