basinghall street - gryphon property partners€¦ · e stre et grace church street london b r so...

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


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

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ansi

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CLERKENWELL ROAD

CLERKENWELL ROAD

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SARDINIA STREETGREAT

QUEEN S

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DRURY LANELUDGATE HILL

FLEET STREET

CANNON STREET

CANNON STREET

UPPER THAMES STREET

LOWER THAMES STREET

KIN

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STREET

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GO

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Stock Exchange

HOLBORN VIADUCT

HA

TT

ON

GA

RD

EN

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

OO

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ALDGATE

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ALDGATE HIGH STREET

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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


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.


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


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.


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


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:


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

[email protected]

JOHN MORTON020 3440 9810

[email protected]

www.cube-design.co.uk (Q3816)

15 basinghall street20

basinghall street - gryphon property partners€¦ · e stre et grace church street london b r so...

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