FULLY LET PRIME LONDON INVESTMENT OPPORTUNITY 21 & 29-31 ESSEX ROAD ISLINGTON, LONDON N1 INVESTMENT SUMMARY Located in Islington, one of the most affluent London Boroughs. Situated on Essex Road which benefits from a variety of pubs, bars, shops and restaurants whilst in close proximity to Islington Green, Upper Street and Angel Underground Station. Nearby occupiers include Tesco Express, Reiss, Waterstones, Côte Brasserie, The Gym Group, Nuffield Health & Fitness, Barrio, Wenlock & Essex and the Old Queens Head. Comprises two ground floor units held on two separate long leasehold interests at fixed peppercorn rents. Fully let to Brewdog (underlet to Essex House) and Floatworks producing a total rent passing of £190,000 per annum (any outstanding rent free and annual stepped rents to be topped up). Attractive Average Weighted Unexpired Lease Term of 14.7 years to expiry (11.6 years to break). Seeking offers of£3,244,000 (Three Million, Two Hundred and Forty Four Thousand Pounds), Subject to Contract and exclusive of VAT, reflecting aNet Initial Yield of 5.50%, allowing for purchaser’s costs of 6.48%. Situated on Essex Road which benefits from a variety of pubs, bars, shops and restaurants whilst in close proximity to Islington Green, Upper Street and Angel Underground Station. 21 & 29-31 ESSEX ROAD // ISLINGTON // LONDON N1 PRIME LONDON INVESTMENT OPPORTUNITY 2 LOCATION SITUATION London Borough of Islington, one of London’s most vibrant and The subject property is prominently situated in the heart of Islington affluent conurbations, is located approximately 2 miles (3.2 km) north on the western side of Essex Road at its junction with Gaskin Street. of Central London. The Borough’s principle town is Islington which Islington Green is situated less than a hundred yards to the south, extends from Islington High Street to Highbury Fields encompassing whilst Angel Underground Station is also a short distance. Essex Road, Upper Street and Southgate Road. The immediate vicinity is renowned for its popular retail and leisure Road communications are excellent with the A1 (Upper Street and destinations including Reiss, Waterstones, Tesco Express, Côte Holloway Road) and the A501 (Pentonville Road, Euston Road and City Brasserie, Byron, Pizza Express, The Breakfast Club, Wahaca, Five Road) providing easy access to both the City and the West End. Guys, Nando’s, Simmons, Barrio, Wenlock & Essex and the Old Queens Head. Islington is well served by public transport with underground stations at Angel (Northern Line) and Highbury and Islington (Victoria Line). There are a number of large office buildings in the immediate area Essex Road station (National Rail) is also a short distance from the including The Old Sorting House and Suncourt House. property. The area is additionally well served by bus routes, with a major bus interchange located near Angel underground station. Islington is well served by public transport with underground stations at Angel (Northern Line) and Highbury and Islington (Victoria Line). 21 & 29-31 ESSEX ROAD // ISLINGTON // LONDON N1 PRIME LONDON INVESTMENT OPPORTUNITY 3 HIGHBURY & ISLINGTON 5 MIN WALK VACANT ESSEX RD ESSEX HOUSE 6 MIN WALK MORE YOGA DESCRIPTION The property comprises two ground floor units which form part of a larger modern mixed-use development of framed construction with brick elevations. 21 Essex Road (Floatworks / part underlet to More Yoga) provides an L-shaped unit with large glazed frontage to Essex Road. The unit benefits from A3 & D2 planning use and provides floatation pod therapy treatments. Part of the unit is sublet to a yoga studio operator. 29-31 Essex Road (BrewDog / underlet to Essexbarislington Ltd t/a Essex House) comprises a recently refurbished open plan bar. The unit also benefits from an extensive frontage onto Essex Road with outdoor seating. Floor plans are available on request. ANGEL 5 MIN WALK For indicative purposes only. Title plans are available on request. 21 & 29-31 ESSEX ROAD // ISLINGTON // LONDON N1 PRIME LONDON INVESTMENT OPPORTUNITY 4 ACCOMMODATION Plowman Craven measured survey is available on request. Address Tenant Use Area Analysis (sq ft) 21 Essex Road Floatworks Ltd Leisure 3,684 Brewdog Bars Ltd 29-31 Essex Road Bar 1,806 (Essex House) Total 5,490 21 & 29-31 ESSEX ROAD // ISLINGTON // LONDON N1 PRIME LONDON INVESTMENT OPPORTUNITY 5 TENURE The property is held on two separate long leasehold interests for 999 years from 29th September 1997 expiring 28th September 2996, at fixed peppercorn rents. TENANCY SCHEDULE There is a service charge in operation and this is managed by the freeholders managing agent Rendall & Rittner. Details available on request. The property offers an attractive Average Weighted Unexpired Lease Term (AWULT) of 14.7 years to expiry and 11.6 years to break. Rent Lease Expiry Address Tenant Description Lease Start Rent Review Comments (Break) £ psf £ pa (Weighted £ psf) Stepped rents as follows: 29.03.2019 to 28.12.2019: peppercorn 29.12.2019 to 28.03.2020: £56,750 pa 29.03.2020 to 28.12.2020: £57,375 pa 29.12.2020 to 28.03.2021: £114,750 pa 29.03.2021 to 28.03.2022: £116,000 pa 29.03.2022 to 28.03.2023: £117,250 pa 28/03/2034 29/03/2024 21 Essex Road Floatworks Ltd Leisure 29/03/2019 £118,500* £32.17 29.03.2023 to 28.03.2024: £118,500 pa (28/03/2029) 29/03/2029 *Any outstanding rent free and stepped rents to be topped up by vendor to March 2023 (£118,500 pa). Rent deposit of £50,000 held. Part sublet to More Yoga. Lease outside the act. 25/12/2019 £39.59 Underlet to Essexbarislington Limited 29-31 Essex Road Brewdog Bars Ltd Bar 25/12/1999 24/12/2034 25/12/2024 £71,500 (£47.99) (t/a Essex House). 25/12/2029 AWULT: Total 14.7 years £190,000 (11.6 years) 21 & 29-31 ESSEX ROAD // ISLINGTON // LONDON N1 PRIME LONDON INVESTMENT OPPORTUNITY 6 LONDON TRANSACTIONS Years to expiry Date Address Tenant(s) Price NIY (Break) Under Offer 286 Upper Street, Islington N1 Mercer Clothing (t/a Albam) 0.5 c. £1m 4.49% Under Offer 20 Upper Street, Islington N1 Lloyds Bank 2.5 c.£1.7m 5.25% Sep-19 59 Newington Green, Islington N1 The Alma Pub 27.0 £1.8m 3.48% Sep-19 57 St Johns Wood High Street, St Johns Wood NW8 Coral 5.1 £4.3m 3.98% Sep-19 40-42 Parkway, Camden NW1 40 Zero 21.5 £3.8m 3.20% Sep-19 26 Smithfield Street, Farringdon EC1 Bird of Smithfield Pub 25.0 £3.9m 3.61% Aug-19 238 Upper Street, Islington N1 Benita Bakery 5.3 £1.6m 5.23% Aug-19 13 High Street, Islington N1 Tortilla 4.0 £1.4m 4.04% 6.8 Jun-19 100/106 Judd Street, Kings Cross WC1 Multi-let £2.2m 5.00% (6.2) Jun-19 252 Chiswick High Road, Chiswick W4 Pizza Express (Undisclosed) £2m 4.35% Feb-19 259A Caledonian Road & 2A/2B Bingfield Street, Islington N1 Iceland Foods 3.5 £2.6m 3.61% 7.4 Feb-19 454 Holloway Road, Islington N7 Vodafone £1.1m 4.47% (2.4) 21 & 29-31 ESSEX ROAD // ISLINGTON // LONDON N1 PRIME LONDON INVESTMENT OPPORTUNITY 7 EPC Available upon request. VAT We understand that the property will be treated as a Transfer of a Going Concern for VAT purposes. PROPOSAL We are instructed to seek offers for our client’s long leasehold interests in excess of £3,244,000 (Three Million, Two Hundred and Forty Four Thousand Pounds), subject to contact and exclusive of VAT. A purchase at this level would reflect aNet Initial Yield of 5.50%, after allowing for purchasers costs of 6.48%. FURTHER INFORMATION For further information please contact: Pierre Kunkler [email protected] T 020 7399 0602 M 07508 124 751 Alice Lake [email protected] T 020 7399 0603 M 07525 952 113 MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy themselves and as to the correctness of these details. Neither the agent nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office. November 2019. Designed and produced by Creativeworld. 01282 858200.