LONDON WC1 FREEHOLD OFFICE FOR SALE PAGE 1
EXECUTIVE SUMMARY - Prime King s Cross freehold. - Disposal by way of a sale with short term leaseback; delivering vacant possession October 2018. - A seven storey building of 31,140 sq ft GIA, including the basement (currently used for parking). - Opportunity for refurbishment, extension or comprehensive redevelopment. - Unconditional offers are invited. PAGE 1 PAGE 1
LOCATION & LOCAL OCCUPIERS The property is located within the London Borough of Camden in King s Cross. King s Cross is in the midst of a spectacular regeneration based around the greatest internodal transport hub in Europe, delivering one of the most diverse and desirable districts in the capital. Acorn House, located at the Northern end of Gray s Inn Road and on the corner of Swinton Street is located only 300 metres walk from the local, national and international transport hub of King s Cross St Pancras. The King s Cross Central development by Argent is one of the most exciting developments in London. The 6.7 acre site has a rich history and it is being transformed with new homes, shops, offices, galleries, bars, restaurants, schools and The University of the Arts London. The scheme has already attracted a number of significant occupiers including Google, Camden Council, PRS for Music, Havas and Universal Music. A selection of other local occupiers are shown on the map below. 14 CROWNDALE ROAD St. Pancras EVERSHOLT STREET UPPER WOBURN PLACE Euston 13 Euston BLOOMSBURY ST PANCRAS ROAD 31 Tavistock MIDLAND ROAD Granary St. Pancras The International British Library 25 27 EUSTON ROAD 4 23 30 26 12 33 22 32 JUDD STREET King s Cross TAVISTOCK PLACE Russell The Brunswick YORK WAY 28 19 2 9 35 Brunswick Grand Union Canal 16 St. George s CALEDONIAN ROAD 6 8 36 3 Coram s Fields 34 SWINTON ST 7 GUILFORD STREET 29 10 24 1 PENTONVILLE ROAD Holford KING S CROSS ROAD 17 15 5 Claremont Angel 18 11 20 Myddleton Sadler s Wells Theatre ROSEBERY AV ENUE ST. J OHN STREET 21 LOCAL OCCUPIERS 1 Anna Freud Centre 2 Arcadis 3 Balderton Capital 4 BMA 5 Born 6 BPP 7 BUPA 8 Diesel 9 Eurostar 10 Eviivo 11 Expedia 12 Google 13 Grant Thornton 14 Hoare Lea 15 Houzz 16 IMS Health 17 ITV 18 Live Nation 19 Macmillan Publishing 20 NG Bailey 21 OpenSignal 22 PRS for Music 23 Siemens 24 SOAS (University of London) 25 TDL 26 The Digital Catapult 27 The Francis Crick Institute 28 The Guardian Media Group 29 The Office Group 30 UCL 31 Unison 32 Universal Music 33 University of the Arts London 34 Veolia 35 Vevo 36 Vodafone PAGE 2 PAGE 3
REGENT S PARK EUSTON ROAD GRAY S INN ROAD EUSTON STATION THE DOCTORS LABORATORY DIESEL HQ THE STANDARD HOTEL BRITISH LIBRARY ST. PANCRAS INTERNATIONAL THE FRANCIS CRICK INSTITUTE VEVO HQ UNDERGROUND STATION KING S CROSS STATION YORK WAY PENTONVILLE ROAD GOOGLEPLEX SITE UNIVERSAL MUSIC HAVAS GRANARY SQUARE UNIVERSITY OF THE ARTS LONDON PAGE 4 PAGE 5
TENANCY SCHEDULE DESCRIPTION Acorn House occupies a freehold site extending to 0.157 acres (0.064 ha). The site is predominantly an office building with some ancillary accommodation on the part ground and part 1st floors. To the rear of the site is a ramp off Swinton Street which provides access to the basement used as a car park (with substation). Acorn House is one half of a block that fronts Gray s Inn Road between Swinton Street and Acton Street. The other half is owner-occupied by the National Union of Journalists. Offices Access to the offices is via a ground floor reception on the Gray s Inn Road frontage. The accommodation is over ground to 5th floors with a basement used as a car park, accessible from Swinton Street. The offices benefit from the following: Predominantly exposed ceilings with mineral fibre suspended ceiling in part Suspended lights and exposed air conditioning Roof terrace (accessible from the 2nd floor) WC s on each floor 2 x 8 person passenger lifts Open basement (existing car park) Floor Tenant Lease details Rent Passing 5th Terrence Higgins Trust N/A N/A 4th Terrence Higgins Trust N/A N/A 3rd Terrence Higgins Trust N/A N/A Part 2nd (west) Association of Charitable Foundations Lease expiring 31st October 2023. 59,010 per annum Landlord & tenant break 31st (+ 15,320 per annum service October 2018, on 6 months notice. charge) Part 2nd (north) Bureau of Investigative Journalism Lease expiring on 31st October 2018. 55,200 per annum Part 1st Residential flat let to Private Tenants Assured Shorthold Tenancy 20,799 per annum expiring 30th July 2018. Part 1st (north) NAM Publications Lease expiring 30 June 2019. 16,430 per annum Landlord and Tenant rolling break option on 6 months notice. Part 1st (south) B-EAT Lease expiring 31st October 2018 42,000 per annum Part 1st (east) Equal Rights Trust Rolling licence can be renewed from 43,295 per annum. March 2018 for a further 12 months, but not before. Part Ground Terrence Higgins Trust N/A N/A Part Ground The Food Chain (UK) Limited Lease expiring 22 April 2022. 11,140 per annum & Basement Landlord rolling break option on 6 months notice. Substation UK Power Network Lease expires March 2025 Peppercorn rent Residential There is a single residential unit (744 sq ft), on the 1st floor of the building, which is accessed via a separate entrance on Swinton Street. Please see tenancy schedule for further information. A3 Unit On the corner of Gray s Inn Road and Swinton Street is an A3 unit which is occupied but not publicly trading on a short term lease to The Food Chain (UK) Limited. PAGE 6 PAGE 7
SCHEDULE OF AREAS First Floor Second Floor Floor GIA NIA (sq m) (sq ft) (sq m) (sq ft) Server Room 5th 379.1 4,080 294.5 3,170 4th 375.4 4,041 292.2 3,145 3rd 378.3 4,072 291.8 3,141 Toilet Residential Terrace 2nd 378.9 4,078 288.8 3,108 1st 415.3 4,470 232.2 2,499 (plus residential unit) (69.1) (744) Ground 473.9 5,101 364.4 3,922 Basement 492.2 5,298 63.2 681 Total 2,893.1 31,140 1,827.1 19,666 Total including residential (1,896.2) (20,410) (*IPMS3 measurements available in the data room). FLOOR PLANS Basement (existing car park) Ground Floor Typical Upper Floor (3rd - 5th) Storage Ramp Storage No access to additional storage N Plans are not to scale. For identification purposes only. PAGE 8 PAGE 9
RIGHTS TO LIGHT /DAYLIGHT & SUNLIGHT (Point 2 Surveyors) Point 2 Surveyors have produced a massing building envelope to illustrate the additional massing that can be achieved on the site before introducing material daylight and sunlight planning risks or serious Right to Light infringements. Assuming a 4m floor to ceiling height, this enables a development of basement - 7th floor. The full envelope report is available in the data room. The building presents opportunities for refurbishment, extensions and redevelopment or alternative uses, subject to planning. PLANNING COMMENTARY (Gerald Eve) - The site is located within the London Borough of Camden, CA2. - Predominantly office (Class B1) accommodation, with ground floor commercial kitchen & café (Class A3) and a single residential unit on the first floor (Class C3). - PTAL rating of 6b. - The building is not listed. - It sits within the Bloomsbury Conservation Area. - It sits within the protected vista 2A.1, this is the view from Parliament Hill looking onwards St Paul s Cathedral. A Preliminary Town Planning Assessment has been produced and is available within the data room. THE OPPORTUNITY The property was constructed in the mid 1960 s and has been owner-occupied by the Terrence Higgins Trust and various sub-tenants since 2005. Terrence Higgins Trust propose to sell, with a FRI leaseback at nil rent until October 2018. The vendors are committed to vacating the offices by October 2018, upon expiry/serving of break notices on the existing tenants. The building presents opportunities for refurbishment, extensions and redevelopment or alternative uses, subject to planning. 1. Existing site 2. Base Envelope This envelope illustrates a form of massing that attracts limited planning and legal risk, whilst demonstrating a potential for 38,270 sq ft GEA plus existing basement totalling 5,298 sq ft GIA (assuming a slab to slab height of 4m). 3. Enhanced Base Envelope The purpose of this envelope is to illustrate a more optimistic massing option in respect of the effects to two rooms in the rear of 61 Swinton Street. This demonstrates a potential for 42,224 sq ft GEA plus existing basement totalling 5,298 sq ft GIA, to be accommodated on the site (assuming a slab to slab height of 4m). PAGE 10 PAGE 11
TENURE Freehold. The property is registered under the title number LN224051 and is outlined on the OS Plan opposite for identification purposes only. VAT The property is NOT elected for VAT. METHOD OF SALE Unconditional offers are invited for the freehold interest of Acorn House, 314-320 Gray s Inn Road, London by way of sale and leaseback to October 2018. VACANT POSSESSION Vacant possession will be in October 2018 on expiry of sub-leases. EPC The building has an energy performance rating of D-93 (non-domestic) and G-1 (domestic). INSPECTIONS All viewings are by appointment only through the sole selling agents. Please contact any of the advisers to arrange a viewing. Viewing mornings will be held at 314-320 Gray s Inn Road from May 2017. FURTHER INFORMATION Sophie Daw sdaw@geraldeve.com 020 3486 3454 Stephen Peers speers@geraldeve.com 020 3486 3450 James Lunn jlunn@geraldeve.com 020 7333 6217 Conditions under which these particulars are issued All details in these particulars are given in good faith, but Gerald Eve LLP for themselves and the Vendors/Lessors of this property for whom they act give notice that:- 1. These particulars do not and shall not constitute, in whole or in part, an offer or a contract or part thereof, and Gerald Eve LLP have no authority to make or enter into any such offer or contract. 2. All statements contained in these particulars are made without acceptance of any liability in negligence or otherwise by Gerald Eve LLP, for themselves or for the Vendors/Lessors. 3. None of the statements contained in these particulars is to be relied on as a statement or representation of fact or warranty on any matter whatsoever, and intending purchasers must satisfy themselves by whatever means as to the correctness of any statements made within these particulars. 4. The Vendors/Lessors do not make, give or imply, nor do Gerald Eve LLP or any person in their employment have any authority to make, give or imply, whether in these particulars or otherwise, any representation or warranty whatsoever in relation to the property. This statement does not affect any statutory rights you may have nor does it intend to limit Gerald Eve s liability which cannot be excluded or limited by law. Particulars issued May 2017. Subject to contract. Designed and produced by Cooper Rose 020 3440 5160 PAGE 12
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