TEN ARTILLERY LANE - Allsop
Transcript of TEN ARTILLERY LANE - Allsop
A Vacant Freehold building located 150 metres from Liverpool Street Station
TEN ARTILLERY LANE
SPITALFIELDS LONDON E1
THE art illery bu i ld ing • sp italf i elds
Executive Summary
Freehold
Located in a vibrant and central City location, situated on the southern side of Artillery Lane, accessed off Bishopsgate, 150m from Liverpool Street Station
The property provides 6,466 sq ft (600.70 sq m) of office and ancillary accommodation arranged over basement, ground and four upper floors
The property will be offered with full vacant possession
Potential to increase the net lettable area through rationalisation and extension, subject to obtaining the necessary consents
Suitable for a variety of uses including offices, private members club, restaurant/retail accommodation at ground floor and residential, subject to obtaining the necessary consents
Prime rents in the micro-location are north of £70.00 per sq ft for refurbished accommodation
Offers are sought in excess of £4,300,000 subject to contract and exclusive of VAT reflecting a capital value of £665 per sq ft on the net area of the existing accommodation
THE art illery bu i ld ing • sp italf i elds
Location & Connectivity
Liverpool Street
SPITALFIELDS LONDON E1
Aldgate
The Old Truman
Brewery
Fruit & Wool
Exchange
The
Shard
Spitalfields
Market
5 Broadgate
UBS HQ
the Broadgate
Estate
Principal
tower
Principal Place
Amazon UK HQThe stage
Location
HeathrowAirport
41
Hayes &Harlington
EalingBroadway
PaddingtonTottenhamCourt Road
BondStreet
Farringdon
LIVERPOOLSTREET
GatwickLuton
Stansted
61 27 18 10 47
Reading Whitechapel
22
CanaryWharf
CustomHouse
AbbeyWood
Stratford ShenfieldRomford
42278
6 10 18
THE artillery building
MIDDLESEX ST.
ELDON STREET
LONDON WALL
LONDON WALLWORMWOOD STREET
CHEAPSIDE
MO
ORG
ATE
LEADENHALL STREET
WHITECHAPEL HIGH STREET
ST. PAUL’S CHURCHYARD
CANNON STREETUPPER THAMES STREET
CHARTERHOUSE STREET
CHISWELL STREET
QUEEN VICTORIA STREET
CLERKENWELL RO AD
APPO
LD S
TREE
T
COMM
ERCIAL STREET
LEMAN STREET
BISHOPSG
ATE
SHO
RED
ITC
H H
IGH
ST.
CITY ROAD
GREAT EASTERN STREET
GO
S WELL RO
AD
GO
SWELL RO
AD
WORSHIP STREET WORSHIP STREET
BETHNAL GREEN ROAD
HOLBORN VIADUCT
CORNHILL
BRUSHFIELD STREET
ARTILLERY LA.
BRICK LANE
THREADNEEDLE STREET
LIVERPOOL STREET
TICKETHALL
MANSIONHOUSE
ST.PAUL’S
OLD STREET
MOORGATE
CANNONSTREET
FENCHURCHSTREET
ALDGATEEAST
ALDGATE
BANK
SHOREDITCHHIGH STREET
LIVERPOOLSTREET
TechCity
Shoreditch
The City
Spitalfields
4-10 Artillery Lane is located in a vibrant and central City location, which is accessed from Bishopsgate, one of the City’s principal thoroughfares. The property is within 150 metres of Liverpool Street Station and the world-renowned Broadgate Estate.
Immediately to the north of the property is the Bishops Square Estate, a unique Foster & Partners designed development owned by JP Morgan and Tribeca Holdings stretching across 7 acres comprising landmark offices, 21 retail and restaurant units, traders market and various open public spaces.
The immediate area is home to a diverse occupier base including Amazon, Royal Bank of Scotland, Bacardi, Allen & Overy, WeWork, Survey Monkey, RBB Economics, CMC Markets and Salesforce.
A number of high-profile developments have recently completed and have significantly enhanced the area including Bishops Square, Principal Place (Amazon’s UK HQ) and the Salesforce Tower. Future projects which will further enhance the location are 100 Bishopsgate, The Stage and the London Fruit and Wool Exchange.
As well as being a prime office location, 4-10 Artillery Lane benefits from the vibrant and cosmopolitan retail, leisure and restaurant amenities situated within Bishops Square and Old Spitalfields Market.
The emergence of Spitalfields as a restaurant, fashion and tech hub has established the immediate area as a 7-day a week trading location attracting independent retailers alongside multi-national operators.
Elizabeth line (Crossrail)
4-10 Artillery Lane is within a short walking distance (150 metres) of Liverpool Street Station which will act as the primary connection for Crossrail in the City of London when delivered in December 2018. Crossrail, Europe’s largest infrastructure project, will provide unrivalled connectivity across London with direct access from Liverpool Street Station to Canary Wharf in 6 minutes, Bond Street in 7 minutes and Heathrow Airport in 41 minutes.
Connectivity
4-10 Artillery Lane benefits from the following excellent transport connectivity:
Station Services Distance
Liverpool StreetHammersmith & City, Circle, Metropolitan and Central Underground lines, National Rail Services to Essex and East Anglia and Elizabeth Line (2018)
150 metres
Aldgate Circle and Metropolitan Underground lines 400 metres
Aldgate East District, Hammersmith & City Underground lines 500 metres
Shoreditch High Street London Overground Services 600 metres
Fenchurch Street National Rail Services to Essex and East Anglia 800 metres
Bank/MonumentDistrict, Circle, Northern, Central, Waterloo & City Underground and Docklands Light Railway linking to Canary Wharf and City Airport
800 metres
Map not to scale, indicative only
THE art illery bu i ld ing • sp italf i elds
Local Occupiers Local AmenitiesM
oorg
ate
Moo
rgat
e
City Road
Worship Street
Wils
on S
treet
Sun Street
Primrose StreetSpital Square
Appold
Street
Brushfield St.
Artillery Lane
Bish
opsg
ate
Bish
opsg
ate
Old
Broa
d St
reet
Lothbury
Bevis Marks
Houndsditch
Bell Lane
Frying Pan Alley
Middlesex Street
Comm
ercial Street
Brick Lane
Commercial Street
Bethnal Green Road
London Wall
Clift
on S
treet
Curta
in R
oad
Shor
editc
h Hi
gh S
t.
Great Eastern Street
Fins
bury
Pav
emen
t
Old Spitalfields Market
Broadgate
FinsburySquare
FinsburyCircus
Tower 42
LiverpoolStreet
Moorgate
Aldgate
AldgateEast
ShoreditchHigh Street
Old Street
9
2
12
3
7
3
211
54
10
8
512
6
10
98
104
2
1
11
8
78
6
312
74
7
4
10
6
2
1
13
6
11 5
11
12
91
5
1
3
9
Insurance / Financial
1. RBS
2. UBS
3. Deutsche Bank
4. Swiss RE
5. CMC Markets
6. Allied Irish Bank
7. Tullet Prebon
8. Westpac Group
9. Bloomberg
10. Trireme Insurance
11. Royal Bank of Canada (2018)
12. IHS Global
Media / Technology
1. WeWork
2. Second Home
3. Amazon
4. Runway East
5. Mother
6. Factset
7. SapientNitro
8. Williams Lea Tag
9. Uber
10. Smart Focus
11. Currencycloud
12. Google Campus
Professional
1. Bacardi
2. Allen & Overy
3. RBB Economics
4. Salesforce
5. Ashurst (2018)
6. Clyde & Co
7. Pinsent Masons
8. Herbert Smith Freehills
9. Squire Patton Boggs
10. McDermott Will & Emery
11. Northumbria University
12. Coventry University
Developments
1. London Fruit & Wool Exchange
2. 100 Bishopsgate
3. One Crown Place
4. Art’otel, Great Eastern Street
5. 22 Bishopsgate
6. 13-14 Appold Street
7. Blossom Street
8. The Stage
9. Shoreditch Village
10. The Goodsyard
11. Principal Place
12. 100 Liverpool Street
Source: Google Maps
Artillery Lane
1 min walk
Brushfield Street
2 mins walk
Bethnal Green Road
6 mins walk
Artillery Lane
1 min walk
Widegate Street
2 mins walk
Bishopsgate
4 mins walk
Commercial Street
7 mins walk
OF BISHOPSGATE
Middlesex Street
1 min walk
Middlesex Street
3 mins walk
Commercial Street
4 mins walk
Great Eastern Street
7 mins walk
Brushfield Street
2 mins walk
Frying Pan Alley
3 mins walk
Bishopsgate
5 mins walk
Shoreditch High Street7 mins walk
Map not to scale, indicative only
The property benefits from excellent amenities with Spitalfields Market, Broadgate Circle and the Devonshire Square Estate a short distance away, providing a wide variety of retail, dining and entertainment options.
Box Park is located a short walk to the north, just behind Shoreditch High Street Station. Next to the station lies Shoreditch House which is run by the famous Soho House Brand.
Salesforce Tower is also close by, which is home to the famous Duck & Waffle and Sushi Samba restaurants. To the east lies Brick Lane which is home to London’s largest agglomeration of curry houses. The area is further characterised by the vibrant nightlife surrounding the Truman Brewery and its array of bars and pop-up restaurants.
Spital Square
3 mins walk
THE art illery bu i ld ing • sp italf i elds
Local Developments
6. 13-14 Appold Street, EC2
DeveloperMasterworks Development Corporation
Use Office & hotel
Size 80,000 sq ft & 392 bed hotel
Completion 2020 (estimate)
Comments Planning consented
5. 22 Bishopsgate, EC2
Developer AXA Real Estate/Lipton Rogers
Use Office and retail
Size 1,380,000 sq ft
Completion Q4 2019
Comments Under construction
11. Principal Place, EC2
Developer Brookfield/ ENPAM
Use Office, retail and residential
Size 634,000 sq ft & 301 C3 units
Completion Q3 2017
Comments Offices 100% pre-let to Amazon
12. 100 Liverpool Street, EC2
Developer AXA Real Estate/Lipton Rogers
Use Office and retail
Size 520,000 sq ft
Completion Q4 2019
Comments Under construction
The micro-location has experienced substantial investment and development activity and will continue to be a focus for developers over the coming years with a number of developments planned or under construction.
A summary of the notable projects either recently completed, under construction or proposed is set out below:
4. 84-86 Great Eastern Street & 1-3 Rivington Street, E1
Developer Aspirations Ltd
Use Office and hotel
Size 55,000 sq ft & 318 bed hotel
Completion 2021 + (estimate)
CommentsHotel space to be occupied by Art’otel
9. Shoreditch Village Phase II, E1
Developer Brockton Capital
Use Office and retail
Size 96,000 sq ft (gross)
Completion 2020 + (estimate)
Comments Subject to planning
3. One Crown Place, EC2
Developer MTD Alloy Metals
UseOffice, hotel, members club and retail
Size 166,840 sq ft & 246 C3 units
Completion 2020
Comments Under construction
8. The Stage, EC2
Developer Plough Yard Developments
Use Office, residential and leisure
Size 220,000 sq ft & 412 C3 units
Completion Q2 2019
Comments Office space fully pre-let to WeWork
2. London Fruit & Wool Exchange, E1
Developer Exemplar/M&G
Use Office & retail
Size 320,000 sq ft
Completion Q1 2018
CommentsThe office space is fully pre-let to Ashurst
7. Blossom Street, E1
Developer British Land
Use Office, residential and retail
Size 347,000 sq ft & 46 C3 units
Completion 2020/2021 (estimate)
Comments Planning consented
1. 100 Bishopsgate, EC2
Developer Brookfield
Use Office
Size 878,693 sq ft
Completion Q4 2018
Comments
118,000 sq ft to Jefferies Group and 218,500 sq ft to Royal Bank of Canada with option for further 50,000 sq ft
10. The Goodsyard, E1
Developer Hammerson & Ballymore
Use Office, residential and retail
Size 700,000 sq ft
Completion 2020 +
Comments Subject to planning
THE art illery bu i ld ing • sp italf i elds
The Artillery Building
Description
The building comprises 6,466 sq ft (600.70 sq m) of office and ancillary accommodation arranged over basement, ground and four upper floors. The existing office accommodation is dated with mineral fibre suspended ceilings, raised floors and a combination of recessed CAT 2 type lighting and surface mounted lighting.
The offices are serviced by a single staircase accessed off Artillery Lane and a passenger lift. There is a secondary fire escape connecting the basement and ground floor to the east of the building which could be converted into a secondary entrance to service the ground floor and basement.
The current specification of the office space can be summarised as follows:
– Suspended ceilings
– Raised floors
– Recessed ‘CAT 2’ type lighting and surface mounted lighting
– Passenger lift
– Air-conditioning
– WCs (male & female on alternate floors)
– Double glazed windows
– Raised floors
Accommodation
The property has been measured by Pure Real Estate Services Limited in accordance with the RICS Code of Measuring Practice 6th Edition and International Measuring Standard IPMS 3. The survey is assignable to a purchaser and a Duty of Care can be provided.
Floor Use NIA (sq ft) NIA (sq m)
4th Office 876 81.40
3rd Office 1,128 104.83
2nd Office 1,105 102.63
1st Office 1,118 103.89
GroundOffice 1,017 94.52
Reception 94 8.69
BasementOffice 1,082 100.48
Storage 46 4.26
Total 6,466 600.70
Typical Upper (1st) Floor
1,118 sq ft – 103.89 sq m
Up DownCirculation
LiftW/CRiser
Office
Lift
Ground Floor
1,111 sq ft – 103.21 sq m
Lift
Reception
Office
Floor plans not to scale, indicative onlyArtillery Lane
Artillery Lane
THE art illery bu i ld ing • sp italf i elds
Refurbishment Potential Tenure & Tenancy
Tenure & Site
The property is held Freehold and is registered at HM Land Registry under two title numbers 184842 and 301763.
Tenancy
The property will be offered for sale with full vacant possession.
LB
Swedeland Ct
Catherin
BISH
OPS
GAT
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WIDEGATE STREET
ARTILLERY LANE
FOR
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TREE
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MIDDLESEX STREET
112
214
1
125to
129
PH
Bank
210212
PH
3
4a
17
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155
3
124
206
4
133
38
PH
20224
194to200
220to
226126
23
26to30
32
2619
4to10216
22to
24
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12to18
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Bunge House
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Bishopsgate Institute
1
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186to
190
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ate
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110
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1 15 to 25
232to
238
114
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The StewardBuilding
and Library
CGI of indicative office layouts CGI of indicative retail frontage
The property provides the opportunity for a comprehensive refurbishment. Consideration should be given to:
• Extending and enlarging the reception area;
• Potential to increase massing through the addition of further floors;
• Taking advantage of the retail pitch through change of use at ground and basement to a retail/restaurant use (subject to obtaining the necessary consents).
Silver Shadow Studio has produced some indicative CGIs illustrating what the internal floor space and ground floor could look like following a refurbishment and change of use (subject to obtaining the necessary consents).
CGI of indicative office layouts
Comparable Transactions
AddressSize sq ft
Completion Date
TenureTenancy Profile
PriceCapital Value
£/sq ftPurchaser
2 Wakley Street, N1
7,500 Q4 2017 FHVacant
Possession £8,000,000 £1,067
Owner Occupier
Argus House, 175-179 St John Street, EC1
14,201 Q3 2017 FHVacant
Possession£14,200,000 £1,000
Owner Occupier
66 Cannon Street, EC4
14,048 Q3 2017 FHVacant
Possession£14,500,000 £1,032 Bank of Beirut
46 Worship Street, EC2
3,102 Q3 2017 FHVacant
Possession£3,500,000 £1,128 Touchstone
8 Baltic Street East, EC1
7,446 Q4 2016 FHVacant
Possession £5,625,000 £755
Private Investor
14-18 Copthall Avenue, EC2
8,481 Q3 2016 FHShort-term leaseback until October 2016 to Union Bank UK Plc
£6,750,000 £796LaSalle
Investment Management
14 Dufferin Street, EC1
3,972 Q2 2016 FHSingle let to 2Q spaces
until July 2017£3,500,000 £881
British Antiques Association
42-46 Princelet Street, E1
19,113 Q1 2016 FHVacant Possession by January 2017
£16,500,000 £863Brockton Capital
Plan not to scale, indicative only
THE art illery bu i ld ing • sp italf i elds
James Abrahams
T 020 7588 4433 E [email protected]
Chris Room
T 020 7588 4433 E [email protected]
Marsha Rabinovich
T 020 7588 4433 E [email protected]
04859
DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. January 2018.
Further Information
contact
Planning
The property is located in the City of London. It is not listed, but is situated within a conservation area.
VAT
The property is elected for VAT.
EPC
The property has an EPC rating of E (125). A copy of the certificate is available upon request.
Proposal
We are instructed to seek offers in excess of £4,300,000 (four million, three hundred thousand pounds) subject to contract and exclusive of VAT for the freehold interest in the property. This pricing reflects a capital value of £665 per sq ft on the net area of the existing accommodation.