the brewery square portfolio
TRANSCRIPT
SUMMARY
• 17onebedroomflatswithNIAof10,058sqft• LetonAST’swithcurrentrent/ERVof£411,372p.a• DevelopedbyBerkeleyHomesin2003• Opportunitytoupgradetoimproverentalreturn• Closetoshops,restaurantsandvibrantnightlifeofClerkenwellandideallyplacedfortheCity• CloseproximitytoFarringdonCrossrailstation,duetoopenin2018• OffersinvitedfortheLongLeaseholdinterests
LOCATION
BrewerySquareislocatedwithintheLondonBoroughofIslingtonontheeastsideofStJohnStreet,oneofthe
iconicstreetsformingtheuniquetownscapeofFarringdonandClerkenwell.
Theimmediateareacomprisesofperiodwarehouseandfactory conversions, mixed with a range of modernistarchitecture.
This City fringe location is one of themost fashionableanddesirableareasofLondon.Totheeast isOldStreetroundabout,hometoTechCityandtheexplosionoftheUKtechandcreativeindustries.TothesouthisSmithfield,StBartholomew’sHospitalandtheCity.TothenorthwestisKing’sCross,whilsttothesouthwestisFarringdonandtheareaofregenerationasaresultofCrossrail.
Anabundanceofamenitiesincludingshops,restaurants,bars and entertainment facilities are within walkingdistanceoftheproperty.
CLERKENWELL ROAD
KING’S CRO
SS ROAD
A520
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ROSEBERY A
VENUE
8 minute walk* 9 minute walk*
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A20
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OLD STREET
CLERKENWELL ROAD
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A5
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A50
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A50
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PEAR TREE STREET
LEVER STREET
PERCIVAL STREET
ST JO
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GO
SWELL R
OA
D
OLD STREET
MOORGATE
BARBICANFARRINGDON
CHANCERY LANE
KING’S CROSS ST PANCRAS
ANGEL
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MYDDELTON STREET
LOCATION
Farringdon station is approximately0.4 miles from Brewery Square and
isoneofLondon’smainhubstationsforCrossrail which is due to open in 2018.This will transform connectivity acrossthe east-west axis of London, ensuringjourneytimesintothecentreofthecapitalare dramatically reduced. Farringdonis already connected to mainline trainservices (Thameslink servingBrighton toLuton) andalso theunderground (Circle,Hammersmith & City and Metropolitanlines).
Thereareanumberofbusroutespassingalong Clerkenwell Road, immediately tothesouthofthepropertyservingIslington,HolbornandtheWestEnd.
CONNECTIVITY
LONDONUNDERGROUND
BRITISHRAIL
PARKS
*WalkingtimessourcedfromGoogleMaps
ACCOMMODATION
Theportfoliocomprisesof17xonebedapartments.Floorplansofeachflattypeareavailableonrequest.
10oftheflatsarelocatedinCannonCourt,whilsttheremaining7areinGardnerCourt.
The17flatshaveagrossinternalfloorareaof10,278sqft.
The Schedule of Accommodation provides greaterdetailoftheportfoliosaccommodation.
TENURE
Eachflat isheldona999year leasecommencingfrom2000,thushavingapproximately984yearsun-expiredoftheterm.
Theleaseoneachflathasagroundrentof£200pa(1GardnerCourthasagroundrentof£400pa).
TENANCIES
The flats have all been let on Assured ShortholdTenancies.Atthetimeofpreparingtheseparticulars,15flatswereletwith2vacant.
Copiesofall the tenancyagreementsareavailableonrequest.
Brewery square was developed in 2003 by Berkeley Homes and is made up of 3 modernistresidentialblocksbuildaroundanopencourtyard.AccessisgaineddirectlyfromStJohnStreet
andleadstothesubjectapartments.Atgroundfloor,thereareofficesincludingarchitectsaswellasarangeofshops.
Theupperfloorsarearrangedoversixfloors.Thebuildingshaveacontemporarylookwithsheetmetalcladding,irregularfloorplates,andlargeglazedbalconies.
TheSchedule of Accommodation details the incomegenerated fromeach flat. It alsodetailstheapproximateannualservicechargepayableforeachflat.
THEFARRINGDONRESIDENTIALMARKET
DatafromLandRegistryindicatesthatresidentialpropertypricesintheLondonBoroughofIslingtonfortheyeartoFebruary2016increasedby6.97%.
TheintroductionofCrossrailin2018isalreadyhavingaprovenupwardeffectonpropertyprices incloseproximity to theCrossrailStations.TheClerkenwellandFarringdonareashavealreadyseenasubstantialgentrificationandverysignificantincreasesinvalueswhichwebelievearesettocontinueintheshortandmediumterm.
INCOMEANDSERVICECHARGE
THEINVESTMENTOPPORTUNITY
Theportfolioislocatedinatrulysuperbposition.ThecoolvibeofStJohnStwithitsrestaurants,barsandaccesstoSmithfieldisonthedoorstep,
whilsttheCity,MidTownandWestEndareallwithinwalkingdistance.
FarringdonStationwillbecomeoneofCentralLondon’smaintransporthubsonceCrossrailopensin2018.Thiswillundoubtedlyhaveatransformationaleffect on the immediate area around the stationwith prices set to rise asdemandsurgesforresidentialandcommercialspace.
KingsCross isalsowithinwalkingdistance.Thisstation isalreadyamaintransport gateway to Central London, as well as providing national andinternationaltravelservices.KingsCrosswillalsobecomeamainemploymentareaasthenewGoogleandotherofficedevelopmentscomeon-stream.
Theflatsthemselveshavenotbeenupdatedsincetheyweredeveloped in2003.Thereistheopportunitytoenhancetherentalreturnthroughupgradingoftheunits,particularlythekitchensandbathroomstomaximisetheincomegeneratedfromtheunits.
EPC
EPC’sforeachofthepropertiesareavailableonrequest.
VAT
WeunderstandthatthesaleofthepropertywillnotbesubjecttoVAT.
Price
Offersareinvitedforthe17longleaseholdinterestssubjecttotheexistingtenancies,subjecttocontract.
SCHEDULEOFACCOMODATION
PORTFOLIO OF 17 FLATS AT BREWERY SQUARE, LONDON, EC1
SCHEDULE OF ACCOMMODATION AND POTENTIAL REALISATIONS
Terrace/ GIA GIA Tenancy Rent / ERV RentBalcony sq m sq ft Comm Date £ pw £ pa
Cannon Court1 1st 1 Y 55.8 601 Oct-15 £485 £25,220 £2,549 £675,000 £1,1238 2nd 1 N 54.9 591 Apr-15 £460 £23,920 £2,796 £665,000 £1,125
10 2nd 1 Y 54.0 581 Apr-16 £495 £25,740 £2,497 £725,000 £1,24813 3rd 1 N 61.3 660 Jun-15 £414 £21,528 £1,849 £675,000 £1,02315 3rd 1 Y 54.0 581 Mar-16 £465 £24,180 £2,497 £700,000 £1,20518 4th 1 Y 55.8 601 Jun-15 £469 £24,388 £2,549 £715,000 £1,19019 4th 1 Y 66.1 711 May-15 £505 £26,260 £3,021 £795,000 £1,11824 5th 1 N 55.8 601 Jul-15 £454 £23,608 £2,549 £695,000 £1,15625 5th 1 Y 61.0 657 May-15 £490 £25,480 £2,796 £750,000 £1,14230 6th 1 N 54.9 591 On Market £485 £25,220 £2,796 £705,000 £1,193
6175 £4,722 £245,544 £25,898 £7,100,000 £1,150Gardner Court
1 1st 1 N 65.8 708 Jun-10 £431 £22,412 £3,519 £750,000 £1,0594 1st 1 Y 58.2 627 Sep-15 £500 £26,000 £2,991 £700,000 £1,1165 1st 1 N 50.5 544 On Market £450 £23,400 £2,703 £625,000 £1,149
12 2nd 1 N 50.5 544 Apr-16 £465 £24,180 £2,703 £630,000 £1,15818 3rd 1 N 50.5 544 Apr-09 £398 £20,696 £2,703 £640,000 £1,17619 3rd 1 N 50.5 544 Feb-13 £470 £24,440 £2,703 £640,000 £1,17620 3rd 1 Y 55.0 592 Sep-14 £475 £24,700 £2,887 £715,000 £1,208
4103 £3,189 £165,828 £20,208 £4,700,000 £1,146
TOTALS 10278 £7,911 £411,372 £46,106 £11,800,000 £1,148
Lease Duration: Commenced 01/01/2000 for 999 yearsGround Rents: All £200 p/a (with the exception of Flat 1 Gardner Court @ £400 p/a)
The above figures are given in connection with agency advice only.They do not constitute formal valuations and should not be relied upon as such.
Unit Indicative Value £ Rate £ psf
Service Charge P/A
BedsFloor
20/04/2016
Simon [email protected] 7359 2274
Richard [email protected] 7226 6611
Grant [email protected] 7061 1100
CONTACT