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TAGWRIGHT HOUSE T 35 - 41 Westland Place N1 7LP Mixed Use Ofce and Residential Investment T T • Investment Summary • · Situated in the dynamic district of Shoreditch, · Excellent asset management opportunities for close to Silicon Roundabout, the technology hub further development and refurbishment to of London. capitalise on strong rental growth potential with vacant possession of the ofce 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 reconguration of the building. · Mixed use property comprising 8,822 sq ft of ofce · 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, reecting A purchase at this level reects a Net Initial Yield a low average £44.84 psf on the ofce 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 Old Street/ 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 'East London Tech City'. 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 beneted from extensive levels of development and regeneration over the past decade due to high levels of capital investment. The Old Street roundabout 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: Google, McDonalds Europe Ltd, Aviva, Adobe, Vice and Immarsat. Most recently Amazon 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 benets 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. Old Street station provides direct connections to Kings Cross St Pancras, The City (Moorgate and Bank) and London Bridge via the Northern Line. 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 trafc 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 Canary Wharf, 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 ofce and residential accommodation over seven oors. The property benets from frontage to Westland Place and Nile Street with 8,822 sq ft of ofce accommodation over lower ground, ground and mezzanine. The ofce space provides high ceilings and large windows, allowing good natural light. The upper four oors are accessed via a dedicated entrance and are congured 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. - Underoor 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 ofce 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 Ofce 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 ofces, reconguration of the existing ats at fourth oor and the further addition of a new fth oor residential extension. 1st Floor Ÿ The ofces are currently congured and run as a successful serviced ofce. Vacant possession is available in 12 months offering the opportunity to re-let to a serviced ofce 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 Ofce Core Ofce 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 ofces + ground St St Nile St Nile St oor retail
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