15-16 Dufferin Street EC1

Transcription

1 Freehold office with vacant possession, of interest to owner occupiers, investors and developers Dufferin Street EC1

2 15-16 Dufferin Street EC1 Executive Summary Freehold Self contained building comprising 6,262 sq ft (581.7 sq m) (NIA) of B1 accommodation arranged over lower ground, ground and three upper floors Single let to National Deaf Children s Society expiring 14th March 2014, excluded from the Security and Tenure Provisions of the Landlord and Tenant Act 1954, Part II (as amended) Situated in a vibrant location between Clerkenwell and Old Street Roundabout, well poised to benefit from Crossrail Located in one of the most sought after trendy office locations in London, between Clerkenwell and Old Street roundabout Two planning permissions achieved in 2013 for the creation of additional B1 accommodation Excellent opportunity for refurbishment, addition of new office space and/or creation of residential accommodation subject to the necessary consents Of interest to owner occupiers, investors and developers Offers are sought in excess of 2.85 million ( 455 psf) The property is not elected for VAT

3 15-16 Dufferin Street EC1 PERCIVAL STREET Kings Square Gardens LEVER STREET SEWARD STREE T RADNOR STREET HOLBORN VIADUC T NE WGATE STREE T FARRING DON STREE T W E S T S M I T H F I E L D L O N G L A N E O LD BAILE Y GILT SPUR S T REE T GOSWELL ROAD Bartholomew St Luke s Square Garden SHOE LANE FARRINGDON ROAD ST JOHN STREE T CLERKENWE LL ROA D CHARTERHOUSE STREE T L IT TLE BRITAIN GOSWELL ROAD ALDERSGATE STREE T S T MARTIN S LE -GRAND CENTRAL STREE T OLD STREET GOLDEN LANE BEECH STREE T L O N D O N W A L L W O O D S T R E E T WHITECROSS G R E S H A M OLD STREET BANNER STREET STREE T S T R E E T BAT H STREE T B U N H I L OLD STREET OLD S TREET SHOR E D ITCH HIGH ST Location The building is located on the north side of Dufferin Street, which runs between Fortune Street to the west and Bunhill Row to the east, within easy walking distance from Old Street. Old Street Roundabout is the principal north gateway into the City of London with City Road and Old Street being arterial routes connecting the City with Kings Cross, Holborn and the West End. To the west lies Clerkenwell and to the east lies Shoreditch. The area has established itself as the tech hub with much focus on the Silicon Roundabout, which is resulting in extensive commercial and residential regeneration. Old Street Station (mainline and Northern line underground), Barbican Station (Circle, Hammersmith and City, Metropolitan and mainline services) and Farringdon Crossrail entrance to be constructed on Long Lane are all close by. TURNMILL STR E T FARRINGDON CITY THAMESLINK COMPTON STREE T GREAT SUTTON STREET Queen Mary University of London BARBICAN FARRINGDON St Bartholomew s Hospital Stock Exchange BASTWICK STREET GEE STREET Museum of London Whitecross Market Barbican CHISWELL STREE T SILK STREE T Guildhall B A S I NGHALL STREE T MILTON STREE T FORE MOOR LANE S T L R O W MOORGATE P Bunhill Fields ROPEMAKER ST M O O R GATE HAC MOORFIELDS L O T H B U L O N D O N W A L L R CITY ROAD CIT Y ROAD Y C LEONARD STREET I R F C I N S B U RY U TABERNACLE STREE T SOUTH PLACE S WORSHIP STREET WILSON STREE T O L D CLIFTON STREE T SUN STRE E T Broadgate B R OAD STREE T GT EASTERN STREE T SHOREDITCH A P POLD STR E E T C URTAIN ROAD LIVERPOOL STREET LIVERPOOL ST R EE T T E B I S H O P S G A XE HOUNDSDITCH BEVIS MARKS SHOREDITCH HIGH STR EE T

4 15-16 Dufferin Street EC1 Description Mid terrace period former warehouse arranged over lower ground, ground and three upper floors. The property comprises the midsection of a small island site, bounded by Dufferin Street to the south, Cahill Street to the west and Dufferin Avenue to the north and east. Access to the building is via the main entrance on Dufferin Street and secondary entrance from Dufferin Avenue at the rear. The floor to ceiling heights are excellent with natural light front and back. Floor plates are regular and centrally heated. All floors are accessed by a lift and specification comprises perimeter trunking and plaster painted walls and ceilings. Tenancy The entire property is let to the National Deaf Children s Society (NDCS) at a rent of 108,000 per annum on a lease expiring 14th March The lease is outside the 1954 Act. The tenant may require their lease to be extended to 31st March Planning The site is located in the London Borough of Islington, within The St Lukes Conservation Area, the Clerkenwell Action Area Plan and the London Central Activities Zone. GPAD Architects ( ref: Sam Caldwell) recently achieved two planing permissions: Option 1: Mansard extension at roof level to add an additional 1,076.4 sq ft of B1 office space. (Ref: 2013/3493/FUL) Option 2: Redevelopment of the property behind a retained facade, creating a total of 8,976sq ft NIA, an additional 2,714 sq ft, comprising an extension of an existing office building at roof level with a mansard roof and internal rearrangement of the office staircase and lift core and adjustment of the floor levels to provide additional office accommodation. (Ref: P2013/1900/FUL) Potential for Residential Use Our client has explored the potential for residential use and we believe there is a possibility of achieving a mansard extension at roof level to add an additional circa 92.9 sq m (1,000 sq ft), subject to receiving the necessary planning consents. Our clients believe that the November 2013 consent achieved above could have included four residential units, subject to agreeing an affordable housing contribution. Illustrations, details and plans are available on the website.

5 Accommodation Existing floor areas have been verified by architects, GPAD, scheduled as follows: Dufferin Street EC1 Floor NIA NIA GIA GIA Floor to ceiling (sq m) (sq ft) (sq m) (sq ft) (Slab to slab) metres Third , , Second , , First , , Ground , , Neighbouring Roof Level Lift Motor/ Watertank Room Neighbouring Roof Level Lower Ground , Total , ,582 elevation parapet height suspended ceiling level LIFT PAVEMENT LEVEL FOURTH FLOOR THIRD FLOOR SECOND FLOOR 3480 FIRST FLOOR GROUND FLOOR suspended ceiling level suspended ceiling level suspended ceiling level PAVEMENT LEVEL Site Boundry Line N Further floor plans can be viewed and downloaded at TYPICAL FLOOR PLAN

6 Option One - (Ref: 2013/3493/FUL) Office refurbishment, mansard extension plus additional floor: Dufferin Street EC1 Floor NIA NIA GIA GIA Floor to ceiling (sq m) (sq ft) (sq m) (sq ft) (Slab to slab) metres Fourth 107 1, , Third 132 1, , Second 132 1, , Neighbouring Roof Level Neighbouring Roof Level First 129 1, , Ground 105 1, , Lower Ground , FOURTH FLOOR 2600 OFFICE SPACE E elevation parapet height unchanged Total 687 7, , OFFICE SPACE D THIRD FLOOR 3200 OFFICE SPACE C 3087 SECOND FLOOR FIRST FLOOR 3230 OFFICE SPACE B 2845 Existing window positions beyond on Dufferin Street shown dotted LIFT 4209 Openings in existing Spine wall formed on each. Opening shown at 2600mm AFFL PAVEMENT LEVEL GROUND FLOOR PAVEMENT LEVEL 2600 BASEMENT 780 Site Boundry Line N Further floor plans can be viewed and downloaded at TYPICAL FLOOR PLAN

7 Option Two - (Ref: P2013/1900/FUL) Office redevelopment with two additional floors: Dufferin Street EC1 Floor NIA NIA GIA GIA Floor to ceiling (sq m) (sq ft) (sq m) (sq ft) (Slab to slab) metres Fourth , , Third , , Second , , First , , Mezzanine , , Ground , , Lower Ground , , FOURTH FLOOR OFFICE SPACE E elevation parapet height unchanged Total ,965 1,086 11, OFFICE SPACE D THIRD FLOOR LIFT SECOND FLOOR FIRST FLOOR MEZZANINE GROUND FLOOR OFFICE SPACE C OFFICE SPACE B Existing window positions beyond on Dufferin Street shown dotted Existing building section shown dotted Dufferin Street Pavement Level BASEMENT 780 Site Boundry Line N Further floor plans can be viewed and downloaded at TYPICAL FLOOR PLAN

8 15-16 Dufferin Street EC1 Office Rental Values: Address Office ERV: Area Price Date (sq ft) (psf) 65 Clerkenwell Road, EC1 2, Nov Hardwick Street, EC1 2, Oct Farringdon Road, EC1 2, Jul-13 Grant House, St John Street, EC1 1, May Farringdon Road, EC1 2, Mar-13 Vacant Possession Values: Address Area Price Date Building (sq ft) (psf) condition 17 Dufferin Street, EC1 3, U/O Part Refurbished 8 Warner Yard, EC1 7, Mar-13 Refurbished 49 Tabernacle Street, EC1 3, Jul-13 part refurbished Tenure Freehold. EPC As Energy Performance Certificate (EPC) is available on the website. 3 VAT The property is not elected for VAT. CAHILL ST M 1 1 DUFFERIN AVENUE to to 56 Dufferin Cou Proposal We are instructed to seek offers in excess of 2,850,000 for the Freehold interest, which reflects a low capital value of 455 per sq ft. Further information For further information please visit the website or contact: 0m 5m 10m 15m Dufferin Street - Site Plan D 1 to 31 James McAdden jmcadden@lsh.co.uk David Earle dearle@lsh.co.uk Oliver Sadler oliver.sadler@allsop.co.uk Jonathan Ruback jonathan.ruback@allsop.co.uk Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries and their joint agents Allsop for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or Allsop or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or Allsop or their employees or agents, LSH and Allsop will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH or Allsop. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists impressions or architects drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH or Allsop shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.