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640-656 HIGH ROAD TOTTENHAM N17 0AD

FREEHOLD GOVERNMENT LET OFFICE BUILDING IN THE HEART OF TOTTENHAM WITH LONGER TERM RESIDENTIAL POTENTIAL 640-656 HIGH ROAD TOTTENHAM FREEHOLD GOVERNMENT LET OFFICE BUILDING IN THE HEART OF TOTTENHAM LONDON N17 0AD WITH LONGER TERM RESIDENTIAL POTENTIAL

INVESTMENT CONSIDERATIONS • Attractive office building comprising • Let for a further 8 years with no breaks. • Offers sought in excess of £6,500,000 19,992 sq ft (NIA) on Tottenham High Road. • Tenant has been in occupation for 47 years. which shows a net initial yield of 5.1% and a low capital value of £325 psf. • Let to The Secretary of State for Housing, • Current rent passing £354,858 pa (£17.75 psf). Communities and Local Government (Job Centre). • PD approval for conversion of upper floors to • First time on the market since building 33 flats. constructed in 1973. Potters Bar M25 Waltham Radlett Abbey M25

A1

M11 M25 ENFIELD

M1 Watford Borehamwood Enfield Trent Park

Loughton

Barnet

East Barnet Southgate Rickmansworth 640-656 HIGH ROAD TOTTENHAM FREEHOLD GOVERNMENT LET OFFICE BUILDING IN THE HEART OF TOTTENHAM LONDON N17 0AD Dagnam WITH LONGER TERM RESIDENTIAL POTENTIAL M25 BARNET Edmonton Park Bedfords Park Harold Hill Northwood M1

Burnt WALTHAM M11 Oak FOREST HARROW TOTTENHAM M25 HARINGEY REDBRIDGE Harrow HAVERING Archway

BRENT A124 Stoke Heath Newington M40 Hampstead Holloway Kentish HACKNEY BARKING Town & CAMDEN Barking M25 NEWHAM A412 Camden Stratford Kings Town R Cross i Regent’s Bethnal v e Park Green Bow r R Old o Street d TOWER in Rainham HAMLETS g CITY Poplar Acton Hyde Park A1203 City LIMEHOUSE Airport Hayes Ealing LINK TUNNEL Kensington West Westminster Drayton M4 A315 M4 Osterley T NOR HUMBR Park Greenwich ELAND PA A408 LANE R Greenwich WHITE HART K Park Syon DARTFORDLOCATION TUNNEL Heathrow Airport Botanic WHITE HART Gardens Blackheath LANE M25 Tottenham is located within the London Borough of Haringey, A3036 approximately 11.0 km (7 miles) north of , 7.7 HAMPDEN LAN A2217 A1 E Richmond 0 Bexley Crayford AD km (5 miles) south of Enfield and 14.5 km (9 miles) south east LAMBETH O RICHMOND D of Barnet. The London Borough of Haringey has a resident

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RNE R Putney O population of circa 254,900 people and Tottenham is a popular UPON Heath R NE ROAD ANE LANSDOW OU A315 SHIP L LORD LB IGH E commuter area for Central London workers. The area is well THAMES H H

S HOUNSLOW A244 POYR ON ROA known as the home of Tottenham Hotspur Football Club who have D Richmond Park LEWISHAM been based in the area for over 100 years. DOWSETT ROA Wimbledon D Communications are excellent with Central London being within Common Wimbledon Sundridge easy reach by London Underground () with a journey Park BRUCE GROVE time from of 11 minutes to Kings Cross & St Journey time from Tottenham Hale Underground Station (Victoria Line) M25 Pancras International, 16 minutes to Oxford Circus and 19 minutes Bushy Park KINGS CROSS & ST PANCRAS INTERNATIONAL to London Victoria. National Rail services run from Bruce Grove 11 minutes 0 1

A with a journey time of approximately 20 minutes to London A225 OXFORD CIRCUS Liverpool Street. PHI 16 minutes LIP LANE TOTTENHAM HALE The town also benefits from good road communications with High M3 KINGSTON FERRY LANE A20 Road (A10) connecting Tottenham to the North Circular located UPON LONDON VICTORIA 19 minutes 3.2 km (2 miles) to the north, the M25 situated 13.1 km (8 miles) THAMES to the North and the 9.7 km (6 miles) to the south. SUTTON LONDON LIVERPOOL STREET W GR NE EEN AD LA Heathrow International Airport is situated approximately 72 km BRO 20 minutes R OAD (45 Miles) to the south west and Stansted Airport is approximately Sutton 48.2 km (30 miles) to the northeast. Wallington M20 SEVEN SISTERS

M25 Nonsuch Green Park Street Green River Mole S OAD T RE R A MO NN DES Downe ’S GLA RO

AD M25 Purley

London Biggin Hill Airport Cudham

A20 M26 Ashtead

River Mole Chipstead A233 A227 M26 A224 M25 A225 Leatherhead A25

Tadworth A25 M25 A25

Sevenoaks A227 640-656 HIGH ROAD TOTTENHAM FREEHOLD GOVERNMENT LET OFFICE BUILDING IN THE HEART OF TOTTENHAM LONDON N17 0AD WITH LONGER TERM RESIDENTIAL POTENTIAL

SITUATION DESCRIPTION

The property is located on the East side of Tottenham High Road just 400m south The property comprises a concrete frame office building of the newly developed Tottenham Hotspur Football Ground. The property is constructed in the 1970’s on ground, first, second and positioned between and Bruce Grove overground Stations whilst third floors under a flat roof. It has brick faced elevations the nearest underground station is Tottenham Hale (Victoria Line) approximately with single glazed metal framed windows throughout. The 2.5km to the south east. ground floor windows at the front have had double glazed The subject property’s section of the High Road forms part of the A1010 and units installed and the property is served by two concrete connects with the A406 at Edmonton approximately 2k m to staircases at the north and south ends. All floors benefit the north. The road merges to the A10 less than 0.5km to the south which runs from a modern specification which the tenant has updated through in to the City. regularly over the years and also a passenger lift serves all The area is well served by bus routes and there is a bus lane situated immediately floors and there is a kitchen on each floor (detailed floor outside the property. The new football stadium has raised the profile of the plans are available in the data room). immediate area and provided many jobs locally. Local occupiers include the The site incorporates a gated car park to the rear with adjacent Sports Direct and an Aldi supermarket 5 minutes to the south alongside a 29 marked car parking spaces and the entire building is number of national multiples including The Gym Group, Iceland and Costa Coffee. used as a job centre with public access to all levels. 640-656 HIGH ROAD TOTTENHAM FREEHOLD GOVERNMENT LET OFFICE BUILDING IN THE HEART OF TOTTENHAM LONDON N17 0AD WITH LONGER TERM RESIDENTIAL POTENTIAL

© Crown Copyright, ES 100004106. For identification purposes only.

ACCOMMODATION TENURE SITE AREA The property is held Freehold. The property extends to approximately 0.384 acres. Floor Description Net Internal Net Internal Area (sq m) Area (sq ft) TENANCY RESIDENTIAL POTENTIAL Ground Offices 451.13 4,856 The property is let to The Secretary of State for Housing, Prior to the expiry of the original lease, the vendor obtained Communities and Local Government (Job Centre) on a reversionary approval from Harringey Council for permitted development for a First Offices 466.55 5,022 lease for a term of 10 years from the 25th March 2018 with expiry change of use from B1 (office) to C3 (dwelling house) to convert the on the 31st March 2028 (8 years unexpired). The lease is drafted on first, second and third floors to 33 residential units (May 2017). Second Offices 467.67 5,034 a full repairing and insuring basis. We believe residential values in the area in the region Third Offices 471.94 5,080 The current rent passing is £354,858 pa (£17.75 psf) with no of £550 to £600 psf. tenant’s break option. The lease benefits from 5 yearly upwards TOTAL NET INTERNAL AREA 1,857.92 19,992 only rent reviews with the next review due in March 2023 on an open market basis. EPC The property has been rated C 71 (copy available in the data room).

VAT The property is NOT elected for VAT so VAT will not be payable on the purchase price.

AML A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed.

DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/Tottenham PROPOSAL We are instructed to seek offers in excess of £6,500,000 (Six Million, Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a NIY of 5.1% and a Capital Value of £325 psf.

For further information or to make arrangements for viewing please contact:

Alex Butler Liam Stray 07801 219 888 07956 981575 [email protected] [email protected] allsop.co.uk

THE PROPERTY IS DUE TO BE OFFERED AT OUR 19th MAY 2020 COMMERCIAL AUCTION UNLESS SOLD PRIOR OR WITHDRAWN

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 04.20