193 fleet street - allsop...17 lse 18 wsp group 1 rosewood hotel 2 silver vaults 3 vanilla black 4...
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1 193 FLEET STREET
F L E E T S T R E E T
1 9 3
E C 4
P R I M E C E N T R A L L O N D O N F R E E H O L D I N V E S T M E N T A N D R E F U R B I S H M E N T
O P P O R T U N I T Y
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193 FLEET STREET 2 3 193 FLEET STREET
PRIME CENTRAL LONDON FREEHOLD INVESTMENT AND REFURBISHMENT OPPORTUNITY
Prominent corner office and retail building.
Freehold.
Grade II Listed building providing office, retail and ancillary accommodation comprising approximately 384.99 sq m (4,144 sq ft) arranged over basement, ground and four upper floors.
The ground floor is operated as a high class retail unit and the upper parts comprise four floors of offices, of which the second and third are currently vacant. The fourth floor is subject to a rolling mutual option to determine on six months’ notice (operable after 25th November 2017).
There are outstanding asset management opportunities to enhance value through upcoming lease events, potential comprehensive refurbishment of the 2nd and 3rd floors and common parts.
The ground floor retail unit is subject to a rent review on 29th November 2017. The current rent passing is £60,000 per annum which equates to £35.29 per sq ft overall and is therefore considered to be highly reversionary.
The WAULT is 4.62 years to expiry and 4.00 years to breaks.
The current overall passing rent is £93,500 per annum equating to a highly reversionary rent of £32.13 per sq ft overall over the let accommodation only.
We are instructed to seek offers in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level reflects a capital value of £844 per sq ft.
INVESTMENT SUMMARY
5 193 FLEET STREET193 FLEET STREET 4
NEW STREET SQ
ST PAUL’S
TEMPLE
HOLBORN CHANCERY LANE
ONE NEW CHANGE
STRAND >
20 FENCHURCH ST TOWER BRIDGE
LONDON BRIDGE
THE SHARD
ST PAUL’S CATHEDRAL
BOROUGH MARKET
CITY THAMESLINK
BLACKFRIARS
ROLLS BUILDING
ROYAL COURTS OF JUSTICE
MIDDLE TEMPLE GARDENS
INNER TEMPLE GARDENS
OXO TOWER
MONDRIAN HOTEL
TATE MODERN
193 FLEET STREET
CH
AN
CE
RY
LA
NE
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7 193 FLEET STREET193 FLEET STREET 6
193 FLEET STREET IS LOCATED IN THE HEART OF CENTRAL LONDON, AN AREA SYNONYMOUS WITH THE PRESS AND THE LAW COURTS
The property is located in Westminster, on the corner of Fleet Street and Chancery Lane, and is within easy walking distance of Temple, Blackfriars, Farringdon and Holborn underground stations.
Fleet Street forms part of the Ceremonial route through Central London from St Paul’s and is synonymous with both the press and the legal sector.
The property is ideally situated for access to the Royal Courts of Justice, The Law Society, Middle and Inner Temples and Lincoln’s Inn.
WA
TERLOO
BRIDG
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LON
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RID
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SOU
THW
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K B
RID
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HIGH HOLBORN HOLBORN
FETT
ERLA
NE
KIN
GSW
AY
WO
BURN PLA
CE
SOUTHAM
PTON RO
W
OXFORD STREET
CH
AR
ING
CR
OSS R
OA
D
BLOOMSBURY WAY
HIGHHOLBORN
GR
AY
’S INN
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AD
FARRINGDON ROAD
FA
RR
ING
DO
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OA
D
FA
RR
ING
DO
N STR
EE
T
THEOBALD’S ROAD
CLERKENWELL ROAD
STRAND
STRAND
REGEN
T STREET
FLEET STREET
LINCOLN’S INNFIELDS
MIDDLE TEMPLEGARDENS
VICTORIA EMBANKMENTUPPER THAMES STREET
QUEEN VICTORIA STREET
LONDON WALL
HOLBORN VIADUCT
LOWER THAMES STREET
CANNON STREET
THREADNEEDLE STREET
GRESHAM STREET
MO
OR
GA
TE
GR
AC
ECH
UR
CH
STR
EET
BISH
OPS
GA
TE
COM
MERCIAL STREET
GREAT EASTERN STREET
CIT
Y R
OA
D
OLD STREET
ALD
ER
SGA
TE
STR
EE
T
KIN
G W
ILLIAM
STREET
ALDWYCH
CHA
NC
ERY
LAN
E
HA
TTON
GA
RD
EN CHARTERHOUSE STREET
WEST SMITHFIELD
RUSSELLSQUARE
GOODGESTREET
OXFORDCIRCUS
GREEN PARK
MARBLE ARCH
HYDE PARKCORNER
KNIGHTSBRIDGE
HOLBORN
EUSTON
ST PAUL’S
MANSIONHOUSE
MONUMENT
BANK
BARBICAN
CHANCERYLANE
SHOREDITCHHIGH STREET
LEICESTERSQUARE
CHARINGCROSS
WATERLOO
LONDONBRIDGE
WATERLOOEAST
EMBANKMENT
TEMPLE
SOUTHWARK
BOROUGH
BLACKFRIARSCANNONSTREET
OLD STREET
CITYTHAMESLINK
PICCADILLYCIRCUS
TOTTENHAMCOURT ROAD
BOND STREET
FARRINGDON
MOORGATE
LIVERPOOLSTREET
COVENTGARDEN
12
6
11
15
2
3
4
5
17
10
14
17
18
1
13
98 16
7
1
1
1
9
18
5
13
17
17
17 513
15
14
11 11
117
12
2
316
45
5
68
1 Kings College London
2 Freshfields Bruckhaus3 Bird & Bird4 MacFarlanes5 HM Courts Service6 Legalease7 Deloitte8 Lewis Silken9 Saatchi & Saatchi
10 Essex Chambers11 Goldman Sachs12 Sainsbury’s13 Child & Co14 Jones Day15 C Hoare & Co16 DAC Beechcroft17 LSE18 WSP Group
1 Rosewood Hotel2 Silver Vaults3 Vanilla Black4 Bounce5 Vivat Bacchus6 Ede & Ravenscroft7 Gaucho8 Roka9 The Delaunay10 Cheshire Cheese
11 Church’s Shoes12 Baranis13 Brasserie Blanc14 Lutyens15 Dept of Coffee and
Social Affairs16 Apex Hotel17 Natural Kitchen18 Cittie of Yorke
LOCAL OCCUPIERS AMENITIES
LOCATION
9 193 FLEET STREET193 FLEET STREET 8
THE ELIZABETH LINE WILL INCREASE LONDON’S RAIL CAPACITY BY MORE THAN 10% AND WILL SERVICE AN ESTIMATED 200 MILLION PASSENGERS EACH YEAR
The opening of Crossrail will transform connections across Central London. 193 Fleet Street is in an excellent position to benefit significantly from this, located a 12 minute walk away from the main Crossrail entrance at Farringdon station.
Due for completion in 2018, Crossrail at Farringdon will become one of Britain’s busiest train stations and will be a key link in bringing passengers from outer London to the business hubs in the City and Canary Wharf as well as providing access to the Underground, Mainline and City Thameslink services.
193 FLEET STREET IS IDEALLY LOCATED TO BENEFIT FROM LONDON’S EFFICIENT AND RAPIDLY EXPANDING PUBLIC TRANSPORT NETWORK.
193 Fleet Street benefits from excellent transport infrastructure, being situated in close proximity to a number of mainline rail and London Underground stations. These stations include:
HEATHROWAIRPORT
PADDINGTON TOTTENHAMCOURT ROAD
MAIDENHEAD
BOND STREET
STRATFORD
SHENFIELDFARRINGDON
LUTONGATWICK
READING
LIVERPOOLSTREET
STANSTED
CANARYWHARF
57 45 32 8 4 2 2 8 10 43
Expected travel times across Central London from Farringdon Crossrail station are expected as follows:
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BRIDG
E LON
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RID
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HIGH HOLBORN HOLBORN
FETT
ERLA
NE
KIN
GSW
AY
SOUTHAM
PTON RO
W
OXFORD STREET
CH
AR
ING
CR
OSS R
OA
D
BLOOMSBURY WAY
HIGHHOLBORN
GR
AY
’S INN
RO
AD
FA
RR
ING
DO
N R
OA
DF
AR
RIN
GD
ON
STRE
ET
THEOBALD’S ROAD
CLERKENWELL ROAD
STRAND
STRAND
REGEN
T STREET
FLEET STREET
VICTORIA EMBANKMENTUPPER THAMES STREET
QUEEN VICTORIA STREET
LONDON WALL
HOLBORN VIADUCT
LOWER THAMES STREET
CANNON STREET
THREADNEEDLE STREET
GRESHAM STREET
MO
OR
GA
TE
GR
AC
ECH
UR
CH
STR
EET
BISH
OPS
GA
TE
COM
MERCIAL STREET
GREAT EASTERN STREETCIT
Y R
OA
D
OLD STREET
KIN
G W
ILLIAM
STREET
CH
AN
CERY LA
NE
HA
TTON
GA
RD
EN
CHARTERHOUSE STREET
WEST SMITHFIELD
ALDWYCH
RUSSELLSQUARE
GOODGESTREET
OXFORDCIRCUS
GREEN PARK
MARBLE ARCH
HYDE PARKCORNER
KNIGHTSBRIDGE
EUSTON
MANSIONHOUSE
MONUMENT
BANK
SHOREDITCHHIGH STREET
LEICESTERSQUARE
WATERLOO
LONDONBRIDGE
WATERLOOEAST
SOUTHWARK
BOROUGH
CANNONSTREET
OLD STREET
CITYTHAMESLINK
PICCADILLYCIRCUS
TOTTENHAMCOURT ROAD
BOND STREET
MOORGATE
LIVERPOOLSTREET
CHANCERYLANE
ST PAUL’S
HOLBORN
COVENTGARDEN
BLACKFRIARS
EMBANKMENT
CHARINGCROSS
FARRINGDON BARBICAN
TEMPLE
0.6 MILES
0.7 MILES
0.5
MIL
ES
0 .7
MIL
ES
0.7 MILES
0.4 MILES
0.3 MILES
0.3
MIL
ES
TRANSPORT AND COMMUNICATIONS
11 193 FLEET STREET193 FLEET STREET 10
193 Fleet Street was designed by Archer and Green in 1872 and was originally occupied by George Attenborough & Sons Jewellers and still trades under that name.
The façade is decorated with a plethora of significant statues and intricate details including a pair of griffins with the motto ‘Sub hoc Floresco – underneath I flourish’. Other decoration includes two small pairs of spandrel girls in addition to portraits of artists including Raphael and Michelangelo.
The property was included in the list of buildings of special and architectural or historic interest at Grade II on the 5th June 1972.
The building extends to approximately 384.99 sq m (4,144 sq ft) of office, retail and ancillary accommodation over basement, ground and four upper floors. The existing office accommodation comprises suspended ceilings, raised floors, central heating and a combination of recessed LED and surface mounted lighting. The offices are served by a single staircase accessed off Chancery Lane and have no passenger lift.
The retail accommodation is accessed through a separate entrance on Fleet Street.
THE PROPERTY
13 193 FLEET STREET193 FLEET STREET 12
Our client has supplied us with the following net internal areas:
FLOOR USE NIA (SQ M)
NIA (SQ FT)
4th Office 52.02 560
3rd Office 56.20 605
2nd Office 58.43 629
1st Office 60.38 650
Ground & Basement Retail 157.93 1,700
TOTAL 384.99 4,144
BASEMENT
2ND FLOOR
GROUND FLOOR
4TH FLOOR
ACCOMMODATION
Not to scale. Indicative only.
F L E E T ST R E E T
CH
AN
CE
RY
LAN
E
First floor
193 FLEET STREET 14 15 193 FLEET STREET
The property is let in accordance with the following schedule:
TENANT FLOOR AREA (SQ M)
AREA (SQ FT)
LEASE START LEASE END RENT REVIEW BREAK PAX PSF COMMENTS
BBL (UK) Services LLP 4th 52.03 560 25/05/2017 24/05/2022 - 25/11/2017 (M) £14,000.00 £25.00 Excluded from the security of tenure provisions of Sections 24-28 (inclusive) of the Landlord and Tenant Act 1954. Rolling mutual option to deter-mine on 6 months notice.
Vacant 3rd 56.21 605 - - - - - - -
Vacant 2nd 58.44 629 - - - - - - -
Mary Monson Solicitors Limited
1st 60.39 650 20/07/2015 19/07/2020 - - £19,500.00 £30.00 Excluded from the security of tenure provisions of Sections 24-28 (inclusive) of the Landlord and Tenant Act 1954.
Pengems Limited Bst/Ground 157.94 1,700 29/11/2012 28/11/2022 29/11/2017 29/11/2017 (T) £60,000.00 £35.29 Break option was not exercised by the Lessee.
TOTAL 384.99 4,144 £93,500.00 £32.13*
TENANCY
* Rent psf over the let accommodation only
17 193 FLEET STREET193 FLEET STREET 16
VAT PLANNING
DATA ROOMEPC
The property is VAT elected. It is anticipated that the sale of the property will be treated as a Transfer of a Going Concern.
193 Fleet Street is situated in the City of Westminster. The property is Grade II Listed under list entry number 1064665. The Property lies with the Strand Conservation Area.
Further information can be downloaded on the data room at www.193fleetstreet.com
The Property is Grade II Listed and does not require an EPC.
The building is held Freehold under title number NGL838547.
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
STRAND
FLEET STREET
CH
AN
CERY LA
NE
BELL YARD
TENURE
19 193 FLEET STREET193 FLEET STREET 18
OFFERS ARE SOUGHT IN EXCESS OF £3,500,000 (THREE MILLION FIVE HUNDRED POUNDS) FOR THE FREEHOLD INTEREST OF 193 FLEET STREET, LONDON EC4, SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT.
A PURCHASE AT THIS LEVEL REFLECTS A CAPITAL VALUE OF £844 PER SQ FT.
CONTACTS
For further information or to arrange an inspection of the property which is to be strictly by appointment only, please contact:
Jonathan [email protected] 7588 4433
Marsha Rabinovich [email protected] 020 7588 4433
Christopher James [email protected] 020 7588 4433
DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to 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 Parties 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 Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. September 2017 www.cube-design.co.uk (Q3841)
PROPOSAL
193 FLEET STREET 20