Unique freehold for sale. Of interest to owner occupiers, investors and developers. Old Sorting House 46 Essex Road Islington, London N1

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2 nique freehold for sale. f interest to owner occupiers, investors and developers. ld orting ouse 46 ssex oad slington, ondon 1 are opportunity to redevelop a historic former slington sorting office to create a mixed use scheme of approximately 21,080 Ft² (1, M²) of modern office space, together with three private residential apartments totalling 3,344 Ft² ( M²).

3 xecutive ummary 0 3 his is a special chance to develop high profile and quality real estate within this prime Central ondon location situated in the heart of slington, which we believe will be of significant interest to developers, investors and owner occupiers. KY Freehold. he existing property currently comprises 15,741 Ft² (1,462 M²) A approx. ecent planning permission granted to fully redevelop the property to create 21,080 Ft² (1, M²) A approx. of high quality B1 ffices, together with three private C3 residential apartments totalling 3,344 Ft² ( M²) A approx. elivered with full vacant possession. We are seeking offers in excess of 10,500,000 for the benefit of our clients unencumbered freehold interest. his equates to 667 /Ft² based on existing A and 429 /Ft² based on the proposed A & A. he property is VA elected and therefore will be applicable to the purchase price.

4 ocation 0 4 Bustling pper treet leads north from neighbouring Angel and its eponymous nderground station, while City oad heads east towards horeditch and the City. Venture south via t. John treet and you ll find the bars and restaurants of Farringdon, or take entonville oad westwards for the international terminus of King s Cross t ancras. earby Angel station provides commuters with easy access around the capital and beyond. ne stop west (a three-minute hop) takes you to King s Cross t ancras for connections north of ondon, or via urostar to urope; two stops and five minutes the other way and you re in the heart of the city s financial district at Moorgate. t takes fewer than 15 minutes to reach xford Circus and the West nd tube stops, and the commuter hubs of ondon Bridge, iverpool treet and Waterloo are all within easy reach.

5 BY & ocal Amenities & ransport inks CA CC Cancer esearch K age xpedia lite Models quire & artners Architects he ffice roup icketmaster Business esign Centre B Wayfair ocardless & 29 Fitness First 30 Virgin Active ym 31 creen on the reen 32 ilton ondon sington otel 33 Jurys nn slington 34 remier nn slington 35 sporta ealth & Fitness 36 Vue Cinema 37 adler s Wells heatre FA YK WAY CA WAF A CAA A CAA A & BABY CA MAK V A W A 21 CAM AA 19 Q A X A X A BAA W ACK A 5 M C. ACK Q. X A W A 0 5 BA & AA 12 Jamie s talian 13 ummingbird Bakery 14 Byron 15 Fig & live 16 Banana ree 17 he Breakfast Club 18 Frederick s 19 iraffe 20 lanet rganic 21 Wenlock & ssex 22 ttolenghi 23 ld Queen s ead 24 ig & Butcher Colebrooke ow 26 Wagamama 27 Yo! ushi 28 Bill s Map illustration not to scale and for indicative purposes only. 38 Jack Wills 39 liver Bonas 40 eiss 41 Ben herman 42 1 slingston Centre French Connection ap ccitane MJ &M asis / A 43 Waitrose 44 ainsbury s 45 Marks & pencer 46 Body hop 47 pace K Apothecary 48 Waterstone s 49 Business esign Centre 50 ret A Manger 51 Cass Art 34 K C ACA AA Q 05 W AY A 06 V A K C A FA A AY A 33 XM MAK BY AV K. J C CY A CVA MA W A V BA A CKW A CACY A A A FA A M WAK BABCA 20 M WAK 30 M WAK WAK BA B W

6 xisting Building 0 6 he existing property currently comprises 15,741 Ft² (1,462 M²) A approx. and benefits from frontages on ssex oad, ackington treet and Queen s ead treet. he property comprises of three interconnecting elements, 46 ssex oad, 160 and 162 ackington treet. he site area is approximately 10,000 Ft². 162 ackington treet is a locally listed, 19th century former post office, comprising a basement and double height ground floor with rendered façade and blocked up windows. t has a moulded cornice supported by pilasters and a hipped roof with central glazed element. 160 ackington treet is an attractive 1850 s building which was originally used in conjunction with the former post office. t has roller shutters on the front elevation with an original carriage arch and a cobbled crossover. 46 ssex oad is a 1950 s building comprising a lower ground floor and 3 storeys above ground, with a brick frontage and rendered return façade. he buildings, with the exception of the upper two floors of 160 ackington treet, are connected internally and collectively known as Merchants all. Merchants all was last used as B8 warehousing, with a retail unit on the ground floor of 46 ssex oad. he upper 2 floors of 162 ackington treet comprise of two residential units. he vacant land was last used for servicing ancillary to 162 ackington treet. he site is within the uncan errace/colebrook ow conservation area and an Archaeological riority Area. All of the buildings are currently interconnected at ground and lower ground floor levels. he property also benefits from an outdoor courtyard measuring 2,475 Ft² ( M²) approx, together with a gated entrance directly from Queen s ead treet. Above: 46 ssex oad Façade. Below: 162 ackington treet oof etail. Above: 46 ssex oad tairwell Below: 162 ackington treet ower round Floor Above: 162 ackington treet round Floor eft: 160 ackington treet Façade

7 xisting chedule of Areas xisting Floorplans hese floor areas and plans (not to scale) have been provided by Ben Adams Architects and are to be used for indicative purposes only X A 2 F Floor se Class A (M²) Approx. A (Ft²) Approx. 2nd A1 etail st A1 etail round A1 etail ower round B8 Warehouse 93 1,003 A 312 3,359 X A ACK 162 ACK Floor se Class A (M²) Approx. A (Ft²) Approx. antry (all) B8 Warehouse round (all) B8 Warehouse 373 4,013 ower round (all) B8 Warehouse 365 3,932 A 760 8,184 1 F 160 ACK Floor se Class A (M²) Approx. A (Ft²) Approx. ACK 2nd C3 esidential st C3 esidential Mezzanine B8 Warehouse round Floor C3 esidential B8 Warehouse 112 1,204 ower round B8 Warehouse A 390 4,198 X A A A 1,462 15,741 A1 A B8 WA C3 A

8 xisting Floorplans 0 8 F W F ACK ACK X A X A Q A Q A hese floor areas and plans (not to scale) have been provided by Ben Adams Architects and are to be used for indicative purposes only. A1 A B8 WA C3 A

9 160 roposed evelopment 0 9 he Vendor has appointed the reputed Ben Adams Architects to explore the development potential of this local landmark and historic piece of slington real estate where after carrying out a formal planning application together with a public consultation including an open house viewing, full planning permission (2015/0971/F) was granted from the ondon Borough of slington to fully redevelop the property to create 21,080 Ft² (1, M²) A approx. of high quality B1 ffices, together with three private C3 residential apartments totalling 3,344 Ft² ( M²) A approx. KY he following section sets out various aspects of the key proposals as illustrated in the diagram on the right: ew entrance and external renovation at 46 ssex oad. et back roof top plant enclosure at 46 ssex oad. einstated windows and repainted façade at 162 ackington treet. et back roof top extension at 162 ackington treet. ew 4 story building on Queen s ead treet with glazed link. efurbished apartments on 1st and 2nd floors and new ground floor/basement flat at 160 ackington treet, with new glazing to existing carriageway opening. xisting roof space converted into habitable residential area with roof lights. ACK X A

10 roposed pecification of Works 1 0 KY KY AC F WK C ew mezzanine floor in the main hall at first floor. Addition of second floor storey to main hall, set back from the street to minimise impact. ew four storey building to Queen s ead treet including stepped link to the main hall. efurbishment of existing apartments at first and second floors. Conversion of ground and basement of 160 ackington treet into a duplex apartment. ew lift linking ssex oad and main hall buildings. ew entrance openings to ssex oad. ainting front lightwell & railings. Cut out main hall slab at ground floor. oof lights over rear lightwells. nlarged openings along rear elevation at basement level. ew WCs throughout. Conversion of un-used roof space in 160 ackington treet into a residential mezzanine to create a duplex apartment. ew open air plant enclosure to 46 ssex oad. Adjust levels in residential building. ew windows to match existing. ew pitched roof re-using existing trusses. ew bin store. WA ew cycle store including showers and lockers. ew staircase and escape route between the existing hall and new building. X A ACK WA Q A A MW

11 roposed Commercial C s 1 1 ay-time View of ssex oad and ackington treet levation

12 roposed Commercial C s 1 2 ight-time View of ssex oad and ackington treet levation

13 roposed Commercial C s 1 3 ackington treet levation

14 roposed Commercial C s 1 4 Queen s ead treet levation

15 roposed Commercial C s 1 5 op: 2nd Floor View. Bottom: 1st Floor View. op: round Floor View. Bottom: Floor View.

16 roposed Commercial C s ackington treet Cutaway

17 roposed esidential C s 1 7 his element of the anticipated development is a standalone property known as 160 ackington treet, where there is proposed to be three private C3 residential apartments totalling 3,344 Ft² ( M²) A approx. Below: 162 ackington treet nterior. ight: 162 ackington treet levation.

18 roposed chedule of Areas roposed Floorplans X A B1 FFC F/3 F A Approx. A Approx. ACK nit Floor M² Approx. Ft² Approx. M² Approx. Ft² Approx. 2nd , ,510 nit 3 1st , ,690 round (Main) , ,270 ower round , ,200 nit 2 round (M) nit 1 round (M) M Common nt round (M) X A B1 FFC A 1, ,080 2, , ACK C3 A Q A A Approx. A Approx. Apartment nit/floor M² Approx. Ft² Approx. M² Approx. Ft² Approx. 3rd o.3 2nd otal , ,367 o.2 1st round ,000 o.1 ower round otal , ,570 2 F X A ACK C3 A A , ,787 A A 2, ,424 2, ,857 CMMCA A Q A

19 roposed Floorplans F W F ACK ACK X A X A Q A F Q A ACK X A Q A CMMCA A

20 Building istory he origins of the ld orting ouse are both rich and varied. An intriguing mix of businesses have graced this imposing building, but it is the original use which captures the imagination most. he ost ffice undertook a large reform in 1839 and 1840, laying the foundations for the ost ffice we recognise today. n searching for new premises within the Angel area during the 1850 s, the ost Master eneral found opportunities for existing buildings in short supply. A landmark was required for the postal service of the area, so in the absence of anything suitable, they built their own. Following two years of work, the orthern istrict ost ffice was finished, presenting an impressive building both inside and out. Whilst the ssex oad façade has mutated over the years, the grand elevation flanking ackington treet prevails and a walk through the vast hall provides compelling evidence as to the scope of operation provided by the Victorian-era postal service.

21 2 1

22 Building istory With it s colourful past, this is a building which warrants a name to match. ut with the new, in with the ld. As you will see with this document, we have devised an architectural scheme and visual identity which pays homage to the building s original use. he notion of a historic sorting office conjures a certain nostalgia and charm and we have therefore looked to honour this by bringing its spirit into the scheme. etaining the original roof structural design is just one such example. With the building prepared to be re-modelled for future use, we hope the vision for a future with reference to the past will be brought to life. op image: Victorian era postman s uniform, the colours of which have informed those of the visual identity for the new scheme. Bottom image: A picture taken c.1850 at one of the sorting rooms from the general ost ffice.

23 Building istory he ost ffice s rise to prominence was to be a rapid one and so in 1905 the... sold the building and moved to a larger premises nearby on pper treet. he late 19th and early 20th century brought rise to the use of film for entertainment purposes. 46 ssex oad was thus re-purposed in 1911, becoming the Coronet Cinema. nterestingly, and somewhat bizarrely, the architect A. W. udson completely re-modelled the frontage on ssex oad, creating a large flamboyant roof of pinnacled domes in the dwardian baroque style as can be seen here. n 1924 the cinema changed hands, purchased by nrique Carreras who owned a series of cinemas under the Blue all name. he building was renamed the Blue all Annexe, as it was the off shoot of the larger Blue all cinema on pper treet in slington, and 17 years of glorious film ensued.

24 Building istory After the cinema closed in 1941, the building sustained bomb damage during the second world war and was largely rebuilt in the 1950 s using the footprint and proportions of it s origins. he building then continued it s use as a commercial space into the latter half of the 20th century, the entire premises being converted to warehouse use in he warehouse held a cornucopia of items carbon paper & typewriter ribbons in the 1950 s; the hardware merchants Arnold Basher & Co in the 1960 s; and a fine furniture dealer William Bedford Antiques from the mid 1970 s through to the 1990 s. n 1984, during William Bedford Antique s tenancy the building was converted to retail use as a show room for furniture sales. Alongside various businesses operating from the building thereafter, this use remained until the doors were finally closed in eptember he next chapter now remains to be written

25 ocal evelopments 2 5 ere are a selection of key developments within the immediate and surrounding districts. VA, 123 V Monteagle Barlow rust td are carrying out a refurbishment of the existing building with a roof extension to provide 26,000 Ft² of rade A office accommodation. Completion is scheduled Q W CA FACY Construction is underway at erwent ondon s White Collar Factory where 237,000 Ft² of tower office accommodation is being developed. o the south of the site clustered around a new public courtyard, an additional 39,200 Ft² of workspace across 5 low rise buildings, with 3 restaurants is being developed. Completion for Q A QA his prominent corner building was acquired by erwent ondon for 75m in Q and consists of three multi-let connected buildings around a central courtyard totalling 128,700 Ft². CW, 145 CY ocket nvestments are currently seeking pre-lets for the office element of their residential lead scheme where a 40 storey residential tower of 302 private apartments and 80,000 Ft² of offices has planning consent. he development includes approximately 5,000 Ft² of ground floor retail accommodation. Construction is yet to commence. A B erwent ondon launched their flagship 262,000 Ft² office and retail scheme in late 2010, achieving full occupancy within 13 months. he six-storey office building has been attributed with playing an important role in regenerating the area attracting tenants such as xperian, Jamie s talian and he esign Council. K C CA BW B 250 CY A he 5.5 acre site is currently being developed by Berkeley omes and will provide a 1.2 million Ft² residential lead scheme. he landmark scheme is one of the largest developments in ondon and will provide 930 residential apartments, 75,000 Ft² offices, 40,000 Ft² retail and a 190 bedroom Foster + artners designed hotel. he King s Cross Central td artnership is developing the largest mixed use scheme in Central ondon under single ownership for over 150 years. he 67 acre site will provide 3.4 million Ft² of offices, 500,000 Ft² of retail, cafés, restaurants and bars, approximately 2,000 homes, a new university and a range of leisure, hotel and cultural uses. he scheme has already attracted oogle who will occupy 920,000 Ft², B aribas, Macmillan, Camden Council and the niversity of Arts ondon. A, 161 CY Mount Anvil developed 26 floors of Art ecoinspired apartments above approximately 60,000 Ft² of rade A office, retail, restaurant, affordable workspace and ancillary accommodation arranged over basement, ground and first floor. he commercial element of the scheme was sold to Z nvestment Management in Q Crosstree eal state artner & elical Bar are carrying out a part refurbishment and part new-build scheme at the 3.12 acre site immediately adjacent to ld treet oundabout. he site comprises approximately 350,000 Ft² of office and retail/restaurant accommodation across four buildings; he ower, he Warehouse, he tudio and mpire ouse on City oad. lanning consent for the scheme was granted in Q and work on site commenced in January 2014 with hase 1 being delivered in Q V A erwent ondon scheme which was designed by architects tiff + revillion and completed in late he development involved a refurbishment and remodelling of the existing structure to provide 53,400 Ft² of rade A office accommodation, which represents more than 20% uplift in floor area. icketmaster are the major tenant and signed a 12 year lease with no breaks in ctober 2012 at an initial rent of 1.9 million per annum with minimum uplifts at review.

26 Capital Market ransactions Commercial 2 6 Continued low government bond yields combined with a historically low base rate has created a shortage of supply in the Central ondon real estate market. his in turn has led to a consensus forecast of strong rental growth and attracted a plethora of hungry investors in the market place. A 338 oswell oad, ondon C1 ize 45,808 Ft² enure Freehold rice 34,200,000 ( 746 /Ft²) WA YA ondon 1 ooking back towards Q the City investment market attracted in the region of 3bn of asset purchases, significantly outperforming the longterm average of 1.8bn. ize 10,428 Ft² enure Freehold rice 6,500,000 ( 623 /Ft²) rime yields around the core of he City are benchmarking c4.25%, with competing returns in the City Fringe achieving c4.75%. Correspondingly, West nd prime yields have held steadfast at a staggeringly low 3.75%. here is a general consensus that whilst these yields appear low versus past trends, comparatively real estate is still outperforming other traditional investment asset classes such as bonds, treasuries and equities. lease see some key transactions to note within the slington district. 4-8 Y ondon 1 ize 11,942 Ft² enure Freehold rice 7,500,000 ( 628 /Ft²) oxton quare, ondon 1 ize 13,185 Ft2 enure Freehold rice 16,100,000 ( 1,221 /Ft²) 1 ondon 1 A QA ondon C1 ize 128,700 Ft² enure Freehold rice 75,000,000 ( 583 /Ft²) ize 11,483 Ft² enure Freehold rice 10,600,000 ( 923 /Ft²) C ssex oad, ondon 1 ize 26,824 Ft² enure Freehold rice 17,500,000 ( 652 /Ft²) W 43 atton arden, ondon C1 ize 15,491 Ft² enure Freehold rice 14,500,000 ( 936 /Ft²)

27 Capital Market ransactions esidential 2 7 As one of the most vibrant pockets of orth ondon, slington s popularity as a residential location continues to grow. t is relatively central, only a couple of tube stops from the City, yet has managed to retain its local, village like atmosphere. 20 F arr treet, ondon 1 eveloper andview roperties umber of Apartments 24 rice 900 1,000 /Ft² slington has seen a 25% rise in its population in the last 4 years which has not been matched by a corresponding delivery of housing. As a result, the area has experienced recent significant house price growth. 66 V A ondon 1 eveloper & ondon umber of Apartments 3 rice 1,100 1,200 /Ft² ew, well designed apartments offering a high level of specification continue to attract attention from both owner occupiers and investors. CABY C Canonbury oad, ondon 1 eveloper ottinghill ondon umber of Apartments 90 rice 1,100 1,200 /Ft² BA ackington quare, ondon 1 eveloper JV by yde ew omes & ydon umber of Apartments 82 (hase 4) rice 900 1,000 /Ft²

28 ettings Market ransactions 2 8 he ld orting ffice is located approximately 250 metres to the south of Angel nderground tation, at the heart of the ech Belt. he property benefits from being strategically located between the three major ech Belt sub-markets: Clerkenwell to the south, horeditch to the south east and King s Cross to the west. VA 123 entonville oad, ondon 1 ize 26,000 Ft² ent /Ft² tatus nder ffer hese markets are now experiencing unprecedented levels of demand from occupiers attracted by the tenant mix, amenities, excellent transport links and variety of accommodation. A QA ondon C1 ize Various ent From /Ft² tatus Multi-let with c.12,000 Ft² remaining slington has attracted a wide variety of occupiers including Kaplan, xpedia, Cancer esearch K, icketmaster and he oyal Bank of cotland. A A ondon C1 ize 3,683 Ft² ent /Ft² tatus et 46 CBK W ondon 1 ize 18,000 Ft² ent /Ft² tatus nder ffer at /Ft²

29 he roposal & Further nformation enure Freehold Commercial A Freehold esidential isted tatus one on the site but listed building bounding the site. 162 ackington treet is locally listed. ocal Authority ondon Borough of slington Conservation Area uncan errace / Colebrooke ow rice We are seeking offers in excess of 10,500,000 for the benefit of our clients unencumbered freehold interest. his equates to 667 /Ft² based on existing A and 429 /Ft² based on the proposed A & A. egal Costs ach party to bear their own legal costs in this transaction. VA All the existing commercial property held on title A is elected for VA and therefore will applicable to the purchase price. he two existing apartments held on itle are not elected for VA. For further information, to request data room access or to arrange an inspection of the property please contact: A A A haun imons ssimons@hattonrealestate.co.uk Michael aibin mraibin@hattonrealestate.co.uk Matt Cobb mcobb@hattonrealestate.co.uk Jonathan Vanstone-Walker jvw@tspuk.com James Keisner jk@tspuk.com C (nergy erformance Certificate) ating. isclaimer Misrepresentation Act 1967: atton eal state and for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. hese particulars do not constitute, nor constitute any part of, an offer or contract. 2. one of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. he vendor(s) or lessor(s) do not make or give and neither atton eal state, nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 1989: nless otherwise stated all prices and rents are quoted exclusive of VA. roperty Misdescriptions Act 1991: hese details are believed to be correct at the time of compilation but may be subject to subsequent amendment. ctober 2015

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