17 ST HELEN’S PLACE LONDON EC3
PRIME CITY OF LONDON INVESTMENT WITH DEVELOPMENT POTENTIAL NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE Investment Overview
• A prime City of London investment with development potential.
• Located 200 metres from Crossrail Liverpool Street (operational in 2018).
• Strategically situated serving both the financial services and insurance markets, in close proximity to the creative district of Spitalfields and Shoreditch.
• Attractive period building situated within an exclusive private courtyard.
• Opportunity to create a Grade A building of circa 27,420 sq ft, subject to the necessary consents. The current floor area is 23,986 sq ft.
• Multi-let by way of five occupational leases drawn on effective FRI terms.
• Vacant possession can be achieved in September 2018, alternatively leases may be extended.
• Held by way of a headlease with c. 133 years unexpired. The Freeholder is entitled to 10.00% of rents received from underletting(s), subject to a minimum rent of £75,000 per annum.
• Approximately 60% of the building is let at just £24.41 per sq ft overall.
• Following deduction of headrent the net rental income is £670,581 per annum exclusive. This is anticipated to rise to in excess of £1.50 million upon completion of the development initiatives.
• Repositioning opportunities are well timed in the context of Crossrail.
Proposal
Offers in excess of £18.00 million are invited, subject to contract, for the long leasehold interest. This reflects an anticipated yield on cost of 5.75% (when stabilised) and a capital value of £656 per sq ft on the anticipated floor area.
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17 ST HELEN’S PLACE NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
BANK OF ENGLAND
TOWER 42
22 BISHOPSGATE
100 BISHOPSGATE
THE LEADENHALL BUILDING
SALESFORCE 17 ST HELEN’S PLACE TOWER
30 ST MARY AXE N BARBICAN
C O M M E R MOORGATE C IA BROADGATE L S T T STREET O R RUNE EE B Y FINSBURY CIRCUS N B T E
B S E T NO.1 ROYAL EXCHANGE AVENUE L R L E L E B A R T IC NE K L AN 17 ST HELEN’S PLACE E LIVERPOOL STREET E ORTHSTR WENTW
LONDON WALL REET RTHST DEVONSHIRE SQUARE TWO HERON WEN PLAZA
SALESFORCE TOWER
C O O LD M C A M ST LE WAY E S MELL R TR C E I ET A GUILDHALL L S T R E 100 E 70 T BISHOPSGATE ST MARY AXE
ET TOWER 42 TRE HS L HIG MOORGATE 17 ST HELEN’S PLACE APE CH ITE GRESHAM STREET WH STOCK EXCHANGE HOUNDSDITCH WOOD STREET LOTHBURY L THROGMORTON STREET E MILK STREET M SWISS RE A ST PAUL’S BISHOPSGATE N S 22 ET T RE R ST E BISHOPSGATE AVIVA T E AM T TOWER ALDGATE AH PRINCE’S STREET BR BANK OF ENGLAND OLD BROAD STREET
KING STREET
ST MARY AXE 6-8 THE THREADNEEDLE STREET BISHOPSGATE LEADENHALL & BUILDING 150 LEADENHALL ET TRE ST PAUL’S ROYAL STREET IE S AL CATHEDRAL POULTRY EXCHANGE LEADENHALL STREET MANSION HOUSE STREET LEADENHALL STREET T CORNHILL TREE 1 M S TRE LLOYD’S A HTEN LEADENHALL N T KING WILLIAM STREET OR OF S N STREET E L BILLITER STREET BANK LONDON L S
QUEEN STREET S .T M MANSION T R A R E K HOUSE E W S T T E R S E N T E T T LEADENHALL E LOMBARD STREET FENCHURCH STREET N T
E MARKET R
S
QUEEN VICTORIA STREET T R
E GRACECHURCH STREET E T T HSTREE LIME STREET ROUG SCARBO BLOOMBERG HQ NSTRET T RSTREE LLOYD’S AVENUE TENTE MARK LANE SOUTH
WALBROOK MANSION HOUSE FENCHURCH STREET STREET PORTSOKEN FENCHURCH TREET COTS CANNON STREET STREET PRES
20 FENCHURCH GOODMAN’S YARD
STREET C O O P ‘THE E R CRUTCHED FRIARS S R WALKIE-TALKIE’ O W
CANNON STREET DLR
TOWER GATEWAY STREET MINT MONUMENT TOWER HILL ROYAL
MINCING LANE SEETHING LANE SEETHING TRINTY SQUARE C A R GREAT TOWER STREET T W
T E E R T M S I L N L O E RI S E N S A M
R I V E R T H A M E S
R I V E R T H A M E S
TATE MODERN 17 St Helen’s Place is situated in the City of London’s ‘Tower Cluster’ area. A number of major developments are taking place within close proximity.
These initiatives are creating substantial improvements to the public realm and are attracting world class occupiers, at market leading rents. NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE Local Developments
A number of major developments are taking place within close proximity. These initiatives are creating substantial improvements to the public realm and are attracting world class occupiers, at market leading rents.
100 BISHOPSGATE, EC2 HERON PLAZA, EC2
Developer: Brookfield Developer: UOL Group Description: 950,000 sq ft of office and retail Description: 43 storey tower comprising a 5-star accommodation within a 37 hotel (approximately 340,000 sq ft), storey tower. 120 residential apartments and retail Status: Majority pre-let to Royal Bank space. A large public plaza will of Canada, Jefferies and incorporate shops and cafes Freshfields. PC anticipated 2019. behind retained period façades. Status: Anticipated completion 2019/2020.
22 BISHOPSGATE, EC2 70 ST MARY AXE, EC3
Developer: AXA Real Estate on behalf of a Developer: TH Real Estate consortium. Description: 21 storey building providing Description: 1.4m sq ft in a 62 storey tower c. 310,000 sq ft of office and retail set to be the tallest building in accommodation. the City. The top levels will Status: Circa 120,000 sq ft is reported to comprise a publicly accessible be under offer to Sidley Austin LLP. viewing gallery, restaurant and bar. Anticipated completion 2019. Status: PC anticipated 2019.
6-8 BISHOPSGATE, EC2 & 1 LEADENHALL STREET, EC3 150 LEADENHALL STREET, EC3 Developer: Brookfield Developer: Mitsubishi Estates & Stanhope Description: 36 storey building with 2 levels of Description: 50-storey tower development retail floorspace. providing 570,000 sq ft including Status: Planning consent granted. ground floor shops and restaurants. Status: Planning consent granted.
6 NO.1 ROYAL EXCHANGE AVENUE 53017 ST HELEN’S PLACE FOREIGN LONDON METAL EXCHANGE: COMPANIES LONDON STOCK EXCHANGE: 75% OF ALL NON- LISTED IN LONDON FERROUS METAL 300 YEARS OLD AND FUTURE BUSINESS. RANKED FIRST IN 2015 THIS EQUATED TO GLOBALLY IN TERMS OF INTERNATIONALITY $12 TRILLION NATIONAL • WITH 300 COMPANIES 4 BILLION TONNES FROM 70 NATIONS LISTED • 170 MILLION LOTS
THE 454,000 CITY OF LONDON 251 FOREIGN PEOPLE ESTABLISHED AD50 BANKS ARE EMPLOYED IN LONDON IN THE CITY OF LONDON
LLOYD’S OF LONDON: $2.7 TRILLION THE WORLDS OF FOREIGN EXCHANGE
TURNED OVER EACH DAY - SPECIALIST INSURANCE AND GROSS WRITTEN 41% RE-INSURANCE MARKET INSURANCE PREMIUMS OF GLOBAL OPERATING ACROSS 200 TERRITORIES FOREIGN EXCHANGE INCREASED 6% IN 2015 TO £26.7 BILLION NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE Location
17 St Helen's Place is situated in the heart of the central core of the City of London within the 'tower cluster' area.
This strategically important location serves both the financial and professional services occupiers of EC2 together with the insurance and shipping occupiers traditionally associated with EC3. The property is located in close proximity of the creative and TMT districts of Spitalfields and Shoreditch.
St Helen's Place is an exclusive private courtyard situated approximately 200 metres south of Liverpool Street station. It lies equidistant from both the Bank of England and Lloyd’s of London.
30 St Mary Axe ‘The Gherkin’, The Leadenhall Building and Salesforce Tower are within a stone’s throw. These will shortly be joined by the new generation of tower buildings, noteably 100 Bishopsgate and 22 Bishopsgate, both of which are under construction.
Leadenhall Market and Devonshire Square are nearby. These vibrant destinations are crammed with restaurants, bars and eateries.
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166 - Houndsditch - local NO.1 ROYAL EXCHANGE AVENUE
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166 - Houndsditch - local NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
AON
SWISS RE STANDARD LIFE ABERDEEN
WILLIS AVIVA UPON COMPLETION:- ROYAL BANK OF CANADA JEFFERIES FRESHFIELDS
SALESFORCE.COM LLOYD'S OF LONDON EMEA BASF METALS MCDERMOTT WILL & EMERY TRAVELERS MANAGEMENT DEVONSHIRE SQUARE ARGO UNDERWRITING AGENCY PINEBRIDGE INVESTMENTS
LEADENHALL MARKET
DEUTSCHE BANK LATHAM & WATKINS
STATE BANK OF INDIA
AMALGAMATED METALS CORPORATION TOWERGATE UNDERWRITING GROUP HAMPSHIRE TRUST BANK
SERVCORP MITSUBISHI PHARMA EUROPE CADWALADER WICKERSHAM & TAFT HBOS NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
The Community...all within a 5 minute walk
17 ST HELEN’S PLACE
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17 ST HELEN’S PLACE Connectivity 3 MINUTES The property is located In the heart of the City of London and BANK OF ENGLAND 2 accordingly it enjoys superb communications. The whole of central MINUTES London can be accessed via the underground network and over-land BROADGATE rail services.
All of London’s major airports are within an hour of the property. 2 Services to the continent operate via Eurostar at St Pancras station, MINUTES 20 minutes by taxi. LIVERPOOL STREET 3 STATION MINUTES LEADENHALL MARKET 5 MINUTES FENCHURCH STREET STATION
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17 ST HELEN’S PLACE The Elizabeth Line (Crossrail) 35
Communications will be further enhanced by the7 < arrival of The Elizabeth Line (Crossrail) at Liverpool10 17 ST HELEN’S PLACE STRATFORD
Street station in 2018. 17 St Helen's Place is set to be better connected than at any time in its history. The new station lies within 200 metres to the north. LIVERPOOL PADDINGTON FARRINGDON STREET WHITECHAPEL TOTTENHAM BOND STREET COURT ROAD The c. £15 billion Crossrail initiative is Europe’s largest 8 infrastructure project. The services will be fully integrated with London’s existing transport network. CANARY < State-of-the-art trains will bring an extra 1.50 million WHARF 6 people to within 45 minutes of central London. < Luton* Heathrow Gatwick* Standsted *
READING
Bakerloo Central Circle HEATHROW AIRPORT District DLR Hammersmith & City
Jubilee Metropolitan Northern Overground * Airports not on the Crossrail route - to travel to these airports passengers will need to travel on other connecting rail services Piccadilly
Approximate journey times from Liverpool Street Station
Farringdon Station 2 minutes Canary Wharf Station 6 minutes Bond Street Station 7 minutes Stratford Station 8 minutes Heathrow Airport 35 minutes
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17 ST HELEN’S PLACE Description Accommodation
17 St Helen’s Place is an attractive period building dating from 1912. The property has a The net internal floor areas are as follows:- Portland stone façade and currently provides 23,986 sq ft (2,228 sq m) of lettable office and ancillary accommodation. Upon completion of the development initiatives the FLOOR USE AREA (SQ.FT.) AREA (SQ.M.) lettable floor area is conservatively anticipated to increase to circa 27,420 sq ft (2,547 sq m). Fifth Offices 2,228 207.0 Fourth Offices 3,266 303.4 Access to the property is via a private gated courtyard. The building has an impressive reception which leads to two six-person passenger lifts. Third Offices 3,329 309.3 Second Offices 3,420 317.7 The ground and first floors have particularly generous slab heights. Floorplates are regularly configured with excellent levels of natural daylight from both the front and First Offices 3,285 305.2 the rear elevations. Ground Offices 3,197 297.0 Ground Reception 267 24.79 There is central heating serving the entire building. Most floors have additional air cooling. There are raised floors and suspended ceilings throughout. Lower Ground Offices 3,315 308.0 Basement Storage 1,679 156.0
TOTAL 23,986 2,228.35
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17 ST HELEN’S PLACE NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE 5-7 St. Helen's Place EC3A 6AB Tenure Planning
The property is held by way of a headlease from The Leathersellers’ Company for an effective The property is not listed, however it is situated within the St Helen’s Place term expiring 24/03/2150 i.e. circa 133 years unexpired. Conservation Area. 5 5 3 3 3 3 2 The Freeholder is entitled to 10.00% of rents received from underletting(s) at the premises, 3 0 0 0 0 m subject to a minimum rent of £75,000 per annum.m The minimum rent is subject to upwards only review on 25/03/2024 and five yearly thereafter to 7.50% of the properties estimated rental value (ERV). 181400m 181400m CAMOMILE STREET The Leathersellers’ also own the freehold interest in the surrounding Estate and oversee the management of St Helen’s Place which is a private road. The headlessee contributes towards an Estate service charge which is recovered from the occupiers of 17 St Helen's Place.
A summary of the headlease and service charge provision is set out in the Appendix.
181300m 181300m
SWISS RE For indicative purposes only. This plan is based upon the Ordnance Survey map with the sanction of the controller of H.M. Stationary Office. Crown copyright reserved.
17 5 5 3 3 3 3 2 3 0 0 0 0 m m
0 5 10 15 20 25 30 35 40 45 50
m
OS MasterMap 1250/2500/10000 scale Tuesday, September 5, 2017, ID: HMC-00652443 www.themapcentre.com
1:1250 scale print at A4, Centre: 533213 E, 181309 N
© Crown Copyright Ordnance Survey. Licence no. 100018971 NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE Tenancies
The property is let in accordance with the tenancy schedule set out overleaf and produces a net rental income of £670,581 per annum exclusive.
Approximately 60% of the building is let at just £24.41 per sq ft overall. The low passing rents reflect the fact that St Helen’s Place has been the subject of substantial development activity arising from the creation of a new Livery Hall and 100 Bishopsgate. Within St Helen's Place these works are ostensibly at an end,
Vacant possession of the entire building can be obtained in September 2018. Brookfield Multiplex, occupies approximately 60% of the building as a site office for its development at 100 Bishopsgate. This project is unlikely to be completed before mid 2019. A number of occupiers have contacted the landlord with a view to extending their leases.
All leases are drawn on effective full repairing and insuring terms and are excluded from the L&T Act 1954. NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE Tenancy Schedule
TENANT FLOOR USE AREA LEASE LEASE PASSING RENT COMMENTS (SQ.FT.) START DATE EXPIRY DATE RENT (£PA) (£ P.S.F) Brookfield Multiplex Construction Europe Fifth Offices 2,228 20/05/2011 24/03/2018 £348,145 £24.41 Outside 1954 Act.
Part Fourth Offices 1,427
Second Offices 3,420
First Offices 3,285
Lower Ground Offices 3,315
Basement Store 4 126
Basement Store 3 248
Basement Store 7 212
Sub Total 14,261 BMI Healthcare Ltd Part Fourth Offices 1,839 08/08/2016 07/08/2018 £97,390 £46.13 Outside 1954 Act.
Basement Store 6, 8 272
JDX Consulting Ltd Third Offices 3,329 11/12/2014 28/09/2018 £149,805 £45.00 Outside 1954 Act.
The Society of International Gas Tankers Ground (East) Offices 1,695 01/02/2016 28/09/2018 £76,275 £45.00 Outside 1954 Act.
City Career Management Ltd Ground (West) Offices 1,502 26/03/2006 25/03/2018 £68,966 £42.16 Outside 1954 Act.
Basement Store 2 134
Brookfield Multiplex Construction Europe Basement Store 1 190 23/07/2015 24/03/2018 £5,000 £26.32 Outside 1954 Act.
Vacant Basement Store 5, 9, 10 497 - - - - -
TOTAL 23,986 £745,581 £31.08
HEADRENT -£75,000
NET RENT £670,581
Note: Total floor area includes reception of 267 sq ft
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17 ST HELEN’S PLACE Development Potential
An opportunity exists to transform 17 St Helen’s Place into a Grade A headquarters building with an additional floor of offices and re-configured floorplates.
The Freeholder is supportive of the development proposals and has recently re-geared the headlease in order to help facilitate the proposed initiatives.
Vacant possession can be achieved by September 2018. This is well timed in the context of Crossrail, which becomes operational next year.
A feasibility study undertaken by Minifie Architects has concluded that circa 3,500 sq ft (325 sq m) of lettable floorspace could be created, subject to obtaining the necessary consents.
The proposals envisage that WC’s are re-located into the rear lightwells, enhancing the floorplate configuration. A floor area gain of circa 1,615 sq ft (150 sq m) is anticipated from the initiative.
A new sixth office floor is anticipated to provide circa 1,820 sq ft (169 sq m) of net accommodation. This will have spectacular City views and could feature a private roof garden. A more substantial intervention could enable the floor area to be increased further.
Shower and changing facilities will be created within the basement for cyclists. Further information is available upon request.
Redesigned office floor Reception
17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS 20 21 NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
Metal scale wall tiles Metal scale wall tiles
Metal scale wall tiles
Metal profile in concrete flooring
Reception 17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS Concrete floor with scale pattern Metal profile in concrete flooring Reception window
20 21 Concrete floor with scale pattern Metal profile in concrete flooring Reception window
17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS
17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
Metal scale wall tiles
17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS
Metal scale wall tiles 22
Concrete floor with scale pattern Metal profile in concrete flooring Reception window
17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS
Concrete floor with scale pattern Metal profile in concrete flooring Reception window
17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
PANORAMIC VIEWS FROM NEW SIXTH FLOOR
PROPOSED NEW SIXTH FLOOR
WC WC WC WC
LIFT LIFT
OFFICE PRIVATE GARDEN
N
For indicative purposes only. Not to scale.
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17 St Helen’s Place Proposed 6th Floor Plan Option 2 NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
EXISTING FIFTH FLOOR
LIFT LIFT
WC WC
OFFICE
17 St Helen’s Place 5th Floor Plan
WC WC WC WC PROPOSED FIFTH FLOOR
LIFT LIFT
OFFICE
N
For indicative purposes only. Not to scale.
17 St Helen’s Place 24 Proposed 5th Floor Plan Option 2 NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
EXISTING FOURTH FLOOR
LIFT LIFT WC SHOWER
KITCHEN
OFFICE OFFICE
17 St Helen’s Place Existing 4th Floor Plan
PROPOSED FOURTH FLOOR WC WC WC WC
LIFT LIFT
OFFICE N
For indicative purposes only. Not to scale.
25 17 St Helen’s Place Proposed 4th Floor Plan Option 2 NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
EXISTING GROUND FLOOR
WC WC KITCHEN
WC LIFT LIFT
OFFICE OFFICE
ENTRANCE ST HELEN’S PLACE
WC WC 17 St Helen’s Place WC WC PROPOSED GROUND FLOOR Ground Floor Plan
LIFT LIFT
OFFICE OFFICE
CONCIERGE
N
For indicative purposes only. Not to scale.
ENTRANCE ST HELEN’S PLACE 26
17 St Helen’s Place Proposed Ground Floor Plan Option 2 NO.1 ROYAL EXCHANGE AVENUE
17 ST HELEN’S PLACE
EXISTING BASEMENT FLOOR
KITCHEN
WC LIFT LIFT WC
VAULTS
ENTRANCE ST HELEN’S PLACE
17 St Helen’s Place Ground Floor Plan PROPOSED BASEMENT BIKE RACKS AND SHOWERS FOR CYCLISTS
LOCKERS
DIS WC & N SHOWER
For indicative purposes only. Not to scale.
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17 ST HELEN’S PLACE City Investment
Market Recent capital transactions include:-
Post refurbishment, 17 St Helen’s Place will be 35 King Street, EC2 21 Great Winchester Street, EC2 one of the best small floorplate buildings in the City of London. Small lot sizes in the central core are a rare commodity. Given its stature, the Sale Date: October 2017 Sale Date: July 2017 building would almost certainly appeal to owner Tenure: FH Tenure: FH occupiers. End users are likely to emanate from a variety of sectors including; medical (given its Tenancy: Multi-let Tenancy: Multi-let discrete setting), financial services and banking, Area: 16,311 sq ft Area: 26,973 sq ft insurance, brokers and charitable or regulatory Purchaser: Private Investor Purchaser: Frasers Property bodies. Price: £19.5m / £1,195 psf Price: £28.6m / £1,065 psf The City investment market is experiencing an Yield: 4.00% Yield: 4.50% acute shortage of good quality stock (small lot sizes) and strong demand, particularly from overseas investors. Prime 9-13 St Andrew Street, EC4 2 Moorgate, EC2 yields have hardened to 4.00%, compared to the West End at sub 3.25%. Sale Date: August 2017 Sale Date: November 2016 Tenure: FH Tenure: FH Tenancy: Rosenblatt Solicitors Tenancy: Brown Shipley Area: 16,772 sq ft Area: 26,025 sq ft Purchaser: Get Nice Holdings Purchaser: Santalucia Seguros Price: £21.0m / £1,250 psf Price: £33.3m / £1,280 psf Yield: 3.80% Yield: 3.70%
77 Cornhill, EC3 10-12 Eastcheap, EC3
Sale Date: January 2017 Sale Date: September 2016 Tenure: FH Tenure: FH Tenancy: Multi-let Tenancy: Multi-let Area: 28,335 sq ft Area: 25,576 sq ft Purchaser: KanAm Purchaser: Private Investor Price: £28.0m / £990 psf Price: £25.7m / £1,005 psf Yield: 4.40% Yield: 4.61%
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17 ST HELEN’S PLACE City Occupational Market
17 St Helen's Place is strategically situated Demand serving both the traditional financial services district (EC2) and the insurance and shipping • Take-up at the end of Q3 2017 totalled 1.58m sq ft. district (EC3). The property is also in very close proximity to the creative and TMT districts of • Best-in-class buildings continue to prove most Spitalfields and Shoreditch. popular for discerning tenants across all sectors.
The refurbished property will appeal to a wide • Total active demand rose by 3% in the last quarter variety of occupiers and we expect the target to 4.78m sq ft, 17% above the long-term average. audience to widen significantly when Crossrail becomes operational next year.
There has been a 28% increase in employment Availability in the City of London over the last five years and of the 18,000 businesses located in the City, 99% are SME’s. High quality best-in-class floor • City availability fell by 11% in the last quarter to plates are well placed to prosper as occupiers 7.87m sq ft. This remains below the long-term recognise that the core city area provides average of 9.35m sq ft. excellent value for money in a central London context. • At the end of Q3 2017 supply stood at 8.06m sq ft, a reduction of 8.8% from the previous quarter.
• Supply remains well below the long-term average of 9.38m sq ft.
• The current vacancy rate in the City is 6.7%, well below the long-term average of 8%.
Rents
• Prime headline rents remained stable at £70.00 per sq ft for the seventh consecutive quarter.
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17 ST HELEN’S PLACE City Occupational Market
Recent leasing transactions include:-
140 Leadenhall Street, EC3 17 Devonshire Square, EC2 1 George Yard, EC3
Date: Under Offer Date: Under Offer Date: Sept 2017 Floor: 5th Floor: 3rd Floor: 3rd Size (sq ft): 3,500 Size (sq ft): 3,717 Size (sq ft): 2,700 Reported Rent (£ psf): £65.00 Reported Rent (£ psf): £65.00 Reported Rent (£ psf): £64.40 Term: 5 years Term: 10 years Term: 10 years Tenant: Confidential Tenant: Confidential Tenant: BIE Executive
5 St Helen's Place, EC3 41 Eastcheap, EC3 42 New Broad Street, EC2
Date: Aug 2017 Date: July 2017 Date: July 2017 Floor: 1st Floor: 4th Floor: 4th Size (sq ft): 3,834 Size (sq ft): 3,388 Size (sq ft): 3,592 Reported Rent (£ psf): £62.50 Reported Rent (£ psf): £67.50 Reported Rent (£ psf): £65.00 Term: 10 years Term: 10 years Term: 10 years Tenant: Correlation Tenant: NGUKPS Tenant: United Elliot Risk Partners
The Steward building, EC2 21 Lime Street, EC3 77 Cornhill, EC3
Date: June 2017 Date: May 2017 Date: May 2017 Floor: Part 2nd Floor: 1st-7th Floor: 3rd Size (sq ft): 3,456 Size (sq ft): Average 4,800 Size (sq ft): 3,414 Reported Rent (£ psf): £69.50 Reported Rent (£ psf): £71.00-£82.50 Reported Rent (£ psf): £67.50 Term: 10 years Term: 15 years Term: 10 years Tenant: Ronin Capital Tenant: Antares Tenant: Aquis Exchange
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17 ST HELEN’S PLACE Capital Allowances Proposal
No capital allowances are available. Offers in excess of £18.00 million are invited, subject to contract, for the long leasehold interest. This reflects an anticipated yield on cost of 5.75% (when stabilised) and a capital value of £656 per sq ft on the anticipated floor area. EPC Further Information The property has an EPC of D96.
For further information please contact:- VAT
The property is elected for VAT.
It is anticipated that the transaction will be structured as a Transfer of a Going Concern (TOGC). Douglas Hall Tel: +44 (0)20 7100 5555 [email protected]
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17 ST HELEN’S PLACE Appendix – Headlease Summary
Landlord Alienation No account is taken of improvements carried out by any under The Leathersellers’ Company. Assignment of part is prohibited. tenant and which the Tenant is not entitled itself to take into account. No account is taken of any goodwill. Demise Assignment of the whole and underletting(s) of the whole or part 17 St Helen’s Place, London, EC3. require Landlords consent, not to be unreasonably withheld. Occupation by the Tenant There are no restriction as to the number of underlettings. If at any time during the term the Tenant or any Group Company Term occupies the premises (part or whole), the part occupied will be An effective term expiring 24/03/2150. Rent treated as notionally underlet. There will be an assessment of The Landlord receives the greater of the Base Rent (currently rental value and that will be deemed to be payable quarterly for the Repair £75,000 per annum) and 10.00% of Rental Income derived from the purposes of calculating the Supplementary Rent. The lease is granted on full repairing and insuring terms. The Tenant premises during a Rent Period. This additional sum is expressed as covenants to keep the premises in good and substantial repair and ‘The Supplementary Rent’. St Helen's Place Service Charge condition. The Headlease provides for a service charge contribution in respect A Rent Period is defined as one year commencing 25th March. of St Helen's Place. This covers the repair, maintenance and renewal, Decoration cleaning and lighting of the private road. It also covers the provision The Tenant covenants to redecorate the exterior every four years Rental Income is defined as the total income of whatsoever nature of porters and insurance. and the interior every six years, and in each instance, during the last received by the Tenant in respect of the Premises during a Rent six months of the term. Period, including (but without limitation), the following:- The current contribution is £16,151 per annum. The Headlessee recovers this sum from the occupational tenants. Service charge is Yielding Up • Any Tenant’s Rent; payable on account quarterly and reconciled annually. At the expiration or determination of the Term, the Tenant covenants • Any interest recovered pursuant to any provision contained in any to yield up in good and substantial repair. occupational lease; Further information is available upon request. • Any sum or sums recovered by the Tenant pursuant to any Insurance insurance policy in respect of loss of income in the event of the The Tenant insures in the joint names of the Landlord and the Tenant. Premises being damaged or destroyed. The policy is to cover the full reinstatement cost of the premises, four years loss of rent and liabilities in respect of the property The ‘Supplementary Rent’ is reconciled quarterly in arrears. owners and third party risk. The Base Rent is reviewed upwards only on 25/03/2024 and five Use yearly thereafter to 7.50% of the Rental Value of premises. High class offices (Class B1) or medical offices and consulting rooms (Class D1). Rental Value is defined as the yearly rack rent after expiry of whatever rent free period would reasonably be agreed in the open Alterations / Development market at the relevant date, between a willing landlord and a willing External and internal structural alterations or addition to the tenant, for fitting out purposes, or receipt by the willing tenant of a premises requires the Landlord’s consent (not to be unreasonably capital sum in lieu thereof. withheld or delayed). The premises are deemed to be let in whole or part, by way of a The Landlord is supportive of the propsed development initiatives. lease or leases for such a term in accordance with the then market practice.
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17 ST HELEN’S PLACE
MISREPRESENTATION ACT 1967 AND DECLARATION Hall Kemp (trading name of HK Property Services Ltd) for themselves and for the vendors of this property who agents they are give notice that: a) the particulars are set out as general outline only for the guidance of intending purchaser’s and do not constitute, not constitute part of, or an offer or contract b) all descriptions, dimensions, references or condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchaser’s should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of them c) no person in employment of Hall Kemp (trading name of HK Property Services Ltd) has any authority to make or give any representation or warranty whatever in relation to this property.
PROPERTY MISDESCRIPTION ACT 1991 These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.
November 2017.