69-89 MILE END ROAD, WHITECHAPEL, LONDON E1 - OFFICE AND RETAIL BUILDING OF INTEREST ...
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69–89 MILE END ROAD, WHITECHAPEL, LONDON E1
FOR SALE - OFFICE AND RETAIL BUILDING
OF INTEREST TO INVESTORS, DEVELOPERS & OWNER OCCUPIERS
98,684 FT² (9,168 M²) GIA
KEY INVESTMENT CHARACTERISTICS _D ept. W is a mixed use iconic building consisting of office and retail. It is situated in the heart of Whitechapel, comprising 98,684 ft² (9,168 m²) GIA arranged over basement, ground and three upper floors. _D ept. W is a 1920’s art deco building, which formerly housed the famous Wickhams department store. _L ocated 200 yards east of Whitechapel’s proposed Elizabeth Line station. Occupiers include Tesco, Sports Direct, Central Working, Foxcroft & Ginger and KANO Computing. _ The property is held by way of 4 Freehold and 6 Long Leasehold Interests. _ The site covers an area of 0.65 acres. _ Planning consent has been granted as of 31st March 2016 for a Buckley Gray Yeoman Architects designed scheme to improve the existing 1st and 2nd floor office accommodation and replace the existing 3rd floor with a new two storey extension. A new central core would serve the upper floors accessed from a new main entrance fronting Mile End Road. _C urrent passing rent of £747,982.50 per annum. _ Vacant possession of the 1st to 3rd floors can be provided by February 2017. _ The planning permission extends the existing building to 127,775 ft² (11,871 m²) gross external area and 97,553 ft² (9,063 m²) net internal area of B1 on 1st to 4th floor with retail and leisure use (use class A1/A2/A3/A4/B1/D1/D2) on ground and lower ground. _ Offers in excess of £38,500,000, representing £390.00 ft² on the existing gross internal area. 01 DEPT. W
02
Royal London Whitechapel Cambridge Heath Rd
Hospital Station Elizabeth Line Entrance
03 DEPT. W
A RICH BUILDING
HISTORY
This iconic property was for the early part
of the 20th Century occupied primarily by
Wickhams Department Store, heralded
as the “Harrods of the East End”.
The building was designed to upstage Selfridges department store
on Oxford Street, having a grand neo-classical colonnaded front
but with a central tower and clock that Selfridges did not have.
Mr Wickham’s store was a grand and glorious East End emporium
heralded as the “Harrods of the East End”. His highly respected
store was a celebrated part of the community for over 40 years.
At the time that Mr Wickham was putting together his first design
plan, a certain Mr Spiegelhalter had a thriving jewellery business
along that particular stretch of the Mile End Rd.
It’s not known why, but the jeweller, having initially agreed
to re-locate, had a change of heart. The story goes that
Mr Spiegelhalter was made an offer of ‘having the floor covered
with sovereigns’ to move out. His response was, “only if they are
stood on edge”. He then wasn’t in the mood to move until 1982 and
the front of his shop still stands defiantly proud in the middle of the
grand colonnade.
04
LOCATION
Dept. W is located approximately 5 minutes
walk east of the proposed Whitechapel
Elizabeth Line station and approximately
7 minutes walk west of Stepney Green
station. It’s situated in a prominent position
on the north side of Mile End Road at its
junction with Cleveland Way.
This iconic building is located three miles to the east of the
City of London within Tower Hamlets with a substantial frontage
onto Mile End Road, which links East London and the City.
The surrounding area is due to dramatically change with the
opening of the Elizabeth Line in 2018. Further, Tower Hamlets
recent consultation paper proposes c.£900M of redevelopment in
the area over the next 15 years to revitalise Whitechapel Road with
new offices, shops and homes funded by a mix of grants and
private finance.
Whitechapel Vision to provide:
_ Elizabeth Line to open in 2018.
_ 3,500 new homes by 2025.
_ 5,000 new jobs.
_ Civic redevelopment of the Old Royal London Hospital.
_ Transforming Whitechapel Road into a destination
shopping area for London.
_ Creating 7 new public squares and open spaces.
_ Creating a world class Life Science Campus at Queen
Mary University London.
05 DEPT. W
06
LOCATION
Glob
The area is undergoing a dramatic
e
d
en Roa
Road
Sce
transformation and along with the al Gre
Cambri
Bethn
p
Bethnal
tre
excellent travel links has attracted Green
R
oad
dge Hea
occupiers from a wide range of sectors.
Wilmot Street
Corfield
th Road
The property is seven minutes walk to the west to the current ad
Bethnal Green t Ro
Whitechapel station entrance (East London, District and t of
Gardens ee cr
Street
Str Ba
n
Hammersmith & City lines) and Stepney Green station (District igh
dle
and Hammersmith & City lines). Bethnal Green station Ha
oad
sR
(Central line) to the north is less than a 10 minute walk away. nt u
Weavers ace Ma t
o lm Pl ee
Fields Malc 05 Str
m
ane e ha
The new Elizabeth Line station will connect Whitechapel Colts L nu
ssi
ng
Gl
Three tA
ve
Ma
ob
to Canary Wharf and Heathrow via Central London. r
be
eR
le
Co
oa
et
rth Stre et
d
Bethnal Cudwo Str
e
s
Green p ha
Ce
Barnsley Street
Amenities
Collingw
Cephas Aven
Cephas Street
01 40 Winks Hotel 06 Currys PC World St
oad
Bartholmew
ood Stre
Gardens 06
02 Genesis Cinema 07 Halfords
hR
Stepney
Co
ue
Cl
Headla 07 08
ev
op
eat
m Stre Green
el
et
et
ers
an
03 Chicken Shop 08 Mile End Retail Park
ge H
d
Clo
W
ay
ad
se
o
brid
04 Dirty Burger 09 Sainsbury’s nd R
E
Bra
Mile
Cam
dy
05 CrossFit London 09 02 01
Str
Darling Row
eet
d
Elizabeth ge Roa
03 04 rd Passa
Line Edw
a
Hannibal Road
Transport lines
St
et
ep
e
Str
ne
ard St
ep
y
urw
G
London Underground Central D ne
re
Whitechapel y
en
G
Redmans Ro
re
London Overground District o ad Adelina Gro
ve ad en
el R
hap
itec ow
Cave
Sidn
Elizabeth Line Hammersmith & City Wh ve nR
Jamaica Street
Ra
ey S
ll Str
r eet
National Rail Lindley St
tree
Royal London Smithy Stre
ee t
et Stepney
Hospital
t
Green Park
07 DEPT. W
Step
ney
Way
ELIZABETH LINE
As the City moves east, Whitechapel is set Elizabeth Line times from
to become one of the most connected places Whitechapel (in mins)
in the capital by public transport, with a
significant rail and tube interchange at
Whitechapel station. 03
CANARY
The Elizabeth Line will run 118 km from Maidenhead and Heathrow in WHARF
the west, through new twin-bore 21km tunnels under central London
to Shenfield and Abbey Wood in the east.
It will bring an additional 1.5 million people within 45 minutes
commuting distance of London’s key business districts.
Around 200 million passengers will travel on the Elizabeth Line
05
each year and the route will provide a 10% increase to rail capacity STRATFORD
in the capital.
The new Whitechapel Elizabeth Line station will use the existing
Whitechapel Road entrance to the London Underground and
London Overground station, with a new separate entrance onto
Cambridge Heath Road providing access to all lines and within a 07
5 minutes walk (350 yards) of Dept W. CITY
AIRPORT
The Elizabeth Line platforms will be in deep tunnels to the north of the
existing station but they will all share a concourse, ticket hall, gateline
and station operations room, leading to a fully integrated station that Top: New over-station development from Durward Street. Above left: New concourse.
10
provides an easy step-free interchange between the Elizabeth Line, Above right: New secondary Elizabeth Line entrance at Cambridge Heath Road.
Hammersmith and City, District and Overground lines.
Stratford
5 mins BOND
STREET
Reading Heathrow Bond Street Farringdon
63 mins 38 mins 10 mins 5 mins
WHITECHAPEL
Slough
41 mins
Paddington
13 mins
Tottenham
Court Road
Liverpool
Street
38
7 mins 2 mins HEATHROW
Canary Wharf
3 mins AIRPORT
08
WHITECHAPEL
DEVELOPMENT
5,000
Whitechapel has a rich history often characterised by extremes of
social conditions in the times of Victorian London. NEW JOBS
Notoriety
Whitechapel was at the centre of national
attention during the tragic murders committed by
Jack the Ripper, the Siege of Sidney Street
by Winston Churchill and the Second World War
bombing of the East End. Within a short walk of
Dept. W is the notorious The Blind Beggar pub
where Reggie Kray stabbed to death
Jack ‘The Hat’ McVitie.
Royal London Hospital
Opposite Whitechapel station is the Grade II of the Whitechapel Masterplan designed to
listed old Royal London Hospital site which manage the regeneration and redevelopment
was originally opened in 1757 and is now dwarfed around Whitechapel Road and Cambridge Heath
by the £1bn world class hospital facility that Road over the next 10 to 15 years.
replaced it in 2012. The old building was recently The Civic Hub regeneration of the old Royal
purchased by Tower Hamlets Council to be the London Hospital building which will house
new town hall. The site received planning in a new 21st Century town hall will be set
November 2015 for a £77M makeover by around a new high quality Civic Square
AHMM architects and is due to be open in 2019. to encourage complementary community
and commercial uses including a media hub,
The new Town Hall will be the central part retail and restaurants.
09 DEPT. W3,500
NEW HOMES
BY 2025
Life Science Campus
To the rear of the site is a proposed new life The new Elizabeth Line entrance on
science campus to support health, bio tech and Cambridge Heath Road will sit adjacent
life sciences research. The Whitechapel Vision to the Sainsbury’s Superstore which within
aims to deliver over 3,500 new homes by 2025, the Whitechapel Vision will be re-developed
generate 5,000 new jobs, create 7 new public to provide a larger store with new residential
squares and a world class Life Science Campus at and community facilities.
Queen Mary University London which operates
5 campuses centred around Whitechapel and has
Culture
over 17,500 students. Dept. W sits adjacent to the Genesis
Cinema complex which has been used for
entertainment purposes since the mid 19th century.
Charlie Chaplin and Laurel & Hardy are both
07
known to have performed here.
At 109 Mile End Road is one of Conde Nast’s
boutique hotels of the year, 40 Winks
(www.40winks.org). The hotel is a particular
NEW PUBLIC favourite for fashion folk and artists and hosts
SPACES many fashion shoots.
10EXISTING BUILDING
Dept. W occupies a site totalling c.0.65 acre
constructed over basement, ground and
three upper floors, extending to a gross
internal area of c. 98,684 ft2 (9,168 m2)
arranged as:
Existing Floor Areas
3
Floor Use Area m² ft²
3rd Offices GIA 848.2 9,130
2nd Leisure and Assembly GIA 1,802.0 19,397
2
1st Offices GIA 2,069.4 22,275
Ground Retail, Office and Café GIA 2,317.0 24,940 1
Basement Retail or Storage GIA 2,131.4 22,942
Total 9,168.0 98,684
G
*Net Internal areas for the Part Ground, First & Third Floors available upon request.
B
11 DEPT. WEXISTING FLOOR PLANS
Basement Ground Floor 1st Floor 2nd Floor 3rd Floor
Retail / Storage Retail / Office / Café Office Leisure and Assembly Office
22,942 ft² / 2,131.4 m² (GIA) 24,940 ft² / 2,317.0 m² (GIA) 22,275 ft² / 2,069.4 m² (GIA) 19,397 ft² /1,802.0 m² (GIA) 9,130 ft² / 848.2 m² (GIA)
LIFT
LIFT
Mile En
Mile En
Mile En
Mile En
Mile En
d Road
d Road
d Road
d Road
d Road
OPEN
OPEN
HOARD
OPEN VOID
VOID
VOID
ING
LIFT
DISUSED
WC FROM
PHASE 1 WORKS
Usable Space
Reception
Core Floor plans not to scale, for indicative purposes only.
1213 DEPT. W
14
DEVELOPMENT
POTENTIAL
The planning permission dated
31st March 2016 proposes a comprehensive
refurbishment, change of use and extension
of the former department store to provide a
co-working office hub for startups and SMEs
with ground floor and basement retail and
commercial uses.
_T
he front elevation of the former department store would 4
be refurbished with new shopfronts installed, together
with modern awnings.
_T
he existing 3rd floor mansard extension would be removed.
_ A new modern two storey roof extension erected at
3
3rd and 4th floor levels.
_ A new central core would serve the upper floors accessed
2
from a new main entrance/reception from Mile End Road.
_ Make good and repair all existing ground floor stonework,
original windows etc.
Building Arrangement 1
4th B1 Office
3rd B1 Office
2nd B1 Office G
1st B1 Office
Ground A1–4 Retail + B1 Office
Basement Flexible A1/A3 + B1 Office + D1/D2
B
15 DEPT. W16
17 DEPT. W CGI for guidance purposes only. Not a statement of fact.
DEVELOPMENT
POTENTIAL
Planning permission was granted in March 2016 for the
comprehensive refurbishment, change of use to the second
floor and extension of 69-89 Mile End Road to provide 127,775 ft²
(11,871 m²) Gross External Area and 97,553 ft² (9,063 m²)
Net Internal Area of B1 accommodation on 1st to 4th floors,
with A1, B1, café and gym accommodation on ground
and lower ground floors.
The Buckley Gray Yeoman designed scheme will provide
the following accommodation:
Gross External Areas
Floor Use m² ft²
4th Offices 966 10,398
3rd Offices 1,523 16,393
2nd Offices 1,988 21,397
1st Offices 2,331 25,090
Ground Retail, Office and Café 2,499 26,899
Basement Retail and Leisure 2,564 27,598
Total 11,871 127,775
Net Internal Areas
Floor Use m² ft²
4th Offices 910 7,696
3rd Offices 1,444 12,992
2nd Offices 1,885 17,491
1st Offices 2,229 20,893
Ground Retail, Office and Café 2,387 17,190
Basement Retail and Leisure 2,443 21,291
Total 9,063 97,553
18PROPOSED FLOOR PLANS
Basement Ground Floor 1st Floor
Retail/Leisure Retail / Office / Café Office
21,291 ft² / 2,443 m² (NIA) 17,190 ft² / 2,387 m² (NIA) 20,893 ft² / 2,229 m² (NIA)
UNIT A UNIT B
UNIT C
Mile En
Mile En
Mile En
d Road
d Road
d Road
UNIT D
Usable space
Reception
Core
19 DEPT. W2nd Floor 3rd Floor 4th Floor
Offices Offices Offices
17,491 ft² /1,885 m² (NIA) 12,992 ft² /1,444 m² (NIA) 7,696 ft² / 910 m² (NIA)
Mile En
Mile En
Mile En
d Road
d Road
d Road
Floor plans not to scale, for indicative purposes only.
20TENANCY SCHEDULE
Floor Planning m2 ft² Tenant Current Rent Lease Term Comments
Use Approx Approx
3 years to expire on 10/02/17 with
3rd B1 848.20 9,130 Wellarm Services Ltd £60,000.00
landlord’s rolling 6 month break.
3 years to expire on 04/12/16 with
2nd D2 1,802.03 19,397 Castigliane Commercial Ltd £188,370.00
mutual rolling 6 month break.
1st B1 2,069.40 22,275 City Lounge Ventures Ltd £246,362.50 3 years to expire 27/02/17
Next review due 17th July 2015. Review is
Ground A1 419.17 4,512 Tesco Stores Ltd £83,250.00 15 years to expire 16/07/25
based on cap and collar of 1% and 4%.
Ground A1 774.43 8,336 Sportsdirect.com Retail Ltd £90,000.00 10 years to expire 14/09/21 Next review due 15th Sept 2016.
3 years to expire 02/03/17 with Landlords
Ground A1 195.00 2,099 F&G @ Dept. W Ltd £25,000.00 Current income plus turnover rent.
break after 03/06/15 on 3 months’ notice.
5 years to 25/06/19 with mutual break
Ground B1 389.82 4,196 Kano Computing Ltd £55,000.00
at 3 years subject to 6 months’ notice.
Basement D2 2,131.36 22,942 Vacant
Total £747,982.50
* Areas stated above are approximate gross internal areas of the let accommodation.
21 DEPT. WTENANT COVENANTS LG FLOOR LETTING
Tesco Stores Ltd Kano The Gym Group
Year Ending Feb 2013 Feb 2014 Feb 2015 Kano is a DIY computer kit designed to help people of all ages to Heads of terms are being agreed with the Gym Group on the lower
assemble a computer from scratch and to learn basic coding skills. ground floor for 20,311 Ft² GIA comprising a dedicated ground floor
Turnover £42.662 Bn £34.547 Bn £42.278 Bn
In November 2013 Kano initiated a crowd funding Kickstarter entrance with stairs and lift leading to a basement gym space.
Pre Tax Profit £921 M £1.696 Bn -£3.727 Bn
campaign, which raised $1.5M in one month to help launch the mass These works have already been completed as of 2014.
Total Net Worth £3.113 Bn £3.038 Bn -£98.0 M production of the device.
The accommodation is to be handed over in shell condition.
The Landlord will undertake to provide the following:
_ Provide fully self-contained premises including internal stairs and
Sports Direct.Com Foxcroft & Ginger DDA access lift connecting ground and lower ground.
(retail) Foxcroft & Ginger opened in Soho in January 2010. The restaurant
_ All capped off services to the unit with utility requirements
in agreed locations.
provides an all day food and drink experience offering high quality
Year Ending Apr 2013 Apr 2014 Apr 2015 _ Provision of plant area – size and location to be agreed on site.
coffee, food and alcohol.
Turnover £1.677 Bn £1.864 Bn £2.074 Bn Term:
Pre Tax Profit £178.6 M £202.6 M £262.9 M 20 year lease inside the L&T Act 1954 from completion. The tenant
Total Net Worth £489.5 M £665.6 M £872.4 M will have an option to determine the lease at the 15th anniversary.
Years 1-5: £18.00 /ft²
Years 6-10: £19.80 /ft²
Years 11-15: £21.78 /ft²
City Lounge Ventures Years 16-20: £23.96 /ft²
The tenant will have the benefit of 12 months’ rent free from
(t/a Central Working) commencement of the term.
Established in May 2011, Central Working provides invaluable tools to Rent Review pattern:
help small and medium enterprises to grow. They currently have four The rent will be reviewed every 5th year on an upward only basis
‘clubs’ which provide a collaborative environment for businesses to and will increase at each review by 10%.
foster collaboration and peer development. Central Working has
three sites in London, with Dept W running an “escalator” service in Planning:
partnership with Barclays.
The tenant is seeking planning consent for 24 hour opening.
Further information is provided at www.centralworking.com about
their existing clubs in Bloomsbury, Shoreditch, Whitechapel and
Deansgate, Manchester.
2223 DEPT. W
24
FURTHER INFORMATION
Tenure VAT
to
16
27
10
The property is held part Freehold and part The property has been elected for VAT
Long Leasehold under 10 separate Land Registry purposes, however it is anticipated that the
28
to
39
20
63
titles, four of which are held freehold and six sale will be treated as a Transfer of a Going
to
to
24
68
long leaseholds within dates from 25/03/1670
40
to
51
Concern (TOGC).
for a term of 500 years. Further information is
52
available on request.
62
59
EPC
El Sub Sta
c
18
60
b
54
18
a
18
55
e Place Current Income Available on request.
18
Bellevu 11
6
Current passing rent of £747,982.50 /A.
21 to
1a 1
15
16
1 to 12
14
n
Hamilto
Lodge
Lodge 2 City
CLEVE
LAND
GROVE
1
Gate
1 to 19
Price
1 to 16 107
ell
Cromw e
Lodg
93
99 Offers in excess of £38,500,000, representing £390
ESS 95
ft² on the existing gross internal area.
10
1
91
83 to 89
1a
81
69 to 79
67
59 to
1 to 20
Elizabeth
128 Bates Court
126
112
Shelter
100
1
2
90
5
86
7
4
23
82
9
6
10
88
0m 10m 20m 30m
El Sub
Sta
Ordnance Survey © Crown Copyright 2014. All rights reserved.
Licence number 100022432. Plotted Scale - 1:1250
25 DEPT. W26
FURTHER INFORMATION To access the full data room, please contact sole agents: Shaun Simons James Abrahams 07788423131 020 7588 4433 shaun.simons@colliers.com james.abrahams@allsop.co.uk Michael Raibin Matthew Millman 07880795679 020 7588 4433 michael.raibin@colliers.com matthew.millman@allsop.co.uk Colliers International & Allsop, give notice that these particulars are set out as a general outline only for the guidance of 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 Party 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 Colliers International & Allsop has any authority to make any representation or warranty whatsoever in relation to this property. October 2016. Designed & produced by Cre8te 020 3468 5760 – cre8tedesignuk.com
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