S P I T A L F I E L D S E 1
I N V E S T M E N T F O R S A L E
RARE C ITY-FR INGE 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.
— 0 1 —
I N V ES T M E N T S U M M A RY
D E TA I L S
Freehold—
14,839.22 sq ft GIA (12,274 sq ft NIA) —
Retail Space 5,740.78 sq ft GIA (4,607 sq ft NIA)—
Office Space 9,098.44 sq ft GIA (7,667 sq ft NIA)—
Current net rent being produced is £520,257 pa—
Potential ERV is £647,478 pa—
Offers are invited in the region of £11,000,000 plus VAT reflecting a yield of 4.75%
SPITALFIELDS MARKET
LIVERPOOL STREET STATION
THE BROADGATE ESTATE
5 BROADGATE UBS HQ
SHOREDITCH HIGH STREET STATION
THE STAGE
TOWER OF LONDON
ALDGATE EAST STATION
ALDGATE STATION
TRUMAN BREWERY
BRICK LANE
PRINCIPAL PLACE AMAZON UK HQ
FRUIT & WOOL EXCHANGE
ALLEN & OVERY LLP
RBS
ST PAUL’S CATHEDRAL
30 ST MARY AXETHE GHERKIN
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 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.
— 0 2 —
L O CAT I O N
SPITALFIELDS MARKET
Highly sought after for both its commercial and residential value, Shoreditch & Spitalfields provides a hub for a number of international businesses and a playground for those who live and work in the area.
Boasting an eclectic mix of tenants, tech giants Amazon and Uber sit
alongside RBS and Bloomberg, UBS and Bacardi. Boxpark Shoreditch mall houses a range of independent shops and restaurants while the likes
of Nobu and Shoreditch House are just a stone’s throw away.
High-profile developments in immediate proximity coupled with exciting new housing and mixed-use developments only promise to further
boost the area’s market value.
WENTWORTH STREET
COM
MERCIAL ST
ALDGATE
10
10
11
12
7
8
9
4
2
1
5
3
6
11
12
5
98
1
1
1
8
10
46
512
11
2
3
7
9
2
2
1
12
10
11
9
6
4
38
7
5
6
3
7
SHOREDITCHHIGH ST
BOXPARK
TRUMANBREWERY
SPITALFIELDSMARKET
LIVERPOOL ST
ALDGATE
EAST
BROADGATECIRCLE
WHITECHAPEL HIGH ST.
WENTWORTH STREET
CO
MM
ER
CIA
L ST
GO
USTO
N ST
GR
EA
TOR
EX
ST
BR
ICK
LA
NE
LAMB ST
BRUSHFIELD ST
FASHION ST
MID
DLESE
X ST
DEVONSHIRE SQUARE
HOUNDSDITCHBEVIS MARKS
ARTILLERY LANE
BIS
HO
PS
GA
TE
SH
OR
ED
ITC
H H
IGH
ST
AP
PO
LD S
T
CLI
FTO
N S
T
WIL
SO
N S
T
BIS
HO
PS
GA
TE
OLD
BO
RA
D S
T
LONDON WALL
WORSHIP ST
PRIMROSE ST
SUN ST
QUAKER ST BUXTON ST
CHESHIRE STBETHNAL GREEN ROAD
SCRUTTON ST
HANBURY ST
GREAT EASTERN ST
N E A R BY P RO F ES S I O N A L —
1. Bacardi
2. Allen & Overy
3. RBB Economics
4. Salesforce
5. Ashurst (2018)
6. Clyde & Co
7. Pinsent Masons
8. Herbert Smith Freehills
9. Squire Patton Boggs
10. McDermott Will & Emery
11. Northumbria University
12. Coventry University
N E A R BY D E V E L O P M E N T S —
1. London Fruit Wool Exchange
2. 100 Bishopsgate
3. One Crown Place
4. Art’otel, Great Eastern Street
5. 22 Bishopsgate
6. 13-14 Appold Street
7. Blossom Street
8. The Stage
9. Shoreditch Village
10. The Goodsyard
11. Principal Place
12. 100 Liverpool Street
I N S U R A N C E & F I N A N C I A L —
1. RBS
2. UBS
3. Deutsche Bank
4. Swiss RE
5. CMC Markets
6. Allied Irish Bank
7. Tullet Prebon
8. Westpac Group
9. Bloomberg
10. Trireme Insurance
11. Royal Bank of Canada (2018)
12. IHS Global
M E D I A & T EC H N O L O GY —
1. WeWork
2. Second Home
3. Amazon
4. Runway East
5. Mother
6. Factset
7. SapientNitro
8. Williams Lea Tag
9. Uber
10. Smart Focus
11. Currencycloud
12. Google Campus
— 0 3 —
L O CA L O C C U P I E R S
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
Equally, Shoreditch High Street overground
station is located only a ten minute walk away
from the building.
Further to the fantastic connections also provided by
the local bus routes, the area is soon to benefit from
the introduction of Crossrail’s new Elizabeth Line at
Liverpool Street Station. The new Elizabeth line is set to
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
200 million people a year.
— 0 4 —
C O M M U N I CAT I O N
T R A N S P O R T L I N K S
A L D G AT E E A S TA L D G AT E
E M B A N K M E N T M O N U M E N T T OW E R H I L L
B A K E R S T R E E T
B O N D S T R E E T
N O T T I N G H I L L G AT E
W H I T E C I T Y
OX F O R D C I RC U S
T O T T E N H A M C O U R T R D H O L B O R N B A N K
K I N G S C RO S S S T. PA N C R A S
L I V E R P O O L S T R E E TFA R R I N G D O N
V I C T O R I AH A M M E R S M I T H
PA D D I N G T O N
3 mins
2 mins4 mins13 mins17 mins32 mins
32 mins 18 mins
18 mins18 mins18 mins 18 mins 18 mins 18 mins 18 mins
12 mins 12 mins 3 mins
4 mins
K E Y D E V E L O P M E N T S— 0 5 —
The London Fruit and Wool Exchange is
one of the largest developments in London
and will deliver 320,000 sq ft of new grade
A space including 260,000 sq ft of office
and 40,000 sq ft of retail, restaurant, café,
SME and community space.
The office element is fully pre-let to silver
circle legal firm Ashurst, and the building
has been developed in partnership with
M&G. The clothing brand Uniqlo have
pre-let a significant amount of retail
space on the ground floor.
A joint venture between Hammerson
and Ballymore Properties.
The Goodsyard is the name of the
former Bishopsgate Goods Yard site
around Shoreditch High Street Station.
It is approximately 4.4ha in size which is
the same as about 7 football pitches.
The current planning application is for:
180 residential units —
13,000 sqm of commercial space —
15,000 sqm of retail space + hotel —
And a new public park
Principal Place is a new destination on
Worship Street in the heart of Spitalfields,
developed by Brookfield and designed by
Foster and Partners.
The 600,000 sq ft, 15 storey office building
with nearly an acre of roof terraces has
been the new home of Amazon since 2017.
Principal Place also features 20,000 sq
ft of restaurants, shops, a boutique gym
and a vibrant half-acre public piazza which
is activated by year round arts and events
programs. This mixed use development
will also include a 50 storey residential
building. All due for completion 2019.
F R U I T & WO O L E XC H A N G E
T H E B I S H O P S G AT E G O O D S YA R D
P R I N C I PA L P L AC E
N E A R BY D E V E L O P M E N T S— 0 6 —
Developer BrookfieldUse OfficeSize 878,693 sq ftCompletion Q4 2018Comments 118,000 sq ft to Jefferies Group and 218,500 sq ft to Royal Bank of Canada with option for further 50,000 sq ft.
Developer AXA Real Estate/Lipton RogersUse Office and retailSize 1,380,000 sq ftCompletion Q4 2019Comments Under construction
Developer Brockton CapitalUse Office and retailSize 96,000 sq ft (gross)Completion 2020 + (estimate)CommentsSubject to planning
Developer Exemplar/M&GUse Office & retailSize 320,000 sq ftCompletion Q1 2018Comments The office space is fully pre-let to Ashurst
Developer London Square Use Office, ResidentialSize 10,503 sq ft & 63 flatsCompletion Q2 2019Comments Under construction
Developer Hammerson & BallymoreUse Office, residential and retailSize 700,000 sq ftCompletion 2020 +Comments Subject to planning
Developer MTD Alloy MetalsUse Office, hotel, members cluband retailSize 166,840 sq ft & 246 C3 unitsCompletion 2020Comments Under construction
Developer British LandUse Office, residential and retailSize 347,000 sq ft & 46 C3 unitsCompletion 2020 / 2021 (estimate)CommentsPlanning consented
Developer Brookfield/ ENPAMUse Office, retail and residentialSize 634,000 sq ft & 301 C3 unitsCompletion Q3 2017Comments Offices 100% pre-let to Amazon
Developer Aspirations LtdUse Office and hotelSize 55,000 sq ft & 318 bed hotelCompletion 2021 + (estimate)CommentsHotel space to be occupied by Art’otel
Developer Plough Yard DevelopmentsUse Office, residential and leisureSize 220,000 sq ft & 412 C3 unitsCompletion Q2 2019CommentsOffice space fully pre-let to WeWork
Developer AXA Real Estate/Lipton RogersUse Office and retailSize 520,000 sq ftCompletion Q4 2019Comments Under construction
1 0 0 B I S H O P S G AT E — EC 2
2 2 B I S H O P S G AT E — EC 2
S H O R E D I T C H V I L L AG E P H A S E I I — E 1
L O N D O N F R U I T & WO O L E XC H A N G E — E 1
L O N D O N S Q UA R E S P I TA L F I E L D S — E 1
T H E G O O D S YA R D — E 1
O N E C ROW N P L AC E — EC 2
B L O S S O M S T R E E T — E 1
P R I N C I PA L P L AC E — EC 2
8 4 - 8 6 G R E AT E A S T E R N S T R E E T & 1 - 3 R I V I N G T O N S T R E E T — E 1
T H E S TAG E — EC 2
1 0 0 L I V E R P O O L S T — EC 2
Founded in 1967, Crisis is one of the biggest and ever growing charities in the UK.
Being the UK national charity for single homeless people. The charity offers year-round education, employment, housing
and well-being services from centres in London, Newcastle, Oxford, Edinburgh and Merseyside, called Crisis Skylight Centres.
As well as year-round services Crisis runs Crisis at Christmas, which since 1972 has been offering food, warmth,
companionship and vital services to homeless people over the Christmas period.
In 2016 almost 4,600 homeless people visited Crisis at Christmas, which was run by approximately
10,500 volunteers.
Makers Academy is a 12-week computer programming bootcamp in London.
It was founded by Rob Johnson and Evgeny Shadchnev in December 2012 and is designed to turn people with
no knowledge of web development into job-ready junior developers in 12 weeks.
The Firm are so confident in their teaching methods that each student is guaranteed a full refund if they fail to get a
job in industry after graduating.
Initially taking only second and third floors with mezzanine – after just one year Makers Academy expanded and
acquired the additional space on the first floor.
— 1 S T , 2 N D , 3 R D & M E Z Z A N I N E F L O O R S
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— G & B F L O O R S
—
FLOOR TENANT USE CLASS AREA SQ FT CURRENT RENT
LEASE START DATE
LEASE EXPIRY DATE
RENT REVIEW
BREAK CLAUSE
ESTIMATED RENTAL VALUE
BASEMENT &
GROUND FLOOR
CRISIS UK B1/A1/A2
2,458—
2,149£165,000 01/07/2015 01/07/2030
EVERY 5THYEAR FROM
LEASE START DATE
MUTUAL ON22/08/2022 £225,743
FIRST FLOOR B1 2,236 £100,000 16/11/2015 18/11/2020 NONE NONE £122,980
SECOND FLOOR
MAKERS ACADEMY B1 2,193
£255,257 01/12/2014 16/11/2020 NONE NONE
£120,615
THIRD FLOOR &
MEZZANINEB1 3,238 £178,090
TOTALS NET AREA: GROSS AREA:
12,274 14,839
£520,257 + VAT
£647,478 + VAT
T E N A N CY S C H E D U L E— 0 7 —
F L O O R P L A N S— 0 8 —
G R O U N D F L O O RB A S E M E N T 1 S T F L O O R
3 R D F L O O R2 N D F L O O R M E Z Z A N I N E
G RO S S A R E A : 1 4 , 8 3 9 F T
Freehold
T E N U R E
—
E P C
— The property has a
D (81) rating
Offers are invited in the regionof £11,000,000 plus VAT.
A purchase at this level reflectsa net initial yield of 4.75%, and a
low capital value on the NIA of £896 per sq ft.
P RO P O S A L
—
JEREMY TARN
[email protected] 456 9695
ARTHUR NOWICKI
[email protected] 456 9693
OFFICE: 020 7377 8989
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.