69-73 DALSTON LANE & 1-7 MARTEL PLACE LONDON E8

RARE MIXED USE CAMPUS IN ONE OF LONDON’S FASTEST GROWING DISTRICTS INVESTMENT SUMMARY

» Virtual Freehold.

» A highly sought-after multiple award winning Waugh Thistleton Architects designed office campus completed in June 2017, providing contemporary commercial and residential accommodation.

» Located in the heart of fashionable Dalston, one of London’s most up and coming districts.

» Impressive 33,080 sq ft (3,073 sq m) campus of mixed use office, leisure and retail accommodation.

» Highly efficient and flexible units benefiting from an abundance of natural light.

» One of the world’s largest CLT structures achieving a ‘BREEAM Excellent’ meeting institutional grade ESG targets.

» Impressive landscaped courtyard.

» Multi-let to seven tenants producing a topped up passing rent of £945,788 per annum reflecting a low average rent of £28.59 per sq ft.

» The WAULT to expiry is 8.44 years and 4.25 years to break on the contracted income.

» Offers are invited in excess of £14,770,000 subject to contract and exclusive of VAT. This reflects a capital value of £446 per sq ft and a highly attractive NIY of 6.00% assuming purchaser costs of 6.73%.

2 LOCATION DALSTON HACKNEY KINGSLAND DOWNS

Situated in a thriving district of East London, Dalston has rapidly developed into one of London’s most chic pockets of London’s DALSTON JUNCTION Eastern Fringe market. Since the £160m redevelopment of Dalston Square and Dalston Junction Overground Station in 2011, the locality has attracted major investment and HIGHBURY LONDON FIELDS development from a wide range of renowned & ISLINGTON developers.

Located in the eastern section of London’s Eastern Fringe market, Dalston is Hackney Borough’s largest “village,” sandwiched between Hackney to the east, Islington KING’S CROSS / ST PANCRAS ANGEL to the west and Haggerston to the south. HAGGERSTON Dalston has become increasingly attractive to numerous tech, media and creative occupiers who are capitalising on Dalston’s proximity to Old Street Roundabout, dubbed “Silicon BETHNAL GREEN

Roundabout” and the City of London, both OLD STREET 1.60 & 2.40 miles to the south respectively.

Dalston benefits from an exceptional amenity offering with an eclectic mix of retailers, leisure occupiers and open spaces, including Dalston Eastern Curve Garden. This appealing blend of commercial and leisure amenities has elevated Dalston into becoming an attractive place to work and socialise. SHOREDITCH HIGH STREET

LIVERPOOL STREET

4 The rise of Dalston continues with the arrival of national chains including Marks & Spencer, Pret A Manger and Tortilla. Dalston has firmly become an established office location for many creative, tech and media occupiers who are seeking a young, diverse and social environment in keeping with the modern workplace ethos.

Dalston has undergone major regeneration in DALSTON recent years with a number of large mixed use developments completing. The area is defined by a unique mix of modern high quality urban DALSTON IS ONE OF EAST architecture and traditional building heritage. LONDON’S MOST VIBRANT Dalston has a flourishing and renowned FRINGE LOCATIONS WITH A mix of restaurants, bars and boutique shops. THRIVING YOUNG AFFLUENT Stand-out independent eateries include Mildred’s, Busty Knuckle Baker and the DEMOGRAPHIC. Michelin Starred Angelina.

6 1 2 LOCAL DEVELOPMENTS 7 8 THE PAST, PRESENT & FUTURE

Synonymous with London’s creatives, Dalston is undergoing a radical transformation into one of London’s most diverse and electric districts. DALSTON SQUARE & THE VIBE, 36 BEECHWOOD ROAD, 230 DALSTON LANE & TRAVIS PERKINS, DALSTON JUNCTION STATION, E8 DALSTON, E8 Recent investment and proposed developments have led to Dalston HACKNEY DOWNS STATION, E8 111 DALSTON LANE, E8 becoming an increasingly attractive location for a new breed of Date: 2011 Date: 2016 Allocation: Mixed Use Allocation: Mixed use Status: Completed Status: Completed occupiers and businesses. Local Plan: Yes Local Plan: Yes Developer: Barrett Homes, Hackney Developer: Telford Homes Policy No.: HC12 Policy No.: HC11 Council & London Development Agency Architect: Rock Townsend Status: Pre-application discussions for mixed Status: allocation for employment led Architect: Arup Associates Scheme: Award winning mixed use us development for a 4-6 storey building mixed us scheme with a provision for 40 Scheme: £160m ground breaking development comprising 101 luxury comprising 45 residential units, 10,000 sq ft residential units and commercial development in Dalston including £50m on apartments & a new 35,000 sq ft D1 of commercial accommodation, accommodation. the redevelopment of Dalston Junction facility. The scheme included significant improvement of public realm and creation Station.8 The scheme included 500 new public realm space of new station entrance. homes, a library, public green space, leisure & retail amenities. A M H U R S T

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DALSTON CURVE FIFTYSEVENEAST, 51-57 O 5 KINGSLAND SHOPPING CENTRE, RIDLEY ROAD MARKET, E8 T GHAM ROAD S SANDRIN

33A KINGSLAND HIGH STREET, E8 KINGSLAND HIGH STREET, E8 KINGSLAND HIGH STREET, E8

Date: 2017 Date: 2018 Allocation: Mixed use Allocation: Mixed Use

Status: Completed Status: Completed 6 Local Plan: Yes Local Plan: Yes

Developer: Taylor Wimpey Architect: Jestico + Whiles Policy No.: D5 Policy No.: D6

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4 10 Architect: RMA Architects Developer: Taylor Wimpey 7 Status: The site has been designated as a Status: Planning is under way for the DALSTON LANE

Scheme: Mixed use development Scheme: Mixed use scheme comprising 98 major redevelopment site suitable for a redevelopment of Ridley Road Market. The

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I across two towers and 15,000 sq ft of retail an additional 11,400 sq ft of prime retail E A residential, office, retail and leisure Architects, will provide high quality H C L A L PL D E N and leisure accommodation at ground accommodation fronting Kingsland High ART accommodation. residential, retail and commercial N M O T

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KINGSLAND LOCKE APARTHOTEL, BRADBURY STREET & 2-16 ASHWIN STREET, 16-22 DALSTON LANE, 130 KINGSLAND HIGH STREET, E8 GILLET SQUARE, DALSTON, E8 11-15 DALSTON LANE, E8 62 BEACHWOOD ROAD, E8 Date: 2020 Date: 2021 Allocation: Mixed Use Allocation: Mixed Use Status Completed Status: Under Construction Local Plan: Yes Local Plan: Yes LONDON FIELDS Architect: Barton Willmore Architect: Hawkins/Brown Architects Policy No.: D8 Policy No.: D10 Developer: Edyn Developer: Hackney Co-operative Status: Designated for mixed use Status: Allocation for redevelopment to Scheme: A mixed use development Developments development with uses consisting of provide a mix of retail, cultural, residential comprising a new aparthotel with 121 Scheme: Mixed use scheme to create commercial, residential and community and commercial space. Community use is studios and 1 bedroom apartments across 16,000 sq ft of affordable creative amenity space. to be retained in part of the ground floor. 5 floors. The development will also include accommodation with an additional 7,000 a gym, cocktail bar, Kraft brewery and sq ft of retail and leisure use. A large co-working space for 152 guests. square will create an attractive public realm for the community. A M H U R S T

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Dalston Works is located on a prominent 17 O T GHAM ROAD S SANDRIN

position on Martel Place in the heart of 15

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Dalston and is a short five minute walk from

16 Dalston Junction, Dalston Kingsland Road

18 HACKNEY DOWNS and Hackney Downs Overground Station.

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The property is ideally located a 3 minute DALSTON KINGSLAND

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N G Centre. It is further enhanced by its close I 33 E A H C L A 31 L PL D 19 20 E N proximity to the Barrett’s Homes, Dalston ART N 32 M O HACKNEY CENTRAL 27 T

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S 1 A G D recently completed Dalston Terrace complex. N I 14 9 10 11 OAD B 7 GRAHAM R ALLS K POND ROA D LANE STON The campus benefits from a range of cafés, DAL 35 G DALSTON JUNCTION RAH 8 AM ROA bars and restaurants in the immediate D

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LONDON FIELDS

DE BEAUVOIR SQUARE LOCAL OCCUPIERS LONDON FIELDS

1 Arcola Theatre 11 Sang Bleu London 21 Rio Cinema 31 Pret-a-Manger 2 Dalston Eastern Curve Gardens 12 Ridley Road Market 22 The Railway Tavern 32 Pizza Union 3 Reilly Rocket Cafe 13 Kingsland Shopping Centre 23 The Victoria Dalston 33 Tortilla 4 Dalston Square 14 Farr’s School of Dance 24 Hackney Empire 34 Marks & Spencer 5 Cafe Route 15 The Roost 25 Lardo 35 Angelina 6 Dalston CLR James Library 16 Voodoo Ray’s 26 Hackney Town Hall 36 Ridley Road Market Bar 7 Allpress Espresso & Cafe 17 Dalston Superstore 27 Oslo Hackney 37 Mildreds 8 The Terrace - Dalston Lane 18 The Vortex Jazz Club 28 The Blue Studio 9 Street Feast 19 Cafe Oto 29 London Fields Lido 10 Premier Inn 20 Dalston Roof Gardens 30 The Shackwell Arms 10 CONNECTIVITY

Dalston Works benefits from excellent connectivity being in close proximity to multiple overground stations. Located a short five minute walk to the west lies Dalston Kingsland Road & Dalston Junction, running to ANGEL Stratford in 12 minutes and Shoreditch High 11 mins 13 mins Street in 9 minutes respectively. Situated a short 5 minute walk to the east, is Hackney Downs Overground Station running into Liverpool Street Station in 20 minutes.

As well as rail services, Dalston Works is connected by an extensive bus network linking KING’S CROSS / HACKNEY CENTRAL STRATFORD the property to the City, Old Street, Hackney ST PANCRAS 4 mins 12 mins and beyond. 20 mins DALSTON

EUSTON HACKNEY WICK 22 mins 7 mins

OLD STREET 9 mins 14 mins BETHNAL GREEN 11 mins

HOXTON 8 mins

MOORGATE WHITECHAPEL 12 mins 14 mins

SHOREDITCH HIGH STREET 9 mins 15 mins

LIVERPOOL STREET KEY: 10 mins 20 mins overground

12 cycle OFFICE SPECIFICATION

EXCELLENT TIMBER NATURAL LIGHT CEILINGS

ATTRACTIVE COURTYARD WIRED SCORE & AMENITY SPACE ‘SILVER’ RATING

SHOWER LED LIGHTING FACILITIES THROUGHOUT

BUILDING DESCRIPTION DOOR ACCESS CONTROL & 24 HOUR SECURITY COMFORT COOLING

Designed by renowned local Waugh Thistleton The principal office block provides 13,831 sq ft Architects, Dalston Works was completed in (1,284.94 sq m) arranged over ground and four June 2017. The development was the world’s upper floors with its own dedicated passenger largest CLT Carbon Neutral structure at the lift. The office accommodation benefits from a time, comprising 122 residential units and large private terrace. comprises 33,080 sq ft (3,073.24 sq m) of high CYCLE STORAGE PASSENGER LIFT specification mixed use accommodation. The remaining four units are arranged over ground or ground and lower ground levels. All Centred around an attractive landscaped units benefit from excellent floor to ceiling courtyard, the retail, leisure and office heights and an abundance of natural light. accommodation is split into five self- contained units.

14 BUILDING CONCIERGE PRIVATE TERRACE ACCOMMODATION

FLOOR GIA AREA GIA AREA NIA AREA NIA AREA (SQ M) (SQ FT) (SQ M) (SQ FT)

A Block G* 80.83 870 80.83 870 G&LG* 401.25 4,319 401.25 4,319 Total 482.07 5,189 482.07 5,189

B Block G 202.99 2,185 185.99 2,002 LG 280.94 3,024 288.74 3,108 Total 483.93 5,209 474.73 5,110

Unit D G 538.37 5,795 449.37 4,837 LG 450.39 4,848 407.57 4,387 Total 988.76 10,643 859.94 9,224

E Block G (Retail)* 51.75 557 51.75 557 G (Office) 151.43 1,630 151.43 1,630 Total 203.18 2,187 203.18 2,187

G Block 4th 319.49 3,439 264.40 2,846 3rd 319.77 3,442 264.50 2,847 2nd 318.01 3,423 264.12 2,843 1st 318.01 3,423 263.29 2,834 Total 1,275.28 13,727 1,056.31 11,370

Total Area 3,682.68 36,955 3,073.24 33,080

* Let on GIA

16 Residential areas to be provided upon request FLOOR PLANS GROUND FLOOR UNIT G UNIT B

UNIT A

Fire Exit Lobby

Lift

. Entrance

Lobby .

UNIT E office office office shower

Entrance WC A Services WC WC A1 B Void 4TH FLOOR

Entrance

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Assumed Assumed Proposed Proposed Wall Wall WC Lift Shower

Locked G Shower (not surveyed)surveyed ) WC Shower D Services WC WC Shower WC Entrance WC

Мetal stairs 1ST FLOOR

Entrance Entrance

UNIT G

Assumed UNIT D Proposed Wall

Entrance Shower Locked Shower (not WC WC surveyed)

GROUND FLOOR

Not to scale. 18 Indicative only. TENURE

Dalston Works is held by way of a 999 year long leasehold at a peppercorn rent.

Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved.

TENANCY SCHEDULE

UNIT TENANT AREA LEASE BREAK LEASE RENT RENT COMMENTS (SQ FT) START OPTION EXPIRY (PER ANNUM) (PSF) Block A - Unit 1 Arbeit Studios Ltd 870 07/07/2018 04/07/2033 £13,920 £16.00 Affordable workspace. Block A - Part G & B Dalston Yoga Limited 4,319 01/08/2018 01/08/2028 (T) 31/07/2038 £90,000 £23.85 Rent rising to £103,000.

Block B - Unit B- G 2,002 6 months rent free upon lease commencement, The Unseen 16/04/2021 15/04/2026 £150,000 £29.35 Block B - Unit B- LG 3,108 6 months half thereafter. Block D - G 4,387 £124,328 24 months at half rent from lease commencement Block D - LG Wowcher Ltd 4,837 17/12/2019 17/12/2024 (T) 16/12/2029 £137,081 £28.34 & 24 months half rent in year 6 post break. Block G - 1st 2,834 £80,316 3 month rent deposit. Block E - G People Wine Ltd 557 23/04/2021 22/04/2023 (T) 22/04/2025 £18,000 £32.32 3 months rent free from lease commencement date. Block E - G Unit 1 Vacant 1,630 £0 £32.50 12-month rent, rates & S.C to be supplied by the vendor. Rent rising to £91,072 in the 5th year. Block G - 4th IBA Global Ltd 2,846 14/02/2020 13/02/2023 (T) 13/02/2025 £79,688 £32.00 Rent to be topped up to 5th year level. Block G - 3rd Kingdom B.E 2,847 26/06/2020 25/06/2030 £82,690 £29.04 Block G - 2nd Vacant 2,843 £0 £32.50 12-month rent, rates & S.C to be supplied by the vendor. TOTAL 33,080 £776,023 £23.85

20 TENANT INFORMATION

Wowcher Ltd: 36% of income Wowcher Ltd are the second largest ‘deal of the day’ E-commerce site in the UK & Ireland with an annual turnover in excess of £40m. They have a large focus on homeware products with sales in these areas increasing during Covid-19 Wowcher Ltd achieved a Credit Safe Rating of ‘A 86- Very Low Risk.’ The latest accounts are shown below:

ACCOUNTS 2019 2018 2017 (£000s) (£000s) (£000s) Turnover £44,536 £42,661 £42,040 Profit £3,084 £1,610 £2,278 Net Worth £3,277 -£281 -£1,371

The Unseen Ltd: 16% of income A cosmetics research company founded in 2014 with clients including THEUNSEEN Tom Ford, Selfridges, Virgin and Swarovski. The business is rapidly expanding with Dalston Works serving as their HQ providing a combination of offices & lab space. The Unseen Ltd achieved a Credit Safe Rating of ‘A92- Very Low Risk.’

Dalston Yoga Ltd (t/a Sadhana Yoga): 11% of income Sadhana Yoga and Wellbeing Ltd have been in operation since 2017 with their first site in Clapham. Following the success of the south London site, they opened Dalston in 2018 with an impressive fit-out including two custom built yoga rooms with heating and humidity technology.

Kingdom B.E Ltd 9% of income Kingdom B.E are a social enterprise that focus on sustainable fashion across the African continent. They will soon be launching an online store.

IBA Global Ltd 9% of income IBA Global was established in 2003 in London by Lawrence Lenzi, the company is set up to provide skills and training expertise for future employees.

22 MARKET COMMENTARY

LEASING MARKET INVESTMENT MARKET

THE ARTS BUILDING, UNIT 1 BAGEL FACTORY CENTRAL, 2-10 MORRIS PLACE, N4 HACKNEY WICK Size: 43,695 sq ft Floor: Ground Tenure: Freehold Size: 3,812 sq ft Price: £20.65m Rent: £34 psf Cap Val: £473 per sq ft Tenant: Crossfit Hackney Wick Ltd NIY: 6.39% Deal Date: Q4 2020 Date: Q4 2020 Comments: Multi-let to 9 tenants including Lidl on a 25 year lease

640-656 TOTTENHAM HIGH ROAD, N17

Size: 19,992 sq ft 1 DARNLEY ROAD, Tenure: Freehold HACKNEY E9 Price: £7,000,000 Floor: Ground Cap Val: £350 per sq ft Size: 1,550 sq ft NIY: 4.75% Rent: £37 psf Date: Q2 2020 Tenant: Monalogue London Ltd Comments: Single let to The Job Centre for a further 8 years term certain Deal Date: Q4 2020

NETIL HOUSE, 1 WESTGATE STREET, E9

Size: 47,000 sq ft Tenure: Freehold 55 DALSTON LANE, LONDON E8 Price: £23,900,000 Cap Val: £498 per sq ft Floor: Ground NIY: 2.94% Size: 3,000 sq ft Date: Q4 2019 Rent: £31.50 psf Comments: Single let to Eat Work Art for a Tenant: Everpress Ltd term certain of 5 years. Potential to redevelop and create new commercial space Deal Date: Q3 2019

6 ORSMAN ROAD, N1

Size: 41,481 sq ft 74-76 KINGSLAND HIGH STREET, Tenure: Freehold DALSTON E8 Price: £31,750,000 Cap Val: £765 per sq ft Floor: Ground & Basement NIY: N/A Size: 3,100 sq ft Date: Q3 2018 Rent: £25 psf Comments: Forward purchase with PC Tenant: Crisis UK taking place in 2020. CLT office building 24 Deal Date: Q3 2019 acquired by British Land FURTHER INFORMATION

VAT EPC Data Room The property is elected for VAT A copy of the EPC is available Access is available upon and thus will be treated as a on request. request. transfer of going concern. BREEAM BREEAM “Excellent”

PROPOSAL CONTACTS

OFFERS ARE INVITED IN EXCESS OF £14,770,000 SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT. THE REFLECTS A CAPITAL VALUE OF £446 PER SQ FT AND A NIY OF 6.00% ASSUMING PURCHASER COSTS OF 6.73%

Julian Meir Paul Belchak M: 07956 949 604 T: 0207 375 3444 E: [email protected] M: 07792 151 280 E: [email protected] Shaun Simons M: 07788 423 131 Greg Corin E: [email protected] T: 0207 375 3444 M: 07941 336 899 Kyle Joss E: [email protected] M: 07712 241 851 E: [email protected] Oliver Cohen T: 0207 375 3444 Elliott Stern M: 07740 110063 M: 07834 918 700 E: [email protected] E: [email protected]

Compton and Belchak Corin & Co give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Compton nor Belchak Corin & Co has any authority to make any 26 representation or warranty whatsoever in relation to this property. April 2021. www.cube-design.co.uk (Q4682) 28