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13-20 Settles Street 13-20 SETTLES STREET WHITECHAPEL, LONDON E1 Freehold refurbishment opportunity 1 13–20 SETTLES STREET PROVIDES AN OPPORTUNITY TO ACQUIRE A RARE FREEHOLD PROPERTY IN AN AREA EXPERIENCING EXTRAORDINARY GROWTH. TO THE WEST ALDGATE IS BEING TRANSFORMED, TO THE NORTH THE TECH SECTOR EXPANDS FROM SHOREDITCH, AND TO THE EAST WHITECHAPEL WILL RECEIVE CROSSRAIL – JUST TWO MINUTES JOURNEY TIME FROM BOTH CANARY WHARF AND LIVERPOOL STREET. 2 3 EXECUTIVE SUMMARY • Freehold • A distinctive 1930s neo-Georgian property within the Whitechapel vision area • Excellent transport connectivity being approximately 500m from Whitechapel and Aldgate East Underground stations • The existing building comprises a net internal area of 17,107 sq ft (1,589 sq m) of office and ancillary accommodation arranged over lower ground, ground and one upper floor • Single let on an FRI lease to Trillium for Department of Work and Pensions at a rent of £150,000 per annum, expiring 1st April 2018 • The building has planning consent for a comprehensive refurbishment and addition of 3 further floors, with a proposed net internal area of 22,682 sq ft (2,107 sq m), and a change of planning use from A2 to B1 (offices) • Offers are invited in excess of £7,000,000, subject to contract and exclusive of VAT • A purchase at the level reflects a low capital value of £409 per sq ft on the existing accommodation and £308 per sq ft on the consented scheme 1 2 THE SHARD THE CITY OF LONDON TOWER OF LONDON ALDGATE ST KATHARINE DOCKS STATION BRICK LANE GOODMAN’S FIELDS SPITALFIELDS MARKET TOWER HILL STATION ALDGATE EAST STATION WHITECHAPEL STATION ROYAL LONDON HOSPITAL 3 4 LOCAL AREA Aldgate and Whitechapel are evolving to become an integral part of London’s Tech Belt. The area provides some of the most fashionable eateries and coffee shops in Central London, being only a few hundred metres away Commercial Street, Brick Lane and Whitechapel Road. SETTLES STREET FORMS PART OF THE CULTURAL, CREATIVE AND COMMUNITY QUARTER IN THE WHITECHAPEL VISION 5 6 13 WHITECHAPEL VISION AREA 10 Whitechapel Core retail WHITECHAPEL ROAD Mixed leisure & retail A11 LOCATION Cultral, Creative & Community Quarter The Royal BRICK LANE London Hospital Settles Street benefits from Med-City Campus excellent public transport Living ROAD facilities, providing access NEW ROAD to all parts of Central London. COERCIAL STREET WHITECHAPEL 13 The property is situated on the west side of Settles Street approximately 6 minutes’ walk south west of the proposed Whitechapel Elizabeth Line station and approximately 6 minutes’ walk east of Aldgate East station. Aldgate East A13 13 - 20 SETTLES STREET The surrounding area is expected to change dramatically with the opening of the Elizabeth Line in 2018. Tower Hamlets’ recent COERCIAL ROAD consultation paper proposes c. £900m A13 COERCIAL ROAD of redevelopment in the area over the next 15 years to revitalise Whitechapel Road with new Aldgate offices, shops and homes funded by a mix of grants and private finance. HIH STREET Settles Street forms part of the Cultural, LEAN STREET ALDATE CANNON STREET ROAD Creative and Community Quarter in the ALIE STREET Spatial Framework of the Whitechapel Vision Masterplan, and sits close to the new Life A1210 Science Campus with the new “Green Spine” of Whitechapel. min PRESCOT STREET Shadwell A1211 CALE STREET Whitechapel 6 CALE STREET Aldgate East 6 Shadwell 9 Aldgate 9 7 8 Transforming Whitechapel Road into a destination shopping area for London 3,500 new homes by 2025 THE WHITECHAPEL VISION Creating 7 new In 2014 the Council launched the national award-winning Whitechapel Masterplan, to create public squares and a new and ambitious vision for Whitechapel which would enable the area, and the Borough open spaces as a whole, to capitalise on regeneration opportunities over the next 15 years. The Whitechapel Vision includes: Elizabeth Line to open in 2018 • Elizabeth Line to open in 2018 • 3,500 new homes by 2025 • 5,000 new jobs • Civic redevelopment of the Old Royal London Hospital • Transforming Whitechapel Road into a destination shopping area for London • Creating 7 new public squares and open spaces • Creating a world class Life Science Campus at Queen Mary University London 5,000 new jobs Indicative CGI created by BDP 9 10 Indicative CGI created by BDP ROYAL LONDON HOSPITAL Opposite Whitechapel station is the Grade II Listed Royal London Hospital site which was originally opened in 1757 and is now dwarfed by the £1bn world class hospital facility that replaced it in 2012. The old building was recently purchased by Tower Hamlets Council to be the new Town Hall. The site received planning in November 2015 for a £77m makeover by AHMM architects and is due to be open in 2019. The new Town Hall will be the central part of the Whitechapel Masterplan designed to manage the regeneration and redevelopment around Whitechapel Road and Cambridge Heath Road over the next 10 to 15 years. LIFE SCIENCE CAMPUS Nearby is a proposed new life science campus to support health, bio tech and life sciences research. The Whitechapel Vision aims to deliver a world class Life Science Campus at Queen Mary University London which operates 5 campuses centred on Whitechapel and has over 17,500 students. The new Elizabeth Line entrance on Cambridge Heath Road will sit adjacent to the Sainsbury’s Superstore which within the Whitechapel Vision will be re-developed to provide a larger store with new residential and community facilities. 11 VISIONARY12 EXISTING BUILDING EXISTING FLOOR PLANS No. 13-20 Settles Street was purpose built The property has been measured by Pure Real Net Internal Area Gross Internal Area N between 1934 and 1936 as the Stepney Estate Services in accordance with the RICS Code Employment Exchange to designs by the Floor Use Sq Ft Sq M Sq Ft Sq M of the Measuring Practice, 1st Edition. Office of Works. Located west of The Royal London Hospital and extending southwards Two Plant - - 668 62 An assignment of this survey will be provided to from Whitechapel Road, the heart of the the purchaser with an appropriate duty of care Conservation Area is found to the west of One Office 3,629 337 4,726 439 letter. A full copy of the Measured Survey is available New Road. It is characterised by a Georgian in the data room. Ground Office 11,699 1,087 14,245 1,323 street scene and early 19th century terraces. Lower Ground Lower Storage/ 1,779 165 4,426 411 Ground The building is arranged over lower ground, Ancillary Net Lettable areas ground and one upper floor, and enjoys excellent Total - 17,107 1,589 24,065 2,235 natural light and generous ceiling heights. The building is currently centrally heated with comfort There are 4 external car parking spaces. cooling and suspended ceilings. Ground Level 1 Level 1 Level 1 Ground Floor Ground floor Ground Floor Lower Ground Lower ground 13 14 DEVELOPMENT POTENTIAL A team lead by Stephan Reinke Architects The consented scheme aims to emphasise the have designed a scheme that aims to deliver existing architectural merits of the building including contemporary high quality studio office the gabled roof, the curved block and barrel-vaulted space into the heart of Whitechapel. ceilings, whilst optimising the internal space. Level 4 Level 4 Level 3 Level 3 Level 2 Level 2 Level 1 Level 1 Level 1 Level 1 Ground floor Ground floor Ground floor Lower ground Lower ground Indicative drawing 15 16 PROPOSED FLOOR PLANS The planning permission Net Internal Area Gross Internal Area dated 29th July 2016 proposes a comprehensive Floor Use Sq Ft Sq M Sq Ft Sq M refurbishment, change of use Four Office 1,120 104 1,420 132 and extension of the building Three Office 1,110 103 1,550 144 to provide a further three Two Office 1,335 124 1,635 152 floors, taking the net internal One Office 4,607 428 5,597 520 area of the proposed scheme Ground Office 12,292 1,142 15,618 1,451 to appox 23,006 sq ft of net Lower Ground Office 1,098 102 5,242 487 accommodation. The consent also changes the planning use Lower Ground Storage/Ancillary* 1,120 104 - - class from A2 to B1 (offices). Total - 22,682 2,107 31,062 2,886 The scheme provides 4 *A notional area has been assumed for 1/3 of the total net lower ground external car parking spaces accommodation to be for storage/ancillary use. & 29 cycle spaces. Office area Plant and storage area N Lower Ground Ground Level 1 Level 2 P L tch a H Level 3 Level 4 17 18 TENURE & TENANCY Tenure Tenancy The property is held Freehold under title number LN146028. 13-20 Settles Street is single let on an FRI lease to Trillium (Prime) Property GP Limited for a term expiring 1st April The approximate extent of the freehold ownership is 2018. shown outlined in reda on the OS extract plan below. S e t 41 26 t l e 33 s 6a 5 S t 38 r e c e 56 t The current passing rent is £150,000 per annum exclusive 28 M 31 e 39 w 54a s 36 4c 5 29 of VAT, without break or rent review. 52a 34 52c 27 50a 50c 25 Primary School 30 77a The lease is inside the security of tenure and compensation P 28 a r f e provisions of the Landlord and Tenant Act 1954 Part II. t 26 t S 40 K t o r 24 S b i c e N h o a 42 o e z l r u l t S 22 e t t l 20 75 e s G 13 17 44 S 11 Use r 9 t 5 e 7 1 r 3 5 e e 1 n e f t i e l d t Stree R Fordham The current permitted use is A2 in accordance with the o a 20 d 14 18 22 6 2 Town and Country Planning (Use Classes) Order 1987 (as 6 2 4 73 4 a a d b a 34 b 8 amended), however planning permission has been granted Primary School 8a P house a to change the use of the building to B1 (offices).
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