158 160 PENTONVILLE ROAD KING'S CROSS - LONDON N1 - Allsop
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158•160
PENTONVILLE ROAD
KING’S CROSS
LONDON N1
RARE OFFICE DEVELOPMENT OPPORTUNITY
IN KING’S CROSS
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
CGI of proposed scheme
• Freehold.
• Exceptional opportunity to acquire a consented
office led development scheme.
• Vacant Possession possible on six months'
notice.
• Situated on Pentonville Road, within 500m
of the eastern fringe of the King's Cross
regeneration scheme.
• King's Cross is London's largest single
regeneration site totalling 69 acres of
mixed-use redevelopment.
• Prime King's Cross rents have reached in
excess of £85 per sq ft, and notable tenants
include Google, Facebook, Sony Music and
Universal Music.
• Planning Permission granted for demolition of
the existing and creation of a new build office
development that increases the gross floor area
to 12,873 sq ft (1,195 sq m).
Offers are sought in excess of £4,000,000
(Four Million Pounds), subject to contract and
exclusive of VAT. This reflects £310 per sq ft on
the consented gross areas.
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
EUSTON ST PANCRAS INTERNATIONAL KING’S CROSS
THE FRANCIS CRICK INSTITUTE
UNIVERSITY OF ARTS LONDON
UNIVERSAL MUSIC
HAVAS MEDIA
SONY MUSIC UK (2021)
FACEBOOK (2021)
LOUIS VUITTON
COAL DROPS YARD
GUARDIAN MEDIA GROUP
EUSTO
N ROAD
GOOGLE HQ
GREAT NORTHERN HOTEL
VEVO UK
THE STANDARD HOTEL
CALEDONIAN ROAD
ST PANCRAS RENAISSANCE MIDLAND HOTEL
VEOLIA
NIDO STUDENT ACCOMMODATION
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For illustrative purposes only.
St Mary
Magdalene
Garden
Kentish Town West
Caledonian Highbury & Islington
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
Park
Chalk Farm CANONBURY
CALEDONIAN ROAD
& BARNSBURY
CAMDEN TOWN
CAMDEN ROAD
BARNSBURY
ISLINGTON
ESSEX ROAD LOCATION
CAMDEN TOWN
BOROUGH OF
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Regent’s ANGEL
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Park KING’S CROSS PENTONV
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HAMPSTEAD ROAD
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Named after the monument of
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King George, which once stood
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where the station now resides, the
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district of King’s Cross is located in
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King’s Cross is bordered by the
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WARREN EUSTON
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PL
STREET SQUARE OLD STREET
AC
West End and Covent Garden to
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CLERKENWELL
ELL
NW
KE
ER
RUSSELL CL
the west, the City and Farringdon
GREAT PORTLAND BLOOMSBURY SQUARE
to the east, and Islington to the
GR
AY
STREET
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SHOREDITCH north east.
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GOODGE STREET
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FARRINGDON
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BARBICAN
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HOLBORN LIVERPOOL STREET
HIGH H
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MOORGATE
HOLBORN CHANCERY
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CITY OF
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RD ST
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TOTTENHAM LONDON
COVENT
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BOND STREET OXFO
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BANK
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Garden
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BLACKFRIARS
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CANNON STREET
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MANSION
Leicester HOUSE
Square
TEMPLE
MAYFAIR MONUMENT
PICCADILLY
CIRCUS CHARING CROSS
GREEN PARK
EMBANKMENT SOUTH BANK
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
SITUATION
The property is situated on the north side of Pentonville Road in the
London Borough of Islington just west of Pentonville’s junction with
Cumming Street. The development is a 5 minute walk from King’s
Cross St. Pancras underground and mainline stations and a 10 minute
walk from Angel tube station, on the eastern fringe of the King's
Cross regeneration scheme. The open space of Joseph Grimaldi
Park is located adjacent to the property and the popular restaurant
and fashion hub of Upper Street Islington is just a short walk east of
Pentonville Road.
The immediate area is a mix of office, residential, retail and leisure
with a diverse office occupier base ranging from media, design,
technology and architectural occupiers. The extensive amenity at
King’s Cross Quarter is situated a 10 minute walk north west and offers
an abundance of restaurants and bars housed at Coal Drops Yard and
Granary Square.
The substantial development immediately to the west of the property is
the KX200 Nido Student scheme, which comprises 560 student flats
over 16 storeys.
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
CONNECTIVITY LONDON
UNDERGROUND
King’s Cross is arguably London’s best-connected location, renowned for housing two
CONNECTIONS
of the capital’s busiest national railway stations, London King’s Cross and St. Pancras KENTISH TOWN •
7 mins
International, which combined transport nearly 70 million passengers annually.
EUSTON
1 min
••
KING’S CROSS/ST PANCRAS ••••••
ANGEL •
2 mins
•• OXFORD
CIRCUS OLD STREET •
4 mins 4 mins
COVENT GARDEN
5 mins
MOORGATE ••••
6 mins
••• VICTORIA PICCADILLY CIRCUS • BANK ••••
8 mins 8 mins 8 mins
LIVERPOOL STREET LONDON BRIDGE ••
10 mins •••• 10 mins
KNIGHTSBRIDGE
13 mins
London’s King’s Cross and St. Pancras International The King’s Cross St Pancras transport hub serves six
stations offer UK mainland and international railway London Underground lines (Circle, Hammersmith & City,
services via National Rail and Eurostar. Euston railway Metropolitan, Northern, Piccadilly and Victoria lines),
station is also a short walk, providing easy reach to the which is more lines than any other station on the network.
UK’s major cities.
There are excellent bicycle provisions in the area Farringdon station is under a mile (a 15 minute walk)
with six Santander docking stations within a 10 from the property. In late 2020 Crossrail Farringdon will
minute walk of the property, including one next complete and is set to become Britain’s busiest train
door to the property at Calshot Street. station, dealing with more than 140 trains every hour
offering accessibility to 25% of England’s population in 45
minutes.
BRUSSELS PARIS ROTTERDAM AMSTERDAM
2h 01 mins 2h 16 mins 3h 49 mins 4h 38 mins
Journey Times source: Tfl & Eurostar.
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS EXISTING PROPERTY The property currently comprises a two storey The property is currently let on a six retail building arranged over ground and month licence to the Rhythms of Life lower ground floors. There is open plan retail homeless charity. Notice to terminate accommodation on the ground floor and a this licence can be given at any time. warehouse space on the lower ground. There is a rear loading yard accessed from Cumming TENURE Street. We understand the building currently measures approximately 2,540 sq ft.(1) Freehold. Measurements have been provided by the vendor. Allsop LLP have not been able to fully measure or inspect the 1 property. The areas outlined here are approximations and Allsop LLP take no liability for inaccuracies.
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
CGI OF PROPOSED SCHEME VIEW FROM WEST - PENTONVILLE ROAD
PROPOSED ACCOMMODATION THE SCHEME ELEVATION
Proposed Floor Proposed Proposed NIA* NIA* The consented redevelopment demolishes the
GIA Sq M GIA Sq Ft Sq M Sq Ft existing building and replaces it with a five storey
office building arranged over lower ground, ground
and three upper floors. The development helps to
Third 180 1,938 152 1,636 deliver much needed new functional office space
within the London Central Activities Zone (‘CAZ’).
Second 227 2,443 192 2,067
The building will be arranged as two blocks
comprising flexible office space that will pick up
First 227 2,443 192 2,067
the front and rear building lines of the adjacent
developments to the west of Pentonville Road and
Ground 301 3,240 222 2,390
Cumming Street to the rear. There is a central link
block that enables single core development and
Lower Ground 261 2,809 215 2,314
helps maximise light and the use of light wells in the
development.
Total 1,196 12,873 973 10,474
60 sqm of the proposal is allocated for affordable
workspace, offered at a peppercorn rate for 20 years.
PLANNING Further in-depth detail of the development can be on
the data room.
The site sits within the London Borough of Islington.
Islington Council Website: https://planning.islington.gov.uk/
Full Planning Permission has been granted for Application Number:
P2019/2290/FUL. There has been a delay in the council updating the *NB net internal areas scaled from plan and subject to formal For identification purposes only.
planning portal however, the decision notice is available in the data room. verification. Allsop LLP take no liability for inaccuracies.
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
PROPOSED FLOORPLANS
LOWER GROUND FLOOR GROUND FLOOR FIRST & SECOND FLOORS THIRD FLOOR
FULL PLANNING CONSENT 5 STOREY OFFICE DEVELOPMENT 12,873 SQ FT GIA 16 CYCLE SPACES FLEXIBLE OFFICE SPACE
For identification purposes only.
158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
KING’S CROSS
REGENERATION
King’s Cross, a 67-acres district of British history in central
London that following World War Two was left forgotten and
unloved, has now become one of London’s most recently
regenerated areas and is today a sought after office and
residential location within the capital.
The area has undergone extensive development since the
mid-1990s with more than £3 billion invested to create an
exemplar mixed-used scheme that is recognised globally.
Upcoming is the City Quarter scheme that comprises 50 new
buildings, 1,900 new homes, 20 new streets, 10 new public
parks and squares, 500,000 sq ft of restaurant and retail
space and 26 acres of open space, which will complete in
2022.
The regeneration has also transformed the once overlooked
office market in King’s Cross. There is now 3.5 million sq ft of
workspace in the district, all benefiting from acces to one of
the best-connected transport hubs in London. The buildings
have been designed to lead the way in workplace design and
performance, and have attracted numerous global occupiers
and start-ups.
From 2021 King’s Cross will be home to Sony Music UK,
relocating its HQ from Kensington, who will be joining Vevo,
Havas and Universal Music Group. Combined Sony and
Universal were responsible for more than half the UK album
sales in 2019, and their presence signifies that King’s Cross
has also become a music hub.
These music and media group sit alongside the tech giants
of Google and Facebook. Google already has its HQ in King’s
cross and is currently constructing a new 900,000 sq ft HQ
designed by Thomas Heatherwick
Other notable office occupiers include Nike, Guardian Media
Group, Arcadis, and PRS for Music.
The area also boasts a number of distinguished academic and
cultural institutions, including St. Martin’s College campus
and the University of Arts London, which have cemented the
Regeneration of 67 Acres: 5.4m sq ft
location’s reputation for being a art and cultural centre.
of offices / 2.2m sq ft of residential
and 1m sq ft of retail & leisure space158•160 PENTONVILLE ROAD KING’S CROSS LONDON N1 RARE OFFICE DEVELOPMENT OPPORTUNITY IN KING’S CROSS
OFFICE LETTING MARKET INVESTMENT MARKET
The transformation of King’s Cross over the past decade has turned a once fringe office location into a global destination Central London’s real estate investment market saw circa £15Bn of transactions in 2019. London’s real estate
for office occupiers. King’s Cross is recognised as a location with superb facilities, excellent transport links and high quality investment market throughout 2019 remained robust in a market environment of low interest rates and weakened
building stock. Over 3.5 million sq ft of office space has been let to world renowned occupiers such as Universal Music, sterling. The market continues to be characterised by investor enthusiasm and a shortage of available investment
Google, Nike, Facebook, Sony Music and Havas. product with many investors reluctant to sell in a tight market.
The King’s Cross & Euston sub-market saw 813,000 sq ft of take-up in 2019, firmly establishing itself as London’s most King’s Cross is one of the top investment locations for investors, given the exceptional regeneration over the past
active West End sub-market. The current vacancy rate stands at 3.7%, the second lowest in London. The office development 15 years, however availability of investment and development stock has been restricted. Completion of a new office
pipeline also remains constrained across London with approximately 70% of schemes under construction already being scheme at 158-160 Pentonville Road would closely follow the opening of Crossrail, and occupation by Google and
pre-let. Prime rents for King’s Cross currently stand at £85.00 per sq ft. Sony of their headquarters office buildings, which in turn attract other TMT occupiers to the area.
Whilst record rental levels have been achieved in the N1C postcode, the immediately surrounding areas, including
Pentonville Road, have benefitted hugely as a result of proximity to the Kings Cross Quarter hub.
Size Cap Val
Address Floor Size (Sq ft) Tenant Rent Date Date Address Price NIY Purchaser Comments
(Sq ft) £PSF
The Lighthouse, The Diamond Trading Lighterman
1st 4,493 £72.50 Dec 2019 House,
297 Pentonville Road, N1 Company Dec 19 13,400 £13m 3.85% £925 Northill Multi-let offices
26 Wharfdale
Road N1
Kings Gate, 1 Bravingtons Walk, N1 3rd 1,869 CCSUK Ltd £69.50 Dec 2019
1-6 Field Street
7 flats & offices/
Sep 19 & 14-16 Leeke 13,200 £9.25m 2.30% £700 UK Fund
studio
Street WC1
Kings Gate, 1 Bravingtons Walk, N1 1st 1,800 Undisclosed £69.50 Oct 2019
Co-op let to 2023
275 Gray’s Inn
Jul 19 13,145 £9.35m Vacant £711 Bywater and vacant offices
Bravington House, 296-298 Road WC1
2nd 2,945 Pure Gym £67.50 Jul 2019 to be refurbished
Pentonville Road, N1
Unit 1, 150
Jan 19 Pentonville 8,459 £7.45m Vacant £881 Private Ground floor only
11-21 Northdown Street, N1 3rd 2,579 Gyroscope £68.50 Jun 2019 Road N1
1 Pancras Sq, N1 5th 7,072 The Office Group £85.00 Mar 2019
115-123 Pentonville Road, N1 2nd 4,542 Dataiku £100.00 Feb 2019
Kings Place, 90 York Way, N1 3rd 18,578 Astrazeneca £74.50 Dec 2018VAT The property is VAT elected. EPC EPC certificate available in the data room. AML A successful bidder will be required to provide information to satisfy the AML requirements when Head of Terms are agreed. DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/PentonvilleRoad PROPOSAL Offers sought in excess of £4,000,000 (Four Million Pounds) subject to contract and exclusive of VAT. This reflects £310 per sq ft on the proposed gross areas. For further information or to make arrangements for viewing please contact: NATIONAL INVESTMENT WEST END Alex Butler Liam Stray Nick Pemberton Chloe Newton 020 7543 6722 020 7543 6769 020 7543 6775 020 7543 6886 07801 219 888 07956 981 575 07711 070131 07825 032284 alex.butler@allsop.co.uk liam.stray@allsop.co.uk nick.pemberton@allsop.co.uk chloe.newton@allsop.co.uk 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, undertaKing’s 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. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 06.20
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