Mixed Use Investment Opportunity Shoreditch, London EC1 A Prime Freehold Mixed Use Investment Opportunity
Liverpool Street Station Moorgate Station Spitalfields Market Amazon HQ Shoreditch High Street Station Flight Club The Stage Boxpark Shoreditch The Curtain Hotel Nobu Hotel Shoreditch Ace Hotel Tech City Hoxton Hotel Old Street Station Tramshed Last Days of Shoreditch Shoreditch Town Hall Bounce Hoxton Square OLD STREET
Investment Considerations Freehold Fully let mixed use investment opportunity comprising: -- Ground floor retail unit extending to approximately 400 sq ft (37.16 sq m) -- Recently refurbished self-contained three bed flat arranged over three upper floors extending to approximately 1,171 sq ft (108.79 sq m) -- The property as a whole extends to 1,571 sq ft (145.95 sq m) Ground floor let at a current rent of 24,500 per annum Flat let subject to an AST at a current rent of 42,900 per annum Total current passing rent of 67,400 per annum which equates to 42.90 per sq ft overall Situated in the highly desirable Shoreditch Triangle, a 5 minute walk to Tech City Attractive mid terrace building, in close proximity to the Shoreditch High Street regeneration area Offers are sought in excess of 1,400,000 for the Freehold interest subject to contract and exclusive to VAT A purchase at this level reflects a Net Initial Yield of 4.54% after purchasers costs of 6.05% and a capital value of 891 per sq ft OLD STREET
Location 307 Old Street is prominently situated on the north side of Old Street, in the heart of London s most vibrant sub-market, Shoreditch. Old Street is one of the major thoroughfares in Shoreditch forming the northern boundary of the coveted Shoreditch Triangle. The tech city cluster surrounding Old Street Roundabout is located just a few hundred metres to the west of the property. The City of London is located approximately a 10-minute walk to the south, with Clerkenwell/Farringdon equidistant to the west. Shoreditch provides an abundance of amenities to the creative occupier base, offering a number of bars, restaurants and hotels including The Hoxton Hotel, Nobu Hotel, The Tramshed, Jamie Oliver s Fifteen, Ace Hotel and The Breakfast Club. The new Art Ortel will also be situated less than 100 metres from 307 Old Street. The location is set to improve further upon the delivery of major forthcoming infrastructure projects. The Liverpool Street and Moorgate entrances to the Elizabeth Line (Crossrail) are approximately a 10-minute walk to the south of the property and will provide access to Bond Street and Canary Wharf within 7 minutes and Heathrow within 32 minutes, from late 2018. Old Street station is to undergo a 50m upgrade which will convert the existing 1970s roundabout into an attractive new pedestrianised public space, including seating within a landscaped setting. It will see the north-western arm of the junction by City Road closed and two-way traffic reintroduced to the gateway to Tech City as it becomes a new hub for the thousands of people who live, work and socialise nearby. Connectivity 307 Old Street benefits from excellent transport connectivity: Station Old Street Moorgate Liverpool Street Shoreditch High Street Elizabeth line Distance (Direction) 390 metres (West) 1,000 metres (South West) 800 metres (South) 540 metres (South East) Services Northern Underground and Mainline Rail services Northern, Hammersmith & City, Circle and Metropolitan Underground and Mainline Rail services Central, Hammersmith & City, Circle and Metropolitan Underground and Mainline Rail services London Overground services Crossrail is Europe s largest infrastructure project and is set to transform London s transport network. It is estimated that the new rail line will bring an extra 1.5 million people within 45 minutes of central London. Services are due to commence later this year with Liverpool Street set to become one of the key hubs which is located approximately 800 metres from 307 Old Street. Liverpool Street Crossrail will provide direct links to the West End, Canary Wharf and London Heathrow.
Description 307 Old Street comprises a mid terrace building arranged over ground and three upper floors. A residential flat is arranged over the three upper floors. The flat has its own access at street level and benefits from a recent comprehensive refurbishment to comprise three bedrooms (ensuite bathroom to master bedroom), family bathroom and kitchen/ reception room, and measures approximately 108.79 sq m (1,171 sq ft) with the additional benefits of a terrace. The ground floor is let to A&Z dry cleaners and comprimises approximately 37.16 sq m (400 sq ft). Floor plans are available upon request. Accommodation The property has not been measured by Allsop. We are informed the property extends to approximately: Floor Use Sq ft Sq m Third Floor Second Floor First Floor Ground Floor Residential Retail 1,171 400 108.79 37.16 Total 1,571 145.95 First Floor Please note, this plan is not to scale.
Tenancy and accommodation schedule Tenant Floor Accommodation Area (sqft) Lease Start Lease Expiriy Rent (pa) Rent ( psf) AST 3rd 2nd 1st Residential Flat 3 bedrooms, family bathroom, ensuite bathroom, kitchen / reception room and terrace 1,171 15/09/2017 14/09/2018 42,900 36.64 A & Z Dry Cleaners Ground Retail 400 23/10/2005 23/06/2020 24,500 61.25 Total 1,571 67,400 48.95 Shoreditch, London EC1 Proposal Tenancy The retail unit is let to A&Z Dry Cleaners, subject to a lease for a term expiring June 2020 at a current rent of 24,500 per annum. The flat is let subject to an Assured Shorthold Tenancy at a current rent of 42,900 per annum. Tenure The property is held Freehold under Title No: 373303. Planning The property is located within the London Borough of Hackney. The property is not Listed but is situated within the South Shoreditch Conservation Area. VAT The property is not elected for VAT. EPC The flat has an EPC rating of C76. The retail unit has an EPC rating of D87. Copies of the certificates are available upon request. Contacts For further information or to arrange an inspection, please contact: Commercial Investment Christopher James 020 7588 4433 christopher.james@allsop.co.uk Offers are sought in excess of 1,400,000 for the Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 4.54% after purchasers costs of 6.05% and a capital value of 891 per sq ft. Residential Investment James Hood 020 7344 2637 james.hood@allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. March 2018 allsop.co.uk