RAINE HOUSE 2-12 BEAUMONT GROVE AND 1, 2 & 3 LOUISA STREET - Savills
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An exciting opportunity with potential for a variety of uses in a fast evolving WHITECHAPEL ANCHOR RETAIL PARK part of London. GENESIS CINEMA E XE CU T I V E SUMM A R Y > Situated just off Mile End Road (A11), in one of London’s most fashionable sub markets and strategically STEPNEY GREEN R A INE HOUSE 2-12 BEAUMONT GROVE AND 1, 2 & 3 LOUISA STREET positioned between The Royal London Hospital and Queen Mary’s University. > Excellent transport connectivity being situated opposite Stepney Green Underground station and within 800 metres (0.5 miles) of Whitechapel Elizabeth Line Station > Existing building comprises 1,477.6 sq m (15,905 sq ft) GIA of office and day care (Use Class E) accommodation arranged over ground and two upper floors MILE END ROAD (A11) > The two upper floors and part of the ground floor is single let to Salamon and Seaber. The majority of the ground floor will be sold vacant > Total passing rent of £90,000 per annum > Full vacant possession is achievable by February 2024 > Potential to redevelop the existing building, add massing and increase the GIA by c.50% to 2,227 sq m (23,971 sq ft), subject to planning > Potential for alternative uses, including residential and life sciences, subject to any necessary consents > Offers are invited in excess of £5,500,000 subject to contract and exclusive of VAT, reflecting a low capital value of £345 per sq ft on the existing GIA 1|2
Property from Beaumont Grove DE SCRIP T I ON T E N A NC Y SCHE DUL E Raine House is a purpose built office and day care building comprising 1,477.6 sq m Floor GIA (Sq m) GIA (Sq ft) Tenant Lease Start Lease Lease Rent (Per Break Expiry Annum) (15,905 sq ft) GIA arranged over ground and two upper floors. 2 144.2 1,552 The day centre facilities are at ground level with the office accommodation across the 1st and 2nd floor. Vehicular Salamon & 03/02/2024 / access to the property is located via a shared accessway off Beaumont Grove between nos.2-4 and no 6. Beaumont 1 749.7 8,070 04/02/2014 03/02/2030 £90,000 Seaber Ltd 03/02/2026 Grove and a second access to a rear courtyard via Louisa Street. G 106.3 1,144 G 477.4 5,139 Vacant - - - - Total 1,477.6 15,905 £90,000 3|4
FIRST FLOOR FL OOR PL A NS LET TO TENANT SOLD VACANT GROUND FLOOR Office 1 Lab 04 Storage 2 Lab 01 Kitchen Office WC Office 2 Plant Room Storage 2 Storage 1 Lab 02 WC 3 WC 1 Circulation WC 2 Office 3 Lab 03 Circulation 3 Archive Kitchen Office 3 Office 2 Office 1 Storage 1 No Access - Room 1 Office 4 Office 6 Lounge Salon/ Hairdresser Office 7 Office 5 Loading Bay Storage 3 SECOND FLOOR Reception Covered Area - Garage Plans not to scale. For Identification purposes only. 7|8
PL A NNING The property is located in the London As a result of the new Use Class E, the entire property can now be used for Borough of Tower Hamlets. The the following uses, without the need for a change of use planning application:- property is located in the Stepney Green Conservation Area. The property is not listed. There is a > Shops > Financial/Professional Services Grade II Listed terrace located on the southern side of Louisa Street. > Restaurants/Cafes > Creche/Nursery The whole property is in Class E Use > Offices > Medical/Health Services (Commercial, Business and Service). The Day Care Centre element of > Light Industrial > R&D / Laboratory the building would previously have been a D1 Use and the remainder A Planning Summary Note prepared by HGH Consulting is available on the in Use Class B1(b) (Research and dataroom. development of products and processes). CGI of feasibility study T HE OPP OR T UNI T Y L IF E SCIE NCE S Raine House provides various opportunities to The property is in the London Borough of Tower Hamlets, substantially reposition the existing building through which has been identified as an area for new development refurbishment, redevelopment or alternative uses. particularly in the Biotech and Life Sciences sectors. NHS Property Services has submitted plans for a Life Science BR3 architects have designed a commercial scheme that centre on parcels of land next to Royal London Hospital. increases the existing buildings gross internal area by c.50%, to provide a total GIA of c.2,227 sq m (23,971 sq ft) The scheme, which will comprise c.1 million sq ft, will brand new office accommodation. The proposed scheme provide flexible space for life sciences activities, commercial provides the opportunity to add massing with a new 3rd accommodation and open public space. Queen Mary and 4th floor, significantly improve the buildings internal University has agreed to take a major stake in the scheme layout to serve modern day office standards, and deliver as part of their vision, along with Barts Health NHS Trust, enhanced servicing and amenity. to establish this area of East London as a major centre of excellence in Life Sciences. Floor Sq m GIA Sq ft GIA Given the generous floor to ceiling heights at Raine House, Ground 618 6,652 the potential exists for Life Sciences use. First 753 8,105 Second 503 5,414 Third 353 3,800 Total 2,227 23,971 CGI of feasibility study 9 | 10
Cambrid Road l Green Bethnal Bethna Green ge Heath Sce ptre Road R Wilmot Street Corfield oad ad Bethnal Green Ro ft Street Glo Gardens ro nc Ba be et Ro Ba Gra e Str nc ad igh ntl rof dle ey Ha tR oad Str Weavers sR oa ntu L OC AT I ON Ma eet ce lm Pla d Fields Malco eet Mile End Str Lane ham Hospital olts ing Three C e ss nu Ma ve Arg tA er yle b C ole Toll Ro et rth Stre ad et Cudwo tres Bethnal et et Raine House is located in East London Green S tre BarnsleyStreet ph as oad yR opposite Stepney Green Underground Ce rne reet e Ald Collingw Station within a vibrant mixed use quarter Wilmot St Cephas Avenue Cephas Street experiencing substantial development. St ood Stre The building is located 2km (1.3 miles) to Bartholmew Anchor rk Gardens Retail Pa d the East of the City of London within the Roa et Stepney End Co Headla M ile Cl op London Borough of Tower Hamlets just m Stree Green ev t ers ela off Mile End Road (A11), which links East nd Clos W ay e London and the City. d Bra Roa dy ma Cine ath S esis R A INE HOUSE tre Gen e geH et Darling Row d Roa brid End M ile Har Cam Elizabeth Line / ge R oad tfor assa Crossrail ard P dS Edw Hannibal Road tree BMI London Independent t d Roa St St End ep Hospital ep eet M ile ne ne y S tr y Gr G ard ee re rw n d en Du Whitechapel Roa son Redmans Road n Jon e Be oad Adelina Grov pel R echa Whit Cave ow Sidn nR Jamaica Street Rave ll Str ey S reet Lindley St t eet reet Smithy Str eet Royal London Hospital Stepney Green Park Stepney Way The area benefits from an array The evolution of the area is set to of amenities, with national and continue with the opening of the independent retailers, bars, Elizabeth Line (Crossrail) in 2022 restaurants and cafes. In addition at Whitechapel, and the £300m to this, the area is home to various ongoing Whitechapel regeneration large new office schemes, major masterplan. The plan will revitalise residential redevelopments, this part of East London with a £300M WHITECHAPEL £105M NEW URBAN QUARTER OF student housing, and one of £105m new town hall, a new Barts MASTERPLAN TOWN HALL 3,500 NEW HOMES London’s largest self-contained Life Sciences medical research residential campus, the prestigious campus, and an urban quarter of Queen Mary University, which has 3,500 new homes, commercial over 16,000 enrolled students and accommodation offering over is within 300m of Raine House. 5,000 jobs, and public spaces. The area is also home to the Royal London Hospital, London’s largest hospital site, and the BMI Independent Hospital which is within 350m of Raine House. NEW BARTS COMMERCIAL RANKED 3RD IN TELEGRAPH’S LIFE SCIENCES MEDICAL ACCOMMODATION OFFERING TOP 20 PLACES TO INVEST RESEARCH CAMPUS 5,000 JOBS IN LONDON 11 | 12
NEARBY TUBE STATIONS BETHNAL GREEN (1,000m) WHITECHAPEL (750m) STEPNEY GREEN (Opposite) CONNE C T I V I T Y A ND CROSSR A IL Raine House is extremely well connected being situated opposite Stepney Green underground station (District Line and Hammersmith & City) and 750 metres from the THE ELIZABETH LINE (CROSSRAIL) Whitechapel Elizabeth Line (Crossrail) entrance on Cambridge Heath Road. The Elizabeth Line (Crossrail) is Europe’s largest The new Whitechapel Elizabeth Line station will use infrastructure project which, once completed, will the existing Whitechapel Road entrance to the London comprise a 100km east-west underground line. It will Underground and London Overground station, with a new bring an additional 1.5 million people within 45 minutes separate entrance onto Cambridge Heath Road providing commuting distance of London’s key business districts. access to all lines and within a 10 minutes walk of Raine Around 200 million passengers will travel on the Elizabeth House Line each year and the route will provide a 10% increase to rail capacity in the capital. Stratford 5 mins Reading Heathrow Bond Street Farringdon 63 mins 38 mins 10 mins 5 mins Whitechapel Slough Paddington Tottenham Liverpool 41 mins 13 mins Court Road Street 7 mins 2 mins Canary Wharf 3 mins 13 | 14
F UR T HE R INF ORM AT I ON EPC The property has an EPC rating of D. The certificate and recommendation report are available on the dataroom. METHOD OF SALE AND TENURE The property is held Freehold under title numbers LN23874 and NGL211671. The building is also held as part Long (good) Leasehold under title number 461333. These interests are for sale via informal tender (unless sold prior). VAT The property is not elected for VAT DATAROOM Further detailed information relating to the property is available via the dataroom: www.rainehousee1.com PROPOSAL Offers are invited in excess of £5,500,000 subject to contract and exclusive of VAT, reflecting a low capital value of £345 per sq ft on the existing GIA. Junction of Louisa Street and Beaumont Grove 15 | 16
KE Y CON TA C T S For further information please contact: SAVILLS COMPTON Darren Arnold Shaun Simons 020 7409 9926 07788 423 131 darnold@savills.com ss@compton.london Sean Cooper Kyle Joss 020 7409 9948 07712 241 851 scooper@savills.com kj@compton.london Hugh Bushell Milton Karamani 020 7075 2860 07720 070 466 hbushell@savills.com mk@compton.london On the instructions of: Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | March 2022
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