RARE OPPORTUNITY TO PURCHASE AN EC1 FREEHOLD FOR REFURBISHMENT / REDEVELOPMENT 18-29 MORA STREET LONDON EC1V 8BT
SUMMARY Freehold Three storey former industrial warehouse building Approximately 1,770.59 sq m (19,058 sq ft) GIA (existing) Suitable for refurbishment / redevelopment (subject to consent) Potential for additional third floor Being offered with Full Vacant Possession Seeking unconditional offers in excess of 5,500,000 ( 289psf)
A 1 0 ANGEL A 5 0 1 C I T Y ROA D CITY ROAD BASIN B 14 4 M U R R AY G R O V E R D E A S T B 1 0 1 N E W N O R T H R D A 1 0 K I N G S L A N D RD HOXTON A 1 G O S W E L L R D D I N G L E Y R D A 5 0 1 C I T Y ROA D M O R A S T L E V E R S T B AT H S T R E E T FIFTEEN EAGLE HOUSE MOORFIELDS EYE HOSPITAL EAST R D A 1 2 0 8 H A C K N E Y R O A D G A L W A Y S T P E E R L E S S S T CITY ROA D Jamie Oliver s, Fifteen A 52 0 1 O L D S T R E E T OLD STREET A 52 0 1 O L D ST S H O R E D ITCH HIGH ST A 1 2 02 A5201 OLD STREET A5201 A 1 G O S W E L L R D G R E AT E A S T E R N S T C L E R K E N W E L L RD A 1 G OSWELL A5201 OLD STREET B 14 4 B U N HILL ROW CITY A 5 0 1 C I T Y R O A D A 1 2 0 9 SHOREDITCH HIGH STREET RD LOCATION The London Borough of Islington is located immediately to the north of the City of London and is a thriving and busy Central London Borough. The Old Street locality, with its edgy glamour, has in recent years, become home to both global technology giants as well as entrepreneurial start-ups. This is partly due to its rich and diverse mix of entertainment, social and cultural delights all within walking distance of the City. Mora Street is sandwiched between Clerkenwell to the west and Hoxton to the east and is a spur to the west of City Road (A501), the main arterial road linking Angel (to the north) with Old Street s Silicon Roundabout and the City to the south. There has been intent shown by the government since Q4 12 to assist in the regeneration of the roundabout itself with a 50m contribution to provide a civic hub for the promotion of TMT sector programming and start-ups. Public transport links are excellent with Old Street Mainline and Underground station (Northern line) being an 8 minute walk from Mora Street. Additionally, there is a regular bus service on the City Road serving numerous routes with Angel (Northern line), Hoxton and Shoreditch High Street Overground, Moorgate Overground and Underground, Barbican and Farringdon Undergrounds (Hammersmith & City, Circle and Metropolitan lines) all within easy reach. CROSSRAIL When Crossrail opens in late 2018, Farringdon will become one of Britain s busiest stations being the interchange link for Thameslink, Crossrail and London Underground service. SITUATION The property is prominently situated on the north side of Mora Street. It has substantial frontage onto the street and dominates the view of Mora Street from the City Road. Judd House is situated in the Moorfields Conservation Area and has views onto a landscaped garden serving local residents. It is situated between a former public house known as the Lord Nelson (which now comprises residential accommodation) and a small external car park. To the rear of Judd House is office and residential accommodation. Judd House s proximity to City Road means it is only a short walk to various retail and leisure establishments, landmark buildings such as the Moorfields Eye Hospital as well as numerous major new and planned developments.
DESCRIPTION The building comprises ground, first and second floors with a flat roof at third floor level. It benefits from good natural light having 54.23m (178 ft) frontage onto Mora Street, excellent floor to ceiling heights throughout (c. 4m in part) and also three lightwells. There are three stairwells and a lift core which is situated in the middle of the building. The building is not listed. ACCOMMODATION The property has been measured by Measured Survey Solutions Ltd in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following areas: Floor Area sq m GIA Area (sq ft) GIA Floor to ceiling height m Ground 572.69 6,164 3.98 First 579.00 6,232 3.42 Second 587.40 6,323 3.01 Third (roof) 31.50 339 Total 1,770.59 19,058
17 TENURE Freehold. ASSET MANAGEMENT OPPORTUNITIES The building offers the potential for refurbishment or redevelopment including the addition of a third floor subject to the necessary consents. It has not been occupied for approximately 8 years and has had a variety of former uses including light industrial warehousing as well as hostel. OLD STREET ROUNDABOUT 12 13 14 1 OLD STREET City Reach 230 226 BSG House 220 18.0m 8 9 10 11 7 PH 214 to 218 210 208 1 to 26 22 Nelson Passage 1 to 16 Eagle Dwellings 5 4 6 2 to 6 27 21 1 DINGLEY PLACE 31 18 Judd House to 29 MORA STREET 19.2m 1 to 115 Gambier House 212 18 to 34 2 Merino C 1 3 CITY ROAD 2 Lever Buildings 18.9m 100 102 LEVER STREET 18.9m 28 to 45 Guinness Court 1 to 2 Aerial taken 5 July 2012 PLANNING Forsters solicitors and Jon Dingle planning consultants consider that the building has been abandoned and it therefore has, in effect, a nil planning use. A residential or an office-led scheme would comply with Islington s Development Plan. There is a very good prospect of securing permission to extend the building by one storey. More information is available at www.ashwellrogers.co.uk/juddhouse KEY 1 Barbican 2 250 City Road 3 The Link 4 The Eagle Pub 5 Fifteen 6 Judd House 7 Moorfields Eye Hospital 8 145 City Road 9 Crown Place 10 The Eagle 11 Montcalm 12 207 Old Street 13 White Collar Factory 14 Finsbury Square
OFFICE MARKET COMMENTARY Judd House is situated between Clerkenwell and Shoreditch. These two villages were London s former industrial heartlands and, despite recent gentrification, the area still shows all the signs of this with striking warehouse buildings, providing voluminous working environments with full height windows flooding in natural light. Now coined as Tech City, the area has experienced a renaissance as a tidal wave of blue chip organisations fight alongside new and established TMT (technology media and telecommunication) companies for valuable floor space within proximity of Old Street s Silicon Roundabout. Residential market values have risen in response to strong demand from occupiers and investors alike. RECENT OFFICE LEASING TRANSACTIONS Start Date Tenant Address Demise Area (Sq Ft) Rent (Sq Ft) Lease End Comment Feb 14 Carnegie Bank 26 Finsbury Square EC2 9th 6,100 54.50 10 yrs No break Jan 14 SEI Alpha Beta, 2 Worship Street EC2 Dec 13 Capco Bryant Building, 77-79 Gt Eastern Street EC2 Oct 13 Deloitte LLP The Buckley Building, Clerkenwell Green EC1 1, 2 & part 8th 58,000 45.50-1 & 2 52.50 pt 8th Jan 26 No break Lower ground to 3rd 24,000 45.00 15 years Tenant at 12 1st floor 16,629 57.50 15 Tenant in 2019 Mar 13 Tesco 28 Kirby Street EC1 Lower ground to 5th 22,755 45.00 on best 10 years Tenant in 2018 RECENT COMPARABLE COMMERCIAL TRANSACTIONS Date Address Status Price Comments Cap Val ( Psf) on the NIA Dec 13 18-30 Clerkenwell Rd EC1 Sold 6.10m 5 months to expiry 565 Nov 13 45 Folgate St E1 Under Offer 9.00m+ 9 months to expiry 542+ Nov 13 26-34 Old St EC1 Sold 4.05m Vacant 420 May 13 23-27 Hatton Wall EC1 Sold 2.30m Vacant 349 Mar 13 80 Clerkenwell Rd EC1 Sold 5.00m 22 months to expiry 457 Mar 13 8 Warner Yard EC1 Sold 4.80m Vacant 581
RESIDENTIAL MARKET COMMENTARY Central London residential values have grown in response to increased demand, prompting a number of major residential schemes in the Old Street area, including some new build tower developments where prices have exceeded 1,100 per sq ft. In addition to bespoke new-build schemes, many commercial buildings have been converted to residential accommodation. NEARBY DEVELOPMENTS The area and buildings around Old Street s Silicon Roundabout are currently undergoing major construction by a number of well known developers with more schemes in the pipeline. Type Developer Address Storeys Scheme Residential Units (Hotel Rooms) Website Scheduled Completion Hotel Soneva Properties The M Hotel by Montcalm, 151 City Road 23 Hotel (C1) & Office (B1a) (247) June 2014 Residential Led Mount Anvil Eagle House, City Road 27 Residential, Retail (A1 & A3), Gym (D2), Office (B1a) Orion The Canaletto, 259 City Road 31 Residential, mixed use Retail (A1/2/3/4/5, B1 or D1) Mount Anvil The Lexicon, City Road 36 Residential, mixed use Retail (A1/2/3/4/5, B1 or D1) Rocket Investments & Mount Anvil Land Securities & Berkeley Homes 276 www.eagleoldst.com Feb 2015 290 www.canalettolondon.com June 2015 308 www.lexiconlondon.co.uk June 2015 145 City Road 40 Residential 302 2017 250 City Road 42 Residential, Day nursery, Office (B1a & b), Retail A1 and Hotel (C1) Office Led Derwent London White Collar Factory 16 268,000 sq ft Office (B1a), with Retail (A1) & Restaurant (A3) also Helical Bar & Crosstree 207 Old Street 17 300,000 sq ft Office (B1a), with Hotel (C1) & Retail (A1-5) also Rocket Investments Crown Place, City Road 10 80,000 sq ft Office (B1a), with Retail (A1-5/D1) & Youth Centre (D2) also 975 (170) www.250cityroad.co.uk 9 www.whitecollarfactory.com July 2016 (90) 2015 & 2017 2017
VAT VAT is not applicable to the sale. ENERGY PERFORMANCE CERTIFICATE The EPC is available at www.ashwellrogers.co.uk/juddhouse BUSINESS RATES There are currently no business rates payable on the building which is in a shell condition. WEBSITE Further information is available at www.ashwellrogers.co.uk/juddhouse including: Measured Survey Title Information Marketing Details Summary Planning Note Floor plans EPC rating - D(98) PROPOSAL Unconditional offers are invited in excess of 5,500,000 (Five Million Five Hundred Thousand Pounds), subject to contract reflecting a low capital value of 289 per square foot. CONTACTS Jimmy Bell 020 7292 9000 jimmybell@ashwellrogers.com Ash Sharma 020 7758 3285 ash@ashwellrogers.com DISCLAIMER Ashwell Rogers LLP gives notice to anyone who may read these particulars as follows: 1.These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4 The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Any guide prices quoted or discussed are exclusive of VAT. 8. No person in the employment of Ashwell Rogers LLP has any authority to make any representation or warranty whatsoever in relation to this property. 9. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. March 2014 Designed and produced by Creativeworld. Tel 01282 858200. Offered on behalf of