Broadway Chambers London E15 - LoopNet.com
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Broadway Chambers London E15
The Opportunity • Virtual Freehold with 992 years unexpired. • Located in the heart of Stratford, adjacent to the Queen Elizabeth Olympic Park. • Exceptional connectivity being within 250m of Crossrail ‘The Elizabeth Line’ at Stratford Station, which opened in May 2022. • A prominent corner building at the junction of Broadway and Great Eastern Road. • 16,726 sq ft (1,553.9 sq m) of Grade A offices over ground and two upper floors. • Single-let to Vistry Partnerships Limited until December 2027 (5.6 years unexpired). • Passing rent of £550,000 per annum, equating to a low overall rent of £32.88 per sq ft. • An upwards-only rent review in January 2023, providing the opportunity for a significant rental uplift. • Offers in excess of £10,000,000 for the SPV owning the virtual freehold interest, subject to contract and exclusive of VAT, reflecting a net initial yield of 5.40% (assuming purchaser’s costs of 1.80%) and a capital value of £598 per sq ft. 01
The
Location
Broadway Chambers occupies a prominent
corner location adjacent to Stratford
Shopping Centre and within 250 metres
of Stratford Station.
The locality has continued to establish itself as
a diverse and vibrant location following the 2012
London Olympic Games.
Together the Stratford Centre and Stratford
Westfield provide a plethora of retail and
amenity opportunities.
The Queen Elizabeth Olympic Park, less than The International Quarter London, Here
a kilometre from the property, provides world
East and Westfield, three iconic
class sporting facilities as well as a rare offering
regeneration projects in Stratford, have
of a green environment adjacent to commercial
accommodation. substantially contributed to making
Stratford a diverse residential, cultural,
sporting and retail focal point in London.
The East Bank, within the International Quarter, is set
to become the new cultural heart of London. With
the first section of the campus opening in Autumn
2022, the development will bring UCL East, UAL
London College of Fashion, Sadler’s Wells East, the
new BBC Studios and the V&A East Storehouse and
East Museum to Stratford.
Broadway Chambers also benefits from sitting within
Stratford’s Innovation District, an ecosystem formed
by a group of private, public and third party sector
bodies including Transport for London, UNICEF
and the Sports Interactive, which has pledged to
collaborate to create further improvements in the
local area.
02
03
Stratford City of London Aquatics Westfield Here Lee Valley Velo
High Street London Centre Stratford City East Park
London Academy London Marathon Stratford International Stratford East
of Excellence Community Track Station Quarter London International Village
Station
Stratford London
Shopping Stadium
Centre
Broadway
Chambers
04
Connectivity
Woodford
E
Exceptional connectivity being situated within
N
15 mins
LI
L
A
250m of Stratford Station.
TR
EN
C
The only interchange with direct access to Crossrail ‘The Leytonstone
Elizabeth Line’, London Underground, London Overground, 4 mins
TfL Rail and the DLR.
THE ELIZABETH LINE THE ELIZABETH LINE
Stratford
3 mins walk
Heathrow Airport
41 mins
Paddington
18 mins
Bond Street
15 mins
Tottenham
Court Road
Farringdon
8 mins
Liverpool Street
5 mins
Whitechapel
2 mins
Broadway Ilford
9 mins
11 mins Chambers
Canary Wharf
JUBILEE LINE 8 mins
Waterloo London Bridge Canada Water
19 mins 15 mins 11 mins
Crossrail ‘The Elizabeth Line’
Additional
10% increase 200 million 1.5 million
in London’s rail annual passengers people with access to
capacity central London
82,000 41 minutes A train every
passengers per day
to Heathrow Airport 150 seconds
from Stratford at peak times
05 Please note that all times are approximations and are subject to service changes.
The Area
Occupiers
Here East
e
Cancer Research UK Stratford t Lan
Fores
Financial Conduct Authority
British Council
Maryland
Wa
UCL East Station
ter
Lan
University of East London
e
BBC Music Studios Stratford
International
Hackney
Wick Westfield
Stratford
Shopping
Vic
Stratford Road
Romford
ara
Shopping Centre
ge L
y
wa
ane
Stratford Shopping Centre
Queen Elizabeth International Quarter Stratford Broa
d
Westfield Shopping Centre Olympic Park London Station
Stratford High Street
12 minute walk 3 minute walk
Broadway
Chambers
Culture and Sport
A11
2
V&A East
t
ree
St
London College of Fashion
h
Hig
Vue Cinema
Sadler’s Wells Theatre Fish Island
London Stadium
London Aquatics Centre
A1
et
The Orbit and Podium 2 A11
tre
2
hS
Road
Hig
Manor
West Ham
North
06 Not to scale, for indicative purposes only.
The
Property
Broadway Chambers comprises the Grade A office
element of the Azure Building, a mixed-use tower
at the heart of Stratford.
The property was recently developed by Telford Homes Plc,
reaching practical completion in 2017. It comprises c. 16,726 sq ft
of high-quality office space arranged over the ground, first and
second floors*.
A dedicated office entrance is situated at ground floor level
and is accessible via Broadway. The office floor plates are regular
in shape and provide flexible and efficient space.
The floor plates benefit from strong levels of natural daylight
due to the south facing frontage. The generous floor to
ceiling, especially at ground floor, has allowed the tenant
to install a mezzanine.
The specification includes the following;
VRF heat pump LED 1x 8-person
air-conditioning lighting passenger lift
Raised c.2.70m floor to Bicycle
floors ceiling heights storage
07 *The measured survey is in the process of being updated.
Floor Areas
The property has previously been measured by Plowman
Craven in accordance with the RICS Code of Measuring
Practice (6th edition) and comprises of the approximate
net internal floor areas stated below. The measured
survey is in the process of being updated.
Prospective purchasers must satisfy themselves as to the
accuracy of these areas.
Floor Use Area (sq ft) Area (sq m)
Office 5,542 514.9
2
Storage 30 2.8
Office 5,542 514.9
1
Storage 30 2.8
Office 4,235 393.4
Ground Storage 30 2.8
Reception 1,072 99.6
Lower Ground Storage 245 22.8
Total 16,726 1,553.9
*The tenant has installed a mezzanine of approximately 2,992 sq ft.
08
Floor Plans
Second Floor First Floor
IT Tenant
Large Format
Store Storage
Reprographics Breakout
Single Meeting
Single Occupancy Single Occupancy Occupancy
Office Office Office
Z Z Z
Open Plan Z
Area
5,572 sq ft 5,572 sq ft
517.7 sq m Open Plan
Area
517.7 sq m
Single
Occupancy
Office
Z
Z
Coat
Tea Store
Single
Point Occupancy
Office
Boardroom Large
Store
Z
Z Z Z Z Z
Short Throw Projector
Z Z Z Z
Commercial
Office
'Write on' & Magnetic
Single Single Single Single Single
Glass Wall Panels
Occupancy Occupancy Occupancy Occupancy Occupancy
Office Office Office Office Office
Exec Exec Exec
FRIDGE
Office Office Office
Mezzanine Floor Ground Floor
Staircase Lift Staircase Lift
Server Room
Relocated
Fire Panel
Reception & Client
Waiting Area
2,992 sq ft 5,337 sq ft
Screen
Female
AV
279.0 sq m
WC
Male
WC
495.8 sq m Cleaners
Store
*not included within the NIA. AV Wall
EA
Compliant
WC &
Drying Informal
Shower
Area Booth
Riser Pipe work
Boxing Around
Meeting
Room
Office
Single Occupancy
Lockers
Informal
Booth
Shower
Room
Office
Single Occupancy
Office
Bi-Fold Wall Single Occupancy AV Unit
Male
WC
Meeting
Room Meeting
Female Room
WC
T-Point
Micro
Office Micro
Single Occupancy T-Point
AV Screen
Copy
Point
Key
Lounge
Space
Office
Commercial space
Single Occupancy
Office
Single Occupancy
Commercial amenity
Residential common parts
09Tenure
Broadway Chambers is held virtual freehold for a
term of 999 years from 1st January 2015 (992 years
unexpired) at a fixed ground rent of a peppercorn.
The property comprises part of the lower ground, ground, first
and second floors.
The approximate extent of the Leasehold ownership is outlined
in red on the Ordinance Survey extract plan below.
Stratosphere
Tower
Broadway
Ch
Chambers
an
e
tS
us
tre
Ho
et
ws
rro
Bu
lk
Wa
ingale
Farth
North Not to scale. Indicative only. Not to scale. Indicative only.
10Tenancy Tenant Covenant
The property is fully let to Vistry Partnerships Limited
on a 10 year lease from 1st January 2018.
The FRI lease benefits from an upwards only rent review on the Vistry Partnerships Limited, as part of the Vistry Group,
5th anniversary of the term commencement (1 January 2023). focus on delivery of homes and regeneration of local areas.
The lease is inside the Security of Tenure provisions of the
Landlord and Tenant Act 1954. They have a strong national footprint, with over 100 sites currently in
production and most recently have sought to partner with housing
The annual passing rent is £550,000 per annum, reflecting a associations, local authorities and government agencies, in the creation
£32.88 per sq ft overall. of private sale new homes and developments through Vistry Ventures.
The rent compares favourably with Knight Frank’s prime rent for Vistry Partnerships Limited has a Dunn and Bradstreet Failure Score of
Stratford of £44.00 per sq ft. 66 and a Delinquency Score of 89*.
The lease was originally granted to Galliford Try Plc and Vistry Homes Limited (known as Bovis Homes Limited until 2020)
subsequently assigned to Galliford Try Partnerships Limited (who acquired Galliford Try Partnerships Limited in 2020. The lease at
have since changed their name to Vistry Partnerships Limited). Broadway Chambers had been assigned from Galliford Try Plc to Galliford
Try Partnerships Limited prior to the purchase of the latter entity.
The property is fully let to Vistry Partnerships Limited and
guaranteed by Galliford Try Limited (under an AGA dated
October 2019). Galliford Try Ltd is one of the UK’s leading
housebuilding and construction groups. The firm work
for an extensive and established set of public and private
sector clients.
Their focus is on the health, defence, custodial and judicial, highways
and environmental sectors, where they have a core of proven expertise.
Their strong pipeline has been supplemented by their acquisition of the
nmcn water business in 2021. Galliford Try was established 36 years ago
and currently employs over 5,500 people.
Galliford Try Ltd has a Dunn and Bradstreet Failure Score of 84 and
Delinquency Score of 48*.
11 *Source: Dunn & BradstreetAdditional Information The
Planning
Proposal
Broadway Chambers sits within the London Borough of
Newham. The property is not listed. The property is not Offers in excess of £10,000,000 for the SPV owning the virtual
located within a conservation area. freehold interest, subject to contract and exclusive of VAT,
reflecting a net initial yield of 5.40% (assuming purchaser’s
VAT costs of 1.80%) and a capital value of £598 per sq ft.
We understand that the property has been elected for
the purpose of VAT.
Data Room
Access to an online data room is available upon request.
EPC
The property has an EPC rating of C71.
For further information or to arrange an inspection, please
do not hesitate to contact:
Clara Martyrossian Archie Woodman
T: +44 (0) 207 861 5313 T: +44 (0) 20 3995 0781
M: +44 (0) 7811 849 220 M: +44 (0) 7557 900 263
clara.martyrossian@knightfrank.com archie.woodman@knightfrank.com
Edward Fairweather
T: +44 (0) 20 7861 1323
M: +44 (0) 7717 881 146
edward.fairweather@knightfrank.com
MISREPRESENTATION 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or
in writing (“information”) as being factually accurate about the property, its condition, its value or its ownership structure. Neither Knight Frank LLP nor any joint agent has any authority to make
any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s) 2. The photographs show only certain
parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Any reference to alterations to, or use of, any part of the
property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters
have been properly dealt with and that all information is correct. 4. VAT: Any guide prices quoted or discussed are exclusive of VAT. The VAT position relating to the property may change without
notice. 5. Knight Frank LLP is not authorised by the Financial Conduct Authority to undertake Regulated Activities, and generally acts as agent in respect of real estate property interests only. This
communication is exempt from the restriction in Section 21 of the Financial Services and Markets Act 2000, on the communication of invitations or inducements to engage in investment activity
by unauthorised persons, on the basis that it meets the conditions for exemption relating to such activities carried on in connection with the sale of a body corporate as set out in Article 62 of
the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and the similar exemption relating to all Regulated Activities in Article 70 of The Financial Services and Markets Act
2000 (Regulated Activities) Order 2001. In all instances you should seek your own independent advice in relation to the sale or purchase of shares and on any corporate structure. Knight Frank LLP
is not responsible for any information or opinions provided in respect of any such sale or purchase. Knight Frank LLP is a limited liability partnership registered in England with registered number
OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. June 2022.
Designed by Pay Creative Ltd. | www.pay-creative.com
12You can also read
