TAGWRIGHT HOUSE T 35 - 41 Westland Place N1 7LP

Mixed Use Ofce and Residential Investment T T

• Investment Summary •

· Situated in the dynamic district of , · Excellent asset management opportunities for close to Silicon Roundabout, the technology hub further development and refurbishment to of . capitalise on strong rental growth potential with vacant possession of the ofce space achievable · Providing excellent transport connections via within the next 12 months. underground, bus, mainline rail and road. · Existing planning permission for an extra storey · Freehold. and reconguration of the building. · Mixed use property comprising 8,822 sq ft of ofce · Offers are sought in excess of £18,250,000 accommodation over lower ground, ground and (Eighteen Million Two Hundred and Fifty mezzanine oors, with 11,693 sq ft of residential Thousand Pounds) for the freehold interest in the space arranged as 14 ats over four upper oors. property subject to contract and exclusive of VAT. · Total income of £849,894 per annum, reecting A purchase at this level reects a Net Initial Yield a low average £44.84 psf on the ofce of 4.85% on the commercial income and a capital accommodation. value of £907 psf in respect of the residential accommodation, and a low overall capital value · Residential apartments let on Assured Shorthold of £890 psf. Tenancies. Liverpool Street City of / White Collar Moorgate Barbican Station London Silicon Factory Centre Roundabout

City Road

Old Street

East Road

City Road

M by The The Atlas TAGWRIGHT HOUSE Montcalm The Makers 35 - 41 Westland Place N1 7LP Building Hotel Bower Shoreditch T • Shoreditch •

Shoreditch has become one of London's most vibrant and fashionable districts. The excellent transport links and bustling bar and restaurant culture has helped to maintain the popularity of Shoreditch with a variety of occupiers.

The area is home to the third largest cluster of technology companies in the world and is regarded as Europe's leading technology centre, now named the ''. This reputation has established Shoreditch as the primary location in London for technology and media occupiers, creating a thriving environment for innovation and entrepreneurialism, resulting

in Shoreditch becoming one of London's strongest performing submarkets.

Shoreditch has beneted from extensive levels of development and regeneration over the past decade due to high levels of capital investment. The is currently undergoing a multi-million pound regeneration. The development, called ‘Silicon Roundabout, has received support and funding from local authorities and central government, with completion due in October 2020.

Major occupiers in the area include: , McDonalds Europe Ltd, Aviva, Adobe, Vice and Immarsat. Most recently has moved its headquarters to Shoreditch, bringing over 5,000 employee's to the area.

T T • Situation •

Tagwright House is located on the junction of Westland Place and Nile Street. City Road is located immediately to the south of the property which links to Old Street roundabout to the south east and Angel and Kings Cross to the north-west. The immediate area is dominated by mixed use buildings and new build residential blocks. There are a large number of bars, restaurants and hotels within the vicinity and multiple gym and yoga studios within a 10-minute walk of the property.

• Connectivity •

Tagwright House benets from excellent connectivity being located a short 7-minute walk from Old Street Underground/Overground station and within easy walking distance of Shoreditch High Street Overground station. provides direct connections to Kings Cross St Pancras, The City (Moorgate and Bank) and London Bridge via the . There are also multiple bus routes in the area leading to The City and Liverpool Street to the south, and Kings Cross to the north-west along City Road.

Old Street roundabout is currently undergoing an extensive regeneration project to improve trafc ows and create further public realm areas. The regeneration project, known as ‘Silicon Roundabout’, will include new entrances to the Underground station, improved 24-hour bus lanes, segregated cycle lanes with separate signals and new public space with potential for retail units. The improved pedestrianisation will further increase accessibility to the Underground station from City Road and Tagwright House. The development will help further boost the area as the technology centre for Europe and act as the gateway to the East London Tech City.

Crossrail (The Elizabeth Line) is Europe's largest infrastructure project and will transform London's transport network when it opens, from December 2020, bringing an extra 1.5 million people within a 45 minute journey of Central London. Example journey times into the City are 8 minutes from , 31 minutes from Heathrow and 57 minutes direct from Reading. Farringdon and Liverpool Street stations are easily accessible by foot or bus from the subject property. • Description • T

The building was constructed in 2008 and provides 20,515 sq ft of ofce and residential accommodation over seven oors.

The property benets from frontage to Westland Place and Nile Street with 8,822 sq ft of ofce accommodation over lower ground, ground and mezzanine. The ofce space provides high ceilings and large windows, allowing good natural light.

The upper four oors are accessed via a dedicated entrance and are congured as 14 ats comprising 11,693 sq ft in a combination of two, three and four bedrooms. A lift serves the residential oors.

A communal bike store and bin area serves the whole building.

Offices

- Modern exposed ceiling t-out throughout. - VRV air-conditioning cassettes and fan coil units throughout. - Underoor trunking to ground and mezzanine oors and perimeter trunking to the lower ground. - Double glazed windows. - High quality strip LED lighting. - WC provisions on each oor with shower facilities on the lower ground and mezzanine oors.

Residential

- Aluminium powder coated double glazing. - Wood ooring. - Gas red under oor heating. - En suite and shared bathrooms in each at. - Recessed lighting. - Entry phone. - Burglar alarm. • Accommodation • wc wc

wc wc Accommodation Size Size sq ft sq m Lower Ground 2,868 266.45 Ground 2,692 250.09 Mezz 3,262 303.05 1st Floor 3,038 282.24 2nd Floor 3,038 282.24 3rd Floor 3,038 282.24 4th Floor 2,579 239.60 Totals 20,515 1905.91 Basement

wc wc wc

wc wc

Ground Floor Mezzanine

1st Floor 2nd Floor

3rd Floor 4th Floor NB Plans shown above are not to scale and are for indicative purposes only. T • Tenure •

Freehold.

• Tenancy •

The property is let in accordance with the below schedule and currently produces a total income of £849,894 per annum.

Vacant Possession of the ofce space will be available in 12 months, providing the opportunity for reletting and asset management.

Tenancy Schedule

Accommodation Size No of Lease Lease From Lease Expiry Annual Rent psf/ sq ft beds Rent Rent pcm

Lower Ground Ground 8,822 The Boutique Workplace Company 01/12/2019 30/11/2020 £395,600 £44.84 Mezz

Flat 1 727 2 Residential Tenant 01/07/2019 30/06/2020 £28,600 £2,383 Flat 2 772 3 Residential Tenant 01/08/2019 30/06/2020 £36,140 £3,012 Flat 3 772 2 Residential Tenant 05/07/2018 04/07/2020 £28,922 £2,410 Flat 4 767 2 Residential Tenant 04/07/2017 31/10/2021 £28,080 £2,340 Flat 5 727 2 Residential Tenant 17/10/2019 16/10/2021 £30,420 £2,535 Flat 6 772 3 Residential Tenant 04/07/2017 31/10/2021 £36,400 £3,033 Flat 7 772 2 Residential Tenant 14/08/2019 13/08/2020 £28,980 £2,415 Flat 8 767 2 Residential Tenant 03/02/2019 02/02/2021 £28,340 £2,362 Flat 9 727 2 Residential Tenant 31/10/2019 30/10/2021 £32,496 £2,708 Flat 10 772 3 Residential Tenant 10/08/2019 09/08/2020 £36,400 £3,033 Flat 11 772 2 Residential Tenant 28/01/2019 27/01/2020 £29,900 £2,492 Flat 12 767 2 Residential Tenant 28/05/2016 27/12/2020 £29,120 £2,427 Flat 14 1,537 2 Residential Tenant 07/10/2017 06/10/2020 £45,396 £3,783 Flat 15 1,042 4 Residential Tenant 01/07/2019 30/06/2020 £35,100 £2,925 Ofce Total 8,822 £395,600 Residential Total 11,693 £454,294 £37,858 Total 20,515 £849,894

T • Asset Management •

The property provides the opportunity for further development and asset management.

Ÿ Full planning permission was granted on 01/12/2017 by Hackney Council (Ref:2016/4235). The permission grants the right to convert the rst oor from its current use as residential into ofces, reconguration of the existing ats at fourth oor and the further addition of a new fth oor residential extension. 1st Floor Ÿ The ofces are currently congured and run as a successful serviced ofce. Vacant possession is available in 12 months offering the opportunity to re-let to a serviced ofce operator or on a traditional lease, taking advantage of the strong rental growth in the area. Ÿ Re-let and/or refurbish the ats on the four uppers oors over a phased period, as tenancies come to an end, pushing rental values up.

The proposed oor plans are shown.

The planning documents are available upon 2nd Floor request, or via the Council’s website.

3rd Floor

5th Floor

Ofce Core Ofce Space

Residential Core 2-Bed Flat 3-Bed Flat

NB Plans shown above are not to scale and are for indicative purposes only. 4th Floor T • Local Developments •

Provost & East 1 HOXTON Pr

145 City Road, EC1 ovost Hoxton

TAGWRIGHT HOUSE Rd Developer: Rocket Investments T 35 - 41 Westland Place N1 7LP St Description: 80,000 sq ft NIA of

Kingsland A501 ofces + ground St St Nile St Nile oor retail unit and St estry1 City 6 V Hoxton terrace amenity Rd

A10 spaces 2 200 208 A1 A1

Completed: July 2018 B1 A501 44 Old St 2 The Atlas Building 3 Old St HACKNEY

145 City Road, EC1 St Old Street Old A1 4 202 A10

Developer: Rocket Investments City

Description: 302 apartments with 7 5 Rd St B1 Old high specication 44

A501 resident amenities Gr ea Shoreditch

Completed: July 2019 8 Bunhill t EasternHigh Street

Row

City St Rd

A10 Barbican CHISWELL B100 ST

3 The Bower 207-211 Old Street, EC1 Developer: Helical plc Description: Phase 1 - 140,000 sq ft of ofce & retail 6 Hampton by Hilton space 17-33 Westland Place, N1 Phase 2 - 180,000 sq Developer: Westcombe Group ft of ofces with retail Description: Newest Hampton to be units on ground oor be developed with 111 Completed: August 2019 guest rooms, restaurant and lobby bar. Planning The White Collar Factory 4 application ongoing. 1 Old Street Yard, EC1 Completed: TBC Developer: Derwent London Description: Mixed-use development, 7 The Featherstone 237,000 sq ft of 40 Bunhill Row, EC1 ofces, 55,000 sq ft Developer: Hill Developments of retail space and Description: 65 new homes (1-4 nine residential units bedroom apartments. Completed: August 2019 Completed: Summer 2018

5 The Featherstone Building Tower Bunhill Road, EC1 8 103-105 Bunhill Row, EC1 Developer: Derwent London Description: 125,000 sq ft of ofce Developer: CIT Group space with retail units Description: 261,000 sq ft of on the ground oor ofce space and Completion: Due in 2022 17,130 sq ft of retail space. Completed: Summer 2018 T • Occupational Market •

Office - occupational comparables Offices Central London take up of ofces for Q3 2019 Address Date Size Rent Term (psf) (psf) (years) was 3.4m sq ft, up 11% from the previous quarter and marginally above the same quarter in The Bower, Oct-19 9,572 £84.00 5 2018. Availability of ofce space in Central 207-211 Old St, EC1 London remained below the 10 year quarterly

Spectrum, 160 Old St, EC1 Aug-19 6,395 £85.00 5 average and levels of demand have remained high, helping to maintain strong rental growth. 85 Great Eastern St, EC2 Jun-19 2,588 £60.00 10 The occupational ofce market in Shoreditch has Telephone House, Jun-19 7,032 £55.00 3.5 continued to be one of London's best performing 67-77 Paul St, EC2 submarkets in 2019. Prime rents in the Old Street

Stylus, 112-116 Old St, EC1 May-19 5,444 £65.00 5 area in Q3 2019 reached £85.00 psf. Rents for good quality, well located second hand ofce Vestry Street Studios, Apr-19 2,820 £53.14 2 space range between £55.00 and £60.00 psf. 10-18 Vestry St, N1 Further rental growth is expected due to high

Green Mews, Feb-19 1,651 £55.00 2 levels of demand and shortage of available stock, Bevenden St, N1 underpinned by the growing reputation of the area as the primary location for technology 130 City Road, EC1 Nov-18 1,598 £55.00 5 occupiers in London.

Residential Residential rents for two and three bedroom ats in the Old Street area range from £2,000 pcm to £5,000 pcm, reecting the varied nature of the product available - from conversions to new build T penthouses. Demand for residential space has been high in the area and there have been substantial levels of development. Notable new Office - investment comparables build developments in the vicinity include Westland Place Hoxton, which is situated Address Date Size Capital Value Yield Cap Val opposite Tagwright House. sq ft (psf)

11-12 Appold St, EC2 Aug-19 22,574 £22,500,000 4.88% £996.72

19-21 Garden Walk, May-19 6,374 £6,000,000 VP £941.32 • Investment Market • EC2

48 Hoxton Sq, N1 Dec-18 8,253 £9,300,000 VP £1,126.86 Central London Investment volumes rose to £2.2bn Avalon House, 57-63 Dec-18 17,187 £13,800,000 4.58% £802.93 for Q3 2019, a 22% increase on the previous Scrutton St, EC2 quarter. Domestic purchasers were dominant in the market, accounting for 55% of ofce investment in Central London and 58% of Residential - investment comparables transactions in 2019 so far.

Address Date No. No. Size Sale Cap Val Despite the current uncertainty prime yields Beds Bath sq ft Price (psf) remained stable at the close of Q2 2019. The The Makers, Oct-19 2 1 837 £1,090,000 £1,302 prime City yield stood at 4.25% in comparison to Westland Pl, N1 the West End where prime yields were 3.50%. Prime yields in the City fringe currently stand at The Makers, Sep-19 2 1 837 £1,100,000 £1,314 4.5%. Westland Pl, N1

1a Underwood St, May-19 2 1 1,186 £1,110,000 £936.03 The investment market for ofces in the City fringe N1 market is currently facing a shortage of opportunity and whilst the lack of stock might Flat 137, Eagle Jan-19 2 2 917 £865,000 £943.29 have subdued investment volumes it has also Point, City Rd, EC1 helped to keep demand and yields at a strong level. T 4 Tenterden Street London W1S 1TE

020 7629 1533

• VAT • astonrose.co.uk

The property is elected for VAT.

• EPC •

The residential ats have EPC ratings ranging from C (78) to B (84), and the commercial accommodation has a rating of C (73). Copies of the individual certicates are available upon request.

• Data Room •

Access to additional information is available on request.

• Proposal • Offers are sought in excess of £18,250,000 (Eighteen Million Two Hundred and Fifty Thousand Pounds) for the freehold interest in the property, subject to contract and exclusive of VAT. A purchase at this level reects a Net Initial Yield of 4.85% on the commercial income and a capital value of £907 psf in respect of the residential accommodation, and a low overall capital value of £890 psf.

Further Information

Ken Morgan FRICS Matt Hunter MRICS 020 7079 1953 020 7079 1954 [email protected] [email protected]

Tom Cole Sam Hume-Kendall 020 7079 1947 020 3846 3105 [email protected] [email protected]

MISREPRESENTATION ACT

These particulars are believed to be correct and, where practicable, reasonable steps have been taken to ensure their accuracy, however this cannot be guaranteed. They do not form part of any offer or other contract. The owner of this property does not make or give, representations or warranties in relation to this property. Aston Rose (West End) Limited and its employees do not accept any responsibility for information supplied to them by the owner or any third party. Any intending purchaser or lessee must satisfy itself by

inspection or otherwise as to the correctness of the particulars. All measurements are approximate. The plans in these particulars are published for convenience of identification VEMBER 2019

only, and although believed to be correct, their accuracy is not guaranteed and do not form part of any contract. NO