INVESTMENT FOR SALE - SPITALFIELDS E1 - LoopNet
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INVESTMENT FOR SALE S P I TA L F I E L D S E 1
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01
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INVESTMENT
S UM MARY
R A R E C I T Y- F R I N G E
INVESTMENT OPPORTUNITY
The investment comprises a Grade II
listed five story building with an additional
mezzanine floor located centrally within
Spitalfields on the eastern side of
Commercial Street.
Stretching from Aldgate East to Shoreditch,
Commercial Street has become the artery
which connects the financial district
of the city to the tech hub of the
Silicon Roundabout.
The building is fully let to two strong
covenants: National charity Crisis UK
occupy the ground floor and basement on
a long lease expiring 2030.
Upper floors fully let to computer training
college Makers Academy until 2020.
D E TA I L S
Freehold
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14,839.22 sq ft GIA (12,274 sq ft NIA)
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Retail Space 5,740.78 sq ft GIA (4,607 sq ft NIA)
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Office Space 9,098.44 sq ft GIA (7,667 sq ft NIA)
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Current net rent being produced is £520,257 pa
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Potential ERV is £647,478 pa
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Offers are invited in the region of £11,000,000
plus VAT reflecting a yield of 4.75%
30 ST MARY AXE
TOWER OF LONDON THE GHERKIN
ALDGATE
STATION
THE BROADGATE
ESTATE
ALDGATE
EAST STATION 5 BROADGATE
LIVERPOOL STREET UBS HQ
STATION
FRUIT & WOOL
EXCHANGE RBS
ALLEN &
OVERY LLP
SPITALFIELDS MARKET
PRINCIPAL PLACE
AMAZON UK HQ
TRUMAN BREWERY
THE STAGE
BRICK LANE SHOREDITCH HIGH
STREET STATION
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02
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L O C AT I O N
Commercial Street, which for all intents and
purposes should be named Spitalfields High Street,
has become home to some of the best eating,
drinking and shopping establishments in
the capital.
This is largely due to the Spitalfields regeneration
programme which was completed in 2005. The
regeneration of Spitalfields Market and the
creation of two new public spaces, Bishops Square
and Crispin Place have been the catalyst for the SPITALFIELDS MARKET
recent and continuing transformation of the area
in to a major hub for the creative, tech, fashion
and art industries.
Some of the world famous brands that
occupy the area include: All Saints;
Belstaff; Hackett, LuluLemon; Chanel
and Jigsaw. These international brands
are complimented by high quality
independent occupiers such as Grenson,
Albam Clothing, Bethnals, Joshua
Kane Bespoke and K-Way.
With Brick Lane and Shoreditch on
one side and the City on the other,
Commercial Street is the ever bubbling
melting pot where both worlds meet.
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4
03
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G
RE
AT
EA
ST
LO CAL O C CUPI E RS
ER
N 9
ST
5
BETHNAL GREEN ROAD CHESHIRE ST
Highly sought after for both its commercial and residential value,
SCRUT TON ST
BOXPARK
Shoreditch & Spitalfields provides a hub for a number of international
SHOREDITCH
businesses and a playground for those who live and work in the area.
8
HIGH ST
T
HS
12 10 Boasting an eclectic mix of tenants, tech giants Amazon and Uber sit
IG
HH
3
WORSHIP ST
11 QUAKER ST alongside RBS and Bloomberg, UBS and Bacardi. Boxpark Shoreditch mall
BUXTON ST
I TC
6 ED 7 C
O houses a range of independent shops and restaurants while the likes
M
OR
ST
M
ER of Nobu and Shoreditch House are just a stone’s throw away.
SH
BRICK LANE
ON
C TRUMAN
IA BREWERY
IFT
L 2
ST
CL
7 PR
IMR
6 OS High-profile developments in immediate proximity coupled with exciting
ST
8
ES
T 7
LD
3
LAMB ST HANBURY ST
new housing and mixed-use developments only promise to further
PO
9 3 1
AP
SU
NS SPITALFIELDS
boost the area’s market value.
BR T
MARKET
ST
OA
TE
CIR D GA 3
ON
CL TE
GA
E 2
LS
1
PS
2
GR
WI
HO
EA
BRUSHFIELD ST
LIV
BIS
TO
ER
PO
RE
OL 1 11 5 1 N E AR BY N E AR BY INSURANCE MEDIA &
ST
X
DEVELOPMENTS & FINANCIAL
ST
ARTILLERY LANE IO N ST PROFESSIONAL T E C H N O L O GY
FA S H —
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7
12
1. Bacardi 1. London Fruit 1. RBS 1. WeWork
MI
Wool Exchange
DD
12 11 2. Allen & Overy 2. UBS 2. Second Home
LE
2. 100 Bishopsgate
SE
1 3. RBB Economics 3. Deutsche Bank 3. Amazon
X
ET
T
3. One Crown Place
ST
9 RE
DS
ST 4. Salesforce 4. Swiss RE 4. Runway East
TH
RA
OR 4. Art’otel,
CO
W
TE
O
LO NT 5. Ashurst (2018) Great Eastern Street 5. CMC Markets 5. Mother
MM
DB
E
GA
ND DE W
ON VO
ER
NS 6. Clyde & Co 6. Allied Irish Bank
OL
PS
WA HIR 5. 22 Bishopsgate 6. Factset
L
CI
L ES
HO
10
AL
Q UA 10 7. Pinsent Masons 7. Tullet Prebon
GO
RE 6. 13-14 Appold Street 7. SapientNitro
BIS
ST
4
US
E 8. Herbert Smith 8. Westpac Group
AT 7. Blossom Street 8. Williams Lea Tag
TO
8 DG T Freehills
HO AL E AS
N
UN 5 9. Bloomberg 9. Uber
ST
2 DS
DIT . 8. The Stage
CH 12 6 ST 9. Squire Patton Boggs
H
HI
G 9. Shoreditch Village 10. Trireme Insurance 10. Smart Focus
11 BE L 10. McDermott
VIS PE 9
MA HA 8 Will & Emery 10. The Goodsyard 11. Royal Bank of Canada 11. Currencycloud
RK TE C
5 10
S GA H ITE (2018)
D
AL W
11. Northumbria 11. Principal Place 12. Google Campus
University 12. IHS Global
4 12. 100 Liverpool Street
6 12. Coventry
University
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04
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C O M M U N I C AT I O N
50-52 Commercial Street is surrounded by an
enormity of transport links in this extremely
well-connected city-fringe location.
Aldgate East, which is situated at the junction of
Commercial Street and Whitechapel High Street,
is the closest underground station with access to both
the Hammersmith and City and District lines.
A close second to the proximity of Aldgate East is
London Liverpool Street Station, the third busiest train
station in Great Britain. This central overground train
terminus also provides access to four underground lines:
Central — Circle — Hammersmith & City — Metropolitan
TRANSPORT LINKS
Equally, Shoreditch High Street overground
station is located only a ten minute walk away BAKER KINGS CROSS LIVERPOOL
PA D D I N G T O N STREET S T. PA N C R A S FA R R I N G D O N STREET
from the building. 32 mins 18 mins 12 mins 12 mins 3 mins
Further to the fantastic connections also provided by
the local bus routes, the area is soon to benefit from WHITE NOT TING BOND OX FOR D TOT TENHAM
CIT Y H I L L G AT E STREET CIRCUS COURT RD HOLBORN BANK
the introduction of Crossrail’s new Elizabeth Line at A L D G AT E
A L D G AT E EAST
Liverpool Street Station. The new Elizabeth line is set to
3 mins 4 mins
18 mins 18 mins 18 mins 18 mins 18 mins 18 mins 18 mins
be completed August 2019 and will connect Reading
and Heathrow in the west through central tunnels across
to Shenfield and Abbey Road in the east. The line will
stop at 41 accessible stations and is expected to serve HAMMERSMITH VICTORIA EMBANKMENT MONUMENT TOWER HILL
200 million people a year. 32 mins 17 mins 13 mins 4 mins 2 mins
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05
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KEY DEVELOPMENTS
FRUIT & WO OL T H E B I S H O P S G AT E P R I N C I PA L
E XCHANG E G O O D S YA R D PL AC E
The London Fruit and Wool Exchange is A joint venture between Hammerson Principal Place is a new destination on
one of the largest developments in London and Ballymore Properties. Worship Street in the heart of Spitalfields,
and will deliver 320,000 sq ft of new grade developed by Brookfield and designed by
A space including 260,000 sq ft of office The Goodsyard is the name of the Foster and Partners.
and 40,000 sq ft of retail, restaurant, café, former Bishopsgate Goods Yard site
SME and community space. around Shoreditch High Street Station. The 600,000 sq ft, 15 storey office building
It is approximately 4.4ha in size which is with nearly an acre of roof terraces has
The office element is fully pre-let to silver the same as about 7 football pitches. been the new home of Amazon since 2017.
circle legal firm Ashurst, and the building
has been developed in partnership with The current planning application is for: Principal Place also features 20,000 sq
M&G. The clothing brand Uniqlo have ft of restaurants, shops, a boutique gym
pre-let a significant amount of retail 180 residential units and a vibrant half-acre public piazza which
space on the ground floor. — is activated by year round arts and events
13,000 sqm of commercial space
programs. This mixed use development
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15,000 sqm of retail space + hotel will also include a 50 storey residential
— building. All due for completion 2019.
And a new public park
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06
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N E AR BY DE VE LOPM E N T S
1 0 0 B I S H O P S G AT E 2 2 B I S H O P S G AT E S H O R E D I T C H V I L L AG E
— EC2 — EC2 PHASE II — E1
Developer Brookfield Developer Developer Brockton Capital
Use Office AXA Real Estate/Lipton Rogers Use Office and retail
Size 878,693 sq ft Use Office and retail Size 96,000 sq ft (gross)
Completion Q4 2018 Size 1,380,000 sq ft Completion 2020 + (estimate)
Comments 118,000 sq ft to Jefferies Completion Q4 2019 Comments
Group and 218,500 sq ft to Royal Comments Under construction Subject to planning
Bank of Canada with option for
further 50,000 sq ft.
LONDON FRUIT & L O N D O N S Q UA R E T H E G O O D S YA R D
WO OL E XCHANG E — E 1 S P I TA L F I E L D S — E 1 — E1
Developer Exemplar/M&G Developer London Square Developer Hammerson & Ballymore
Use Office & retail Use Office, Residential Use Office, residential and retail
Size 320,000 sq ft Size 10,503 sq ft & 63 flats Size 700,000 sq ft
Completion Q1 2018 Completion Q2 2019 Completion 2020 +
Comments The office space Comments Under construction Comments Subject to planning
is fully pre-let to Ashurst
O N E C ROW N PL AC E BLOSSOM STREET P R I N C I PA L P L A C E
— EC2 — E1 — EC2
Developer MTD Alloy Metals Developer British Land Developer Brookfield/ ENPAM
Use Office, hotel, members club Use Office, residential and retail Use Office, retail and residential
and retail Size 347,000 sq ft & 46 C3 units Size 634,000 sq ft & 301 C3 units
Size 166,840 sq ft & 246 C3 units Completion 2020 / 2021 (estimate) Completion Q3 2017
Completion 2020 Comments Comments Offices 100%
Comments Planning consented pre-let to Amazon
Under construction
8 4 - 8 6 G R E AT E A S T E R N T H E S TA G E 100 LIVERPOOL ST
STREET & 1-3 — EC2 — EC2
RIVINGTON STREET — E1
Developer Plough Yard Developments Developer AXA Real
Developer Aspirations Ltd
Use Office, residential and leisure Estate/Lipton Rogers
Use Office and hotel
Size 220,000 sq ft & 412 C3 units Use Office and retail
Size 55,000 sq ft & 318 bed hotel
Completion Q2 2019 Size 520,000 sq ft
Completion 2021 + (estimate)
Comments Completion Q4 2019
Comments
Office space fully pre-let to WeWork Comments Under construction
Hotel space to be
occupied by Art’otel
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G & B FLOORS 1 ST, 2 ND, 3 RD & M E Z Z A N I N E F L O O R S
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Founded in 1967, Crisis is one of the biggest and Makers Academy is a 12-week computer programming
ever growing charities in the UK. bootcamp in London.
Being the UK national charity for single homeless people. It was founded by Rob Johnson and Evgeny Shadchnev in
The charity offers year-round education, employment, housing December 2012 and is designed to turn people with
and well-being services from centres in London, Newcastle, no knowledge of web development into job-ready junior
Oxford, Edinburgh and Merseyside, called Crisis Skylight Centres. developers in 12 weeks.
As well as year-round services Crisis runs Crisis at Christmas, The Firm are so confident in their teaching methods that
which since 1972 has been offering food, warmth, each student is guaranteed a full refund if they fail to get a
companionship and vital services to homeless people job in industry after graduating.
over the Christmas period.
Initially taking only second and third floors with mezzanine
In 2016 almost 4,600 homeless people visited Crisis – after just one year Makers Academy expanded and
at Christmas, which was run by approximately acquired the additional space on the first floor.
10,500 volunteers.—
07
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T E NANCY S CH E D UL E
CURRENT LEASE START LEASE EXPIRY RENT BREAK ESTIMATED
FLOOR TENANT USE CLASS AREA SQ FT
RENT DATE DATE REVIEW CLAUSE RENTAL VALUE
BASEMENT EVERY 5TH
2,458
& CRISIS YEAR FROM MUTUAL ON
B1/A1/A2 — £165,000 01/07/2015 01/07/2030 £225,743
GROUND UK LEASE 22/08/2022
2,149
FLOOR START DATE
FIRST
B1 2,236 £100,000 16/11/2015 18/11/2020 NONE NONE £122,980
FLOOR
SECOND MAKERS
B1 2,193 £120,615
FLOOR ACADEMY
£255,257 01/12/2014 16/11/2020 NONE NONE
THIRD
FLOOR & B1 3,238 £178,090
MEZZANINE
NET AREA: 12,274 £520,257 £647,478
TOTALS
GROSS AREA: 14,839 + VAT + VAT—
08
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FLOORPL ANS GROSS AREA: 14,839 F T
BASEMENT GROUND FLOOR 1ST FLOOR
2ND FLOOR 3RD FLOOR MEZZANINETENURE PROPOSAL
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Freehold Offers are invited in the region
of £11,000,000 plus VAT.
EPC A purchase at this level reflects
— a net initial yield of 4.75%, and a
low capital value on the NIA
The property has a
D (81) rating of £896 per sq ft.
OFFICE: 020 7377 89 89
J EREMY TARN AR T HU R N OW IC K I
Jeremy@tarn-tarn.co.uk Arthur@tarn-tarn.co.uk
0207 456 9695 0207 456 9693
Designed by www.darwooddesign.com
These particulars do not constitute an offer or a contract. Applicants should satisfy themselves
as to the correctness of the details. Value added tax may be payable on rents, prices or premiums.
Photographs are for illustration only and may depict items which are not included in
the sale of the property. Map data ©2018 Google Maps.You can also read
