the philpot street terrace, whitechapel · 2018-04-04 · tcb court st ph tcb 2 4 east mount street...

A refurbishment and investment opportunity within moments of Whitechapel Overground, Underground and Crossrail Stations

close to the Royal London Hospital, Whitechapel, London E1

The Philpot Street Terrace, Whitechapel

Philpot Street Terrace

• Located close to Whitechapel Overground, Underground and Crossrail station.

• Freehold interest in an attractive terrace of Listed buildings near to The Royal London Hospital bounded by Philpot Street, Newark Street and Ashfield Street, London E1.

• A mix of vacant and tenanted office, residential and medical accommodation.

• Current rental income of £92,400 per annum approximately.

• A number of imminent lease expiries in respect of commercial lettings with assured short hold tenancies on the residential elements.

• An attractive terrace of properties adjacent to a major refurbishment and redevelopment site immediately to the south, recently purchased from the same vendor, Barts and the London Charity.

• An opportunity for refurbishment of the existing residential units, and scope for conversion of office buildings back to residential use (subject to necessary consents).

• Offers sought for the freehold interest held by Barts and the London Charity (BtLC).

Investment Summary

Royal London Hospital

Whitechapel Underground, Overground and Crossrail


Shoreditch

Brick Lane

Royal London Hospital

Whitechapel Overground, Underground and Crossrail

Canary Wharf

30 St Mary AxeTower 42

Heron Tower

Liverpool Street Underground, Overground and Crossrail

O2

Spitalfields

Aldgate East


Philpot Street Terrace 1


The Philpot Street Terrace site is an interesting mixed use opportunity immediately to the south of the Royal London Hospital and within minutes walk of Whitechapel Underground and within minutes walk of Aldgate Underground (District, and Hammersmith and City), Overground and future Crossrail Stations. Shadwell DLR/Overground station is also nearby to the south.

This neighbourhood reflects a blend of different influences. Being within a short distance of the City and also close to Shoreditch with its TMT sector influence and lively nightlife and café scene.

Whitechapel will be recognised as a strategically convenient location being one Crossrail stop from Liverpool Street and minutes from Canary Wharf. Whitechapel has access to the District and the Hammersmith and City Lines, and Overground trains running from Crystal Palace/West Croydon in the South to connect with Watford in the North.

The locality surrounding the site is a mix of educational and research and hospital support uses underpinned by a thriving local multicultural community. On Whitechapel Road the long established street market provides local colour and amenity to an area burgeoning with new activity.

Visitors to the property will be struck by the sense of a changing area with distinct character.

Location

Whitechapel Road

Commercial Road

Com

mercial Street

Bis

hops

gate N

ew R

oad

Lenman S

treet Cannon S

treet Road

Aldgate East

Aldgate

Fenchurch Street

LiverpoolStreet

Shadwell

TowerGatewayTower Hill

Shoreditch

Brick Lane

WhitechapelGallery

Whitechapel

Royal LondonHospital

Broadgate

SpitalfieldsMarket

Overground

Underground

DLR

Rail

Crossrail


WhitechapelStation

Liverpool StreetStation

Aldgate & Aldgate East Station

Shoreditch

Shadwell Station



Underground/OvergroundThe Philpot Street Terrace site is readily accessible to the rail and underground networks with the following stations all being within close proximity

BusNumerous bus routes operate along Whitechapel Road and Commercial Road providing convenient access to the local area, including the City to the West and Canary Wharf and Stratford to the east.

BikePublic bicycle docking stations are located at:Royal London Hospital, WhitechapelPhilpot Street, Whitechapel

RoadThe A10 is in close proximity, providing access to the north, and also to the M25.

International Eurostar – Frequent daily high speed rail services to the European continent operate daily from London St Pancras, immediately accessible via Overground links from Whitechapel, and in the future via Crossrail.

Air The following London airports are readily accessible from the site.London CityHeathrowLutonStanstedSouthend

Communications

Copyright Eurostar™ Ltd



Whitechapel will be a major beneficiary from Crossrail. When complete in 2018 it will be transformed as a destination.

The new Whitechapel Crossrail station will use the existing Whitechapel Road entrance to the Whitechapel London underground and London Overground station. A shared concourse, ticket hall and station operations room will lead to a fully integrated station that provides an easy step free interchange between Crossrail, Hammersmith and City, District and Overground lines.

At peak times there will be 24 Crossrail trains per hour in each direction – in addition to the existing London underground and London overground services. This will support the economic growth in the surrounding area, and Whitechapel will become an important interchange due to its position at the eastern extremity of the central section of the Crossrail route.

Journey times to Heathrow airport will be only 39 minutes, whilst Whitechapel to Canary Wharf will be reduced to just 3 minutes. Links to Eurostar via Stratford are similarly rapid.

Crossrail, a driver for change

Copyright Crossrail Limited

Step-free access from platform to street and for interchange platform to platform

Surface lineTunnelPortal (tunnel entrance and exit)

Step-free access in direction of arrow only

Station which requires use of steps or escalators

Copyright Crossrail Limited

The new Whitechapel Crossrail station. Images copyright Crossrail Limited



The Philpot Street Terrace contains a mix of residential,

office and medical uses. The premises are located in

London Borough of Tower Hamlets and comprise eight

distinct Grade II Listed properties creating an attractive

facade on the western side of Philpot Street.

At this point Philpot Street is pedestrianised and

landscaped – a feature which may be expected to be

enhanced in any redevelopment proposals for the site

immediately to the south.

Description

Stores

24

38

57 59

42 40

Mission

RAVEN ROW

Whitechapel

21

212

Bank

49 to 51

12.6m

Post Office

176

MILW

AR

D S

TREET

208 208

3

43

100 to

136

MAPLES

PLACE

10 to 24

51 to

9

37

3941

263

229

245

247

PH

(Whitechapel)

D Fn

The London Hospital

271

249

267

259

251

253

12.5m

TCB

CO

UR

T S

T

PHTCB

2 4

EAST

MO

UN

T S

TREET

223

273

12.8m

2 to

10

a273

235

261

243

225

Court

Street 12.3m

227

265

StationCycle Hire

CR

233

Underground Railway

Underground Railway

WHITECHAPEL ROAD

PCs

85

FORD SQUARE

NEWARK STREET

STEPNEY WAY

ASHFIELD STREET

Ayasofia

Primary School

72

3 5

20

15

Bridgen

1 to 4

Greenw

ich C

t

54to

Ps

37

18

10

2

49

House

Dickson

House

12.9m17

1925

31

TUR

NER

STR

EET

31

19

33 35

NELSON STREET

Turner House

1216

10

1 to

17

Mellish House

1 to 12

PH

ILPO

T S

TREET

11.9m

Dam

ien C

ourt

Tylney House1 to 25

1 to

30

CA

VELL S

TRE

ET

1 to 15

56 to 60

1 to

11

64

9 to

17

225a

East London

Synagogue

22 to 26

1 to 11

1

2

95

18

Peter BestHouse

1 to 18

LB 88a

2242 to 52

Central

Sarah House

20

12.8m

Philson

Mansions

Cheviot

7

3

16

NELSON STREET11.7m

12

10

87

82

1 to 12

18

62a

17

House

10

Posts

80

PO

11.6m

12.0m

193

2

195

COMMERCIAL ROAD12.8m

191

TCBs

249

Offices)

197

275

235a

235

189187

185181179

219 to 225

177175169167

165

163

161

159

259

257

255

201 to 217

(Council

2

269

227 to 233

TCBs

153 to 157

12.9m

TCBs

33

25

Alexander

House

33

43

WALDEN STREET

24 to

52

Dawson

El Sub Sta

45

2

30

Zoar C

hapel

38

House

12.8m

2826

Porchester

House

John Harrison

House

7 to

FORD SQUARE

16 19

Home

1 to

9

18 to

22

19

11.9m

11.7m

10 to

Wilton

Court

15

Ps

Hubert

House 12

Kent

Nurses'

5

49

6

Clare

4747

4539

Cam

eron P

lace

VARDEN STREET

6

a

1

70

17

El Sub

Sta

1 to

20

House

Brierley

HouseHouse

Henry

16

45

Silvester House

WALDEN STREET

Ashton

10

Joscoyne 22

11

1 to

8

1

71

28

Nurses' Homes

DA

MIEN

STR

EE

T

CA

VELL S

TREET

SM

28

64

30

FOR

D S

QU

AR

E55

69

48

4

81

27

1 to 21

Vic

2226

1 to

6

21

89

1 to 10

Elan Court

39

25 to 37

5660

33

(London Hospital)

Research Laboratories

12.0m

36

80

Philpot

Street

26

56 to 76

House

12.8m

12.9m

46

(London Hospital)

10.8m

Students Hostel

Gw

ynne H

ouse

82a

Ford Square

42

Playground

28

Garage

84a

43

67

12.6m

ASHFIELD STREET

51 5

3

NEWARK STREET

Evans

12.6m

49

29

82

11.8m

Horace

30to

57

26

31

32to

1 to

8

16 to

20

80a

70 to

82

54 58

87

Dentistry

12.6m

12.2m11.7m

STEPNEY WAY

School of Medicine and

and D

entistryS

chool of

Medicine

12

Fielden H

ouse

86

12.9m

TUR

NER

STR

EET

SM

John Smith

HA

LCR

OW

STR

EE

T

Institute of

PH

(London H

ospital)

Philpot

Street

Pathology

Children's Centre

61 to 73

84 to

96

60 FloyerHouse

Philpot

Street

The Blizard

Building

5

Peter

House

51

80

Pathology & Pharmacy

31

34

36

43

Building

The Blizard

25

CR

Boro Const & Ward Bdy

68 to 74

1 to 16

Court

1 to

14

Thorpe

Burnham

54

and Dentistry

School of Medicine

House

FORD SQUARE

School

of N

ursing

and M

idwifery

St B

artholomew

Zeki

Isla

mic

Sch

ool

Lond

on

Stephan Reinke Architects Limitedwww.scrarchitects.com

OS Site Plan

1:1250 @ A2

Whitechapel I Development Plan


The Royal London Hospital

The Royal London Hospital




The properties are held freehold.

Tenure

42 Newark Street69 Philpot Street67 Philpot Street65 Philpot Street63 Philpot Street61 Philpot Street59 Philpot Street57A & 57B Philpot Street


Philpot Street TerraceThe Properties42 Newark Street, London E1

Interest – Freehold

TenanciesTenant – VacantUse – Residential

LocationThe property is located in Whitechapel adjacent to the Royal London Hospital, less than three miles to the east of central London. The Whitechapel Road (A11) runs less than 200m to the north of the property and Whitechapel underground station is less than ¼ mile to the north of the property providing access to the District and Hammersmith & City lines.

SituationThe property fronts the south side of Newark Street, on the corner of Philpot Street. The building has no front garden and is accessed directly from the pavement off Newark Street.

DescriptionAn early 19th Century brick built end-terrace house over basement and three upper floors. The property has single glazed timber sash windows under a pitched tiled roof.

There is a small hard surfaced garden to the rear of the property extending to a depth of 3.74m.

The building comprises an open plan kitchen/dining room at basement level, lounge at ground floor, a double bedroom and family bathroom at first floor and a further two single bedrooms on the second floor.

The property has plastered painted walls and contains many period features including original fireplaces and joinery as well as ornate plasterwork and cornicing. A modern kitchen and bathroom have been fitted and recessed spotlights added on all floors. A gas fired boiler provides central heating via radiators throughout the property.

Schedule of accommodation and site area:

Net internal floor areas

Area Sq m Sq ft

Basement 28.2 304

Ground Floor 29.7 320

First Floor 29.7 320

Second Floor 22.5 320

Total 110.1 1,186

69 Philpot Street, London E1


TenanciesTenant – VacantUse – Residential


SituationThe property fronts the west side of Philpot Street on the corner of Newark Street. The northern half of Philpot Street directly in front of the property is pedestrianised and landscaped.

DescriptionThe building is a period end of terrace house. It comprises a kitchen and dining room at basement level, bedroom at ground floor, a study at first floor and a double bedroom and bathroom at second floor. There is a small hard surfaced garden to the rear of the property.

The property has painted woodchip papered walls and contains many period features including original fireplaces, panelled doors and joinery as well as ornate plasterwork and cornicing. A gas fired boiler provides central heating via radiators throughout the property.

The property is in a basic state of repair having being vacant for some time. The fittings are dated and the property would benefit from refurbishment throughout.


Gross internal floor areas

Area Sq m Sq ft

Basement 20.7 223




Total 86.8 935


Philpot Street TerraceTenancies



TenanciesTenant – PrivateUse – ResidentialRent – £13,200Lease terms – Assured Shorthold Tenancy


SituationThe property fronts the west side of Philpot Street near the corner of Philpot Street and Newark Street. The northern half of Philpot Street directly in front of the property is pedestrianised and landscaped.

DescriptionAn early 19th Century brick built mid-terrace house over basement and three upper floors. The property has single glazed timber sash windows under a pitched tiled roof.

The building comprises an open plan kitchen/dining room at basement level, two reception rooms at ground floor, two double bedrooms at first floor and a further double bedroom and family bathroom with separate shower room on the second floor. There is a small hard surfaced garden to the rear of the property.




Area Sq m Sq ft

Basement 32.4 349




Total 133.9 1,440


Area Sq m Sq ft

Basement 20.7 223




Total 83.7 902



TenanciesNone – Vacant Use – OfficeVAT opted – No


SituationThe property fronts the west side of Philpot Street near the corner of Newark Street. The northern half of Philpot Street directly in front of the property is pedestrianised and landscaped.

DescriptionA brick built Victorian terrace house over basement and three upper floors. The property has single glazed timber sash windows under a pitched tiled roof.

The building comprises a single office at basement level as well as ground and first floors. On the second floor there is a bathroom and kitchenette as well as a consulting room. There is a small hard surfaced garden to the rear of the property.

The property has painted woodchip papered walls and contains many period features including original fireplaces, panelled doors and joinery as well as ornate plasterwork and cornicing. Heating is provided by electric storage heaters throughout the building.

The property is in a reasonable state of repair commensurate with its age and use although the standard of accommodation is basic and would benefit from refurbishment.



Philpot Street TerraceTenancies63 Philpot Street, London E1


TenanciesTenant – PrivateUse – ResidentialRent – £21,216 per annumLease terms – Assured Shorthold Tenancy


SituationThe property fronts the west side of Philpot Street near the corner of Philpot Street and Newark Street. The northern half of Philpot Street directly in front of the property is pedestrianised and landscaped.

DescriptionAn early 19th Century brick built mid-terrace house over basement and three upper floors. The property has single glazed timber sash windows under a pitched tiled roof.

The building comprises an open plan kitchen/dining room at basement level, two reception rooms at ground floor, two double bedrooms at first floor and a further double bedroom and family bathroom on the second floor. There is a small hard surfaced garden to the rear of the property with a brick built garden shed against the rear wall of the garden.




Area Sq m Sq ft

Basement 40.1 432




Total 157.0 1,692



TenanciesTenant – Barts and the London NHS TrustUse – OfficeRent – £12,900 per annumLease terms – 5 year term expiring 17/06/2015Next review – NoneBreak option – NilVAT opted – No


SituationThe property fronts the west side of Philpot Street mid way between junction of Ashfield Street and Newark Street. The northern half of Philpot Street directly in front of the property is pedestrianised and landscaped.

DescriptionAn early 19th Century brick built terrace house over basement and three upper floors. The property has single glazed timber sash windows under a pitched tiled roof.

The property is a residential building converted to office use and occupied by The City and East London Bereavement Service. The upper floors comprise offices/consulting rooms, with WCs on the second floor and there is an office and a kitchen at basement level.

The property has painted woodchip papered walls, fluorescent strip lighting, carpeting throughout and contains many period features including original fireplaces, panelled doors and joinery as well as ornate plasterwork and cornicing. A gas fired boiler provides central heating via radiators throughout the building.The property is in a reasonable state of repair commensurate with its age and use although the standard of accommodation is basic and would benefit from refurbishment.



Area Sq m Sq ft

Basement 28.8 310




Total 115.6 1,244


Philpot Street TerraceTenancies


Area Sq m Sq ft

Basement 28.8 310

Ground floor 24.9 268

First floor 28.9 311

Second floor 33.0 355

Total 115.6 1,244



TenanciesTenant – Barts and the London NHS TrustUse – OfficeRent – £13,960 per annumLease term – 5 year lease expiring 17 June 2015Next review – NoneBreak option – NilVAT opted – No


SituationThe property fronts the west side of Philpot Street near the corner of Ashfield Street. The northern half of Philpot Street directly in front of the property is pedestrianised and landscaped.

DescriptionAn early 19th Century brick built terrace house over basement and three upper floors. The property has single glazed timber sash windows under a pitched tiled roof.

The property is a residential building converted to office use and was last occupied by the Department of Nutrition and Dietetics. The upper floors comprise two offices on each floor, with two additional WCs on the ground floor. There is an additional office and a communal kitchen at basement level.

The property has painted woodchip papered walls, fluorescent strip lighting, carpeting throughout and contains many period features including original fireplaces, panelled doors and joinery as well as ornate plasterwork and cornicing. A gas fired boiler provides central heating via radiators throughout the building.

The property is in a reasonable state of repair commensurate with its age and use although the standard of accommodation is basic and would benefit from refurbishment. Schedule of accommodation and site areas

57A and 57B Philpot Street, London E1


TenanciesUse – ResidentialRent – 57A, £14,580 per annumRent – 57B, £16,610 per annumLease terms – Two separate Assured Shorthold Tenancies


SituationThe property fronts the west side of Philpot Street on the corner of Ashfield Street. The northern half of Philpot Street directly in front of the property is pedestrianised and landscaped.

DescriptionThe property has been split into two two-bedroom flats, 57A within the ground and lower ground floors and 57B over first and second floors. 57A is accessed through the garden to the rear of the property and 57B is accessed from a side door off Ashfield Street.

Flat 57A comprises a kitchen and lounge at ground floor level and two double bedrooms and a bathroom at basement level. There is a small single storey entrance porch to the rear, leading to a hard surfaced garden to the rear of the property which is used solely by 57A.

Flat 57B comprises a kitchen and lounge at first floor level and one single and one double bedroom and a bathroom at second floor level. There is no outside space with flat 57B.

Both properties provide a very similar quality of accommodation and are in a similar condition. They both have plastered painted walls and contain period features including original fireplaces, panelled doors and joinery as well as ornate plasterwork and cornicing. The ceiling to the bathroom in flat 57A showed signs of water staining along with cracking to the plaster. The staircase linking the four floors is contained within a semi circular turret to the rear of the property.

Gas fired boilers provide central heating via radiators throughout the properties.

The properties provide a basic standard of accommodation and are in a reasonable state of repair commensurate with the age and use.



Area Sq m Sq ft

Flat 57A

Basement 37.2 401

Ground floor 36.5 392

Total 73.7 793

Flat 57B


Second floor 33.5 361

Total 72.8 784

Total 146.5 1,577



Address Tenure Annual Income Notes Expiry date VAT opted Size

Let to commercial tenants

59 Philpot Street, London E1 Freehold £ 13,960 The lease is outside the security of tenure and compensation provisions of the Landlord and Tenant Act 1954 Part II (as amended).

17/06/2015 No 1,244 sq ft

61 Philpot Street, London E1 Freehold £ 12,900 A landlord break option has been triggered bringing the tenancy to an end on 31/12/2013. The lease is outside the security of tenure and compensation provisions of the Landlord and Tenant Act 1954 Part II (as amended).

31/12/2013 No 1,244 sq ft

67 Philpot Street, London E1 Freehold Vacant No 902 sq ft

Residential

57A Philpot Street, London E1 Freehold £ 14,580 AST, monthly 793 sq ft

57B Philpot Street, London E1 Freehold £ 16,610 AST, monthly 784 sq ft

63 Philpot Street, London E1 Freehold £ 21,216 AST, monthly 1,692 sq ft

65 Philpot Street, London E1 Freehold £ 13,200 AST, monthly 1,440 sq ft

69 Philpot Street, London E1 Freehold Vacant 935 sq ft

42 Newark Street, London E1 Freehold Vacant 1,186 sq ft

TOTAL £ 92,466 10,220 sq ft

Summary of Current Income and Expiries



www.philpotterrace.comFor further information please go to the website or to arrange a viewing please contact:

Colin HargreavesGryphon Property [email protected]+44 (0)20 3440 9804

Mike PopeGryphon Property [email protected]+44 (0)20 3440 9807

Mark [email protected]+44 (0)20 7614 0900

Jonathan [email protected]+44 (0)20 7614 0901

Further Information

Misrepresentation Act 1967 and DeclarationGryphon Property Partners and Strettons for themselves and for the vendors of this property whose agents they are give notice that:-a. the particulars are set out as general outline only for the guidance of intending

purchasers and do not constitute, nor constitute part of, an offer or contract.b. all descriptions, dimensions, references to condition and necessary permissions

for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them.

c. no person in the employment of Gryphon Property Partners or Strettons has any authority to make or give any representation or warranty whatever in relation to this property.

May 2013 Subject to Contract

The site is located in the London Borough of Tower Hamlets and is located within the London Hospital Conservation Area. The Properties are Grade II Listed. Nearby, to the south west and east are two further conversation areas being the Myrdle Street Conservation Area and the Ford Square Conservation Area, respectively.

Planning


Offers are invited for the freehold interest in Philpot Street Terrace.

Offers invited

the philpot street terrace, whitechapel · 2018-04-04 · tcb court st ph tcb 2 4 east mount street...

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