PRIME SHOREDITCH RETAIL & OFFICE INVESTMENT OPPORTUNITY
151-153 CURTAIN ROAD, LONDON, EC2A 3QY 1512 MELODY-153 CURTAIN LANE, HIGHBURY, ROAD, LONDON, LONDON, N5 EC2A 2BQ 3QY
INVESTMENT SUMMARY
. Prime central Shoreditch retail and office location on Curtain Road at its junction with Old Street
. A five-storey freehold block comprising retail & office uses, and three residential apartments (sold on long leases)
. The commercial floor area extends to 5,280 ft2 (490.5 m2) NIA and 6,032 ft2 (560.4 m2) GIA
. Retail unit occupied by Goodhood Store, a quality independent fashion, lifestyle & homewear retailer. Let until March 2029 (TBO 2024) at £115,000 per annum (representing a low overall rent of £29.98 per ft2 based on the GIA)
. Offices occupied by Monokoto, a leading design agency. Let until October 2021 (mutual rolling break with 3mth notice) at £60,845 per annum (representing a low rent of £34.40 per ft2 based on the NIA)
. The three residential units are sold on long leases at an annual ground rent of £250 p.a each
. Total rents reserved £176,595.40 per annum
. The rents are considered reversionary, and suit a range of alternative uses within Class E – with the 1st floor being suitable for future residential conversion, subject to consents.
. Offers are sought in the region of £3,200,000 representing a net initial yield of 5.2% and a low capital value of £606 per ft2 based on the NIA (and £530 per ft2 based on the GIA)
2151 MELODY-153 CURTAIN LANE, HIGHBURY, ROAD, LONDON,LONDON, N5 EC2A 2BQ 3QY
151-153 Curtain Road LOCATION
The building located on the west side of Curtain Road close to the junction of Shoreditch, in the heart of the Shoreditch Triangle.
This is a location that has been synonymous with the rise of the tech and creative sectors and remains one of the most dynamic and sought after business and leisure destinations in inner London.
The location boasts a very strong and active retail and leisure sector with nearby retail national and quality independent occupiers including AIDA, Weekday, House of Hackney, SCP, Claybrook and Fred Perry – alongside numerous renowned restaurants including Dishoom, The Bike Shed Motorcycle Club, The Jones Family Project, Oklava, Lyles and Clove Club to name but a few.
In the immediate vicinity a wide variety of hotel groups are represented including The Ace Hotel, The Courthouse, Shoreditch House, The Boundary, Citizen M, The Hoxton Hotel, The Curtain and Nobu. The area is well served for public transport with Shoreditch High Street (Overground), Old Street (Northern) and Liverpool Street (Mainline, Central, Circle, Hammersmith & City, Metropolitan and future Crossrail) all being within easy walking distance and providing fantastic connectivity to Central, North and East London.
2151 MELODY-153 CURTAIN LANE, HIGHBURY, ROAD, LONDON,LONDON, N5 EC2A 2BQ 3QY
PROPERTY DESCRIPTION
A five storey plus basement Victorian built warehouse building which has been extensively extended and re-modelled.
The building comprises a good sized retail showroom over ground and basement levels, with a wide staircase linking the two floors at the front of the unit delivering good quality and well configured retail trading space over both floors.
The unit has been fitted to a good standard with generous headroom, with timber flooring on the ground level, and polished concrete in the basement, and full cable tray and track lighting system.
The 1st floor office and residential apartments are reached via a separate street entrance leading to a re-modelled lobby and passenger lift serving all floors. The office floor is presented in media/warehouse style with plastered and painted wall and ceiling surfaces, air conditioning, wood flooring and suspended up and downlighting.
2151 MELODY-153 CURTAIN LANE, HIGHBURY, ROAD, LONDON,LONDON, N5 EC2A 2BQ 3QY 2151 MELODY-153 CURTAIN LANE, HIGHBURY, ROAD, LONDON,LONDON, N5 EC2A 2BQ 3QY
ACCOMMODATION
FLOOR Net Internal Net Internal Gross Internal Gross Internal Area (SQM) Area (SQFT) Area (SQM) Area (SQFT) First Floor Office
First Floor 164.2 1,767 204.1 2,197
Retail Unit
Ground Floor 163.6 1,761 177.9 1,915 Lower Ground Floor 162.8 1,752 178.4 1,920 Ground Floor Total NIA 326.4 3,513 356.3 3,835
Lower Ground Floor 2151 MELODY-153 CURTAIN LANE, HIGHBURY, ROAD, LONDON,LONDON, N5 EC2A 2BQ 3QY
TENANCY SCHEDULE
Floor Tenant Area Lease Term Expiry Break Option Rent £ per SQFT SQFT Basement & Goodhood Store Limited LG: 1,920 10 years 31.03.2029 28.05.24 £115,000.00 £29.98 Ground G: 1,915 Tenant only
First Monokoto Limited 1,767 1 year 21.10.2021 Mutual rolling with 3mths notice £60,845.40 £34.43
Flat A Private individual 125 years 24.03.2128 £250.00
Flat B Private individual 125 years 24.03.2128 £250.00
Flat C Private individual 215 years 24.03.2219 £250.00
Total Rents Reserved £176,595.40
ABOUT THE TENANTS
Goodhood Store is a quality independent fashion, lifestyle & homewear retailer with strong online sales presence stocking a huge variety of leading brands including Aesop, Carharrt, Birkenstock, Levis Vintage & YMC to name but a few https://goodhoodstore.com/ .
Monokoto is a leading design agency who operate across Europe, Asia and the US with clients including Sony, Michelin, NAIM Audio & Virgin Atlantic. https://www.monoko.to/
2151 MELODY-153 CURTAIN LANE, HIGHBURY, ROAD, LONDON,LONDON, N5 EC2A 2BQ 3QY
PLANNING DATA ROOM & VIDEO TOUR
The building has long standing retail use on the ground and lower ground, and office use on the first A dataroom is available with all relevant information relating to the sale: floor – with the entire commercial element falling within Class E (office, retail, restaurant, fitness https://strettons.link/151-153-curtain-road and nursery uses). The 1st floor office may suit future residential conversion, subject to consents. A video tour of the property can be viewed here: VAT https://youtu.be/Q3PGJwvMYFw
The building is VAT elected. It is therefore anticipated the transaction will be treated as a TOGC.
VIEWINGS & FURTHER INFORMATION EPCs Strettons | 020 7375 1801 Ground floor & Basement – Band B (48) 1st floor – Band D (85) Mark Bolton TENURE [email protected] 07803 850231
Owned Freehold under Title Number: 302771 Joe Tallis-Chisnall
[email protected] PROPOSAL 07970 280653
Tom Schwier Offers are sought in excess of £3,200,000 (three million two hundred thousand pounds) reflecting a net initial yield of 5.2% and a low capital value of £606 per ft2 based on [email protected] the NIA (and £530 per ft2 based on the GIA) 07583 037559
These particulars do not constitute an offer or contract. Applicants should satisfy themselves as to the correctness of the details. VAT may be applicable on rents, prices or premiums. Photographs are for illustration only and may depict items which are not included in the sale of the property.