basinghall street - gryphon property partners€¦ · e stre et grace church street london b r so...
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15 basinghall street 1
15basinghall street
LONDON EC2
c o r e c i t y o f l o n d o n f r e e h o l d o f f i c e & r e t a i l i n v e s t m e n t o p p o r t u n i t y
15 basinghall street 15 basinghall street2 3
executive summary
Freehold
Prime City of London location within 200m of the Bank of England and opposite the Guildhall
Located in a strategic location with excellent communication links, set to be further enhanced by the delivery of Crossrail in 2018, which will have an
entrance at Moorgate station 300m away
Office and retail property providing approximately 17,005 sq ft over basement, ground and five upper floors
Multi-let to 3 office tenants and 2 retail tenants (with approximately 5,859 sq ft currently vacant)
Highly reversionary investment with the potential to significantly improve the rental income through
active management
The combined topped up passing rent is £948,324 per annum, which reflects a low £55.77 per sq ft overall
Offers are invited in excess of £13.5 million, which reflects an attractive net initial yield of 6.58% (assuming purchaser’s costs of 6.72%), and a low capital value of
£794 per sq ft, subject to contract and exclusive of VAT
15 basinghall street 15 basinghall street4 5
bloomberg place
moorgate Liverpool st cannon streetbankthe bank of england
royal exchange15
basinghall streetGuildhallst paul's
cathedralone new change
15 basinghall street 715 basinghall street6
location
Gresham Street is one of London’s most renowned commercial streets, and hosts some of the world’s most established financial institutions, such as Bank of China, ICBC Standard Bank, Investec, Lloyds Bank and Commerzbank.
To the North, London Wall & Moorgate are developing to attract further major occupiers such as Schroders, Deutsche Bank and Cleary Gottlieb.
The property is ideally located to make the most of the extensive amenities now offered by the City of London. To the East, Coleman Street now has an enviable array of retail units which add significantly to the quality of work life. To the North, London Wall offers a range of restaurants and cafes which prove extremely popular to City workers.
Other local amenities in the surrounding area include The Royal Exchange, One New Change, Broadgate Circle and Spitalfields Market all of which add to the diverse amenity offering in the City of London.
RIVER THAMES
ALD
WYC
H
SomersetHouse
Gray’s InnGardens
BloomsburySquare
ALDWYCH
STRAND
MiddleTemple
Inner TempleGarden
Inner Temple
SQU
AR
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SOUTH
SQUARE
HOLBORN
STRAND
The GreenM
ansi
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POULTRY
CHEAPSIDE
DO
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STREET
GR
AY’S IN
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MILLM
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CLERKENWELL ROAD
CLERKENWELL ROAD
CLERKENWELL ROADCLERKENWELL ROAD
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CHARTERHOUSE SQUARE
THEOBALD’S ROAD
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SARDINIA STREETGREAT
QUEEN S
TREET
DRURY LANELUDGATE HILL
FLEET STREET
CANNON STREET
CANNON STREET
UPPER THAMES STREET
LOWER THAMES STREET
KIN
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ILLIAM
STREET
PRIN
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BISH
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THREADNEEDLE STREET
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VICTORIA EMBANKMENT BLACKFRIARS UNDERPASSUPPER THAMES STREET
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LONDON WALL
LONDON WALL
GUILFORD STREET S
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Stock Exchange
HOLBORN VIADUCT
HA
TT
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GA
RD
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Smithfield Market
New StreetSquare
Covent Garden
Royal OperaHouse
St Paul’s CathedralOne New Change
Guildhall
Bank of England
BloombergPlace
Royal Exchange
Tower 42
BroadgateBarbican
30 St Mary Axe
Heron TowerM
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AT
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MO
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GA
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FIN
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ALDGATE HIGH STREET
WHITECHAPEL
HIGH STREET
WHITECHAPEL ROAD
CO
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COMMERCIAL ROAD
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MIDDLESEX STREET
HOUNDSDITCH
3
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15basinghall street
BLACKFRIARS
HOLBORN
TEMPLE
CITY THAMESLINK
FENCHURCHSTREET
ST PAUL’S
MONUMENT
ALDGATE
ALDGATEEAST
MOORGATE
CITYTHAMESLINK
MANSION
5 MINUTES0.3 MILES
CANNONSTREET
HOUSE
CHANCERY LANE
COVENTGARDEN
FARRINGDONBARBICAN
LONDON BRIDGE
BANK
TOWER HILL
TOWERGATEWAY
LIVERPOOLSTREET
WATERLOOWATERLOO EAST SOUTHWARK
4 MINUTES0.2 MILES
8 MINUTES0.5 MILES
3 MINUTES0.2 MILES
6 MINUTES0.4 MILES
6 MINUTES0.4 MILES
60 LONDON WALL, EC221 MOORFIELDS, EC2Size 513,000 sq ftDeveloper LandsecStatus Under ConstructionTiming Q4 2019
Size 900,000 sq ftDeveloper Brookfield & Oxford PropertiesStatus Under ConstructionTiming 2018
Size 160,000 sq ftDeveloper MEL/StanhopeStatus CompletedTiming 2016
Size 1,400,000 sq ftDeveloper AXA led ConsortiumStatus Under ConstructionTiming 2019
Size 907,407 sq ftDeveloper LaSalle Investment ManagementStatus Under ConstructionTiming Q4 2018
Size 311,600 sq ftDeveloper Stanhope & Mitsui FudosanStatus Completed Timing 2017
100 BISHOPSGATE, EC2 ANGEL COURT, EC222 BISHOPSGATE, EC2
8 FINSBURY CIRCUS, EC2
The property is situated on the eastern side of Basinghall Street which connects Gresham Street and London Wall. The property also benefits from substantial retail frontage onto Masons Avenue, a busy pedestrianised thoroughfare connecting the Guildhall to Moorgate.
1 & 2 LONDON WALL PLACE, EC2THE NED, EC2 55 GRESHAM STREET, EC2Size 310,000 sq ft including a 255
room hotel and members clubDeveloper Soho House & Sydell GroupStatus Completed Timing 2017
Size 121,000 sq ftDeveloper Beltane & Anglo GordonStatus Under ConstructionTiming Q2 2018
Size 500,000 sq ftDeveloper Brookfield & Oxford PropertiesStatus Under ConstructionTiming Q4 2019
15 basinghall street 15 basinghall street8 9
communications
The communication links are set to be further enhanced by the introduction of Crossrail services at the Moorgate Station from 2018, only 200m away from Basinghall Street.
ELIZABETH LINE (CROSSRAIL)
The opening of the Elizabeth Line in 2018 is set to transform connectivity across Central London and beyond.
Crossrail will significantly improve travel times London, from the West End, Paddington and Heathrow International Airport in the west and Canary Wharf and Stratford in the east.
The Elizabeth Line will increase capacity to 200 million passengers a year, including a 21% increase to the City.
BANK STATION IMPROVEMENTS
Bank and Monument stations form the fourth busiest interchange on the London underground network, serving over 98 million customers per year, a 50% increase over the last ten years. Transport for London have committed over £560 million for substantial improvements and new station entrances onto Cannon Street and Bloomberg Place. Completion of works is due in 2021.
HEATHROWAIRPORT
EALINGBROADWAY PADDINGTON
TOTTENHAM
STANSTED
COURT ROAD
CUSTOMHOUSEMAIDENHEAD ACTON
MAIN LINEBOND STREET FARRINGDON WHITECHAPEL
LIVERPOOLMOORGATE/
STREET
WOOLWICH
ABBEY WOOD
STRATFORD SHENFIELDROMFORD
READING
JOURNEY TIME (MINUTES)
CANARYWHARF
LUTON
GATWICK
26
9 7 5
7
8
8
ELIZABETH LINE
Basinghall Street benefits from unparalleled access to London's transportation network, being within 700m of six major mainline and underground stations.
15 basinghall street 15 basinghall street10 11
description & specification
The property is constructed over basement, ground and five upper floors. It comprises a large fully refurbished ground floor entrance hall, fronting Basinghall Street, with five floors of offices above.
Tenant storage, bicycle store, shower and additional wc facilities are provided at basement level.
The building has two prime retail units fronting Masons Avenue.
SPECIFICATION
• VRV air-conditioned
• Metal tile suspended ceilings
• One 10 person passenger lift
• Male and female WC’s
• Basement shower/WC/bike racks
• Attractive, modern reception with concierge
15 basinghall street 15 basinghall street12 13
accommodation
The property has been measured by Plowman Craven in accordance with the RICS Sixth Edition of the Code of Measuring Practice. The property provides the following floor areas:
A full copy of the Measured Survey is available in the data room.
Floor plans
TYPICAL FLOOR
TYPICAL FLOOR - OCCUPIED
FLOOR USE NET INTERNAL AREA (SQ M)
NET INTERNAL AREA (SQ FT)
Fifth Office 202.9 2,184
Fourth Office 256.2 2,758
Third Office 275.6 2,967
Second Office 270.5 2,912
First Office 268.7 2,892
Ground Retail Unit 1 68.7 (56.5 ITZA)
730 (608 ITZA)
Retail Unit 2 99.1 (97.9 ITZA)
1,067 (1,054 ITZA)
Basement Storage 135.7 1,461
BMA 3.2 34
Total 1,579.8 17,005 MEETING ROOM
OFFICE X 1
RECEPTION
MEETING ROOM
14001400
14001400
14001400
14001400
1400
1400
14001400
14001400
14001400
1400
1400
1400
1400
1400
1400
1400
1400
1400
1400
1400
29 NO. OPEN PLAN
COMMSROOM &
STORAGE
TEA-POINT
FH/F
Entrance
B A
S I N
G H
A L
L S
T R
E E
T
M A S O N S A V E N U E
Stairs WC’s
B A
S I N
G H
A L
L S
T R
E E
T
M A S O N S A V E N U E
Stairs WC’s
Entrance
Not to scale. Indicative only.
15 basinghall street 15 basinghall street14 15
planning
tenure
The property is located in the City of London and the City of London Corporation’s planning department is responsible for the area. The building is not Listed but does fall within The Guildhall Conservation Area.
Further tenant information is available on request.
The property is held Freehold under title number NGL739047.
The approximate extent of the freehold ownership is shown outlined in red on the OS extract plan below;
1
81 to 87
and City of London Court
Art Gallery
House
Guildhall
Guildhall
BlackwellHouse
44
Fountain
Guildhall Buildings
Mason's Avenue
Great Bell Alley
YARD
CO
LEM
AN S
TREE
T
STREET
GREAT SW
GRESHAM STREET
NU
WHITE HORSE
BASINGHALL
7 to
11
53
14
5
2
17
15
71
12 to 14
658
99
Justice
The Mayor's
Room
13
Guildhall
95
4
Woolgate Exchange
63
13
1 to
5
64 to 66
90
1
56 to 60
25
80
6
40
11
1
4 to 12
2
50
7 to 9
91
1516
89
20 to 22
1
46
3032
74
52 5155 54
tenancy
The property is multi let to three office tenants (with approximately 5,859 sq ft over the first and third floor currently vacant) and two retail tenants. 17.5% of the income is received from retail space. The weighted average unexpired term is 3.6 years to expiries and 2.7 years to breaks.
DEMISE TENANT USE FLOOR AREA NIA (SQ FT)
RENT (PA)
RENT (PER SQ FT)
LEASE START
LEASE EXPIRY
RENT REVIEWS
BREAK OPTION
1954 ACT PROTECTION
LEASE COMMENTS
Fifth Floor Toppan Cosmo Europe GmbH Office 2,184 £107,016 £49.00 29/05/2015 28/05/2020 Outside
Fourth Floor George Sharkey and Sons Limited Office 2,758 £151,690 £55.00 22/09/2015 21/09/2020 Outside Rent deposit of £91,014.
Third Floor Vacant Office 2,967 £170,603 £57.50 Vendor will provide a 12 month rental top-up.
Second Floor Ark Workplace Risk Ltd Office 2,912 £167,500 £57.52 11/09/2016 10/09/2021 Outside Rent deposit of £50,250.
First Floor Vacant Office 2,892 £166,290 £57.50 Vendor will provide a 12 month rental top-up.
Ground Floor Unit 1 Pen & Brush Ltd (t/a) Nusa Retail 730 £73,000 £100.00 25/11/2016 24/11/2026 25/11/2021 Outside Rent deposit of £21,900.
Ground Floor Unit 2 and 3 EAT Limited Retail 1,067 £90,000 £84.35 03/08/2017 02/08/2027 03/08/2022 02/08/2022 Inside Not less than 9 months notice.
Basement Store 1 Ark Workplace Risk Ltd (Helix) Storage 246 £4,850 £19.72 02/09/2017 01/09/2018 Outside Lease to be completed.
Basement Store 2 Vacant Storage 43 £0 £0.00
Basement Store 3 Ark Workplace Risk Ltd Storage 371 £4,668 £12.58 11/09/2016 10/09/2021 Outside
Basement Store 4 Valad Management Services Ltd Storage 524 £7,860 £15.00 01/01/2017 31/12/2022 Outside Rolling 1 month break option by LL or T.
Basement Store 5 Metdist Enterprises Limited Storage 277 £4,848 £17.50 15/08/2017 14/08/2022 15/08/2020 Outside Mutual break on 3rd anniversary of the term - not less than 6 months written notice.
BMA 34
Transformer Chamber The London Electricity Board - 01/04/1953 31/03/2013 Tenant has a stautory right to hold over.
Total 17,005 £948,324 £55.77
Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved
15 basinghall street 15 basinghall street16 17
key investment and leasing comparable evidence
INVESTMENT COMPARABLES: LEASING COMPARABLES:
DATE ADDRESS SIZE (SQ FT)
TENURE TENANCY PRICE CAPITAL VALUE
(PSF)
NIY PURCHASER
Under Offer
35 Chiswell Street, EC2 17,285 Freehold Multi-let £14.5m £839 4.27% tbc
Under Offer
St Michael's House, 1 George Yard, EC3
20,420 Freehold Multi-let £23.5m £1,151 4.40% tbc
Oct-17 35 King Street, EC2 14,792 Freehold Multi-let £19.5m £1,195 4.00% Private Investor
Jul-17 21 Great Winchester Street, EC2
26,973 Freehold Multi-let £28.6m £1,065 4.50% Frasers Property
Nov-16 2 Moorgate, EC2 26,025 Freehold Brown Shipley
£33.3m £1,280 3.70% Santalucia Seguros
Jul-16 32 Cornhill, EC3 14,792 Freehold Multi-let £20.5m £1,386 4.20% Private Investor
DATE ADDRESS TENANT LEASE TERM/BREAK
FLOOR SIZE (SQ FT)
RENT RENT FREE
Nov-17 21-23 Ironmonger Lane, EC2 Space & Solutions 5 / - 1st 1,820 £65.00 Confidential
Sep-17 17 Moorgate, EC2 Optal Financial 10 / 5 3rd 2,347 £61.50 10 months
Jul-17 12 Old Jewry, EC2 Laven Partners 5 / - 7th 1,753 £62.50 10 months
Feb-17 32 Cornhill, EC2 Mattos Filho 5 / 3 4th 1,705 £72.00 4 months
Feb-17 Aldermary House, EC4 Panthera Private Office LLP
5 / - 1st 1,814 £64.00 12 months
Nov-16 1 Love Lane, EC2 Matheson 10 / 5 5th 1,500 £85.00 12 months
The following recently reported transactions serve as comparable transactions for 15 Basinghall Street:
15 basinghall street 15 basinghall street18 19
further information
further information
VAT
The property has been elected for VAT purposes. VAT is therefore payable on both the rents and the purchase price, although it is anticipated that the sale can be treated as a Transfer of a Going Concern (TOGC), mitigating any VAT liability on the purchase price.
EPC
The building has an EPC of D(93).
Full EPC documentation is available in the data room.
CONSIDERATION
Offers are invited in excess of £13.5 million, which reflects an attractive net initial yield of 6.58% (assuming purchaser’s costs of 6.72%), and a low capital value of £794 per sq ft, subject to contract and exclusive of VAT.
DATA ROOM
Access to the online data room containing further information is available upon request.
For further information or to arrange an inspection of the property, which must be undertaken by appointment only, please contact:
MISREPRESENTATION ACT 1967
IMPORTANT: These particulars do not constitute either the whole or any part of an invitation, offer or contract in relation to the property described in the particulars. Gryphon Property Partners, nor their Directors, employees and agents, have authority to make or give any representation or warranty, express or implied, on behalf of any party in relation to the property. Whilst the particulars are given in good faith, intending purchasers or tenants must satisfy themselves independently as to the accuracy
of all matters on which they intend to rely. All negotiations are subject to contract. November 2017.
MIKE POPE020 3440 9807
mike.pope@gryphonpropertypartners.com
JOHN MORTON020 3440 9810
john.morton@gryphonpropertypartners.com
www.cube-design.co.uk (Q3816)
15 basinghall street20
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