PORTFOLIO - allsop.co.uk · THE PROPOSAL Offers are sought in ... of the city green space 40%...

PORTFOLIO

2

PORTFOLIO

BELGRAVIA WORKSHOPS, 159-163 MARLBOROUGH ROAD, ARCHWAY, N19 4NF SPECTRUM HOUSE, 32-34 GORDON HOUSE ROAD, GOSPEL OAK, NW5 1LP

THE IVORIES, 6-18 NORTHAMPTON STREET, ISLINGTON, N1 2HY

PORTFOLIO - THREE NORTH LONDON MULTI-LET OFFICE BUILDINGS

3

PORTFOLIO

Ruislip

Yiewsley

WestDrayton

Ealing

Greenford

Wembley

Northolt

EdgwareStanmore

Barnet

Hayes

Heathrow Airport

Feltham Twickenham

Isleworth

Teddington

Kingston upon Thames

Chessington

Sutton

New Malden

Wimbledon

Putney

Fulham

Chiswick

Acton

Brentford

Streatham

Camberwell

Bermondsey

Lambeth

BrixtonClapham

Peckham

Penge

Orpington

Purley

Carshalton

Wallington

Richmond

Northwood

Hounslow

Harrow

East Barnet

Hendon

Hampstead

Paddington

Kensington

Mitcham

Battersea

Westminster

IslingtonDalston

KingsCross

KentishTown

StokeNewington

FinsburyPark

CamdenTown

Wood Green Tottenham

Southgate

Edmonton

Enfield

Chingford

Walthamstow

Leyton

Stratford

Poplar

OldStreet

Clerkenwell

Holloway

Bow

SohoMayfair

Shoreditch

BethnalGreen

Deptford

Lewisham

Catford

Eltham

Sidcup

Bexley

Woolwich

Erith

Barking

HornchurchUpminster

Rainham

Crayford

Muswell Hill

Crouch End

Archway

BurntOak

Totteridge

Harold Hill

Thamesmead

Walworth

Radlett

Watford

Rickmansworth

Borehamwood

Potters Bar WalthamAbbey

Loughton

Ashtead

Tadworth

Chipstead

Sevenoaks

Leatherhead

Cudham

Downe

GreenStreetGreen

LondonBiggin Hill

Airport

A1203LIMEHOUSE

LINK TUNNEL

DARTFORDTUNNEL

WimbledonCommon

PutneyHeath

Richmond Park

RoyalBotanicGardens

Kew

OsterleyPark

Bushy Park

Hyde Park

Regent’sPark

HampsteadHeath

BedfordsPark

DagnamPark

SundridgePark

SyonPark

Trent Park

NonsuchPark

River Roding

River Mole

River Mole

M26

M25

A244

A315

A408

CityAirport

A117

A1055

A1010M4

M1

M11

M25

M25

A224

A25

A225

M26

A25

A227

A227

A25

M20

A20

A315

M25

M4

A412 M25

M40

M25

M3

A11

A2198

A2217

A225

A1

A20

A233

M25M11

M25

M25

M1

M25

M25

M25

A124

REDBRIDGE

HAVERING

BARKING

&

DAGENHAM

GREENWICH

BEXLEY

NEWHAM

WALTHAMFOREST

BROMLEY

TOWERHAMLETS

HACKNEY

LEWISHAM

CROYDON

MERTON

SUTTON

RICHMONDUPON

THAMES WANDSWORTH

CAMDEN

BRENT

HOUNSLOW

EALING

HARINGEY

ENFIELD

KINGSTON

UPON

THAMES

HARROW

HILLINGDON

BARNET

CITY

WESTMINSTER

LAMBETH

SOUTHWARK

THE OPPORTUNITY

A unique portfolio comprising three attractive North London multi-let office buildings located in sought after areas, close to Central London.

Three freehold properties totalling 106,312 sq ft (9,878 sq m).

Cumulative site area of 1.7 acres (0.68 ha).

All of the properties are situated in desirable areas in North London that either experienced regeneration in recent years or are currently undergoing regeneration.

Each of the properties benefit from excellent transport links with the London Underground Network and Network Rail’s infrastructure serving each of the locations and providing easy access to Central London.

The portfolio offers significant asset management opportunities including letting of vacant accommodation, regearing leases on more institutional terms, refurbishment to increase the rents, potential infill development, longer term residential development or alternative use (subject to planning).

Total gross passing rent of £2,312,803 per annum and an ERV of £3,514,609 per annum, therefore a potential increase of approximately 52%.

THE PROPOSAL

Offers are sought in excess of £45,000,000 (Forty Five Million Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 4.81% and a reversionary yield of 7.31% after allowing for purchaser’s costs of 6.78%. A sale at this price reflects a low capital value across the portfolio of £423 psf.

SUMMARY SCHEDULE

Property Area sq ft

Area sq m

Gross Rent

Average Rent £ psf on let areas

Average ERV £ psf

Number of Tenants

1. Belgravia Workshops, 159-163 Marlborough Road, Archway, N19 4NF 33,245 3,088.6 £405,470 £25.52 £25.34 31

2. Spectrum House, 32-34 Gordon House Road, Gospel Oak, NW5 1LP 48,321 4,490.4 £1,145,570 £27.56 £35.38 18

3. The Ivories, 6-18 Northampton Street, Islington, N1 2HY 24,746 2,299.0 £761,763 £35.56 £42.00 28

Total 106,312 9,878.0 £2,312,803 77

2

1

3

4

PORTFOLIO

London is home to 43 universities including some of the world’s top universities, Imperial College London and University College London.

Approximately 105,000 international students

International entertainment hub with over

300 theatres

12,000 restaurants

500 cinemas

of the top 10 museums and galleries in the world

Home toOver

19.1mtourists per year

Over 300 different languages spoken, at least 14 different

faiths practiced

ELIZABETH LINE OPENING FULLY IN DECEMBER 2019 APPROXIMATELY 1.37bn ANNUAL PASSENGERS

LONDON “THE CAPITAL OF THE

21ST CENTURY WORLD”

Greenest city of its size in the world with

of the city green space 40%Ranked number 1 in

the Global Power City Index 2017, sixth consecutive year

ranked Number 1

Major transport hub handling in excess of flights per month

100,000

In particular, Paris, Amsterdam and Brussels

Connecting the city to the continent

Source: Allsop

5

PORTFOLIO

Global financial market player – London has more head offices of banks than any other international hub

London is the second largest global fund management centre – managing more than 80% of hedge fund assets under management in Europe

Leading centre for management of European private equity funds

Strong existing legal sector – growth of “Mono Sector” firms focusing on a single service line of work – higher usage of flexible working space

514 applications to start up new law firms in 2017 – there are over now over 800 lawyers working for new ‘platform firms’

Average turnover in 2017 £219.8m for the largest law firms in the UK

Over 620,000 jobs in London's creative industries

Government introduction of £150m creative sector deal

The largest new film and media studio to be built in London for over 20 years is due to start construction in 2019 and operated in Dagenham by Pacifica Ventures in partnership with Media Content Capital

Investment in UK tech was at record levels in 2017 with close to £3 billion invested in 224 companies. London accounted for 80% of this investment.

UK is the 5th largest video games market globally and largest in Europe

INTERNATIONAL HUB

The world’s leading financial sector as per the global financial centres index

50% of European investment activity is conducted in London

Over 750,000 people employed in London’s

financial sector

Over 250 foreign banks located in London

The London financial sector employs 1.1 million people and makes up 12% of Britain’s economic output

Fintech market expected to grow by 88% in the next 3 years. London is Europe’s Fintech hub

2017 £2 billion of inward investment to the UK economy

from the film industry

GVA of creative industries in London estimated to be in excess of £42 billion

London has around 200 insurers and brokering companies in the London Market

Insurance sector is one of the UK’s most productive industries contributing approximately £40 billion a year to the economy

Londons insurance market remains the largest global

centre for commercial and speciality risk

The sector contributes to 26% of London’s GDP

1,600 technology companies based in London with 60,000 employees contributing £6.6 billion to the UK economy

Home to many of the world’s most famous Sporting and Music Venues with Wembley Stadium and Arena, The 02, The Olympic Stadium, Wimbledon

Major events such as London Marathon, Wimbledon Tennis Championships,

The Boat Race and Notting Hill Carnival. Hosted the Olympics in 2012

40% of the £66 billion estimated for the total UK night time

economy represented by London

Internationally renowned food scene

Legal services in the UK generate over £30 billion

of revenue per annum

8 global law firms have headquarters in London8

£2 billion

2017

FINANCIAL SECTOR

INSURANCE SECTOR

TECHNOLOGY SECTOR

CREATIVE SECTOR

LEISURE SECTOR

LEGAL SECTOR

UK attracted almost four times more funding in tech then Germany, and more than France, Ireland and Sweden combined

£Over £40 billion

GVA by the night-time economy

Source: Allsop

6

PORTFOLIO

BELGRAVIA WORKSHOPS 159-163 MARLBOROUGH ROAD, ARCHWAY, N19 4NF

INVESTMENT HIGHLIGHTS

A North London multi-let office investment opportunity

Attractive and prominent building with an internal courtyard, totalling approximately 33,245 sq ft

Well located in close proximity to Archway Underground Station (Northern Line), Upper Holloway (Overground) and Crouch Hill (Overground)

Asset management opportunities including regearing leases on more institutional terms, letting vacant accommodation, refurbishment to increase rents and potential for infill development (subject to planning)

Freehold

Potential longer term residential conversion with residential values in the area in excess of £700 psf

Current gross passing rent (inc service charge) of £405,470 p.a. which equates to an average rent of £25.52 psf based on the let areas

Potential to increase the passing rent by approximately 105% based on an average ERV of £25.08 psf

17,132 sq ft of vacant accommodation

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PORTFOLIO

EMIRATES STADIUM

THE BEAUX ARTS BUILDING

HIGHBURY & ISLINGTON

BELGRAVIA WORKSHOPS

KINGS CROSS STATION

UPPER HOLLOWAY OVERGROUND STATION

12 MINUTE WALK

WEST END

REGENT’S PARK

THE CITY

HOLLOWAY ROAD UNDERGROUND STATION

ARSENAL UNDERGROUND

STATION

HOLLOWAY ROAD

A103

ARCHWAY (200M >) UNDERGROUND STATION

OVERGRO

UND LINE

For indicative purposes only.

SEVEN SISTERS ROAD

BUS ROUTES CONNECTING TO KING’S CROSS, BANK, WATERLOO

AND LONDON BRIDGE

BUS ROUTE CONNECTING TO CROUCH HILL AND FINSBURY PARK

8

PORTFOLIO

BELGRAVIA WORKSHOPS 159-163 MARLBOROUGH ROAD, ARCHWAY, N19 4NF

LOCATIONThe property is located in an attractive part of North London in the London Borough of Islington, approximately one mile west of Finsbury Park, one mile south of Crouch End and approximately three miles north of Central London.

The area has benefitted from significant regeneration and gentrification in the past decade and the Archway area is now considered a desirable location for people to live and work. Some of the regeneration projects are detailed below:

ARCHWAY TOWER – The property is situated directly above Archway underground station and comprises a 94,400 sq ft scheme with 118 studio, 1 bedroom and 2 bedroom apartments exclusively for rent over 15 floors.

HAMLYN HOUSE – The eight storey property was converted into a 161 bed Premier Inn Hotel as well as an ancillary restaurant. The development helped to create jobs in the area and also boost the night time economy.

ARCHWAY GYRATORY – A £12.6 million remodelling of the Archway Gyratory led by TFL and Islington Council to improve the infrastructure around Archway. The remodelling has helped to create a more pleasant and accessible town centre improving the walking, cycling and public transport accessibility in the area.

HILL HOUSE – Hill House is a redevelopment of an office building and the empty shopping mall which will provide over 150 flats and also provide new retail space and a refurbished town square that form part of the Hill House entrance. There are also new co-working spaces planned to the rear of Hill House.

The underground station and nearby shopfronts have had a facelift and a £2m council grant has helped many independent shop operators on the High Street with renovations.

Further to this, the area is set to benefit significantly from the proposed development at the former UCL Archway Campus which will be a redevelopment of a 1.4 hectare site, for new affordable and private residential accommodation as well as community and commercial use. The proposed development would not be complete until circa 2021 and is still in its early stages.

The property benefits from excellent transport links with Upper Holloway Overground Station situated approximately 500m to the west, Archway Underground Station (Northern Line) approximately 0.5 miles to the west and Crouch Hill Overground Station is approximately 500m to the north east.

Archway provides direct access to King’s Cross St. Pancras and Bank via the Northern Line with quickest journey times of approximately 10 minutes and 19 minutes respectively. Upper Holloway station provides access to the Overground which provides access to numerous popular destinations such as Shepherds Bush (34 minutes) and Stratford (44 minutes).

There are several bus routes serving the local area which are situated approximately 50m to the east of the property on Hornsey Road and 200m to the west on Upper Holloway Road.

All three London Airports are within easy reach from the property with London Heathrow Airport accessible via the Underground and Heathrow Express with a quickest journey time of 57 minutes, London Gatwick Airport via the Underground and Gatwick Express with a quickest journey time of approximately 55 minutes and London City Airport via Underground and DLR with a quickest journey time of approximately 47 minutes.

9

PORTFOLIO

BELGRAVIAWORKSHOPS

KINGS CROSS ST PANCRAS

10 MINS

OXFORD CIRCUS 13 MINS

VICTORIA 17 MINS

WATERLOO 18 MINS

LONDON BRIDGE 20 MINS

CENTRAL LONDON 3.8 MILES (6.1KM)

LONDON CITY AIRPORT

46 MINS

HEATHROW: T 1-3

48 MINS

CAM

DEN R

OAD

B519 NO

RTH H

ILL

HIGHG

ATE

W H

ILL

HIG

HG

ATE ROAD

B5

50

HIGHGATE HILL

J

UN

CTI

ON

RD

A1

05

GREEN

S LAN

E

BLACKSTOCK RO

AD

A1

20

1

A1

03

HO

RNSEY RO

AD

B105

B105

DA

RTMO

UTH

PARK

HILLL

B504

BROWNSWOOD RD

LORDSHIP PARK

A1 ARC

HW

AY ROAD

HOLLOWAY ROAD

A503 SEVEN

SISTERS ROAD

A

503

A1

WATERLOWPARK

HAMPSTEADHEATH

FINSBURY PARK

CLISSOLDPARK

CALEDONIANPARK

WOODBURYWETLAND

HIGHGATEWOOD

PARLIAMENT HILL FIELDSATHLETICS TRACK

HIGHGATECEMETERY

ELTHORNEPARK

WHITTINGTONPARK

DARTMOUTHPARK

KENTISH TOWN

TUFNELLPARK

HOLLOWAYROAD

CALEDONIAN ROAD

ARSENAL

ARCHWAY

HIGHGATE

DRAYTONPARK

CANNONBURY

HIGHBURY & ISLINGTON

HARRINGAY

FINSBURYPARK

HARRINGAYGREEN LANE

GOSPEL OAK

CROUCHHILL

UPPERHOLLOWAY

CROUCH END

ARCHWAY

HIGHGATE

DARTMOUTHPARK

TUFNELL PARK

KENTISH TOWN

HOLLOWAY

HIGHBURY

STOKENEWINGTON

HARRINGAY

5 MINS15 MINS20 MINS25 MINS

EMIRATESSTADIUM

BELGRAVIAWORKSHOPS

Times from Archway Underground Station

10

PORTFOLIO

© Crown Copyright, ES 100004106. For identification purposes only.

47

233

43

153 411155

35

33

456151

458

164421

Belgravia Works

hops

Sussex Way

Bavaria Road

Marlborough Road

37

39

39a

269 145

168

462165

220

Ringm58-

42-56 Ringmer Gardens

Ringmer Gardens

23-41

26-40

Ringmer G

ardens

Ringmer Garde45-6

37-65 Ringmer Gardens

419

Retail

Retail

Retail

Retail

Playground

417b

423e464b

167b172b

41

181

51a

53a

397-399

413a

417a

423a464a

167a

41a

51c53b

413b

401261

403

395

259

263

405265

147 454149

249

251

255

257

407

427

166

460

415

162

245

49247

29

45

31

19

474

18

19

76

15

162

17

429

7

2b

4b

6b

14

468

470

180

1

480

4

Hornsey Road

435

172a

9

32

5

23

3c

437

439-443

1

4024

525 39

26

8

466168c

1

20

3

2a

4a

6a

474-476a

21

3a

0m 10m 20m 30m

BG – N19 4NF

© UKMap Copyright The GeoInformation Group 2018 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250

DESCRIPTION

The property comprises a prominent attractive building, arranged over ground and two upper floors, with an internal courtyard totalling approximately 33,245 sq ft (3,088.6 sq m).

The ground floor units provide refurbished ‘workshop’ style units with large glass frontages looking into the courtyard, making for attractive space.

The first and second floors provide for more studio style space with some of the second floor units benefiting from high ceilings and exposed wooden beams.

The landlord comprehensively refurbished units G02, G03, G04, G06, G07 and G08. Further information available on the dataroom.

The workshops/studios provide a specification that includes:

Perimeter trunking Central heating Suspended lighting Wood/concrete/brick flooring Some of the units benefit from comfort cooling/heating and a kitchenette

The property benefits from a goods lift and central staircase in the courtyard that serve the upper floors, a site manager’s office which is situated underneath the archway entrance, and a ground floor café which provides external seating and access from Marlborough Road.

The site also benefits from 24 hour access, CCTV, recycling facilities, cycle racks and loading bays.

The property occupies a site area of 0.50 acres (0.20 ha).INDICATIVE FLOOR PLAN

N

N

11

PORTFOLIO

TENANCY SCHEDULE

Unit Ref Tenant Name Floor Area sq ft

Floor Area sq m

Rent (pa)

Rent (psf)

Lease Start

Lease End

Tenant break notice

Tenant break frequency

L&T Act Applies

Comments

BG0G01 Creativeo Ltd. t/a Creative Orchestra 567 52.7 £18,120 £31.96 04 Jan 2018 03 Jan 2020 6 months Rolling No Rent rising to £19,026 pa from 4 Jan 2019.BG0G02 Vacant 284 26.4BG0G03 Vacant 583 54.2BG0G04 Vacant 577 53.6BG0G05 Oliver John Hemsley 282 26.2 £8,040 £28.51 26 Mar 2018 25 Mar 2020 6 months Rolling No Rent rising to £8,442 pa from 26 Mar 2019.BG0G06 Duckduck Ltd. t/a Grid Duck 290 26.9 £10,320 £35.59 12 Sep 2017 11 Sep 2019 6 months Rolling No Rent rising to £10,836 pa from 12 Sep 2018.BG0G07 Vaccination UK Ltd. 288 26.8 £9,480 £32.92 15 Sep 2017 14 Sep 2019 6 months Rolling No Rent rising to £9,954 pa from 15 Sep 2018.BG0G08 Vacant 1,170 108.7BG0G09 Vacant 814 75.6BG0G10 Timothy John Allen t/a Soigneur 670 62.2 £15,420 £23.01 01 Mar 2018 29 Feb 2020 6 months Rolling Rent rising to £16,191 pa from 1 Mar 2019.BG0G11 Themescapes Ltd. 264 24.5 £8,760 £33.18 20 Oct 2017 19 Oct 2019 6 months Rolling No Rent rising to £9,198 pa from 20 Oct 2018.BG0G11A Vacant 302 28.1BG0G12 Marie Diane Keita 604 56.1 £9,012 £14.92 11 Jul 2007 10 Jul 2009 1 month Rolling No Occupation licence. Rent increases by 5% pa.BG0G12A Vacant 286 26.6BG0G13 Bentley Ideas Ltd. 70 6.5 £3,528 £50.40 01 Nov 2016 31 Oct 2018 6 months Rolling NoBG0G14 Vacant 554 51.5BG0G15 Vacant 281 26.1BG0G16 Vacant 280 26.0BG0G17 Vacant 531 49.3BG0G19 Vacant 540 50.2BG0G20 Vacant 616 57.2BG101A Bright Dental Laboratory Ltd. & Jaeld Shkembi 278 25.8 £8,316 £29.91 02 Feb 2017 01 Feb 2019 6 months Rolling NoBG101B Vacant 286 26.6BG102A Spirited Pictures Ltd. 285 26.5 £8,340 £29.26 26 Jan 2018 25 Jan 2020 6 months Rolling No Rent risting to £8,757 pa from 27 Jan 2019.BG102B Gold Standard Phantoms Ltd. 285 26.5 £8,148 £28.59 06 Feb 2018 05 Feb 2020 6 months Rolling No Rent rising to £8,555.40 pa from 6 Feb 2019.BG102C Gold Standard Phantoms Ltd. 284 26.4 £11,907 £41.93 06 Feb 2018 05 Feb 2020 6 months Rolling No Rent rising to £12,502.35 pa from 6 Feb 2019.BG103 Gold Standard Phantoms Ltd. 869 80.7 £27,583 £31.74 06 Feb 2018 05 Feb 2020 6 months Rolling Rent rising to £28,962.15 pa from 6 Feb 2019.BG104 Amanda Jane Barrow 576 53.5 £14,460 £25.10 13 Nov 2017 12 Nov 2019 6 months Rolling No Rent rising to £15,183 pa from 13 Nov 2018.BG105 Vacant 535 49.7BG106 Howard Peter Toshman 214 19.9 £4,000 £18.69 01 Mar 2014 29 Feb 2016 3 months Rolling Yes Holding over.BG107 Rift Valley Reseach Ltd. 294 27.3 £9,240 £31.43 03 Apr 2017 02 Apr 2019 NoBG108 Vacant 892 82.9BG109 Vacant 672 62.4BG110 The Visualiser Ltd. 569 52.9 £16,015 £28.15 22 May 2017 21 May 2019 3 months Rolling No Rent rising to £16,816 pa from 22 May 2018.BG111A Blue Fox Productions Ltd. 284 26.4 £8,064 £28.39 20 Mar 2017 19 Mar 2019 6 months Rolling NoBG111B Michael Ian Ibsen 282 26.2 £9,702 £34.40 01 Nov 2016 31 Oct 2018 6 months Rolling NoBG111C Vacant 282 26.2BG112 Rise Above Ltd. 577 53.6 £15,130 £26.22 21 Jul 2016 30 Jun 2018 1 week Rolling Licence.BG113 Quaintly&Co Ltd. 531 49.3 £14,400 £27.12 24 May 2017 23 May 2019 6 months Rolling No Rent rising to £15,120 pa from 24 May 2018. Tenant vacating 31 Jul 2018.BG114 The Travel Advice Centre Ltd. 546 50.7 £17,117 £31.35 01 Nov 2016 28 Feb 2019 6 months Rolling No Rent rising to £17,973 pa from 1 Nov 2018.BG115 Paul Rodriguez Music Ltd. 455 42.3 £15,887 £34.92 01 Nov 2016 31 Oct 2018 6 months Rolling NoBG116 Vacant 520 48.3BG117 Vacant 928 86.2BG201 Vacant 565 52.5BG202 Vacant 587 54.5BG203 Vacant 575 53.4BG204 Small Steps Project Ltd. 690 64.1 £17,460 £25.30 01 Sep 2017 31 Aug 2019 6 months Rolling No Rent rising to £18,333 pa from 1 Sep 2018.BG205 Paul Mckenzie Studio Ltd. & 573 53.2 £10,776 £18.81 01 Dec 2013 30 Nov 2016 3 months Rolling Yes Holding over.BG206A Wear Works Ltd 1,212 112.6 £33,600 £27.72 26 Mar 2018 25 Mar 2020 6 months Rolling No Rent rising to £35,280 pa from 26 Mar 2019.BG206B Vacant 893 83.0BG207 Vacant 1,344 124.9BG208A1 Vacant 258 24.0BG208A2 Gary Martin Butler 294 27.3 £9,855 £33.52 20 Oct 2017 19 Oct 2019 6 months Rolling Yes Rent rises to £10,101.38 pa from 20 Oct 2018. Rent rises 2.5% pa from 20 Oct 2019.BG208A3 Ching Fun Tso t/a Brilliant Blue Sky Ltd. 530 49.2 £14,700 £27.74 08 Sep 2017 07 Sep 2019 6 months Rolling No Rent rises to £15,435 pa from 8 Sep 2018.BG208B Vacant 890 82.7BG209 Vacant 1,087 101.0BG210 Creative Styling Ltd. 1,107 102.8 £23,248 £21.00 25 Nov 2016 31 Oct 2018 6 months Rolling Yes

BG211 Yeast Culture Ltd. 797 74.0 £21,500 £26.98 20 Oct 2017 19 Oct 2020 6 months Rolling No Rent rising to £22,575 pa from 20 Oct 2018 and to £23,705 pa from 20 Oct 19.

BGBS1 Creative Styling Ltd. 1,320 122.6 £3,342 £2.53 01 Sep 2008 31 Aug 2010 3 months Rolling Yes Holding over.Man Office Management Office 226 21.0

Totals 33,245 3,089 £405,470

12

PORTFOLIO

TENURE

Freehold

UPPER HOLLOWAY RESIDENTIAL MARKET

Upper Holloway residential values have experienced significant growth over the past 12 months with the average sold price increasing by more than 35%. Residential values are now in excess of £700 psf.

The property is situated in an area subject to an Article 4 direction.

SERVICE CHARGE

The budgeted service charge for the current year is £184,120 p.a. which reflects £5.54 psf. More information is available on the dataroom.

ASSET MANAGEMENT OPPORTUNITIES

Let vacant units and car parking spaces

Refurbishment to increase rents in line with local market

Re-gear tenants on more institutional leases

Re-gear current leases

Potential infill of the courtyard (subject to planning)

A longer term redevelopment opportunity (subject to planning)

13

PORTFOLIO


A North London multi-let office investment opportunity Attractive and prominent building with an internal courtyard, totalling approximately 48,321 sq ft

Well located in close proximity to Kentish Town Underground Station (Victoria Line and Overground), Gospel Oak (Overground) and Kentish Town Underground Station (Northern Line)

Freehold Situated in the vibrant London Borough of Camden, adjacent to Hampstead Heath

Asset management opportunities including regearing leases on more institutional terms, letting vacant accommodation, refurbishment to increase rents, and potential infill development (subject to planning)

Potential longer term residential conversion with residential values in the area in excess of £1,000 psf

Current gross passing rent (inc service charge) of £1,145,570 p.a. which equates to an average rent of £27.56 psf based on the let areas



SPECTRUM HOUSE32-34 GORDON HOUSE ROAD, GOSPEL OAK, NW5 1LP

14

PORTFOLIO

TUFNELL PARK UNDERGROUND STATION

10 MINUTE WALK

CANARY WHARF

CAMDEN

HAMPSTEAD HEATH

THE CITY

KENTISH TOWN STATION 10 MINUTE WALK

KINGS CROSS STATION

CAMDEN ROAD OVERGROUND STATION

GOSPEL OAK OVERGROUND STATION

2 MINUTE WALK

HIGHGAT

E ROAD

GORDON HOUSE ROAD

PLANNING FRAMEWORK AREA

IDENTIFIED FOR GROWTH


SPECTRUM HOUSE

BUS ROUTES CONNECTING TO KING’S CROSS, OXFORD

CIRCUS AND OLD STREET

15

PORTFOLIO

SPECTRUM HOUSE 32-34 GORDON HOUSE ROAD, GOSPEL OAK, NW5 1LP

LOCATIONThe property is located in a vibrant part of London in the London Borough of Camden, approximately 0.5 miles north west of Kentish Town, 0.5 miles west of Tufnell Park, and 1.2 miles north of Camden, adjacent to Hampstead Heath.

Kentish town is a bustling area of North London within walking distance of Camden Town. Whilst the area has already been regenerated and significantly gentrified it has also managed to retain much of its heritage and original charm. A Kentish Town Neighbourhood Development plan (2015-2030) has been established to help with further regeneration of the area in the future.

A significant site has been identified as the Kentish Town Potential Development Area (KTPDA) for redevelopment. The site is situated to the south of the subject property, east of the railway line, west of Highgate Road and north of Holmes Road. The framework area comprises a total area of circa 40ha.

The plan and vision for this site sets out five main points to provide strategic guidance to help shape the development:

JOBS AND INDUSTRY - Ambitions to introduce higher density industrial provision at Kentish Town Regis Road, retaining and, if possible, increasing industrial floorspace and employment opportunities.

HOMES AND NEIGHBOURHOODS - Ambitions to deliver a substantial increase in new homes at Regis Road growth area.

ROUTES AND CONNECTIONS - Ambitions to use growth at Kentish Town to improve movement around and through the area, as well as create and reinstate pedestrian and cycle route connections to the High Street, transport hubs and other parts of Kentish Town, in particular to Gospel Oak.

PUBLIC OPEN SPACES - Delivery of substantial new open space as part of the redevelopment at Regis Road growth area as well as public realm improvements.

COMMUNITY AND CULTURE - Growth at Kentish Town will support the development of community and cultural facilities in the area.

The property benefits from excellent transport links with Gospel Oak national rail station situated 100m to the west, Kentish Town Underground and National Rail Station 0.5 miles to the south east, and Tufnell Park Underground Station approximately 0.5 miles to the east.

Kentish Town provides direct access to Tottenham Court Road and Bank via the Northern Line with a journey time of approximately 10 minutes and 16 minutes respectively. The station also provides access for the Overground which provides access to numerous popular destinations such as Stratford (26 minutes) and Shepherds Bush (25 minutes). Gospel Oak provides Overground services to the east and west.

There are several bus routes serving the nearby area which are situated on Gordon House Road, outside the subject property.

All three London Airports are within easy reach from the property with London Heathrow Airport accessible via the Underground and Heathrow Express with a quickest journey time of 48 minutes, London Gatwick Airport via the Underground and Gatwick Express with a quickest journey time of approximately 58 minutes and London City Airport via Overground and DLR with a quickest journey time of approximately 41 minutes.

16

PORTFOLIO

A503

CAM

DEN R

OAD

A503

A5

20

0 D

ARTM

OU

TH PA

RK H

ILL

A5200

HAVERSTOCK HILL

N EN

D W

AY

FITZJO

HN

’S AV

ENU

E

B519

SPA

NIA

RDS

ROAD

KEN

TIS

H T

OW

N R

D

MANSFIELD RD

SOUTHAMPTO

N RO

AD

A4

00

JU

NC

TIO

N R

OA

D

HIGHGATE HIGH STREET

A103 H

ORN

SEY ROAD

B509H

IGH

GATE W

EST HILL

A1 ARC

HW

AY RD

A1 HOLLO

WAY RD

A503 SEVEN

SIST

ERS R

D

A503

A41

CAMDEN HIG

H STREET

A5

20

3

A5

20

3

B525

A4

1 FIN

CH

LEY ROA

D

A5205 PRINCE ALBERT ROAD

A5

01

HO

LLOW

AYROA

D

GOSPEL OAK

HAMPSTEADHEATH

REGENTS PARK

PRIMROSE HILL

WATERLOWPARK

DARTMOUTHPARK

ELTHORNEPARK

WHITTINGTONPARK

CALEDONIANPARK

LONDON ZOO

HIGHGATECEMETERY

KENTISH TOWN

ST PANCRASINTERNATIONAL KINGSCROSS

CHALKFARM

CAMDEN

MORNINGTONCRESCENT

SWISSCOTTAGE

FINCHLEYROAD

CALEDONIAN ROAD

HOLLOWAY ROAD

HAMPSTEADHEATH

CAMDEN ROAD

KENTISH TOWN

BELISZE PARK

HAMPSTEAD

ARCHWAY

UPPERHOLLOWAY

TUFNELLPARK

ARCHWAY

TUFNELL PARK

BELSIZEPARK

HOLLOWAY

KENTISHTOWN

CAMDEN TOWN

BARNSBURY

HAMPSTEAD

UPPERHOLLOWAY

5 MINS10 MINS15 MINS20 MINS25 MINS30 MINS

SPECTRUM HOUSE


8 MINS


VICTORIA 16 MINS

WATERLOO 18 MINS


CENTRAL LONDON 3 MILES (4.8) KM

LONDON CITY AIRPORT

41 MINS

HEATHROW: T 1-3

49 MINS

SPECTRUM HOUSE

Times from Tufnell Park Underground Station

17

PORTFOLIO

447

42

76

23

32

540

383

17

21

15

469

34

1

30

6

19

1112

13

Sub StationElectricity

15a15

19b19a

6556

32 Spectrum

1-7

Ravenswood

Lisse

nden

Gar

dens

Lissenden Gardens

Lissenden Gardens

House

Gordon House Road

Gordon House Road

Glenhurst Avenue

Chester Court

1-55 Heathview Flats

1-18

1-8 Clanfield

17b17a

18c18a

7566

11

24

22

20

36

13

20

16

14

26

28

3

2

7

6

5

Gordon House Road

Mor

Of Saint Anargyre

Greek Orthodox Church

98

4

1-40 Hadda House

1-11 Mortimer Terrace

Anargyre House1-9 Saint

Railway

1

97

321

0m 10m 20m 30m

Spectrum – NW5 1LP

© UKMap Copyright The GeoInformation Group 2018 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250

DESCRIPTION

Spectrum House comprises a prominent and attractive building with an internal courtyard, totalling approximately 48,321 sq ft (4,490.4 sq m).

The front of the property and west wing, fronting Gordon House Road, is arranged over ground and two upper floors and provides for recently refurbished spaces with a range of open plan studios, offices and open plan spaces, as well as communal meeting areas and kitchen.

The rear of the property, where the courtyard is located, is arranged over ground and first floors with each of the units overlooking the internal courtyard and benefitting from their own self-contained entrances.

The landlord has recently refurbished the property. Works are detailed below:

Refurbished units 31, 35, 36, 37, 38, 39 & 40. Refurbished common parts including new services, lighting, flooring, ceiling, decorative finishes.

New communal breakout area including tea point.

New communal toilets with shower facilities & disabled toilet.

New main entrance with seating areas, post room and CM office.


Perimeter trunking Central heating Suspended lighting Parquet/wooden flooring Some of the units benefit from comfort cooling/heating and a kitchenette

There is also 24 hour access, CCTV, a site manager’s office, recycling facilities and loading bays.

There are 13 car parking spaces provided in the internal courtyard and western alley.

The property occupies a site area of 0.75 acres (0.30 ha).

© Crown Copyright, ES 100004106. For identification purposes only.

WC

WC

STORE

WC

STORE

WCSH

STORE

WC

UNIT 1ENTRANCE

WCWC

WC

WCWC WC

OPEN PLAN OFFICE

WCWC

OPEN PLAN OFFICE OFFICE

STORE

UNIT 2ENTRANCE

UNIT 3ENTRANCE

UNIT 4ENTRANCE

OPEN PLAN OFFICE

SH

OFFICE

OFFICE

OFFICE

GOODSLIFT

COURTYARD

INDICATIVE FLOOR PLAN

N

N

18

PORTFOLIO

TENANCY SCHEDULE


Floor Area sq m

Rent (pa)

Rent (psf)

Lease Start

Lease End

Tenant break notice


L&T Act Applies

Comments

SP.01 Vacant 1,814 168.5

SP.02 House Protection Services UK Ltd 1,198 111.3 £36,840 £30.75 08 Mar 2018 07 Mar 2021 No Rent rising to £38,682 pa from 8 Mar 2018 and to £40,616.10 pa from 8 Mar 2020.

SP.03 Future Health Works Ltd. t/a myrecovery

1,214 112.8 £39,120 £32.22 24 Nov 2017 23 Nov 2019 6 months Rolling No Rent rising to £41,076 pa from 24 Nov 2018.

SP.10 Green Eyed Boy Ltd 1,236 114.8 £30,000 £24.27 05 Mar 2018 04 Mar 2020 6 months Rolling No Rent rising to £31,500 pa from 5 Mar 2019.

SP.20 Vacant 1,650 153.3

SP.21 Vacant 1,021 94.9

SP.31 The Shadow Robot Company Ltd 3,509 326.0 £12,450 £3.55 28 Feb 2018 27 Feb 2028 6 months 28 Feb 2023 No Rent rising to £67,449.5 pa from 28 June 2018 and to £122,449.50 pa from 28 Dec 2018. See lease for further rent details.

SP.34 Broadwalk Ltd 379 35.2 £19,080 £50.34 23 Apr 2018 22 Apr 2020 6 months Rolling No Rent rising to £20,034.13 pa from 23 April 2019.

SP.35 Irina Kitoko 287 26.7 £9,293 £32.38 01 Nov 2017 05 Mar 2019 6 months Rolling No

SP.36 Wilkinson King Architects Ltd. 366 34.0 £17,040 £46.56 16 Mar 2018 15 Mar 2020 6 months Rolling No Rent rising to £17,892 pa from 16 Mar 2019.

SP.37 Underground Mining Services Ltd. 369 34.3 £21,000 £56.91 18 Oct 2017 17 Oct 2019 6 months Rolling No Rent rising to £22,050 pa from 18 Oct 2018.

SP.38-39 QR Architects Ltd. 493 45.8 £21,960 £44.54 20 Mar 2018 19 Mar 2020 6 months Rolling No Rent rising to £23,058 pa from 20 mar 2019.

SP.40/41 Sharp Capital Ltd 784 72.8 £36,360 £46.38 06 Mar 2018 05 Mar 2020 6 months Rolling No Rent rising to £38,178 pa from 6 Mar 2019.

SP.44 Hasscon Ltd 203 18.9 £10,980 £54.09 15 Apr 2018 14 Apr 2020 6 months Rolling No Rent rising to £11,529 pa from 15 April 2019.

SP.48 Green Eyed Boy Ltd 581 54.0 £30,600 £52.67 16 Apr 2018 10 Aug 2017 No

SP.PBA/N Jenny Packham (London) Ltd. 9,260 860.3 £215,050 £23.22 01 Dec 2013 30 Nov 2023 6 months 1 Dec 2018 No Rent review on 1 Dec 2019. Lease includes 2 parking spaces.

SP.PBJ-L Warp Records Ltd. 3,830 355.8 £76,800 £20.05 15 Dec 2015 14 Dec 2025 6 months 15 Dec 2020 or any date after

Yes Rent review on 15 Dec 2020. Lease includes 1 parking space.

SP.RM32 Twin Media Group Ltd. 290 26.9 £12,613 £43.49 01 Feb 2017 31 Jan 2019 6 months Rolling No

SP.RM33 Travel Unwrapped Ltd. & Andrew Mark Binks

313 29.1 £14,490 £46.29 31 Mar 2017 30 Mar 2019 6 months Rolling No

SP.RM42-3 SNK Publishing Ltd. 410 38.1 £15,720 £38.34 08 May 2017 07 May 2019 6 months Rolling No Rent rising to £16,506 pa from 8 May 2018.

SP.RM45 Fleet Holdings Ltd. 203 18.9 £8,316 £40.97 01 Dec 2017 26 Apr 2019 6 months Rolling No

SP.TM04 Thomas Baley Harley t/a Get Set UK 1,135 105.4 £33,264 £29.31 20 Jan 2017 19 Jan 2019 6 months Rolling No

SP.TM05 Wingspan Productions Ltd. 1,369 127.2 £43,706 £31.93 01 Jan 2017 31 Dec 2019 6 months Rolling not to be served within the first 18 months.

No Rent rising to £45,891 pa from 1 Jan 2019.

SP.TM06 WeSwap.com Ltd. 2,252 209.2 £63,691 £28.28 21 Jul 2015 20 Jul 2018 6 months Rolling not to be served within the first 18 months.

No

SP.TM11 Six to Start Ltd. 1,727 160.4 £55,587 £32.19 06 Dec 2016 05 Dec 2018 6 months Rolling No

SP.TM12-13 Storksak Ltd. 2,289 212.7 £66,000 £28.83 02 Nov 2017 01 Nov 2019 No Rent rising to £69,300 pa from 2 Nov 2018.

SP.TM14 Shoot The Moon Ltd. 1,614 149.9 £46,582 £28.86 10 Jun 2017 31 May 2020 6 months Rolling No Rent rising to £48,911 pa from 1 June 2018 and to £51,357 pa from 1 June 2019.

SP.TM15/17 Lyons Presentations Group Ltd. & 2,946 273.7 £81,100 £27.53 14 Aug 2017 13 Aug 2019 No Rent rising to £85,155 pa from 14 Aug 2018.

SP.TM16 Pennington Phillips Ltd. 962 89.4 £25,000 £25.99 19 Sep 2010 18 Sep 2020 No

SP.TM18 Lipfriend Rodd International Ltd. 1,188 110.4 £51,754 £43.56 22 Nov 2016 21 Nov 2018 No

SP.TM19 LM Technologies Ltd. 1,152 107.0 £51,175 £44.42 08 Feb 2018 07 Feb 2020 6 months Rolling No Rent rising to £53,733.75 pa from 8 Feb 2019.

Ground Storage Vacant 60 5.6

Bst Storage Vacant 1,175 109.2

Reception 1,042 96.8

SP.CP Combined Services 13 spaces 1 month 1 month Parking spaces are run by Combined Services who further licence out the space. The agreement with Combined Services will be terminated on completion.

Totals 48,321 4,490 £1,145,570

19

PORTFOLIO

TENURE

Freehold

GOSPEL OAK RESIDENTIAL MARKET

Gospel Oak residential values have experienced significant growth over the past 10 years with prices now in excess of £1,000 psf. The area is one of the most expensive within Central London and land registry data suggests year on year house price growth of 8.2%.


SERVICE CHARGEThe budgeted service charge for the current year is £166,968 p.a. which reflects £3.46 psf. Further information is available on the dataroom.

ASSET MANAGEMENT OPPORTUNITIES Let vacant units and car parking spaces

Refurbishment to increase rents



A longer term residential redevelopment opportunity (subject to planning)

There is potential at Spectrum House for infill development of the large courtyard area, subject to planning. The local development plan looks favourably on any infill proposals for making use of small urban sites for sustainable development that will bring the land back into use

20

PORTFOLIO


A North London multi-let office investment opportunity

Attractive building with an internal courtyard, totalling approximately 24,746 sq ft

Well located in close proximity to Highbury & Islington Underground Station (Victoria Line and Overground), Essex Road (Overground) and Angel Underground Station (Northern Line)

Freehold

Situated in the vibrant and affluent area of Islington

Asset management opportunities including regearing leases on more institutional terms, letting vacant accommodation, refurbishment to increase rents, and potential infill development (subject to planning)

Potential longer term residential conversion with residential values in the area in excess of £900 psf

Current gross passing rent (inc service charge) of £761,763 p.a. which equates to an average rent of £30.78 psf based on the let areas



THE IVORIES 6-18 NORTHAMPTON STREET, ISLINGTON, N1 2HY

21

PORTFOLIO

THE CITY

OLD STREET

WEST END

BARBICAN

ST PAUL’S

ISLINGTON SQUARE

DEVELOPMENT

BUSINESS DESIGN CENTRE

ANGEL UNDERGROUND STATION

15 MINUTE WALK

HIGHBURY & ISLINGTON UNDERGROUND & OVERGROUND

STATION 10 MINS WALK >

KINGS CROSS STATION

ESSEX ROAD OVERGROUND STATION

ISLINGTON GREEN

UPPER STREET

A1200

ESSE

X ROAD

THE IVORIES


BUS ROUTES CONNECTING TO OLD STREET AND MOORGATE

BUS ROUTES CONNECTING TO KING’S CROSS, WEST END

AND ST PAUL’S.

22

PORTFOLIO

THE IVORIES 6-18 NORTHAMPTON STREET, ISLINGTON, N1 2HY

LOCATION

The property is located in an affluent part of London in the London Borough of Islington, approximately 0.5 miles south east of Highbury and Islington, 0.8 miles north east of Angel, and 1 mile south west of Dalston, in the highly sought after Islington.

Islington is renowned as a haven for shoppers, diners and theatre goers attracting many people to the area. There is a diverse range of fashion & design boutiques as well as an extensive offering of bars and restaurants. Islington is home to 11 theatres, two cinemas, many galleries and museums, various music venues and numerous daily/weekly street markets. Upper Street is situated a short walk to the west of the subject property and provides a particularly diverse range of occupiers.

The area will improve further through the regeneration of Islington Square, which is due for completion later on in 2018.

ISLINGTON SQUARE – is a £370m regeneration scheme comprising 170,000 sq ft of retail, premium gym, and a luxury cinema. The development will transform this part of Islington and as well as the commercial elements will also provide more than 260 homes and 108 serviced apartments. The scheme is situated to the west of Upper Street and North of Theberton Street, approximately 0.5 miles south west of the subject property.

The property benefits from excellent transport links with Essex Road national rail station situated 100m to the south, Highbury & Islington Underground and National Rail Station 0.5 miles to the north west, and Angel Underground Station approximately 0.8 miles to the south west. Highbury & Islington provides direct access to Oxford Circus via the Victoria Line with a journey time of approximately 7 minutes. The station also provides access for the Overground Line which provides access to numerous popular destinations such as

Stratford (16 minutes) and Shepherds Bush (31 minutes) amongst others. Angel Underground Station provides access to King’s Cross St Pancras (2 minutes) and Old Street (2 minutes).

There are several bus routes serving the nearby area which are situated on Essex Road and Canonbury Road situated approximately 50m from the subject property.

All three London Airports are within easy reach from the property with London Heathrow Airport accessible via the Underground and Heathrow Express with a quickest journey time of 50 minutes, London Gatwick Airport via the Underground and Gatwick Express with a quickest journey time of approximately 58 minutes and London City Airport via Overground and DLR with a quickest journey time of approximately 50 minutes.

23

PORTFOLIO


2 MINS



WATERLOO 15 MINS

STRATFORD 17 MINS

CENTRAL LONDON 3 MILES (4.8) KM)

LONDON CITY AIRPORT

35 MINS

HEATHROW: T 1-3

39 MINS

10MINS15 MINS20 MINS25 MINS

B1

02

SO

UTH

GAT

E RO

AD

A104 ESS

EX R

OAD

A104 ESS

EX R

OAD

A1201

BALLS POND ROAD

UPPER STREET

A1

HOLLO

WAY RD

A1200 N

EW RO

AD

A1200 NEW

ROAD

A1

0 K

ING

SLA

ND

RO

AD

HIGHBURY &ISLINGTON

ANGEL

ESSEXROAD

ISLINGTON GREEN

CANONBURY

SHOREDITCH PARK

ROSEMARYGARDENSISLINGTON

BARNSBURYESTATE

CANONBURYKINGSLAND

DE BEAUVOIRTOWN

HIGHBURY

ANGEL

BARNARDPARK

ST. PAUL'SSOUTH OPEN

SPACE

LAYCOCKGREEN

HIGHBURYFIELDSPARADISE

PARK

CALEDONIANPARK

HAGGERSTON

DALSTONJUNCTION

CALEDONIAN ROAD & BARNSBURY

ISLINGTON

SQUARE

DEVELOPMENT

BUSINESSDESIGNCENTRE

ANGELCENTRAL

THE IVORIES

THE IVORIES

Times from Highbury & Islington Station

24

PORTFOLIO

DESCRIPTION

The Ivories comprises a prominent and attractive art deco building arranged over ground and two upper floors, with an internal courtyard, totalling approximately 24,746 sq ft (2,299 sq m).

The property provides a range of open plan studios, offices and open plan spaces. Each of the spaces are self-contained and have their own entrances onto the central courtyard.


Perimeter trunking Central heating Suspended lighting Parquet flooring Some of the units benefit from comfort cooling/heating and a kitchenette

There is also 24 hour access, CCTV, recycling facilities and cycle racks.

There are 14 car parking spaces provided in the internal courtyard.

The property occupies a site area of 0.45 acres (0.18 ha).

1-4 The

Ivories7-14 The

1-11

City View12-18

1-24 Horsfield House

City View19-25

9-24 The Ivories5-6 The

Ivories

The Ivories15-18

C

Northampton Street

1a

1

2835

1

34d34a

24d

Cadets

Naval

38

26 3

39

2

234

236

38

3636

37

Northampton Street

Canonbury Street

Ivories

City View

Newbury House

30d30a

0m 10m 20m 30m

Northampton Street, London N1 2HY

© UKMap Copyright The GeoInformation Group 2018 Licence No. LANDMLON100003121118. Plotted Scale - 1:774© Crown Copyright, ES 100004106. For identification purposes only.

INDICATIVE FLOOR PLAN NN

25

PORTFOLIO

TENANCY SCHEDULE


Floor Area sq m

Rent (pa)

Rent (psf)

Lease Start

Lease End

Tenant break notice


L&T Act Applies

Comments

IV.01 The Relatives and Residents Association 566 52.6 £25,900 £45.76 16 Oct 2017 15 Mar 2020 6 months Rolling No Rent rising to £27,195 pa from 16 Sep 2018 and to £28,554.75 pa from 16 Sep 2019.

IV.02 Jane How Ltd. 559 51.9 £23,562 £42.15 15 Dec 2016 14 Dec 2018 6 months Rolling No

IV.03 Truth Retail Ltd. 556 51.7 £17,649 £31.74 08 Apr 2014 07 Apr 2016 6 months Rolling Yes Rent rises by 5% pa.

IV.04 Stuart Henry Briggs t/a 2Pigs Editing 392 36.4 £17,280 £44.08 07 Apr 2017 06 Apr 2020 6 months Rolling No Rent rising to £18,145 pa from 7 Apr 2019.

IV.05 Real Russia Ltd. 1,417 131.6 £56,298 £39.73 01 Nov 2016 31 Oct 2018 6 months Rolling No

IV.06/21 The Single Homeless Project 1,813 168.4 £78,785 £43.46 16 Aug 2017 15 Aug 2019 6 months Rolling Yes Rent rising to £85,724.25 pa from 16 Aug 2018 and rising by 5% pa from 16 Aug 2019.

IV.07 Malcolm Fryer Architects Ltd. 308 28.6 £15,780 £51.23 08 May 2017 07 May 2019 6 months Rolling No Rent rising to £16,569 pa from 8 May 2018.

IV.08 Novoda Ltd. 1,242 115.4 £51,158 £41.19 01 Oct 2016 30 Sep 2018 6 months Rolling No

IV.09 Vacant 988 91.8

IV.10 Aries Arise Ltd & Ops and Ops Ltd.

1,230 114.3 £48,000 £39.02 01 Jun 2017 31 May 2019 6 months not to be served within the first 12 months.

Rolling No Rent rising to £50,400 pa from 1 June 2018.

IV.11 Vacant 439 40.8

IV.11A Vacant 808 75.1

IV.12 Vacant 423 39.3

IV.12A Vacant 779 72.4

IV.13 Kika Jane MacDonald t/a

977 90.8 £33,000 £33.78 09 Feb 2018 14 Dec 2020 6 months Rolling No Rent rising to £36,600 pa from 15 Dec 2018 and to £40,260 pa from 15 Dec 2019.

IV.14 Axis12 Ltd. 1,374 127.6 £47,040 £34.24 01 Nov 2016 31 Oct 2019 6 months Rolling Yes

IV.15 Crosstown Group LLP. 929 86.3 £34,020 £36.62 03 Jan 2017 02 Jan 2019 6 months Rolling No

IV.16 Vacant 878 81.6

IV.17 Sochitel UK Ltd. & Jerry Chukwudum Ejikeme

866 80.5 £20,310 £23.45 26 Mar 2014 25 Mar 2017 3 months Rolling Yes

IV.18 Novoda Ltd. 632 58.7 £27,745 £43.90 16 Oct 2017 15 Oct 2019 6 months Rolling No Rent rising to £29,132 pa from 16 Oct 2018.

IV.19 Greenspace Ltd. 1,394 129.5 £63,720 £45.71 11 Sep 2017 10 Sep 2019 6 months Rolling No Rent rising to £66,906 pa from 11 Sep 2018.

IV.20 Novoda Ltd. 1,618 150.3 £28,985 £17.91 03 May 2013 02 May 2018 6 months Rolling Yes Rent review 31 Oct 2016 outstanding.

IV.22 NBC Representative Office UK

1,428 132.7 £57,131 £40.01 31 Oct 2016 30 Oct 2019 No Rent rising to £59,988 pa from 31 Oct 2018.

IV.23 E I Wines Ltd. 1,843 171.2 £47,800 £25.94 10 Oct 2015 09 Nov 2017 6 months Rolling Yes Holding over.

IV.24 Concert Live Ltd. 1,287 119.6 £58,800 £45.69 16 Feb 2018 15 Feb 2020 6 months Rolling No Rent rising to £61,740 pa from 16 Feb 2019.

IV.CP01 Vacant 1 space



IV.CP04 Sochitel UK Ltd. 1 space £1,250 19 Mar 2011 No

IV.CP05 NBC Representative Office UK 1 space £1,300 01 Dec 2016 No

IV.CP06 E I Wines Ltd. 1 space £1,250 01 Aug 2015 No

IV.CP07 Novoda Ltd. 1 space £1,250 01 Apr 2014 No

IV.CP08 E I Wines Ltd. 1 space £1,250 26 Nov 2012 No


IV.CP10 Axis 12 Ltd. 1 space £1,250 18 Sep 2013



IV.CP13 Novoda Ltd. 1 space £1,250 16 Feb 2015 No


Totals 24,746 2,299 £761,763

26

PORTFOLIO

TENURE

Freehold

CANONBURY RESIDENTIAL MARKET

Canonbury residential values have experienced significant growth over the past 10 years with prices now in excess of £900 psf. The area is one of the most expensive within Central London and land registry data suggests year on year house price growth of 8.2%.


SERVICE CHARGE

The budgeted service charge for the current year is £87,310 p.a. which reflects £3.53 psf. Further information is available on the dataroom.

ASSET MANAGEMENT OPPORTUNITIES

Let vacant units and car parking spaces

Refurbishment to increase rents



Potential infill development of the courtyard (subject to planning)

A longer term residential redevelopment opportunity (subject to planning)

27

PORTFOLIO

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. Design: CommandD www.commandHQ.co.uk 05.18

For further information or to make arrangements for viewing please contact:

THE PROPOSAL

Offers are sought in excess of £45,000,000 (Forty Five Million Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 4.81% and a reversionary yield of 7.31% after allowing for purchaser’s costs of 6.78%. A sale at this price reflects a low capital value across the portfolio of £423 psf.

VAT

The properties are elected for VAT and it is anticipated the transaction will be treated as a transfer of a going concern (TOGC).

EPCs

Further information is available and in the dataroom.

DATA ROOM

For Dataroom access please use the following link http://datarooms.allsop.co.uk/register/acuteportfolio

Richard Lea020 7543 [email protected]

Lottie Hayward020 7543 [email protected]

Scott Tyler020 7543 [email protected]

Guy Scott Plummer020 7543 [email protected]

www.allsop.co.uk

www.allsop.co.uk

PORTFOLIO - allsop.co.uk · THE PROPOSAL Offers are sought in ... of the city green space 40%...

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Transcript of PORTFOLIO - allsop.co.uk · THE PROPOSAL Offers are sought in ... of the city green space 40%...