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Page 1: EDWARD RUDOLF HOUSEbulkloader.prd.pl.artirix.com.s3.amazonaws.com/e70c8915-5f93-436… · Strategies, Grey, Heatherwick Studio, Expedia, Lastminute.com and Beats UK. Clerkenwell has

1

8 4 M A R G E R Y S T R E E T W C 1

EDWA R D RU D O L F H O US E

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FREEHOLD

23,126 SQ FT REFURBISHMENT / REDEVELOPMENT OPPORTUNITY

1,000 METRES FROM FARRINGDON

1,300 METRES TO KING’S CROSS

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EDWARD RUDOLF HOUSE

Freehold.

Located adjacent to Taylor Wimpey’s 6.25 acre Mount Pleasant redevelopment which is set to transform the immediate locality.

Currently arranged over only ground and first floor with a low rise design and vacant car park immediately adjacent.

Existing building extends to 23,126 sq ft (2,148 sq m) of net internal accommodation.

Exceptional refurbishment and / or redevelopment opportunity.

Feasibility study undertaken which assesses various refurbishment, extension, redevelopment and alternative use options.

Potential for alternative uses, subject to the necessary consents.

Our client requires a short term leaseback of the premises on terms to be agreed.

Offers are invited in excess of £15,000,000 subject to contract.

A purchase at this price reflects a capital value of £650 per sq ft on existing net area and £265 per sq ft on the largest proposed redevelopment option.

EDWARD RUDOLF HOUSE

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EXECUTIVE SUMMARY

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TAYLOR WIMPEY’S MOUNT PLEASANT

DERWENT’S BUCKLEY BUILDING

BARBICAN

OLD STREET

FARRINGDON

SMITHFIELD

HOLBORN

CHANCERY LANE

BLACKFRIARS

ST PAUL’S

BANK

THE CITY OF LONDON

EXMOUTH MARKET

1,000 METRES TO

FARRINGDON STATION

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Edward Rudolf House is located almost equidistant from King’s Cross and Farringdon Stations with the heart of Clerkenwell on its doorstep. The area has a well-established and growing office sector due to substantial renaissance in recent years that has diversified its occupier base to include design, media, technology and financial services, such as Design Bridge, Hill + Knowlton Strategies, Grey, Heatherwick Studio, Expedia, Lastminute.com and Beats UK.

Clerkenwell has an established residential market with Edward Rudolf House predominantly being surrounded on all sides by residential developments. The property’s close proximity to numerous institutions, such as University College London, London School of Economics, and Great Ormond Street Hospital has strengthened its residential market. Excellent amenities and a vibrant dining and hotel scene nearby that includes the The Zetter, Hubbard & Bell, Granger & Co, Modern Pantry and The Piano Works have turned this location into a truly mixed use area.

LOCATION

G U I L F O R D S T R E E T

S K I N N E R S T R E E T P E R C I VA L S T R E E T

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E U S T O N R O A D

P E N T O N V I L L E R O A D

C I T Y R O A D

O L D S T R E E T

T H E O B A L D ’ S R O A D C L E R K E N W E L L R O A D O L D S T R E E T

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L O N D O N WA L L

L O N D O N WA L L B E V I S MA R K S

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V I C T O R I A E M B A N K M E N T U P P E R T H A M E S S T R E E T L O W E R T H A M E S S T R E E T

FARRINGDON

KING’S CROSS/ST PANCRAS

BARBICAN

CHANCERY LANE

ANGEL

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811

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1. Beats UK

2. Bindmans LLP

3. Design Bridge

4. Exmouth Market Grind

5. Expedia

6. Gagosian

7. Gail’s Bakery

8. Granger + Co

9. Grey London

10. Heatherwick Studio

11. Hill+Knowlton Strategies

12. Kantar Media

13. Kurt Geiger HQ

14. Lastminute.com

15. Oliver Agency

16. The Modern Pantry

17. The One Off

18. The Piano Works

19. The Zetter

20. Timberland

21. Zaha Hadid ArchitectsLOC

AL

OC

CU

PIER

S

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EDWARD RUDOLF HOUSE

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EDWARD RUDOLF HOUSE

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G U I L F O R D S T R E E T

S K I N N E R S T R E E T P E R C I VA L S T R E E T

ST

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C I T Y R O A D

O L D S T R E E T

T H E O B A L D ’ S R O A D C L E R K E N W E L L R O A D O L D S T R E E T

GR

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V I C T O R I A E M B A N K M E N T U P P E R T H A M E S S T R E E T L O W E R T H A M E S S T R E E T

FARRINGDON

KING’S CROSS/ST PANCRAS

BARBICAN

CHANCERY LANE

RUSSELL SQ

ANGEL

1 2 M I N S

1 2 M I N S

1 4 M I N S

1 4 M I N S

1 4 M I N S

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EDWARD RUDOLF HOUSE

THE PROPERTY IS WELL CONNECTED BEING CENTRALLY

LOCATED WITH FAST AND DIRECT ACCESS TO THE WEST END,

KING’S CROSS AND THE CITYEdward Rudolf House benefits from the following underground lines and rail services:

BakerlooCentralCircleDistrictHammersmith & CityJubileeMetropolitanNorthernPiccadillyDLR

FARRINGDONBOND STREET

4 minsWHITECHAPEL

5 minsHEATHROW

30 mins

STRATFORD10 mins

CANARY WHARF8 mins

PADDINGTON8 mins

READING59 mins

TOTTENHAM COURT ROAD

2 mins

LIVERPOOLSTREET2 mins

THE ELIZABETH LINE (CROSSRAIL) IS DUE TO OPEN AT FARRINGDON IN 10 MONTHS’ TIME (DECEMBER 2018)

Travel times source: www. crossrail.co.uk

CROSSRAIL

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THE LOCATION HAS EXPERIENCED SUBSTANTIAL DEVELOPMENT AND INVESTMENT AND WILL CONTINUE TO ATTRACT DEVELOPERS OVER THE COMING YEARS WITH A NUMBER OF SCHEMES PLANNED OR UNDER CONSTRUCTION. AN OVERVIEW OF NOTABLE PROJECTS INCLUDES:

LOCAL DEVELOPMENTS

100 CLERKENWELL ROAD, EC1Developer: 100 Clerkenwell Limited /Medina InvestmentsPC: Q4 2018Area/Units: 88,000 sq ft, 225 bedroom Hotel, 5 Residential UnitsUse: Hotel, Residential Units, Office and Commercial

HERBAL HOUSE, 10 BACK HILL, EC1Developer: Allied LondonPC: Completed 2017Area/Units: 115,000 sq ft, 6 Residential UnitsUse: Office, Retail, Residential, Hotel

FARRINGDON EAST, EC1Developer: Crossrail / TfLPC: Q4 2019Area/Units: 86,477 sq ftUse: Office, Retail

FARRINGDON WEST, EC1Developer: Crossrail / Cardinal LysanderPC: Q4 2020Area/Units: 100,000 sq ftUse: Office, Retail

THE RAY, 119 FARRINGDON ROAD, EC1Developer: Viridis Real EstatePC: Q4 2018Area/Units: 104,527 sq ft (Office space totals 89,373 sq ft)Use: Office, Retail

20 FARRINGDON ROAD, EC1Developer: DerwentPC: Completed 2016Area/Units: 166,300 sq ftUse: Office, Retail

EDWARD RUDOLF HOUSE

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FARMILOE BUILDINGS, EC1Developer: Standard Life InvestmentsPC: Q4 2019Area/Units: 64,144 sq ftUse: Office

BOURNE, EC1Developer: The London Borough of CamdenPC: Q2 2017 construction completed. Scheme launched in October 2017 Area/Units: 75 Residential UnitsUse: Residential

10-11 CLERKENWELL GREEN, EC1Developer: Satila HoldingsPC: NAArea/Units: 19,000 sq ftUse: Office, Residential

19 JOHN STREET, WC1Developer: Private IndividualPC: NAArea/Units: Single dwelling or 4 flats and a maisonetteUse: Residential

ANITA HOUSE, 15 CLERKENWELL CLOSE, EC1Developer: Amin Taha Architects PC: Completed 2017Area/Units: 30,914 sq ftUse: Office, Residential

THE OLD SESSIONS HOUSE, EC1Developer: Satila HoldingsPC: Q2 2017Area/Units: 26,704 sq ft (Private members/office 17,704 sq ft)Use: Mixed-use

6 JOHN STREET, WC1Developer: G & T LtdPC: June 2018Area/Units: 7 Residential UnitsUse: Residential

ST PANCRAS PLACE, WC1Developer: Regal LondonPC: End of March 2018Area/Units: 60 Residential UnitsUse: Residential, Commercial

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TAYLOR WIMPEY HAVE RECENTLY PURCHASED THIS 6.25 ACRE SITE FROM ROYAL MAIL AND PLAN TO MAKE A TRANSFORMATIONAL CHANGE TO THIS PARTICULAR LOCATION.

The scheme has planning consent for almost 900,000 sq ft GEA of predominantly residential accommodation and is set to deliver:

CALTHORPE SITESix new buildings

Ranging from 3 to 12 storeys

470,000 sq ft GEA of residential, offices (46,000 sq ft), flexible retail

and community areas

PHOENIX PLACE SITEFour new buildings

Ranging from 5 to 15 storeys

425,000 sq ft GEA of residential, flexible retail and community areas

MOUNT PLEASANT

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EDWARD RUDOLF HOUSE EDWARD RUDOLF HOUSE

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Edward Rudolf House benefits from an imposing 65m frontage onto Margery Street and is arranged, at present, only over ground and first floors. We understand the property to have been converted from a car park to office accommodation and purchased by our client from LB Islington in 1985. We understand, upon acquisition our client refurbished the accommodation with a lift, new heating and air conditioning. Further renovations have included:

2005 – both boilers replaced.2008 – roof repair and patching.2010 – mechanics of the air conditioning units largely replaced.2015 – new radiators and surface mounted pipework.

Currently the accommodation provides natural light on all four elevations and benefits from generous floor to ceiling heights.

DESCRIPTION

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EDWARD RUDOLF HOUSE EDWARD RUDOLF HOUSE

2120

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EDWARD RUDOLF HOUSE

FLOOR USE NIA SQ M NIA SQ FT GIA SQ M GIA SQ FT

Roof Plant Room 88.1 948

1st Floor Office 1,021.0 10,990 1,166.9 12,560

Ground Floor Office 1,099.3 11,833 1,288.4 13,868

Ground Floor Reception 28.2 303

TOTAL 2,148.5 23,126 2,543.3 27,376

THE PROPERTY HAS BEEN MEASURED IN ACCORDANCE WITH THE RICS CODE OF MEASURING PRACTICE (6TH EDITION), PROVIDED BELOW AND THE RICS INTERNATIONAL PROPERTY MEASUREMENT STANDARDS

LOSS OF NET AREA FROM OVERSIZED LIFT LOBBY, PLANT ROOMS AND DUCTING

ACCOMMODATIONLIFT

LOBBY

WC WC

EDWARD RUDOLF HOUSE

Up

FA

RR

IN

GD

ON

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M A R G E R Y S T R E E T

LIFTLOBBY

WC

RECEPTION

WC

FIRST FLOOR

GROUND FLOOR

23

1,021 Sq M 10,990 Sq Ft

1,128 Sq M 12,136 Sq Ft

OFFICE

RECEPTION

COMMON AREAS

For identification purposes only.

22

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EDWARD RUDOLF HOUSE

The property is held freehold under the title number NGL182961.

The freehold ownership extends to approximately 0.38 acres (16,727 sq ft) with the car park comprising approximately 0.04 acres (1,699 sq ft).

The property will be offered for sale with full vacant possession.

Our client requires a short term leaseback, on terms to be agreed, of the entire accommodation to ensure a move to alternative accommodation.

TENURE TENANCY

EASTON

STREET

WILMINGTON

A

CAR

PARK

MA

RG

E RY S T R

E E T

F AR

RI N

GD

ON

RO

AD

TT NEAVE STREET

YARDLEY S TREET

SQUARE

69 to 85

M O U N TP L E A S A N T

C R O W NP L A Z AH O T E L

For identification purposes only. The plan is based upon an ordnance survey map with sanction of the Controller of HM Stationary Office. Crown copy right reserved.

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EDWARD RUDOLF HOUSE

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THE UNDEVELOPED CAR PARK AND LOW CURRENT MASSING PROVIDE A PERFECT OPPORTUNITY TO CREATE EITHER A REFURBISHED / NEW OFFICE SCHEME OR POTENTIALLY BRING ALTERNATIVE USES ON SITE

The property is located within the Borough of Islington. The property is not listed and is not covered by a Conservation Area. However, the Rosebery Avenue Conservation Area surrounds the site. The site has substantial scope to secure planning permission for redevelopment to provide a range of uses, individually or in combination (offices/residential/hotel), albeit this is based on planning assessment and not a lawful certificate of use. There is potential to increase the height of any redevelopment scheme up 4 storeys to reflect the changing skyline of the area.

The site is well connected to a number of public transport routes and the site has a PTAL rating of 6A (excellent), which will allow the case for greater density in this location. The site benefits from a slope along Margery Street towards Kings Cross Road/ Farringdon Road and vehicle access, which could be utilised and provide basement development access for either car parking/ basement suitable other uses (subject to technical investigation).

Development and Agency Consultants:

Measurement:

PURE RES

Architect:

Planning:

Rights to Light / Daylight Sunlight:

Our client has worked with a professional team to fully understand the site’s potential. The initial options are presented here and in full in the data room. The proposals assessed include:

OPTION 1: LIGHT TOUCH REFURBISHMENT AND RE-POSITION / RE-BRAND

OPTION 3A: NEW BUILD HOTEL AND SEPARATE RESIDENTIAL SCHEME

OPTION 3B: NEW BUILD OFFICE AND SEPARATE RESIDENTIAL SCHEME

OPTION 2: OFFICE REFURBISHMENT AND EXTENSION (OVER CAR PARK AND ADDITIONAL NEW FLOOR)

REFURBISHMENT / REDEVELOPMENT POTENTIAL

PLANNINGPROFESSIONAL TEAM

YARDLEY STREET

MARGERY STREET

FARRINGDON ROAD

YARDLEY STREET

MARGERY STREET

FARRINGDON ROAD

YARDLEY STREET

MARGERY STREET

FARRINGDON ROAD

YARDLEY STREET

MARGERY STREET

FARRINGDON ROAD

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DEV

ELO

PMEN

T FE

ASI

BILI

TY

FLOOR USE NIA SQ M NIA SQ FT GIA SQ M GIA SQ FT

Roof 0.0 0.0 88.1 948

First Office 1,049.0 11,291 1,166.9 12,561

Ground Office/Reception 1,193.2 12,843 1,288.4 13,868

Total 2,242.2 24,135 2,543.4 27,377

OPTION 1 - REFURBISHMENT

Description: Light touch refurbishment and re-position / re-brandComments: - Rationalise existing core and create additional NIA.- Raised floor and new services.- Potential to re-clad and re-position into the market as soon as possible.

FLOOR USE NIA SQ M NIA SQ FT GIA SQ M GIA SQ FT

Second Office 770.0 8,288 872.0 9,386

First Office 1,197.0 12,885 1,323.0 14,241

Ground Office/Reception 1,193.2 12,843 1,466.0 15,780

Total 3,160.2 34,016 3,661.0 39,407

OPTION 2 - REFURBISHMENT & EXTENSION

Description: Office refurbishment and extension (over car park and additional new floor)Comments: - Rationalise existing core and create additional NIA.- Raised floor and new services.- New additional floor added.- Car park developed to provide further 3 storey accommodation.- Potential to re-clad.

YARDLEY STREET

MARGERY STREET

FARRINGDON ROAD

YARDLEY STREET

MARGERY STREET

FARRINGDON ROAD

24,135 SQ FT NIA (1,009 SQ FT UPLIFT)

34,016 SQ FT NIA (10,890 SQ FT UPLIFT)

GROUND FLOOR GROUND FLOOR

FIRST FLOOR FIRST FLOOR

SECOND FLOOR

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EDWARD RUDOLF HOUSE EDWARD RUDOLF HOUSE

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FLOOR USE NIA SQ M

NIA SQ FT

GIA SQ M

GIA SQ FT

Fourth Residential 65.6 706 89.6 964

Third Residential 119.6 1,287 146.4 1,576

Second Residential 156.3 1,682 183.1 1,971

First Residential 156.3 1,682 183.1 1,971

Ground Residential 153.7 1,654 183.1 1,971

Basement Residential 148.5 1,598 183.3 1,973

Sub Total 800.0 8,611 968.6 10,426

FLOOR USE NIA SQ M

NIA SQ FT

GIA SQ M

GIA SQ FT

Fourth Residential 65.6 706 89.6 964

Third Residential 119.6 1,287 146.4 1,576

Second Residential 156.3 1,682 183.1 1,971

First Residential 156.3 1,682 183.1 1,971

Ground Residential 153.7 1,654 183.1 1,971

Basement Residential 148.5 1,598 183.3 1,973

Sub Total 800.0 8,611 968.6 10,426

FLOOR USE NIA SQ M

NIA SQ FT

GIA SQ M

GIA SQ FT

Third Accommodation 551.1 5,932 612.2 6,590

Second Accommodation 893.1 9,613 956.7 10,298

First Accommodation 955.8 10,288 1,019.4 10,973

Ground Accommodation 992.0 10,678 1,061.8 11,429

Basement Storage/Plant 1,039.5 11,189 1,095.3 11,790

Sub Total 4,431.5 47,700 4,745.4 51,079

Total 5,231.5 56,311 5,714.0 61,506

FLOOR USE NIA SQ M

NIA SQ FT

GIA SQ M

GIA SQ FT

Third Accommodation 480.6 5,173 569.9 6,134

Second Accommodation 838.2 9,022 956.7 10,298

First Accommodation 912.2 9,819 1,030.6 11,093

Ground Accommodation 954.2 10,271 1,061.5 11,426

Basement Storage/Plant 1,026.1 11,045 1,095.3 11,790

Sub Total 4,211.3 45,330 4,714.0 50,742

Total 5,011.3 53,942 5,682.6 61,168

OPTION 3A - NEW BUILD - RESIDENTIAL & HOTEL

Description: New build hotel and separate residential scheme

Comments: - Full demolition and new build.- Construction of two separate buildings.- Hotel and residential blocks.- Residential extends existing use on Yardley Street.- Provides a ‘gateway’ building on the corner., Hotel

OPTION 3B - NEW BUILD - RESIDENTIAL & OFFICE

Description: New build office and separate residential scheme

Comments: - Full demolition and new build.- Construction of two separate buildings.- Office and residential blocks.- Residential extends existing use on Yardley Street.- Provides a ‘gateway’ building on the corner. Hotel

RESIDENTIAL RESIDENTIALHOTEL OFFICE

GROUND FLOORGROUND FLOOR

FIRST FLOORFIRST FLOOR

SECOND FLOORSECOND FLOOR

THIRD FLOORTHIRD FLOOR

FOURTH FLOORFOURTH FLOOR

YARDLEY STREET

MARGERY STREET

FARRINGDON ROAD

YARDLEY STREET

MARGERY STREET

FARRINGDON ROAD

56,311 SQ FT NIA (33,185 SQ FT UPLIFT)

53,942 SQ FT NIA (30,816 SQ FT UPLIFT)

Whole basement included in NIA, although no split of uses (plant & NIA) undertaken, further design work required Whole basement included in NIA, although no split of uses (plant & NIA) undertaken, further design work required

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USE CLASSOffice B1(a).

VATThe property is not elected for VAT.

EPCEdward Rudolf House has an EPC rating of D (93).

DATAROOMAccess to the online data room is available upon request.

FURTHER INFORMATION

For further information or to arrange an inspection, please contact:

For residential enquiries please contact:

EDWARD RUDOLF HOUSE

Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. None of the services or appliances have been tested and no warranty is given or is to be implied that they are in working order. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names. Photography taken February 2018. Brochure compiled March 2018.

OFFERS ARE INVITED IN EXCESS OF £15,000,000 SUBJECT TO CONTRACT.

A PURCHASE AT THIS PRICE REFLECTS A CAPITAL VALUE OF £650 PER SQ FT ON EXISTING NET AREA AND £265 PER SQ FT ON THE LARGEST PROPOSED REDEVELOPMENT OPTION.

CONTACT

Andrew Harrison [email protected] +44 (0)20 7861 1333 +44 (0)7795 316 020

James [email protected]+44 (0)20 7718 5226+44 (0)7979 884 621

Aneta Popiel-Blachnio [email protected] +44 (0)20 7861 1573 +44 (0)7468 722 222

Ellie [email protected]+44 (0)20 7718 5204+44 (0)7973 684 518

EDWARD RUDOLF HOUSE

www.cube-design.co.uk (Q3964)

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EDWARD RUDOLF HOUSE