44/46 Sekforde Street, London - EC1R 0HA - Newly refurbished multi-let Clerkenwell office investment - LoopNet
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
44/46 Sekforde Street, London EC1R 0HA Newly refurbished multi-let Clerkenwell office investment
44/46 Sekforde Street
London, EC1R 0HA
Newly refurbished multi-let
Clerkenwell office investment
Lower Ground Floor Fourth Floor
Executive Summary
• Newly refurbished office in the heart of Clerkenwell only a moments’ • The investment provides an average weighted unexpired lease term
walk from Farringdon Station, soon to be the UK’s busiest station in of approximately 7.56 years to expiry and 3.64 years to break
2020
• Total passing rent of £512,158 per annum equating to approximately
• Multi-let freehold office building £61.13 per sq ft overall
• Total net internal area of 8,378 sq ft (778 sq m) with the typical floor • Offers in excess of £10,105,000 (Ten Million One Hundred and Five
plate being approximately 1,500 sq ft (139 sq m) Thousand pounds) which reflects a net initial yield of 4.75%
44/46 Sekforde Street
London, EC1R 0HA
Newly refurbished multi-let
Clerkenwell office investment
Location will be further enhanced by the opening of Crossrail in interior and furniture showrooms, drawing customers
October 2020, which is expected to be a major catalyst from across the UK seeking cutting edge designs for both
Clerkenwell is one of the most sought-after locations for further growth to this exciting office market. commercial and residential properties.
in the City Fringe, situated within easy reach of major
transport links and amenities. It has blossomed in recent Complementing the office market are the excellent retail, In addition, new trend setting restaurants including
years attracting a diverse range of businesses as well as showroom and leisure amenities, which have helped Granger & Co, Modern Pantry, Albion and Luca have
becoming the centre of London’s world-renowned Tech transform the immediate area in recent years. Clerkenwell opened in Clerkenwell to satisfy the diverse workforce
Belt and the hub for creative industry in Europe. Its appeal Road and St John Street have become synonymous with and increase the cosmopolitan feel to the area.
Canary Wharf
Old Street
Barbican
THE CITY OF LONDON
Smithfield Market
Farringdon
St Paul’s
44/46 Sekforde Street
London, EC1R 0HA
Newly refurbished multi-let
Clerkenwell office investment
RD
ONVILLE
SHEP
A501 PENT
HOXTON
PENTONVILLE
H
KIN
G’S
ERDES
CR A50
OS 1C
S RD
IT Y
RD
S
WALK
ST JO
E
AV
HN ST
RY
A1
BE
A50
T RD
SE
GO
1C
ITY
RO
RD
KI N G
SWE
EAS
01
A4
LL R
ST J
’S
C
OH
RO
D
N
SS
ST
D
R
CLERKENWELL
ST
IVAL
ST
PERC
8
GR
OLD STREET
E
RP
AY
HO
17 ST
2 OLD
LT
’S
T
ST
SEKFORDE S
CA
IN
16
JO
NR
ST. LU K E ’ S
HN
E
FA
1
V
ST
OA
RY A
RR
A501 CITY
T T
BUNH
DS 3 DS
IN
D
ST
FOR OL
G
Y
SEBE
IL UR 15
GU
DO
13 LE
SB
ILL RO
AY 14
N
1 RO
ROAD
RD
W
A40
Situation
A1
ENWELL RD
CLERK
GOS
ENWELL RD 9 11 12
ST JO
CLERK 18
WELL RD
7 FARRINGDON
HN ST
Sekforde Street is situated in a prime location just off Clerkenwell Green. 10
HATTO
6
LEAT
FAR
CHISW
The property sits opposite Derwent’s Buckley Building and benefits from RD ELL ST
H
DS
N GAR
GR
FARRINGDON H ST
ER LA
AL
RING
BEEC
OB
AY’S
5
the retail and amenities of Hatton Garden, Smithfield Market and Holborn. HE BARBICAN Barbican Centre
DEN
T
NE
DON
ST
INN
Leather Lane, situated to the west, provides a multitude of independent TE
RH
OU
SE
FINSBURY
RD
AR
RO
BARBICAN
cafés and a daily food market.
CH
4
AD
MOORGATE
ORN
The following high-profile office occupiers are located in the surrounding
Smithfield Market
H HOLB A40 H
A40 HIG CHANCERY LANE
IGH H
OLB
ORN
area: ITV Media, Royal Mail, LinkedIn, Webber Shandwick, Grey Advertising, HOLBORN H O LBORN LONDON WALL
Lastminute.com, WPP, Zaha Hadid Architects, Starcom Mediavest, Kurt
Geiger, Grimshaw Architects, Jaggaer UK, Deloitte Digital, Alexander
McQueen, Hawkins Brown LLP, Splash Worldwide HQ, Knoll and Amazon. Occupiers Key
1. ITV Media 11. Grimshaw Architects
Well known restaurant and leisure operators situated near by include 2. Royal Mail 12. Jaggaer UK
St John, The Modern Pantry, The Zetter, Cafe Du Marche, Malmaison, 3. LinkedIn 13. Deloitte Digital
Bleeding Heart, Hix Oyster & Chop House, Giant Robot, Burger & Lobster 4. Webber Shandwick 14. Alexander McQueen
and Smiths of Smithfield. 5. Lastminute.com 15. Hawkins Brown LLP
6. Grey Advertising 16. Splash Worldwide HQ
The property is five minutes walk from Farringdon Station, the only 7. WPP 17. Knoll
8. Zaha Hadid Architects 18. Amazon Development
interchange for Underground, Crossrail, Thameslink and National Rail in Centre
9. Starcom Mediavest
London.
10. Kurt Geiger
44/46 Sekforde Street
London, EC1R 0HA
Newly refurbished multi-let
Clerkenwell office investment
Connectivity
44-46 Sekforde Street benefits from exceptional Crossrail is the largest infrastructure project in Central Wharf in central; through to Shenfield and Abbey Wood
transport connectivity. London since the opening of the Underground over 150 in the east.
years ago. It is Europe’s largest infrastructure project,
The closest station to 44-46 Sekforde Street is Farringdon costing £15 billion. When complete, Farringdon will become the UK’s busiest
and will be the only interchange station for Underground, station and its planned that over 140 trains per hour will
Crossrail, Thameslink and National Rail services in Once opened it will comprise a new 100km east to flow through the interchange. It will be the only station
London. west underground line connecting all of London’s main that provides a 3-way connection between the London
employment hubs from Heathrow and Reading in the Underground as well as the north/south Thameslink and
Crossrail west; the West End, Farringdon, the City and Canary mainline network. It is expected that over 200 million
passengers will travel on Crossrail each year.
Crossrail
Reading Ealing Broadway Bond St Canary Wharf Stratford
59 mins 16 mins 4 mins 8 mins 10 mins Crossrail will give Central London a direct rail service to
Heathrow in approximately 30 minutes and provide City
Heathrow T2 & T3 Acton Abbey Wood Romford
32 mins 15 mins FARRINGDON 21 mins 30 mins to West End access in less than 10 minutes. Sekforde
Street is situated within 500m of the new Crossrail
Circle Line station at Farringdon, due to open in October 2020.
Paddington Kings Cross Barbican Liverpool St Monument Embankment
17 mins 5 mins 1 mins 4 mins 14 mins 21 mins
Underground
Euston Square Moorgate Tower Hill Blackfriars
6 mins FARRINGDON 3 mins 12 mins 18 mins The Circle, Metropolitan and Hammersmith & City
Underground lines run through Farringdon station,
Metropolitan Line making it one of the best connected underground
Amersham Wembley Park Baker St Barbican Liverpool St stations in London.
61 mins 23 mins 10 mins 1 min 5 mins
Harrow on the Hill Finchley Rd Moorgate Aldgate Also within close proximity to Sekforde Street are a
29 mins 16 mins FARRINGDON 3 mins 8 mins
number of alternative London Underground Stations
Hammersmith & City Line including Chancery Lane, Barbican, Old Street and
King’s Cross which provides underground, national and
Hammersmith Paddington Kings Cross Liverpool St Mile End Barking
28 mins 17 mins 5 mins 5 mins 15 mins 30 mins international rail links.
Shepherd’s Bush Edgware Rd Aldgate East West Ham
32 mins 11 mins FARRINGDON 10 mins 20 mins Thameslink & National Rail
Thameslink is a 24-hour, 115-station main-line railway
Thameslink
route. Farringdon currently provides national rail services
Bedford St Pancras Intl. Blackfriars East Croydon Haywards Heath to such destinations as Peterborough, Bedford, Luton
50 mins 5 mins 5 mins 24 mins 53 mins
and Luton Airport to the north and Sutton, Orpington,
Luton London Bridge Three Bridges Brighton
34 mins FARRINGDON 11 mins 44 mins 65 mins Sevenoaks, Rainham, Horsham, Gatwick Airport and
Brighton to the south.
Source: Google / Crossrail.co.uk
44/46 Sekforde Street
London, EC1R 0HA
Newly refurbished multi-let
Clerkenwell office investment
Ground Floor First Floor
Description Amenities
44-46 Sekforde Street is the former premises of Blick Time Recorders, who first Newly refurbished office space with the
occupied the existing development in 1963. Blick became the largest marketing and following specifications:
service time recorder company in the UK and sold all makes of UK made clocks. The • Modern open plan office floor plates
building itself, was designed by Robert Cromie, who made his name in the 1930’s
designing theatres and cinema’s like the Hammersmith Apollo. • Brand new exposed air conditioning
system
The building is of concrete framed construction with solid floors, brick elevations
and was constructed in the 1930’s probably as a multi storey factory or warehouse. • Modern suspended LED strip lighting
It enjoys lovely views from its north west side over St James’s Church and its gardens • New wooden flooring throughout
which are open to the public and provide a tranquil local amenity. The church was
• Excellent natural daylight
rebuilt in 1792 to plans by a local architect James Carr whose design was influenced
by Wren and Gibbs. • Perimeter trunking
The property is spread over lower ground, ground and four upper floors and provides • Self-contained WCs / showers
8,378 sq ft NIA of flexible accommodation. It benefits from modern open plan office • Passenger lift
space which has been refurbished throughout. Each unit also benefits from both male
and female WC’s and either bike storage or bike hanging spaces. • Bike storage/bike hanging spaces
located within each unit
There is also a small electricity substation located in the basement which is accessed
externally from Sekforde Street.
44/46 Sekforde Street
London, EC1R 0HA
Newly refurbished multi-let
Clerkenwell office investment
Floor Plans
Indicative floor plans; full floor plans
are available upon request.
You can also view the building via Main
Lift Elec
Open Office
Void Lift Elec
Open Office
the virtual walkthrough at:
Entrance
WC
https://realla.co/m/24033-44-46-
Entrance Entrance
Elec WC &
Shower
sekforde-street-clerkenwell-44-46-
sekforde-street#gallery
Ground Floor Plan Second Floor Plan
Tenancy Schedule
Floor Area Tenant Rent Rent Lease Start Lease End Break Clause Rent Review In/Out Notes
sq ft PSF 1954 Act
(sq m)
Third & 2,802 Narbutas £175,125 £62.50 11/07/2019 10/07/2029 11/07/2024 11/07/2024 OUT Break Option (Tenant only) – 11 July 2024 with 6 months’ prior written notice. Rent commences
Fourth Floor (260) Limited 05 July 2020. Guarantor – Narbutas International UAB. Rent deposit - £87,563 plus interest
accrued.
Second 1,512 Studio £94,500 £62.50 22/10/2018 21/10/2023 22/10/2021 - OUT Break Option (Tenant only) – 22 October 2021 with 6 months’ prior written notice. The tenant
Floor (140) 2BR has paid the rent in full up to 22 Oct 2021 and an appropriate apportionment of this rent will
Limited be passed onto the purchaser. If the tenant does not serve their break notice, they shall then
pay the rent in full to the end of lease as a single payment of £157,500 on 22 Oct 2021. This
lump sum payment includes a deduction equivalent to 4 months’ rent free.
First Floor 1,507 Kindred £88,913 £59.00 02/10/2018 01/10/2023 02/10/2021 - OUT Break Option (Tenant only) – 02 October 2021 with 6 months’ prior written notice. Tenant to
(140) Capital receive an additional 4 months’ rent free, if the break is not exercised. Rent deposit -
LLP £26,673.90 plus interest accrued. There is a personal concession documented by way of
side-letter that permits the tenant to pay rent monthly. That arrangement is not expressed to
be binding on any successor in title to the reversionary interest.
Ground 2,557 Topps *£153,420 £60.00 03/04/2018 02/04/2028 02/04/2023 03/04/2023 OUT Break Option (Tenant only) – 02 April 2023 with 6 months’ prior written notice. *Current rent
& Lower (238) Tiles (UK) of £115,065 until 02 April 2020 at which point it will revert to the headline rent of £153,420.
Ground floor Limited There is a personal concession documented by way of side-letter that permits the tenant to
pay rent monthly. That arrangement is expressed to bind any successor in title to the
reversionary interest.
Substation - UK Power £200 - 01/09/2019 31/08/2079 - - IN Terms have been agreed subject to formal documentation. Completion likely to be 01
Network September 2019. Lease will include a “Lift & Shift” Clause subject to 12 months’ notice and will
be at the Landlord’s cost.
8,378 £512,158
(778)
44/46 Sekforde Street
London, EC1R 0HA
Newly refurbished multi-let
Clerkenwell office investment
Covenants – Sekforde Street
Topps Tiles T/A Parkside Design Studio 2BR Limited
Topps Tiles plc is a British national retailer based in Enderby, Leicestershire. It is listed on Studio 2BR Limited is an independent, global design consultancy business working with
the London Stock Exchange. Topps Tiles is the leading tile retailer in the United Kingdom, clients in the UK, Europe and the United States. Studio 2BR Limited creates brands,
they advise consumers and traders on suitable products relating to floor and wall tiles, campaigns and communications for business through a variety of media outlets.
natural stone and related products. They sell other accessories such as underfloor
The company has taken advantage of exemptions available to small companies not to
heating, tools, adhesives, grouts, wet room products and aftercare/protection/cleaning
publish turnover and profit information. Figures for net worth are shown below.
solutions.
Topps Tiles has a market share of 30+% in the United Kingdom. Current investor Studio 2BR Limited 30 Apr 2018 30 Apr 2017 30 Apr 2016
information can be found at www.toppstilesplc.com. Company Number: 03517743 £ £ £
Parkside Design is a subsidiary brand of Topps Tiles with Design Studios in Clerkenwell, Turnover - - -
Chelsea, Leicester and a Design Studio coming soon in the Cotswolds. It is a contemporary Pre-tax Profit - - -
porcelain, ceramic and natural stone tile specification company with over 500 designs
Net Worth £2,837,609 £1,925,780 1,523,472
on offer, from some of the world’s most dynamic manufacturers.
Topps Tiles UK Limited 29 Sept 2018 30 Sept 2017 01 Oct 2016
T/A Parkside Designs £000 £000 £000 Narbutas Limited
Company Number: 04781209 Incorporated in 2015, Narbutas Limited is a London based subsidiary of Narbutas
Turnover 217,776 211,724 214,994 International UAB. The business creates furniture for the modern workspace, with
the needs of the 21st-century employee in mind, manufacturing modern, durable and
Pre-tax Profit 17,528 20,411 23,479
functional furniture.
Net Worth 26,806 31,947 35,204
Narbutas Limited 31 May 2018 31 May 2017 31 May 2016
Company Number: 09583145 £ £ £
Kindred Capital LLP Turnover 512,887 438,694 308,331
Kindred Capital LLP is a venture capital fund that practises equitable venture. Pre-tax Profit 4,379 8,251 23,104
Based in London and incorporated in 2015, Kindred Capital has closed its first seed Net Worth 28,355 26,767 20,705
fund of £80 million. It has since deployed this capital into 20 tech start-ups throughout
Europe.
Narbutas Limited is guaranteed by their parent company Narbutas International UAB.
Kindred Capital LLP 31 Dec 2018 31 Dec 2017 31 Dec 2016
Company Number: OC401508 £ £ £ Narbutas International UAB 31 Dec 2018 31 Dec 2017 31 Dec 2016
Turnover 1,146,255 1,564,282 577,818 Company Number: 300591314 € € €
Pre-tax Profit 728,802 1,279,553 338,588 Turnover 70,524,106 48,137,501 33,328,359
Net Worth 320,837 577,359 169,737 Pre-tax Profit 11,719,719 8,870,303 5,364,944
Net Worth 22,970,328 14,057,164 6,871,629
44/46 Sekforde Street
London, EC1R 0HA
Newly refurbished multi-let
Clerkenwell office investment
Lower Ground Floor Ground Floor Third Floor
Additional Information Proposal
We are seeking offers in excess of £10,105,000 (Ten Million One Hundred and Five Thousand pounds) for the freehold
Planning
interest, subject to contract.
The property is located within the London Borough of
Islington and has Office (Class B1) use. This reflects a net initial yield of 4.75% (assuming purchasers’ costs of 6.70%) and a capital value of £1,206 per sq ft.
Service Charge
The service charge for the year ending 24/03/2020
Contacts
equates to £5.57 per sq ft.
For further information please contact:
VAT William Preece Paul Morris Richard Goode
The property has been elected for VAT. It is anticipated T 020 7458 0663 T 020 7458 0645 T 020 7458 0633
that the sale will be treated as a Transfer of Going M 07850 099606 M 07771 816 347 M 07889 180981
Concern (TOGC). E wp@fletcherking.co.uk E pmm@fletcherking.co.uk E regg@fletcherking.co.uk
EPC Giles Godbold Ollie Kirke
Available upon request. T 020 3713 1953 T 020 3713 1954
M 07899 977451 M 07880 242 178
Data Room E giles.godbold@bbgreal.com E oliver.kirke@bbgreal.com
Access can be provided to a data room on request.
MISREPRESENTATION ACT: Fletcher King for themselves and for the vendors or lessors of this property whose agents they are, give notice that
(i) these particulars are produced in good faith, are set out as a general guide only and do not constitute any part of an offer or contract. They are
believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy
themselves as to the correctness of each of them. (ii) no person in the employment of the joint agents has any authority to make or give any
representation or warranty in relation to this property. July 2019. Designed and produced by Creativeworld. Tel: 01282 858200.
You can also read
