CANTO COURT 122 OLD STREET | LONDON | EC1V 9BD LONDON COLLEGE OF FASHION OLD STREET UNDERGROUND STATION AND SURROUNDING ‘TECH CITY’ CASS BUSINESS SCHOOL CANTO COURT SMITHFIELD MARKET BARBICAN QUEEN MARY UNIVERSITY CANTO COURT Inner Courtyard INVESTMENT CONSIDERATIONS ￭ Freehold student accommodation property constructed in 2008. 164 self contained en-suite studio apartments arranged as basic, classic and premium room types. ￭ The property benefits from a nomination agreement with City University London expiring June 2015. The University have taken 91 bedrooms for 2013/14, 55% of the scheme. ￭ Located within easy walking distance of four university campuses and a range of transport links. ￭ Planning permission for student accommodation in London remains challenging to secure which insulates values, drives rental growth and creates barriers to entry to the sector. ￭ Rare opportunity for representation in London, which, with a total of 41 universities, forms the largest concentration of higher education in Europe. ￭ Within London, only 62,351 (21%) of full time students have access to purpose built student accommodation. There are 303,105 full time students in London (HESA 11/12). ￭ London is home to four of the world’s leading 75 institutions: University College London (4th), Imperial College London (5th), King’s College London (19th) and London School of Economics and Political Science (68th). (2013/14 QS World University Ranking). ￭ Forecast gross rent of £2,528,332 for the 2013/2014 academic year and a net rent of £2,204,332. ￭ We are instructed to seek offers in excess of £33,900,000 for the freehold interest in the property, which reflects a net initial yield of 6.15% on the term time student income, assuming purchaser’s costs of 5.80%. Old Street Elevation LOCATION London is the capital city of the United Kingdom, with excellent inter-city and international travel links. The M25, which encircles the city, connects directly to routes to the North (M1, M11, M40), West (M4), South (M3, M23) and East (M2, M20) of the country. The city is supported by eight main railway stations including King’s Cross St Pancras, which connects directly to mainland Europe via the Eurostar network. The city is supported by several major international airports including Heathrow (17 miles), Gatwick (30 miles) and Stansted (37 miles). All are easily accessible via public transport, namely coach services and express train routes. Heathrow is also linked directly to the London underground network via the Piccadilly Line (journey time from Old Street approximately 70 minutes). London is the largest metropolitan area in the European Union and in demographic terms its population rate increased from 7,172,091 to 8,173,900 between 2001 and 2011; an increase of 14%. During this period the population of Islington increased from 175,792 to 206,125; an increase of 17.3%. London is expected to remain at the forefront of the UK recovery given its concentration of service sectors companies. Growth output in London (nominal GVA) 2007 – 2011 was 12.40%, far out-stripping other UK regions. In labour market terms, 374,000 jobs created in the UK between 2013 and 2018 are forecast to be Inner Courtyard within London, which equates to approximately 1 in every 4 jobs (ONS). Canto Court, 122 Old Street, EC1V 9BD ARE W SQU LOME Centre 45 THO BAR 39 EET STR L 1 Bartholomew HEL 7 ITC ta M ub S 16 El S Court 36 13 19 30 6 SITUATION 1 Canto Court is situated in the London Borough of Islington, directly north of the City12 of London in a very popular student area. The property is located on Old Street (A5201), in close proximity to Shoreditch and Hoxton and a number 7 21 of transport links, namely Old Street Underground Station and the Barbican Underground35 Station. 22 42 15 30 The property is well situated for a number of universities; it is within19 easy walking distance of Queen Mary University, City University9 to 173 London, Cass Business School and the London School of Fashion. 29 16 6 Play Area 46 Steadman 23 23 5 The property is located within 5 minutes walk34 (0.2 miles) of Old Street Underground Station (NorthernCourt Line) to the east, and within a 10 minute walk (0.5 miles) to the Barbican Underground Station (Circle, Metropolitan and Hammersmith & City Lines) to the south36 west. Liverpool Street Station is also located within 20 minutes walk (1.0 miles) to the south east. Vickery 16 Court The property is serviced by several bus18 routes; the 55 running directly to Oxford Circus, the 243 directly to London Waterloo and two night buses (N35 and N55) to Tottenham Court Road and Oxford Circus. The nearest stop is located 11 6 26 S on Old Street, directly opposite the entrance to Canto Court. Source: TFL T 24 L 24 30 1 U 11 Site Plan 12 KES TCB 29 'S LB C L TRAVEL FROM CANTO COURT OSE 33 148 15 LOCAL UNIVERSITIES 14 2 t o Club 146 Royal Mail House 1 40 138 163 134 Distance/Method and journey time Cass Business School Queen Mary University City University London London College of Fashion TCBs 130 Distance (miles) 0.3 miles 0.4 miles 0.5 miles 0.8 miles 122 1 20 1 18 1 12 t o 116 Walking 5 minutes 8 minutes 11 minutes 13 minutes 1 T 1 ilne t 10 o 5 1 08 y 9 C o 104 Cycling 2 minutes 3 minutes 5 minutes 5 minutes u rt Source: Google 12 to 1 C 96 a 6 n to se u C y Ho o yle u Ro rt INTERCITY TRANSPORT LINKS INTERNATIONAL TRANSPORT LINKS LANDMARK DESTINATIONS to 26 16 Coltash Distance/Method and Liverpool Street Euston Waterloo Kings Cross St Pancras Heathrow Airport Oxford Circus Embankment 1 4 Court journey time 8 to 1 56 El Underground from Old Street 9 minutes 7 minutes 14 minutes 5 minutes 70 minutes 14 minutes 21 minutes Sub Sta to 42 18.1m 28 Underground from Barbican 4 minutes 13 minutes 21 minutes 5 minutes 75 minutes 16 minutes 20 minutes ce Not to scale - For indicative purposes only Pla Source: Transport For London (TFL) ers ith 17 W to tt to 52 14 146 PH ille 44 47 G to rge 44 144 o urt Ge Co 22 18 to 142 to 52 48 70 132 to 136 to 30 23 187 3 to 60 o t 5 Quaker e) 7 7 v 7 1 bo 19.6m 21 5 Court 5 a ( t B o 57 A IRD to 5 5 to 1 S EET T TR RE Friends' Memorial S 59 ER ET Buildings 76 NN 61 BA St Luke's to 0m 10m 20m 30m 61 30 Church 1 Centre 65 173 171 El Sub Sta Ordnance Survey © Crown Copyright 2013. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 LOCAL REGENERATION The London Borough of Islington is set to benefit from several regeneration schemes, the most notable being the regeneration of the area around Old Street Roundabout since referred to as ‘Tech City’. ￭ Tech City, the area encompassing Shoreditch, Hoxton and Old Street, has in recent years become the major hub for the rapidly expanding TMT industry. ￭ The government announced in 2012 that £50m funding would be injected into a project to regenerate Old Street Roundabout, seeing it transformed into Europe’s largest indoor civic space, dedicated to start-ups and entrepreneurs. These announcements were accompanied by a host of major corporate commitments to the area, notably; Microsoft, IDEALondon, KPMG and IBM. ￭ According to research conducted in 2013 by UHY Hacker Young, Tech City has become the most prolific area of new business regeneration in the UK, with 15,720 new businesses set up in the last year alone. Other current and historic regeneration schemes within close proximity to the site include; ￭ The King’s Cross Place Plan - Following the redevelopment of King’s Cross Central, currently the largest development project in Western Europe, Islington and Camden’s councils have worked in partnership to develop a Place Plan for the area aimed at delivering new services, facilities and public spaces to the community. ￭ The City Road Basin Master Plan - Adopted in 2004, the master plan sets out a framework for the redevelopment of the City Road Basin, former industrial land. Planning has been secured for several new developments and the provision of new civic space has been met. ￭ The EC1 Public Space Strategy - The council, in partnership with EC1 New Deal for Communities (NDC), has also been working since 2004 to implement the EC1 Public Space Strategy; a scheme of works to improve public spaces in the Borough. Studio Flat Studio Flat LONDON STUDENT MARKET STUDENT NUMBERS (HE) FOR SELECTED LONDON INSTITUTIONS (2011/2012) With a total of 41 universities, London forms the largest concentration of higher education across the whole TOTAL TIMES RANKING of Europe. The city is home to four of the world’s leading institutions according to the 2012/2013 QS World UNIVERSITY BOROUGH TOTAL FULL TIME University Ranking; University College London (4th), Imperial College London (5th), King’s College London INTERNATIONAL 2013 (19th) and the London School of Economics and Political Science (68th). City University Islington 19,340 14,360 7,515 46 The capital has experienced significant growth in student numbers over the past 10 years recording a full time (CASS Business School*) student population growth rate of 34% (HESA – based on available data) during this period. Over the same Queen Mary University, period, the international student population has increased by 61%. Tower Hamlets 14,860 13,915 4,220 38 London Just 21% of full time students currently have access to purpose built student accommodation.