MIDTOWN MIXED-USE INVESTMENT OPPORTUNITY

7/8 & 9 LITTLE TURNSTILEHOLBORN, LONDON WC1V 7DX

7/8 & 9 Little turnstile, HOLborn, London wc1v 7dx 2

SUMMARYr Midtown is one of Central London’s most sought after locations and is a

favoured destination for technology, media and professional firms.

r Little Turnstile is a quiet pedestrianised street linking Holborn, Lincolns Inn Fields and Kingsway, directly to the rear of Holborn station close to the Rosewood Hotel.

r Two attractive adjoining buildings arranged over basement, ground and three uppers providing commercial and residential accommodation providing a combined total area of 2,717 sq ft (252.4 sq m).

r The two properties are fully let on six commercial leases and two Assured Shorthold Tenancies.

r A combined current rental income of £114,420 per annum.

r Various asset management opportunities including the potential to convert the upper floors of 7/8 Little Turnstile to residential, subject to planning.

r Both properties are held Freehold.

r The vendor is seeking offers for the individual properties as follows:

7/8 Little Turnsitle, offers in excess of £1,270,000 (One Million Two Hundred and Seventy Thousand Pounds) subject to contract, which would reflect a net initial yield of 4.50% and a reversionary yield of 5.80% after allowing for purchaser’s costs of 6.8%.

9 Little Turnsitle, offers in excess of £1,110,000 (One Million One Hundred and Ten Thousand Pounds) subject to contract, which would reflect a net initial yield of 4.50% after allowing for purchaser’s costs of 6.8%.

7/8 & 9 Little turnstile, HOLborn, London wc1v 7dx 3

BT TOWERKINGSWAYCENTRE POINTALDWYCHOXFORD CIRCUS TOTTENHAM CT ROAD BRITISH MUSEUM LINCOLN’S INN FIELDSSUBJECT PROPERTYREGENTS PARK HOLBORN RUSSELL SQUAREROSEWOOD HOTEL CHANCERY LANE

7/8 & 9 Little turnstile, HOLborn, London wc1v 7dx 4

LOCATIONMidtown links together the West End, Kings Cross and the City of London, providing a perfect location for a broad variety of occupiers. In addition to being a core commercial centre, Midtown is home to some of London’s most impressive and well known cultural sites including The British Museum, The Royal Courts of Justice and Somerset House. Midtown’s reputation has been built upon the presence of historic institutions such as the London School of Economics and Political Science (LSE) and the legal profession centred around The Inns of Court. In recent years the area has flourished, bringing occupiers from the worlds leading legal, corporate, banking, technology, media and professional firms. Occupiers are drawn by the rapidly improving amenities on offer, as Midtown has become a fashionable dining and hotel destination with operators in the immediate vicinity including the Hoxton Hotel, Hubbard & Bell, Barrafina, The Delaunay, Roka, Balthazar, Noble Rot and the 5 star Rosewood Hotel.

FARRING

DO

N RO

AD FAR

RIN

GD

ON

STREET

HIGH HOLBORN

THEOBALDS ROAD

NEW OXFORD STREET

KINGSW

AY

SOUTHAMPTON RO

W

GRAY’S INN ROAD

ALDWYCH

STRAND

FLEET STREET

RED LION

STREET

CHANCERY LANE

AD CLERKENWELL ROAD

NEWGATE STREET

CHEAPSIDE

LONDON WALL

ALDER

SGATE ST R

EET

ST PAUL’S CHURCHYARD

LUDGATE HILL

RE

WOBURN PLACE

CH

ARIN

G C

R OSS R

OA

D

VICTORIA EMBANKMENT

SOUT

FETT

ER L

ANE

HATTO

N G

ARD

EN

LINCOLN’SINN FIELDS

GRAY’S INNGARDENS

RUSSELLSQUARE

INNER TEMPLE

GARDENS

HOLBORN

TOTTENHAMCOURT ROAD

COVENTGARDEN

TEMPLE

CITYTHAMESLINK

BLACKFRIARS MANSIONHOUSE

CHANCERY LANE

FARRINGDON

GOODGESTREET

LEICESTERSQUARE

CITYTHAMESLINK

ST PAUL’S

BARBICAN

SUBJECT PROPERTY

7/8 & 9 Little turnstile, HOLborn, London wc1v 7dx 5

CONNECTIVITY

SITUATION

The properties are situated to the rear of Holborn Underground Station, providing high speed access across London via both the Central and Piccadilly lines. Tottenham Court Road and Farringdon Stations are nearby and from Summer 2021, the Elizabeth Line will be easily accessible from Little Turnstile. Heathrow Airport will be reached from Tottenham Court Road in 30 minutes providing fast international connections.

Many bus routes run along High Holborn and Kingsway, ensuring connectivity throughout London and beyond.

In addition to the public transport links, the property is conveniently located for cycle access ensuring occupiers have a wide choice of transportation to and from the building.

This high level of connectivity ensures that multi-national businesses continue to be attracted to the area.

The properties occupy a fantastic position on the west side of Little Turnstile, which is a quiet pedestrianised street linking High Holborn and Kingsway, directly to the rear of Holborn station.

7/8 & 9 Little turnstile, HOLborn, London wc1v 7dx 6

50 metres

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Holborn

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STARBUCKS

7/8 & 9 Little turnstile, HOLborn, London wc1v 7dx 7

DESCRIPTIONThe properties comprise two attractive adjoining buildings arranged over basement, ground and three upper floors providing a mix of commercial and residential accommodation. 7/8 Little Turnstile provides a café at ground floor with office accommodation over the basement and upper floors, accessed via a self-contained entrance, totalling 1,738 sq ft (161.5 sq m).

9 Little Turnstile provides retail accommodation over basement and ground floors with two residential apartments on the upper floors, accessed via a self-contained entrance, totalling 979 sq ft (91.0 sq m).

7/8 & 9 Little turnstile, HOLborn, London wc1v 7dx 8

TENUREBoth properties are held Freehold.

TENANCIESThe properties are fully let in accordance with the tenancy schedule below on six commercial leases and two Assured Shorthold Tenancies, providing a combined current rental income of £114,420 per annum.

Demise Tenant Accommodation Sq ft Sq m Lease Details Rent pa(£psf)

ERV(£psf)

Comments

7/8 Little Turnstile Marcia Regina Cracco Third Floor - Offices 275 25.5 5 years From: 05/11/2017 Expiry: 04/11/2022

£10,500(£38.18)

£12,375(£45.00)

Tenant break option on 04/11/2020 subject to 6 months notice.

7/8 Little Turnstile The Voice Boxx Limited Second Floor - Offices 298 27.7 3 years From: 06/12/2019 Expiry: 05/12/2022

£8,000(£26.85)

£13,410(£45.00)

Tenant break option on 05/12/2020 subject to 3 months notice.

7/8 Little Turnstile Checks-In Limited First Floor - Offices 340 31.6 5 years From: 17/10/2019 Expiry: 16/10/2024

£9,500(£27.94)

£15,300(£45.00)

7/8 Little Turnstile Enver Aliu Ground Floor - Café 485 41.5 20 years From: 29/09/2019 Expiry: 28/09/2039 R/R: 25/09/2024

£27,000(£55.67)

£29,100(£60.00)

5 yearly rent reviews.

7/8 Little Turnstile Rentokil Initial Limited Basement - Offices 340 31.6 3 years From: 05/02/2018 Expiry: 04/02/2021

£6,000(£17.65)

£8,500(£25.00)

Sub-Total 1,738 161.5 £61,000(£35.10)

£78,685(£45.27)

9 Little Turnstile Individual Second & Third Floor - 1 Bedroom & 1 Bathroom Apartment

388 36.0 1 year From: 02/01/2020 Expiry: 01/01/2021

£17,680(£1,473.33 per month)

£17,680(£1,473.33 per month)

AST.

9 Little Turnstile Individual First Floor - Studio Apartment

169 15.7 1 year From: 29/10/2018 Expiry: 28/10/2019

£12,740(£1,061.67 per month)

£12,740(£1,061.67 per month)

AST.

9 Little Turnstile Guixian Zhao Ground Floor - RetailBasement - Ancillary Sub Total

252 170 422

23.4 15.8 39.2

15 years From: 25/07/2016 Expiry: 24/07/2031 R/R: 25/07/2021

£23,000(£54.50)

£23,000(£54.50)

5 yearly rent reviews.

Sub-Total 979 91.0 £53,420 £53,420

Total 2,717 252.5 £114,420 £132,105

7/8 & 9 Little turnstile, HOLborn, London wc1v 7dx 9

ASSET MANAGEMENT OPPORTUNITIES

RESIDENTIAL COMMENTARY

r Increase the rental income through asset management, the average passing rent on the office element equates to only £27.13 per sq ft.

r Opportunity to convert the upper floors of 7/8 Little Turnstile to residential, subject to planning.

r Potential to add an additional floor to both buildings, subject to planning.

Midtown has an established and thriving residential market. There is a strong demand from both owner occupiers and investors for good quality residential in the location and the draw of the restaurants, shops, excellent transport links and being within close proximity of the Courts especially appeal to professionals working in the area. Top values in Midtown are reaching in the region of £2,000 per sq ft.

MIDTOWN OFFICE MARKET

CAPITAL ALLOWANCES

The Midtown occupational office market has remained robust and one of central London’s strongest performing submarkets in 2019. Midtown has continued to have one of the lowest levels of office vacancy rates in Central London at 2.7%, in comparison to the West End at 3.6% and the City at 4.7%.

Demand for office space in the area continues to be governed by a mix of business sectors, including financial services, media, creative and legal. A large number of occupiers are now moving to Midtown from the West End where occupational costs are higher.

Prime Midtown office rents are currently in the excess of £70 per sq ft and good quality secondary office rents are currently in excess of £55.00 per sq ft.

There are no capital allowances available.

Further InformationFor further information please do not hesitate to contact:

Ryan Springer

ryan@springernicolas.co.uk

Alexis Nicolas alexis@springernicolas.co.uk

46 James StreetLondon W1U 1EZ

020 3667 5050 www.springernicolas.co.uk

MISREPRESENTATION ACT 1967

Messrs Springer Nicolas for themselves and for the vendors or lessors of this property for whom they act, give notice that:

(i) These particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract;(ii) Messrs Springer Nicolas cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of fact or representations, and must satisfy themselves as to their accuracy;(iii) No employee of Messrs Springer Nicolas has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property;(iv) Rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; and(v) Messrs Springer Nicolas will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.(vi) The reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/ tenants should satisfy themselves as to the fitness of such items for their requirements.

Photography and Brochure by Adrian Gates Photography & Design: 07737 899 326

VALUE ADDED TAX

EPC

PROPOSAL

7/8 Little Turnstile has been elected for VAT purposes and therefore VAT will be payable upon the purchase price. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). 9 Little Turnstile is not elected for VAT.

Energy Performance Certificates for the properties are available upon request.

The vendor is seeking offers for the individual properties as follows: 7/8 Little Turnstile, offers in excess of £1,270,000 (One Million Two Hundred and Seventy Thousand Pounds) subject to contract, which would reflect a net initial yield of 4.50% and a reversionary yield of 5.80% after allowing for purchaser’s costs of 6.8%. 9 Little Turnstile, offers in excess of £1,110,000 (One Million One Hundred and Ten Thousand Pounds) subject to contract, which would reflect a net initial yield of 4.50% after allowing for purchaser’s costs of 6.8%.