City Road London EC1
Reversionary Multi-let Freehold Office Investment in the Heart of Tech City 2 | 186 City Road London EC1
Executive Summary
186 City Road offers a unique reversionary asset management opportunity in the ‘tech belt’ between Clerkenwell and Shoreditch.
• Freehold
• Prominent corner office building comprising 39,106 sq ft (3,632.7 sq m) arranged over lower ground, ground and five upper floors
• Located approximately 150 metres to the north of Old Street ‘Silicon’ Roundabout in the heart of Tech City and surrounded by a number of large scale mixed use developments
• The reception area and second floor have undergone a comprehensive refurbishment designed by Ben Adams Architects
• Multi-let to five tenants on eight leases with an average weighted term of 3.74 years to expiry and a term certain of 2.31 years
• Total current rent of £1,005,032 per annum, representing a low passing rent of £25.70 per sq ft overall
• Numerous asset management opportunities with well timed lease events providing the opportunity to take advantage of recent and ongoing rental growth
• Offers in excess of £19,800,000 are invited for the Freehold interest, subject to contract, reflecting a net initial yield of4.8% (assuming purchaser’s costs of 5.8%), and a low capital value of £506 per sq ft 186 City Road London EC1 | 3 4 | 186 City Road London EC1
Location
186 City Road occupies a prominent corner position on the key thoroughfare of City Road, at its junction with Cayton Street, approximately 150 metres to the north west of Old Street Roundabout.
Old Street Roundabout is the principal northern gateway into the City of London with City Road and Old Street the primary arterial roads connecting it with Angel and Kings Cross, Holborn and the West End. In November 2010 the government set out its ambition to establish the area around Old Street as one of the world’s great technology centres and a “tech firm hub”, by supporting the existing cluster of organisations. A number of large multi-national companies including Cisco and Facebook have moved into the area, with Google opening an innovation centre, Vodafone bringing its Ventures Investment Fund and Amazon creating a digital media development centre. Other major occupiers around Silicon Roundabout include AMEC Group Ltd, Inmarsat Plc, First Group Plc, Thomson Reuters, Sporting Bet Plc and National Rail. 186 City Road London EC1 | 5
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B R N O A R E T S D E BARBICAN H E E 1. Google 11. IDT Global Ltd 21. Media and Marketing with Impact T O R N G S T A GRAY’S A L A 2. Sainsburys 12. Thomson Reuters 22. Digital Gurus
SSEE G E INN D U FARRINGDONN T O O 3. Plan International 13. Cross Border LtdT 23. i-D LO E HHO R EAST ENTRANCE A
E T BROADGATE G R D S 4. Yougov Plc 14. Durrants Ltd 24. Somethin’ Else A
HHART T R C R 5. Cass Business School 15. Bank of Baroda 25. Circus Creative D O L E E I O SMITHFIEL F 6. ORMS 16. GBST Wealth 26. Moving Brands E MARKETH T M
I T S MIM 7. Interactive Data 17. Avanti Communications 27. Moo Print T MOORGATE S E 8. Royal Mail 18. MindCandy 28. Griffin Marine Travel Ltd WEW
9. Pret a Manger 19. Simply Media 29. Moorfields Eye Hospital LIVERPOOL
10. Inmarsat Plc 20. Morningstar 30. Jamie Oliver’s Fifteen STREET L O N D O N WA L L E
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LIVERPOOL STREET MOORGATE
OLD STREET 186 City Road London EC1 | 7
Communications
186 City Road benefits from excellent communications given its
Special fares apply proximity to a number of key transport hubs. Check before you travel Epping Chesham Watford Junction Bank Waterloo & City line open Chalfont & Theydon Bois 0621-2148 Mondays to Fridays 97Latimer 887 6 5 Watford High Street High Barnet and 0802-1837 Saturdays. Closed Watford Cockfosters Debden Sundays and Public Holidays. During the London 2012 Games Amersham Bushey Totteridge & Whetstone Croxley Oakwood Loughton the line will operate 0621-0100 Chorleywood BUSES 6 Mondays to Fridays and08 02-0100 Carpenders Park Woodside Park Buckhurst Hill Rickmansworth Moor Park Old Street Liverpool Street FarringdonSouthgate Saturdays and Sundays. Roding ------Hatch End Mill Hill East Grange Camden Road Step-free from July 2012 Northwood West Finchley Valley Hill 5 Arnos Grove ------West Ruislip Northwood Edgware Camden Town Sunday13 00-1730 open for Headstone Lane Approximately 150m to the Approximately 1.25km to the Approximately 1.5km to the Numerous bus stops are Hills 4 Bounds Green Chigwell interchange and exit only Stanmore Hillingdon Ruislip south of 186 City Road south east Finchley Central south west located along City Road and ------Harrow & Hainault Ruislip Manor Burnt Oak Canary Wharf Step-free interchange between Pinner Wealdstone Canons Park Wood Green Old Street providing services Woodford East Finchley Underground, Canary Wharf DLR Uxbridge Ickenham ColindaleNorthern line services south Circle, Central, Metropolitan Circle, Metropolitan and to the West End, City and Fairlop and Heron Quays DLR stations at Eastcote North Harrow Kenton Harringay South Woodford Queensbury to London Bridge Station and Hammersmith & City HammersmithTurnpik &e LaneCity Green Lanesother areas of London street level Highgate 4 Barkingside Hendon Central ------Harrow- Northwick Preston and north to King’s Cross Underground lines CrouchUnderground Hill lines South Tottenham Cannon Street Open until 2100 Mondays to on-the-Hill Kingsbury Snaresbrook Ruislip Park Road Fridays and 0730-1930 Saturdays. Rayners Lane St PancrasBrent Cross Archway Manor House Seven Newbury Park Gardens Blackhorse Closed Sundays. During the London 3 Mainline services to the Mainline services providing Sisters Road West South Kenton Golders Green Gospel Redbridge 2012 Games the station will be Harrow Mainline services to the north, northOak including StanstedTufnell Pa rk theUpper only Hollowa northy south mainline operating the same opening and South Harrow Neasden Hampstead Tottenham Walthamstow North Wembley including Peterborough,Hampstead Airport rail route that crosses Wanstead Gants closing times as other LU stations. South Ruislip Wembley Heath Hale Central ------Dollis Hill Arsenal Finsbury Hill Upminster Wembley Central Park Cambridge and Kings Lynn Kentish Town London, linking GatwickPa rk Leytonstone Cutty Sark for Station is due to be closed at Finchley Road Maritime certain times and dates during the Sudbury Hill Willesden Green A station for Crossrail HollowayAirport Road and Luton Airport Walthamstow Leyton Leytonstone Upminster Bridge Stonebridge Park & Frognal Kentish Queen’s Road Greenwich London 2012 Games. anticipatedTown West to be completed Midland Road High Road Belsize Park Highbury & Hornchurch Check before you travel Northolt Harlesden Kilburn Caledonian Road ------Kensal Brondesbury in 2018 A station for CrossrailIslington Dalston A Tfl bicycle docking station Chalk Farm Kingsland Leyton Emirates Opening summer 2012. Sudbury Town Willesden Junction Rise Park West Hampstead anticipated to be completed is located immediately to the Dagenham Camden Stratford Greenwich Special fares apply Road Hackney East Elm Park in 2018 front of the site International Wanstead Park Peninsula Brondesbury Finchley Road Camden Town Caledonian Central ------Kensal Green Road & Canonbury Alperton Emirates Opening summer 2012. Swiss Cottage Barnsbury Dagenham Queen’s Park Kilburn South Stratford Royal Docks Special fares apply Dalston Junction Heathway ------Greenford High Road Hampstead Becontree Farringdon Step-free from July 2012 King’s Cross Woodgrange Park ------Kilburn Park St. Pancras Haggerston Gospel Oak Step-free from July 2012 Edgware Great Upney ------Perivale Maida Vale Paddington Road Stratford Hackney Central Step-free from July 2012 Baker Portland Euston Warwick Avenue High Street Barking ------Street Street Heron Quays Step-free interchange between Angel Pudding Royal Oak Hoxton East Ham Heron Quays and Canary Wharf Hanger Lane Mill Lane Abbey Old Street Bethnal Road Underground station at street level Westbourne Park Warren Street Euston Mile End ------Edgware Square Green Upton Park Hounslow West Step-free access for wheelchair Road Farringdon Park Royal Regent’s Park Liverpool users only Ladbroke Grove Shoreditch Plaistow ------Bayswater Russell Street High Street Pudding Mill Station closed Saturday 14 July Square Barbican Latimer Road Bromley- West Ham Lane until Wednesday 12 September North Ealing Goodge Bow Church by-Bow East White Shepherd’s Notting Lancaster Bond Oxford Street Chancery Moorgate inclusive Acton City Bush ------Hill Gate Gate Street Circus Lane Stepney Green Turnham Green Servedby Piccadilly line trains Star Lane Ealing Broadway St. Paul’s Aldgate until 0650 Monday to Saturday, Tottenham East West North Holland Holborn Whitechapel 0745 Sunday and after 2230 Acton Park Court Road Bank Acton every evening. Wood Lane Covent Garden Aldgate Canning At other times use District line Town Royal 4 High Street Green Park Shadwell ------Acton Central Kensington Leicester Square Westferry Poplar Victoria Waterloo Waterloo & City line open 6 5 4 Shepherd’s Bush 2 Custom House for ExCeL Ealing Common Market Piccadilly 0615-2141 Mondays to Fridays and Kensington Cannon Street 0800-1831 Saturdays. Closed Circus Monument Tower Limehouse East South Acton (Olympia) India Emirates Prince Regent Sundays and Public Holidays. Goldhawk Road Mansion House Hill Royal Docks Fenchurch Street Tower Charing Wapping West Royal Albert During the London 2012 Games Barons Gloucester Blackfriars Gateway India Quay the line will operate 0615-010 0 Cross West Acton Town Hammersmith Court Road St. James’s Beckton Park Monday to Fridays and08 00-0100 Park Temple Silvertown South Ealing Victoria Rotherhithe Saturdays and Sundays. Canary Wharf Cyprus ------Northfields West India Quay Not served by DLR trains from Chiswick Turnham Stamford Ravenscourt West Earl’s South Westminster Embankment Emirates London Canada Bank towards Lewisham before Park Green Brook Park Kensington Court Kensington Bermondsey Greenwich Pontoon Dock Boston Manor Bridge Water Heron Quays Peninsula 1900 on Mondays to Fridays Gallions and at anytime between West Brompton Waterloo Reach Osterley South Quay London 16 July and 9 September 2012 City Airport Beckton ------Gunnersbury There may be some changes to accessibility Crossharbour King George V arrangements during the London 2012 Games. Hounslow East Fulham2 Broadway Pimlico Southwark Please check the Step-free Tube Guide for more Hounslow Imperial Mudchute detailed information. West Hounslow Central Kew Gardens Wharf Parsons Green Hatton Cross Lambeth Borough Island Gardens Key to lines Richmond 3 Putney Bridge North Heathrow Bakerloo Terminals 1, 2, 3 Woolwich Cutty Sark for Arsenal 4 East Putney Maritime Greenwich Central Heathrow Vauxhall Terminal 4 Southfields Elephant & Castle New Cross Gate New Cross Greenwich Circle
Wimbledon Park Brockley Clapham Deptford Bridge District Oval Kennington Heathrow Terminal 5 5 Junction District open weekends, Wimbledon Honor Oak Park Elverson Road Stockwell public holidays and some Olympia events Clapham North Forest Hill Lewisham 4 Hammersmith & City Clapham Common Sydenham Brixton Clapham South Jubilee Penge West Key to symbols Explanation of zones Balham Metropolitan Interchange stations 9 Station in Zone 9 Anerley Tooting Bec Step-free access from street 8 Station in Zone 8 Northern to train Crystal Palace Norwood Junction 7 Station in Zone 7 Tooting Broadway Step-free access from street Station in both zones Piccadilly 3 to platform 6 Station in Zone 6 Colliers Wood West Croydon Victoria National Rail 5 Station in Zone 5 South Wimbledon Riverboat services 4 Station in Zone 4 Waterloo & City Station in both zones Tramlink 3 Morden Station in Zone 3 DLR Airport 2 Station in Zone 2 Station in both zones Emirates Air Line London Overground 4 5 1 Station in Zone 1 (opening summer 2012 ) Emirates Air Line Transport for London June 2012 8 | 186 City Road London EC1
Local Developments
The area boasts a vibrant mixture of commercial, hotel, retail and residential uses and is set to benefit from further commercial developments as shown below:-
1. White Collar Factory, Old Street Yard 2. Crown House, 145 City Road A Derwent London 278,000 sq ft office and retail Rocket Investments has recently been granted scheme, together with 10,000 sq ft of residential. planning permission for a 30 storey residential Scheduled for completion in 2016. tower and an 80,000 sq ft office HQ building. Further information is available at whitecollarfactory.com
3. The Bower Building, 207 Old Street 4. Eagle House, 161 City Road A Helical Bar and Crosstree Real Estate scheme A Mount Anvil scheme comprising comprising 320,000 sq ft of office accommodation a 30 storey tower providing 206 apartments, 40,000 together with restaurant and retail. sq ft of offices, a 12,000 sq ft Sainsbury’s and a Pret. 186 City Road London EC1 | 9
186 CITY ROAD
CROWN HOUSE, 145 CITY ROAD
THE BOWER BUILDING, EAGLE HOUSE, 207 OLD STREET 161 CITY ROAD
WHITE COLLAR FACTORY 10 | 186 City Road London EC1
Description
186 City Road is an attractive period building comprising 39,106 sq ft (3,632.7 sq m) of flexible office accommodation arranged over lower ground, ground and 5 upper floors.
The property benefits from a good The specification includes: specification having been comprehensively refurbished in 2006. 2nd floor Refurbishment 2006 Refurbishment The reception and second floor have • Exposed ceilings • VRV air conditioning recently undergone a subsequent refurbishment, designed by Ben • 3.1 m floor to ceiling height • Metal tiled suspended ceilings Adams Architects. • VRF heating and cooling system • Recessed LG3 compliant lighting • Suspended LG7 lighting • 2 X 8 person passenger lifts • Exposed duct work • Male and female WCs on office • 150 mm raised floor floors • 3 superloos and 1 disabled WC • Showers on the lower ground floor • 1 shower
Newly refurbished 2nd floor 186 City Road London EC1 | 11
Newly refurbished ground floor reception 12 | 186 City Road London EC1
Accommodation
The building has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following net internal areas:-
Floor Use Net Internal Area Sq M Sq Ft 5th Office 476.3 5,127 4th Office 546.3 5,880 3rd Office 553.3 5,958 2nd Office 542.7 5,842 1st Office 541.9 5,833 Ground Office 416.4 4,483 Reception Reception 80.7 869 Lower Ground Office 475.1 5,114 Total 3,632.7 39,106
Floor Plans
Ground Floor
Second Floor
Not to scale. For identification purposes only. 186 City Road London EC1 | 13
1st floor
4th floor
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The property is multi-let in accordance with the tenancy schedule below. All of the below tenancies have been excluded from the security of tenure and compensation provisions of sections 24-28 of the Landlord and Tenant Act 1954 (as amended).
Floor Area Area Tenant Lease Lease Break Rent Rent Rent (Sq Ft) (Sq M) Start Expiry Review (psf) (pa) 5th 5,127 476.3 Emprise Services Plc 22/06/07 21/06/17 - - £29.00 £148,683
4th 5,880 546.3 ORC International Ltd 25/03/11 24/03/21 24/03/16* 25/03/16 £22.50 £132,300
3rd 5,958 553.3 Pitney Bowes Ltd 12/07/07 11/07/17 11/07/15* - £28.00 £166,824
2nd 5,842 542.7 TransferWise Ltd 12/03/14 11/03/19 - - £37.50 £219,075
1st 5,833 541.9 Blyth & Blyth 13/08/07 12/08/14 - - £30.00 £174,990 Consulting Engineers Ltd G West 2,488 231.1 ORC International Ltd 25/03/11 24/03/21 24/03/16* 25/03/16 £20.00 £49,760
G East 1,995 185.3 ORC International Ltd 25/03/11 24/03/21 24/03/16* 25/03/16 £20.00 £39,900
Reception 869 80.7 ------
LG 5,114 475.1 Emprise Services PLC 05/07/10 21/06/17 - - £14.37 £73,500
TOTAL 39,106 3,632.7 £25.70 £1,005,032
* Break option on 6 months notice. 186 City Road London EC1 | 15
Tenant Covenants
Emprise Services PLC ORC International TransferWise Limited
Turnover: £93,838,086 Turnover: £11,583,550 Net Worth: £2,725,028
Net Profit: £2,339,385 Net Profit: £694,506 Net Assets: £2,722,943 Emprise is a support services company ORC International is a global market TransferWise is a peer-to-peer money specializing in cleaning and security research firm, which integrates people, transfer service launched in January with a track record of delivering facilities methods, technology and insights to 2011. solutions to retail premises, leisure address their clients’ strategic issues, facilities, theatres, hotels, corporate challenges and opportunities. offices and managing agents.
Blyth & Blyth Consulting Engineers Pitney Bowes Limited
Turnover: £7,324,979 Turnover: £206,858,000
Net Profit: £462,164 Net Profit: -£9,126,000
Blyth & Blyth are active across all sectors Pitney Bowes provides technology of the construction industry, their teams of solutions for small, mid-size and large civil, structural, mechanical and electrical firms that help them connect with engineers deliver projects for a broad customers. Pitney Bowes Software range of both public and private sector Limited have provided an authorised Clients throughout the UK. guarantee agreement following assigning their lease.
Tenant income %
Emprise Services PLC 21.2% ORC 21.1% Transfer Wise Ltd 20.9% Blyth & Blyth Consulting Engineers 20.8% Pitney Bowes 16% 16 | 186 City Road London EC1
Market Commentary
Shoreditch and the area immediately surrounding Old Street roundabout has witnessed significant rental growth over the past 12 months, driven mainly by occupier demand in the creative sectors and the emergence of Old Street as a credible alternative to Soho and Clerkenwell.
Address Tenant Floor Size Headline Term (sq ft) Rent (psf) (Break)
The Buckley Building, Deloitte Digital 1st 26,388 £57.50 15 (12) 49 Clerkenwell Green EC1
Olivers Yard, 55-71 City Road EC1 ORMS Architects 4th 6,500 £50.00 10 (5)
Morelands, 5 - 7 Old Street EC1 Spark 44 Gnd & 1st 8,637 £49.50 10 (5)
The Bryant Building, Capco Holdings Whole Building 23,250 £45.00 15 (12) 77-79 Great Eastern Street EC2 Limited
Northburgh House, ACSN Part 2nd 1,987 £42.50 5 (3) 10 Northburgh Street EC1
18-30 Leonard Street EC2 Ostmodern Gnd & 1st Gnd - 366 £42.50 10 (5) 1st - 4,960
18-19 Kirby Street EC1 Fold 7 Gnd & L Gnd 6,800 £38.50 10 (5) 186 City Road London EC1 | 17
Planning EPC VAT
The property is located within the London The EPC report is available in the The property has been elected for VAT. It Borough of Islington and is not listed. dataroom. is envisaged that the sale will take place by way of a Transfer of a Going Concern.
Proposal
The Vendor is seeking offers in excess of £19,800,000 for the Freehold interest, subject to contract, reflecting a net initial yield of 4.8% following purchaser’s costs of 5.8%, and a low capital value of £506 per sq ft.
Further Information
For further information, to gain access to the dataroom or to arrange an inspection of the property please contact:
Daniel Hesketh Henry Timmis Emma Steele +44 (0) 20 7409 8008 +44 (0) 20 7409 8915 +44 (0) 20 7409 8892 +44 (0) 7787 562 061 +44 (0) 7972 000 248 +44 (0) 7752 406 698 [email protected] [email protected] [email protected]
James Abrahams James Crawford Marsha Rabinovich +44 (0) 20 7330 1979 +44 (0) 20 7330 1977 +44 (0) 20 7330 1972 +44 (0) 7968 056 536 +44 (0) 7901 552 717 +44 (0) 7876 140 457 [email protected] [email protected] [email protected]
Important Notice Savills, Allsop LLP and their clients give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and neither Savills nor Allsop LLP have tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. June 2014 (Q2859)