City Road London EC1
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City Road London EC1 Reversionary Freehold Office Investment For Sale City Road London EC1 2 Investment Summary • Freehold • Multi-let to six tenants, with a weighted average unexpired • Prominent Northern City Fringe lease term of 2.92 years, and location in close proximity 1.66 years to breaks (on the to Old Street, Moorgate and ground and upper floors). Liverpool Street Underground Stations. • The total current passing rent is £212,574.00 per annum • The property is situated on (equating to a low average the west side of City Road, passing rent of £27.38 per sq opposite Finsbury Square ft overall), highlighting the and close to its junction with reversionary potential of the Worship Street. property. • The rear of the property • We are instructed to seek offers benefits from terraces which in excess of £4,000,000 for overlook the HAC ground. the Freehold interest which reflects an initial yield of 5.02% • 4 City Road provides after purchasers costs of 5.8% approximately 721.21 sq m and a low capital value of £515 (7,763 sq ft) of refurbished per sq ft. office and ancillary accommodation arranged over lower ground, ground and five upper floors. City Road London EC1 3 GREAT EA ST E RN ST RE E T ET RE T S E L AC City Road London EC1 RN E B TA Not to scale. For identification purposes only. Location 4 City Road occupies a prominent position on the The property lies in close proximity to Old Street Liverpool Street and Moorgate stations are set west side of City Road overlooking Finsbury Square. Roundabout, dubbed ‘Silicon Roundabout’, the to benefit significantly from Crossrail, with trains The surrounding area is an established office location principal northern gateway linking the City of London scheduled to be running from 2018. Crossrail is and has attracted a number of leading financial, to the south, Kings Cross and Angel to the north, Europe’s largest infrastructure project providing professional, TMT and retail occupiers, including Clerkenwell and Holborn to the west and Shoreditch direct rail lines between Stratford in the east, and Bloomberg, Grant Thornton, JP Morgan, Google to the east. Maidenhead in the west. The service will enhance Campus, Toptable and Hakkasan Kitchen. capacity across Central London by 20% with over 4 City Road benefits from its proximity to Moorgate 250 million passengers a year using the service which In recent years the surrounding area has witnessed Underground and Mainline Station (Metropolitan, will link Heathrow, the West End, the City and Canary considerable redevelopment. The revival of Triton Court, Circle, Hammersmith & City and Northern lines) Wharf. The project will transform Central London, rebranded Alphabeta, will provide a new 22,110 sq m which is approximately 500 yards to the south of the especially in locations close to new or updated (238,000 sq ft) office building, with adaptable office premises. Old Street Overground and Underground stations. space, new restaurants, retail spaces, roof terraces and Station (Northern line) is approximately 400 yards to even a basketball court, attracting varied blue-chip the north of the property and Barbican Underground occupiers to the traditionally corporate area. Further Station (Metropolitan, Circle and Hammersmith & retail amenities are provided at The Barbican Centre, City lines) is approximately 500 yards to the west of Old Street, Moorgate, Broadgate and Spitalfields Market. the property. Bank and Liverpool Street Mainline and Underground Stations are also close by. City Road London EC1 4 99 City Road Bezier Broadgate 33 Finsbury City Road London EC1 Moorgate Bank The Barbican Apartments Square Station Station The Bower Old Street Alphabeta 3-10 Finsbury Building Station Square White Collar Factory Oliver’s Yard City Road London EC1 5 Local Developments 1. Alphabeta 2. Bezier Apartments 3. 3-10 Finsbury Square 4. 33 Finsbury Square Redevelopment of the former Triton Court by Twin tower project located in the southeast Development by Pembroke Real Estate which Comprehensively refurbished office building Resolution Property to provide a new 22,110 sq m corner of Old Street roundabout. provides 14,000 sq m (150,695 sq ft) of prime behind a classic Portland stone façade (238,000 sq ft) office building, anticipated to The 14 and 16 storey towers comprise 127 Category A office accommodation. providing approximately 6,689 sq m be completed by December 2014. flats, with the retail units on the ground floor The quoting rent is £63.50 per sq ft and (72,000 sq ft) of accommodation. In Q1 2014, SEI acquired 5,388 sq m (58,000 let to EAT and POD. the building is rumoured to be under The whole building has been taken by sq ft) over various floors at £47.50 per sq ft consideration by Microsoft. Liverpool University on a 15 year lease for overall. The most recent letting in the iconic their London City campus. building was let to Modern Pantry who took a 20 year lease on 315 sq m (3,400 sq ft). 5. The Bower Building 6. Epworth House, 25-35 City Road 7. Maple House, 37-45 City Road 8. White Collar Factory A Helical Bar and Crosstree Real Estate London and Regional have secured planning Owned by Helical Bar, Maple House is an A Derwent London scheme designed by 3.12 acre development site comprising consent for a BuckleyGrayYeoman scheme existing four storey 4,645 sq m (50,000 sq ft) AHMM which will provide a new 20,624 sq m c. 26,626 sq m (286,600 sq ft) of existing to refurbish and extend Epworth House to office building, fronting City Road, Epworth (222,000 sq ft) office building. Anticipated office and retail space. Planning consent for provide c. 6,131 sq m (66,000 sq ft) of Grade Street and Tabernacle Street and in close completion Summer 2016. the scheme was granted in Q4 2013 for a new A office accommodation. proximity to Old Street roundabout. landmark building, comprising 29,728 sq m An extensive refurbishment will provide (320,000 sq ft) of office accommodation c. 5,759 sq m (62,000 sq ft) office scheme alongside a new vibrant restaurant and retail with retail potential at ground floor. destination. City Road London EC1 6 Description 4 City Road provides approximately 721.21 sq m (7,763 sq ft) of refurbished office and ancillary accommodation arranged over lower ground, ground and five upper floors. The property underwent an extensive refurbishment in 2008 and benefits from the following specification; • Two pipe fan coil air conditioning • Perimeter trunking • Metal tile suspended ceiling • LG7 compliant lighting • 1 x passenger lift • 24 hour access • Shower facilities • Male and female toilets on each floor • Terraces on the 2nd and 1st floor City Road London EC1 7 Header sadfasdf City Road London EC1 8 Accommodation The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) Floor Size Size (sq ft) (sq m) 5th Floor 879 81.66 4th Floor 900 83.62 3rd Floor 871 80.95 2nd Floor 881 81.81 1st Floor 1,445 134.26 Ground 1,377 127.93 Basement Front 635 58.99 Basement Rear 775 71.99 Total 7,763 721.21 City Road London EC1 9 Floor Plans Ground Floor 1,377 sq ft 127.93 sq m ENTRANCE Third Floor 871 sq ft 80.95 sq m Not to scale. For identification purposes only. 10 City Road London EC1 t 2 o 8 7 t Tenure o 6 2 3 3 o t 2 4 3 t o 1 4 18.5m Hotel The property is held0 Freehold. 3 An ordnance survey extract indicates the extent of the 2 a 4 property outlined in2 red. 7 1 2 Bank 2 0 2 5 to 11 1 to 3 6 1 m 8 17.5 6 4 Triton Court 2 14 to 18 a 2 1 2 1 16.8m 1 FINSBURY SQUARE 1 Not to scale. For identification purposes only. This plan is based upon an Green Ordnance Survey Map with the sanction of the controller of HM BowlStationerying Office. Crown Copyright reserved. 0 s 1 r e o t l t e 3 h E S R A U Q S Y R U B S N I 1 F City Road London EC1 11 City Road London EC1 12 Tenancy Schedule Floor Tenant Size Size Lease Lease Rent Break Passing Rent Passing Comments (sq ft) (sq m) Start Expiry Review (T/M) (pa) Rent (per sq ft) 5th Floor LOC Consulting 879 81.66 28/05/2010 26/05/2017 28/05/2015 28/05/2015 (M) £17,140.50 £19.50 Limited 4th Floor ST Consulting 900 83.62 24/09/2012 23/09/2015 24/09/2014 - £25,650.00 £28.50 (UK) Limited 3rd Floor Essentia 871 80.95 25/12/2012 24/12/2015 - - £24,823.50 £28.50 Consulting Limited 2nd Floor Riversdale 881 81.81 01/11/2012 31/10/2015 - - £25,108.50 £28.50 Consulting Limited 1st Floor Ashenden 1,445 134.26 08/08/2013 07/08/2018 - 08/08/2016 (M) £43,350.00 £30.00 The tenant is entitled to four Capital months’ rent free if they Management do not exercise their break LLP option, or two months’ rent free if the landlord exercises the break option. Ground Dartmouth 1,377 127.93 08/07/2013 07/07/2 0 1 8 - 08/07/2016 (M) £40,621.50 £29.50 The tenant is entitled to Partners four months’ rent free Limited (eight months’ half rent) if they do not exercise their break option.