Greenwich View Place London E14
Total Page:16
File Type:pdf, Size:1020Kb
GREENWICH VIEW PLACE LONDON E14 CENTRAL LONDON INVESTMENT OPPORTUNITY LET TO BLOOMBERG 8 GREENWICH VIEW PLACE EXECUTIVE SUMMARY • The property is held on a Long Leasehold • Let to Bloomberg LP for a term of 15 interest for a term of 198 years from 29th years from 29th September 2014 until September 1984 (168 years unexpired) at 28th September 2029 with a rolling a peppercorn rent. tenant only option to determine from • Low density development on a site of the 25th September 2025, subject to 1.0 acre forming part of the Greenwich 12 months’ prior written notice. View Place Estate. • Current rent passing of £975,000 per • The office property is currently used annum (£27.96 per sq ft). as a data centre and disaster recovery operation and provides 34,875 sq ft (3,240 sq m) of accommodation arranged over two storeys with 30 car parking spaces. 2 8 GREENWICH VIEW PLACE • The lease is subject to guaranteed • The vendor is seeking offers in fixed uplifts throughout the term on: excess of £18.43m for their Long 29th September 2019 - £1,180,000 Leasehold interest, subject to contract per annum (£33.83 per sq ft) and exclusive of VAT. Allowing for purchasers costs of 5.8%, this reflects 29th September 2024 - £1,359,000 a net initial yield of 5.0% and per annum (£38.97 per sq ft) a low capital value of £528 per sq ft. • Medium term asset management and A purchase at this level will generate redevelopment opportunities with the following revisionary yields: the building having a very low site density. • September 2019: 6.05% • September 2024: 6.97% 3 8 GREENWICH VIEW PLACE AERIAL MILLWALL OUTER DOCK 4 8 GREENWICH VIEW PLACE Header soiehfiosh dfospjposd CANARY WHARF SOUTH QUAY MILLWALL INNER DOCK CROSSHARBOUR 5 8 GREENWICH VIEW PLACE LOCATION 8 Greenwich View Place is located It is home to many of the world’s leading companies across a diverse range of sectors including banking, in the heart of the Isle of Dogs in law, professional services, public sector, technology, London’s Docklands, an area located retail, media and communications and energy. to the immediate south of Canary Since the creation of the Canary Wharf Estate, the Wharf and 3.5 miles east of the City Isle of Dogs has been a primary focus of business of London. Canary Wharf is one of development in East London including a high London’s three key business districts, concentration of datacentres and disaster recovery operations. In recent years there have been a number along with the City and West End, and of large scale residential developments, transforming boasts a 97 acre estate comprising the Isle of Dogs into a vibrant and highly sought after approximately 14 million square feet residential location. of commercial space. 6 8 GREENWICH VIEW PLACE COMMUNICATIONS Rail Road Crossharbour and South Quay Docklands Light The A1206 and Marsh Wall are the main arterial Railway stations are situated 300 metres to the routes running through the Isle of Dogs and provide north and 550 metres to the east and provide direct direct access to the A12 and A13. These in turn offer services to Bank and Tower Gateway Stations in the access to the Olympic Stadium and M11 to the north, City, Stratford in the north and London City Airport central London to the west and the M25 and M20 to and Beckton to the east. It is currently undergoing the east and south. Bus routes 135, D3, D7 and N550 a Capacity Enhancement Programme across the offer a 24 hour service to central London and the network to increase passenger capacity. The Jubilee surrounding area. line at Canary Wharf offers direct access into central London via London Bridge and London Waterloo Air national train stations to the west, and Stratford to London City Airport is situated 3 miles to the east and the east. offers direct flights to 34 national and international destinations including New York, Luxembourg, Amsterdam, Paris and Edinburgh. Not to scale. Indicative only. 7 8 GREENWICH VIEW PLACE LOCAL DEVELOPMENTS 9 11 3 5 6 14 10 15 4 7 16 8 12 13 2 1 Key Application Under Construction Completed 8 8 GREENWICH VIEW PLACE 1 | Westferry Printworks 5 | Wood Wharf 9 | Providence Tower – 13 | Baltimore Wharf 15 acre mixed-use site Mixed-use residential, New Providence Wharf, Phase 1 waterside containing 5-30 storey buildings retail, office scheme E14 development Units 800 Units 3,000 43 storey residential tower Units 91 Developer Northern and Developer Canary Wharf Units 389 Developer Galliard Shell Group Developer Ballymore Status Completed Status Application Status Consented Status Under Submitted construction 2 | Glengall Bridge 6 | Arrowhead Quay 10 | Dollar Bay, E14 14 | Pan Peninsula, Mixed-use scheme - 3 Two residential towers (47 Single Residential Tower Canary Wharf, E14 towers up to 45 storeys & 52 storeys) Units 120 Two towers (40/50 storeys) of luxury apartments Units 525 Units 1,500 Developer London Developer Glengall Bridge Developer Ballymore Newcastle / Units 762 Holdings Status Application One Housing Developer Ballymore Status Application Approved Status Under Properties Submitted Construction Status Completed 3 | South Quay Plaza 7 | Lincoln Plaza, Indescon 11 | Horizons, Canary 15 | The Landmark East Mixed-use scheme include Court, Canary Wharf Wharf, E14 & West Tower, E14 a 68-storey tower 22 storey residential tower First phase development Two towers and two low rise Units 950 and adjoining hotel of scheme buildings around a courtyard Developer Berkeley Units 340 Units 131 Units 804 Homes Developer Galliard Developer Telford Homes Developer Chalegrove Status Application Status Under Status Under Properties Ltd Approved Construction construction Status Completed 4 | 2 Millharbour 8 | Baltimore Tower 12 | Indescon Square 16 | Ability Place, 7 mixed-use building 45 storey residential tower Residential and 37 Millharbour including a 50 storey Units 330 commercial development Residential scheme with tower with 24-hour concierge, Developer Galliard Units 1,064 Units 990 spa, gym and bar Status Under Developer Galliard Units 600 Developer Galliard construction Status Completed Status Application Developer The Ability Submitted Place Status Completed 9 8 GREENWICH VIEW PLACE SITUATION The Property is situated within the The Docklands Light Railway stations are a short distance to the north (South Quay) and east low rise office development known as (Crossharbour) and provide direct services to Bank Greenwich View Place and is enviably and Tower Gateway Stations in the City, Stratford in positioned at the southern end of the north and London City Airport and Beckton to Millharbour and adjacent to Millwall the east. Canary Wharf underground station (Jubilee Line) is a short walk to the north, as well as the Inner Dock. Canary Wharf Crossrail Station, which will provide direct access to the City of London and West End. 10 8 GREENWICH VIEW PLACE DESCRIPTION 8 Greenwich View Place comprises a self-contained The property currently provides data centre and two storey building constructed in 1988 to comprise disaster recovery operations for Bloomberg LP and approximately 3,240 sq m (34,875 sq ft) of air provides the following specification: conditioned office accommodation, currently used for data storage and disaster recovery. The property • A thirteen person goods and passenger lift provides for 30 open car parking spaces. • Four pipe fan coil air conditioning Greenwich View comprises an estate of eight • Enhanced electrical supply buildings bounded by Millharbour Outer Dock to the • Standby generators east, Millharbour to the north and Greenwich View to the west. The entire Estate covers a site area in excess of 1 acre. The property is of steel portal framed construction with a shallow pitched, profiled steel covered roof. 11 8 GREENWICH VIEW PLACE Holystone Court 49 Hammond Court Contessa Court 89 to 97 79 to 87 1 to 16 61 to 67 69 to 77 R 5 3 4 nder House U Alexa O D P B TILLER ROA 3.8m R A H 16 AD 2.2m L 14 12 ILLER RO L 10 T I 8 PEPPER M STREET 6 4 Play Area 9 5 3 5 3 3 1 3 3 2 9 1 t 1 7 o 6 1 2 6 1 5 9 Glengall 5 1 1 2 E 3 Bridge 1 TENURE S W The O L Play i 1 to 40 n El C Sub Sta c M h U A IRFIEL Tiller Centre Area D CRESCENT G H E l E o S u M u b s Kedge O e S t a House Crane 7 rea 8 y A 7 Pla 1 5 1 1 6 STARBOARD AY Crane AY W STARBOARD W 1 1 1 2 1 3 1 1 6 7 1 1 2 3 2 0 6 7 1 0 Crane El Sub Sta The property is held on a Long Leasehold 0 8 interest for a term of 198 years from 29th September 1984 at a peppercorn rent. 2 Landing Stage E C y A d L B k c P d o r a D W W C E 8 I The Freehold is owned by GLA Land and V H 3 C I W N Property Limited. E E R G 4 El Sub Sta Site Area: 1.0 acre. El Sub Sta Landing Stage Works Works 7 5 6 Millwall Outer Dock s rd la ol B Bollards Not to scale. For identification purposes only. This plan is based upon an Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved. TENANCY The property is let to Bloomberg LP for a term to The rent is subject to the following guaranteed fixed expire on the 28th September 2029, subject to a uplifts throughout the term: tenant only option to determine from 25th September 2025 on a rolling basis, subject to 12 months’ prior • 28th September 2019 - £1,180,000 per annum written notice.