To be offered by Auction on Tuesday 15th May 2018 (unless sold prior) 16-33 Rheidol Mews, Islington, London N1 8NU Released to the Market for the First Time in 78 years Freehold Gated Mews Development Opportunity
16-33 Rheidol Mews, Islington, London N1 8NU 10 mins ESSEX ROAD Investment Summary Freehold Located in affluent and fashionable London Borough of Islington 850m from Angel Underground Station (Northern Line) Business Design Centre Islington Green London Academy Islington Existing buildings extending to 720.7 SqM (7,758 SqFt) comprising commercial premises over ground and part first floors Islington High Street St Peter s Street Potential to refurbish and extend the buildings for a number of alternative uses, including residential, subject to all necessary consents Rheidol Mews Total Current Rents Reserved 57,291.32 pa plus vacant commercial space totaling 192.59 SqM (2,073 SqFt) We are instructed to quote offers in excess of 4 million for the freehold interest 10 mins ANGEL Duncan Terrace Gardens Regent s Canal
18 Location Transport THE NORTHERN LINE The site is located within Rheidol Mews which is a privated gated mews accessed via an archway off Rheidol Terrace, close to its junction with St Peter s Street and Chantry Street, in the London Borough of Islington. The mews is enclosed to the north and south by a run of terraced houses on Rheidol Terrace and Allingham Street, whilst the recently redeveloped Canalside Square lies to the east. The immediate surrounding area predominately comprises residential flats and houses; however the City of London Academy Islington is also located on the north side of Rheidol Terrace. Angel Underground Station (Northern Line) is located 850 m (0.5 miles) to the west providing direct access to the City and the West End. Essex Road Station is located 850m (0.5miles) to the north, providing access to Moorgate and the city. There are also a number of local bus services. The International Eurostar rail link at King s Cross St Pancras and Euston mainline stations are all close by to the west. Angel Station sits on the central core route of the proposed high-speed Crossrail 2, which would link Surrey to Hertfordshire, via Central London. 2m Camden The nearby St John Street, Islington High Street, Camden Passage and Upper Street provide an extensive array of boutique and national retailers and restaurants, while Shepherdess Walk Park, Duncan Terrace Gardens and Arlington Square Gardens provide open green space. The area benefits from excellent road connections, with Islington High Street (A1) providing easy access to the M1 and M (Junction 21). London City Airport is located approximately 7.5 miles to the south-east, Heathrow approximately 17.5 miles to the south-west and Gatwick Airport is approximately 30 miles to the south. Euston King s Cross reet Paul Street 10 mins Angel 27 29 1 139 177 2m 19 20 21 22 24 11a 11e 26 10 9 Rheidol Terrace 8 7 6 5 4 3 2 1a 1d Rheidol Mews 37 35 357 439 33 203-22 Old Street Moorgate 12a 15h 27 29 31 51 Rheidol Mews 63 67 1 3 5 7 9 11 13 21 19 17 15 Allingham Street 12 10 14 16 18 20 22 24 26 28 30 33 Bank 67c 8 31 6 38 40 42 44 St Pe 69 71 73 2 4 6 3 2 1 11 13 15 17 21 27 29 Fro London Bridge
Existing Accommodation Schedule Unit Floor SqM SqFt Rateable Value 16/18 Rheidol Mews First 55.08 593 3,750 17 Rheidol Mews Ground 55.08 593 4,000 19 Rheidol Mews Ground 35.96 387 20 Rheidol Mews First 40.14 432 27,000 21 Rheidol Mews First 50.37 542 22 Rheidol Mews Ground 50.56 544 4,150 Rheidol Mews Store Ground 11.26 121 Rheidol Mews Ground 31.04 334 3,750 24 Rheidol Mews First 48.96 527 4,600 Rheidol Mews Ground.11 270 2,050 Description Rheidol Mews comprises an irregular shaped gated mews set behind an archway off Rheidol Terrace, which provides vehicular and pedestrian access. The mews comprises a total of 21 buildings, with 16-33 Rheidol Mews located along the north, eastern and southern sides. The properties are of traditional London-stock brick construction with both flat and pitched roofs, which are set behind parapets. With the exception of three of the units, they are arranged over ground and first floor. The three units (Units 29/30/31) are arranged over ground floor only and are under a flat roof. The units are currently being used as light industrial/workshops and offices and measure 720.70 sqm (7,758 sqft) (GIA). The road through the mews is set with traditional cobbles to provide uncharged private parking. The total site area is approximately 0.078 hectares (0.192 Acres). Tenure Freehold The properties are highlighted in red for identification purposes only on the Location Plan and OS Map provided. 26 Rheidol Mews First.66 276 2,850 27 Rheidol Mews First 39.57 426 4,050 28 Rheidol Mews Ground 64.59 695 3,100 29 Rheidol Mews Ground 27.13 292 8,000 30 Rheidol Mews Ground 30.91 333 8,400 31 Rheidol Mews Ground 27.97 301 32/33 Rheidol Mews Ground and First 101.3 1,091 7,400 Total 720.70 7,758
DP UNIT 28 N STORE UNIT UNIT STORE OFFICE UNIT 22 KITCHEN EXISTING GROUND FLOOR PLAN UNIT 29 RHEIDOL MEWS UNIT 19 SITTING WC WC UNIT 17 410.26 SqM, 4,416 SqFt UNIT 30 UNIT 31 UNIT 32 Neighbouring Residential Properties N EXISTING FIRST FLOOR PLAN UNIT 27 UNIT 26 UNIT 24 UNIT 21 WC UNIT 20 WC UNIT 18 UNIT 16 310.44 SqM, 3,342 SqFt FLAT ROOF RHEIDOL MEWS FLAT ROOF UNIT 33
Tenancy The Tenants detailed in the below schedule all occupy the property pursuant to verbal agreements, with no written tenancy agreements. Unit Number Tenant Floor Area (SqM) Floor Area (sqft) Tenant Since Monthly Rental Annualised Current Rent 17 Groove Lines 55.08 593 /07/2003 350.00 4,200.00 16 & 18 Ina Baumeister 55.08 593 01/05/2007 267.69 3,212.28 Proposal To be offered by Auction on Tuesday 15th May 2018 (unless sold prior or withdrawn). Venue: The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL. We are instructed to quote offers in excess of 4 million for the freehold interest. 19, 20 & 21 & Illuminations Ltd 151.58 1,632 1990 2,016.06 24,195.12 22 & 26 Vacant 76.22 820 01/09/2009 - - 24 Just Radio (a subsidiary of Illuminations Ltd) 48.96 527 01/01/2017 300 3,600.00 27 Paul Way 39.57 426 01/09/2009 443.33 5,319.96 28 John Kelly 64.59 695 01/03/2004 0.33 2,763.96 *01/03/2018: Rateable values William as J per Gowar the: www.tax.service.gov.uk/business-rates-find and website., 29-33* 229.61 2,471 Owners 1,166.67 14,000.00* Company Ltd Total 720.70 7,758 57,291.32 NB. All tenancies are verbal agreements. Tenant s pay monthly. *One of the Vendor s, who is a Tenant of units and 29-33, aims to relocate by the end of 2018 once sale proceeds are available. Further clarification can be obtained via Allsop LLP. VAT The properties are not elected for VAT. Rateable Value Total rateable value for the properties is 83,100 (www.taxservices.gov.uk) Energy Performance Certificates The property has a band of E and a rating of 115. EPC certificates available upon request. Local Planning Authority London Borough of Islington 222 Upper Street London N1 2UD www.islington.gov.uk Planning Potential The buildings offer potential for a number of different uses, including their conversion into residential mews houses or as part of a mixed use scheme, subject to obtaining all necessary consents. In line with many of the neighbouring properties there is potential to infill and add a first floor to the whole site, to increase the floor areas to up to 822.19 SqM (8,850 SqFt), as well as an additional mansard level to further increase the buildings to up to 1,3.29 SqM (13,275 SqFt), subject to obtaining all necessary consents. We have been informed that the building is not listed, but is situated within the Duncan Terrace/Colebrook Row Conservation Area. Viewings Viewings are strictly by appointments only. To arrange access, please contact James Stewart-Lockhart or Kelly Holmes (Kelly.holmes@allsop.co.uk) 020 7344 2633. Residential Developments James Stewart-Lockhart 020 7344 2682 James.stewart-lockhart@allsop.co.uk Richard How 020 7344 2652 Richard.how@allsop.co.uk Commercial Auctions Alex Neil 020 7543 6895 Alex.neil@allsop.co.uk Tom Hanson 020 7543 6807 Tom.hanson@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