7-8 Wakley Street. 328 City Road

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1 7-8 Wakley Street 328 City Road Islington EC1 A Freehold Mixed Use Development Opportunity In The Heart Of Islington

2 Executive Summary This is an opportunity to purchase and development a freehold site within the heart of Islington. We believe this opportunity will be of significant interest to developers, investors and owner occupiers. An opportunity to acquire and develop a freehold site within the heart of Islington, which will be of significant interest to developers, investors and owner occupiers. - Existing freehold B1 office building with a gross internal floor area of 22,364 sq. ft. on a site extending to 0.4 acres. - Planning permission granted for new build mixed use scheme which comprises 26 residential units (22 private, 4 affordable) with 18,383 sq. ft. of B1 offices. The total consented area is 48,966 sq. ft. (GIA). - The property is currently let to National Children s Bureau at nil rent on a lease to expire in April Pending application for a scheme to refurbish and extend the existing building to provide 38,801 sq. ft. GIA of B1 space and 8,253 sq. ft. of residential space across 9 units. - Offers in excess of 11,750,000 which reflects a low capital value of / sq. ft. on the existing GIA and 239 / sq. ft. on the consented scheme. - The property is VAT elected and therefore will be applicable to the purchase price. - Subject to contract. Wakley Street Facade

3 Location Old Street 7-8 Angel Barbican Farringdon 11 mins walk mins walk 9 mins 16 mins

4 Location Location 7-8 Wakley Street & 328 City Road occupy a site of approximately 0.16 hectares (0.40 acres) located in the heart of Islington. Granary Square York Way Caledonian Road Barnsbury Road Liverpool Road O2 Academy Islington Angel Central Upper St Camden Passage Islington Green New North Road The immediate vicinity provides a diverse mix of bars, shops and restaurants which make Angel one of Central London s most exciting locations to live, work and socialise. Local amenities include Sadler s Wells Theatre, O2 Academy Islington, Almeida Theatre, Screen On The Green, Islington Central, Camden Passage retail as well as Islington Business Design Centre. City Road to the east of the site provides a principal arterial route towards the City of London via Old Street roundabout. Farringdon and King s Cross are also directly accessed via St John Street and Pentonville Road to the immediate south. Connectivity Angel 5 mins walk Old Street 11 mins walk King s Cross St Pancras 11 mins Euston 13 mins Bank 15 mins Farringdon 16 mins Liverpool Street 17 mins Highbury & Islington 18 mins Pancras Road St Pancras Euston Road Pancras Square Kings Cross Kings Cross St Pancras Tavistock Place Russell Square Southampton Row High Holborn Guilford Street Caledonian Road Gray s Inn Road Gray s Inn Road King s Cross Road Penton Street Pentonville Road Amwell Street Farringdon Road Rosebery Avenue Farringdon Road Goswell Road City Road City Road Theobalds Road Clerkenwell Road Old Street Holborn Chancery Lane Sadler s Wells Theatre Exmouth Market Angel St. John Street Clerkenwell Green Farringdon Farringdon Street St John s Square Wakley St Charterhouse Street West Smithfield Long Lane Holborn Viaduct Charterhouse Square Wharf Road Wenlock Road Central Street Golden Lane Bastwick St Barbican Beech Street Shepherdess Walk Bath Street Whitecross Street Whitecross Market London Wall Nile Street Bunhill Row Provost Street Chiswell Street Moorgate Old Street City Road Moorgate East Road Vestry Street Old Street Roundabout Finsbury Square Kingsway All journey times taken from the building. Source: TFL Fleet Street Cheapside

5 Lifestyle

6 Kitchen Kitchen Services Accommodation Accommodation Existing Floor Plans The existing office building extends to approximately 22,364 sq. ft. (GIA). 7-8 Wakley Street is arranged over Ground to 2nd floor, and 328 City Road is arranged over Ground to 4th floor. Lower Ground Floor Ground Floor Wakley Street 7-8 Wakley Street NIA sq. ft. GIA sq. ft. 2nd Floor 1,489 1,683 1st Floor 1,510 1,687 Ground Floor 601 1,028 City Road Total 3,599 4,398 1st Floor Wakley Street 2nd Floor Wakley Street 328 City Road NIA sq. ft. GIA sq. ft. 5th Floor th Floor rd Floor nd Floor st Floor Ground Floor City Road City Road Total 2,806 3,880 Central Building NIA sq. ft. GIA sq. ft. 1st Floor 1,932 2,107 Ground Floor 8,902 11,449 Lower Ground Floor Total 11,365 14,086 Typical Floor (3rd-5th) Wakley Street NIA sq. ft. GIA sq. ft. Grand Total 17,770 22,364 City Road N For indicative purposes only not to scale

7 The Building City Road Facade

8 Approved Scheme Approved Scheme Planning permission exists under reference P2014/3572/FUL for the demolition of the existing buildings and the construction of 26 residential units and 18,383 sq. ft. of offices within a new build scheme. 4 of the units are to be provided for affordable housing. A copy of the Section 106 agreement is available upon request. Type Number Average Size (sq. ft.) NIA GIA B1 Office 1-18,364 21,937 Open Market Residential Affordable Residential ,673 22, ,035 4,166 Total 28-38,072 48,966 A copy of the approved scheme can be viewed here, use the access code Wakley. A copy of the seller s Rights of Light survey report in relation to this is available upon request

9 Pending Application Pending Application It is considered that whilst the April 2016 consent sets a precedent for a mass and bulk of a development which can take place on the site, there may be alternative development options by working to reposition the existing building with the creation of additional residential and office accommodation. This application is designed within the envelope of the April 2016 approved scheme, and is understood to be policy compliant. A planning application is due to be submitted for a mixed-use scheme which will: - Extend to the rear of upper floors of the 328 City Road element - Add 2 additional floors on the Wakley Street frontage as per April 2016 consent - Add 3 additional floors to the centre of the existing office building (as opposed to 4 floors in the April 2016 consent) - Opens light wells at ground increasing open aspect to the north at ground Proposed Accommodation Commercial GIA Residential GIA Floor sq. ft. sq. ft. Fifth 2,917 1,076 Fourth 3,530 1,399 Third 4,230 1,560 Second 6,070 1,560 First 8,083 1,668 Ground 12, Basement 1,205 0 Total 38,801 8,253 Proposed Elevations A scheme of this nature would create circa 38,801 sq. ft. GIA of B1 space and 8,253 sq. ft. of residential space across 9 units, with the construction work carried out as extensions, conversion and refurbishment rather than a new build scheme. Possible External Terrace Space

10 Market Commentary Occupational Market The London office vacancy rate has been decreasing for almost three years and has fallen to just below 3%. Demand across non-core submarkets continues to originate from a wide range of occupiers looking for affordable Grade-A space. Supply continues to lag, with approximately 20% of schemes currently under construction already pre-let. Rental evidence in Islington suggests that the rental growth rate has been in line with surrounding City Fringe locations. Rents in Islington are typically in the high 50 s per sq. ft., with any premium space on the borders of Shoreditch and King s Cross in the sub 5,000 sq. ft. category commanding rents in excess of 60 per sq. ft. Recent rental growth driven by acutely low vacancy in Tech City, coupled with continuing strong demand, has caused a leapfrogging effect resulting in cost-conscious tech companies having to widen their search for office space to include Islington. Occupational Market Comparables Address Area Tenant Headline Rent Suncourt House, Essex Road N1 4,300 sq. ft. Hudl UK Limited per sq. ft. The Pivotal Building, 123 Pentonville Road N1 25,800 sq. ft. Houzz Key Investment / Vacant Possession Comparables per sq. ft. (Overall-Entire Building) Kings Cross Road, London WC1 3,331 sq. ft. CCGroup Communications Limited per sq. ft. White Collar Factory, 1 Old Street Yard EC1 28,549 sq. ft. Box.com per sq. ft. Saffron House, 6-10 Kirby Street EC1 11,644 sq. ft. Arthritis Research UK per sq. ft. Sutton Yard, 65 Goswell Road EC1 9,448 sq. ft. Future Games Of London per sq. ft. Address Tenure Tenancy Price Purchaser Comment White Lion Street, N1 Freehold Vacant possesion 12.6m ( 342 per sq. ft. based on the consented scheme) Private Planning permission for a new office scheme of 36,760 sq. ft. White Collar Factory Suncourt House 175 St John Street, EC1 Freehold Vacant possesion 14.2m ( 999 per sq. ft.) Place To Be VP with comprehensive refurbishment / development required. Old Sorting House, 46 Essex Road, N1 Freehold Vacant possession M ( 570 per sq. ft. on the consented) Private Planning permission for a new office/ residential scheme of 24,400 sq. ft. York House, Pentonville Road, N1 Freehold Vacant possession M ( 600 per sq. ft. on the proposed) The Office Group Outline planning consent for the reconfiguring and additional massing to provide an office scheme of 56,900 sq. ft. Sutton Yard Kings Cross Rd

11 Further Information Tenure Freehold. VAT The site is elected for VAT. Tenancy The property is currently let to National Children s Bureau at nil rent on a lease to expire in April Proposal Offers invited in excess of 11,750,000 (Eleven Million, Seven Hundred and Fifty Thousand Pounds) which reflects a low capital value of / sq. ft. on the existing GIA and / sq. ft. on the consented scheme. City Road Contact For further information, please contact the joint sole agents: Wakley Street Ricky Blair ricky.blair@colliers.com Hall Street Elliott Stern elliott.stern@colliers.com Kyle Joss kyle.joss@colliers.com Goswell Road Ross Kemp ross.kemp@kingsbury-consultants.co.uk Tom Brain tom.brain@kingsbury-consultants.co.uk Colliers International & Kingsbury, give notice that these particulars are set out as a general outline only for the guidance of 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 Party 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 Colliers International & Kingsbury has any authority to make any representation or warranty whatsoever in relation to this property. September Designed & produced by Cre8te cre8te.london