sekforde street, london ec1r 0ha€¦ · d g r a y ’ s d i n n r o a d g r a y ’ s ... 14....

44/46Sekforde Street, LondonEC1R 0HA

Newly refurbished multi-let Clerkenwell office investment

Executive Summary

• Newly refurbished office in the heart of Clerkenwell only a moments’ walk from Farringdon Station, soon to be the UK’s busiest station in 2020

• Multi-let freehold office building

• Total net internal area of 8,378 sq ft (778 sq m) with the typical floor plate being approximately 1,500 sq ft (139 sq m)

• The investment provides an average weighted unexpired lease term of approximately 7.56 years to expiry and 3.64 years to break

• Total passing rent of £512,158 per annum equating to approximately £61.13 per sq ft overall

• Offers in excess of £10,105,000 (Ten Million One Hundred and Five Thousand pounds) which reflects a net initial yield of 4.75%

44/46 Sekforde StreetLondon, EC1R 0HA


Lower Ground Floor Fourth Floor

Canary Wharf

Smith�eld Market

St Paul’s

Barbican

Old Street

THE CITY OF LONDON

Farringdon

Location

Clerkenwell is one of the most sought-after locations in the City Fringe, situated within easy reach of major transport links and amenities. It has blossomed in recent years attracting a diverse range of businesses as well as becoming the centre of London’s world-renowned Tech Belt and the hub for creative industry in Europe. Its appeal

will be further enhanced by the opening of Crossrail in October 2020, which is expected to be a major catalyst for further growth to this exciting office market. Complementing the office market are the excellent retail, showroom and leisure amenities, which have helped transform the immediate area in recent years. Clerkenwell Road and St John Street have become synonymous with

interior and furniture showrooms, drawing customers from across the UK seeking cutting edge designs for both commercial and residential properties. In addition, new trend setting restaurants including Granger & Co, Modern Pantry, Albion and Luca have opened in Clerkenwell to satisfy the diverse workforce and increase the cosmopolitan feel to the area.





Situation

Sekforde Street is situated in a prime location just off Clerkenwell Green. The property sits opposite Derwent’s Buckley Building and benefits from the retail and amenities of Hatton Garden, Smithfield Market and Holborn. Leather Lane, situated to the west, provides a multitude of independent cafés and a daily food market.

The following high-profile office occupiers are located in the surrounding area: ITV Media, Royal Mail, LinkedIn, Webber Shandwick, Grey Advertising, Lastminute.com, WPP, Zaha Hadid Architects, Starcom Mediavest, Kurt Geiger, Grimshaw Architects, Jaggaer UK, Deloitte Digital, Alexander McQueen, Hawkins Brown LLP, Splash Worldwide HQ, Knoll and Amazon.

Well known restaurant and leisure operators situated near by include St John, The Modern Pantry, The Zetter, Cafe Du Marche, Malmaison, Bleeding Heart, Hix Oyster & Chop House, Giant Robot, Burger & Lobster and Smiths of Smithfield.

The property is five minutes walk from Farringdon Station, the only interchange for Underground, Crossrail, Thameslink and National Rail in London.

CHARTERHOUSE ST

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LERKENWELL RDCLERKENWELL RD

OLD ST

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CHANCERY LANE

BARBICAN

OLD STREET

FARRINGDON

HOLBORN

MOORGATE

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7 F A R R I N G D O NF A R R I N G D O N

C L E R K E N W E L LC L E R K E N W E L L

S T . L U K E ’ SS T . L U K E ’ S

F I N S B U R YF I N S B U R Y

H O X T O NH O X T O N

B A R B I C A NB A R B I C A N

H O L B O R NH O L B O R N

P E N T O N V I L L EP E N T O N V I L L E

Smith�eld Market

Barbican Centre

Occupiers Key1. ITV Media2. Royal Mail3. LinkedIn4. Webber Shandwick5. Lastminute.com6. Grey Advertising7. WPP8. Zaha Hadid Architects9. Starcom Mediavest10. Kurt Geiger

11. Grimshaw Architects12. Jaggaer UK13. Deloitte Digital14. Alexander McQueen15. Hawkins Brown LLP16. Splash Worldwide HQ17. Knoll18. Amazon Development

Centre

Connectivity

44-46 Sekforde Street benefits from exceptional transport connectivity. The closest station to 44-46 Sekforde Street is Farringdon and will be the only interchange station for Underground, Crossrail, Thameslink and National Rail services in London. Crossrail

Crossrail is the largest infrastructure project in Central London since the opening of the Underground over 150 years ago. It is Europe’s largest infrastructure project, costing £15 billion. Once opened it will comprise a new 100km east to west underground line connecting all of London’s main employment hubs from Heathrow and Reading in the west; the West End, Farringdon, the City and Canary

Wharf in central; through to Shenfield and Abbey Wood in the east. When complete, Farringdon will become the UK’s busiest station and its planned that over 140 trains per hour will flow through the interchange. It will be the only station that provides a 3-way connection between the London Underground as well as the north/south Thameslink and mainline network. It is expected that over 200 million passengers will travel on Crossrail each year.

Crossrail will give Central London a direct rail service to Heathrow in approximately 30 minutes and provide City to West End access in less than 10 minutes. Sekforde Street is situated within 500m of the new Crossrail station at Farringdon, due to open in October 2020.

UndergroundThe Circle, Metropolitan and Hammersmith & City Underground lines run through Farringdon station, making it one of the best connected underground stations in London.

Also within close proximity to Sekforde Street are a number of alternative London Underground Stations including Chancery Lane, Barbican, Old Street and King’s Cross which provides underground, national and international rail links.

Thameslink & National RailThameslink is a 24-hour, 115-station main-line railway route. Farringdon currently provides national rail services to such destinations as Peterborough, Bedford, Luton and Luton Airport to the north and Sutton, Orpington, Sevenoaks, Rainham, Horsham, Gatwick Airport and Brighton to the south.



Moorgate3 mins

Amersham61 mins

FARRINGDON

Metropolitan Line

Wembley Park23 mins

Baker St10 mins

Barbican1 min

Liverpool St5 mins

Harrow on the Hill29 mins

Finchley Rd16 mins

Aldgate8 mins

Hammersmith28 mins

Hammersmith & City Line

Paddington17 mins

Kings Cross5 mins

Liverpool St5 mins

Barking30 mins

Mile End15 mins

West Ham20 mins

Aldgate East10 mins

Edgware Rd11 mins FARRINGDON

Shepherd’s Bush32 mins

Paddington17 mins

Circle Line

Kings Cross5 mins

Barbican1 mins

Liverpool St4 mins

Embankment21 mins

Monument14 mins

Blackfriars18 mins

Tower Hill12 mins

Moorgate3 mins FARRINGDON

Euston Square6 mins

Source: Google / Crossrail.co.uk

Stratford10 mins

Abbey Wood21 mins

Reading59 mins

FARRINGDON

Crossrail

Ealing Broadway16 mins

Bond St4 mins

Canary Wharf8 mins

Heathrow T2 & T332 mins

Acton15 mins

Romford30 mins

Haywards Heath53 mins

Three Bridges44 mins

Bedford50 mins

Thameslink

St Pancras Intl.5 mins

East Croydon24 mins

Luton34 mins

Brighton65 mins FARRINGDON

London Bridge11 mins

Blackfriars5 mins

Description

44-46 Sekforde Street is the former premises of Blick Time Recorders, who first occupied the existing development in 1963. Blick became the largest marketing and service time recorder company in the UK and sold all makes of UK made clocks. The building itself, was designed by Robert Cromie, who made his name in the 1930’s designing theatres and cinema’s like the Hammersmith Apollo.The building is of concrete framed construction with solid floors, brick elevations and was constructed in the 1930’s probably as a multi storey factory or warehouse. It enjoys lovely views from its north west side over St James’s Church and its gardens which are open to the public and provide a tranquil local amenity. The church was rebuilt in 1792 to plans by a local architect James Carr whose design was influenced by Wren and Gibbs.The property is spread over lower ground, ground and four upper floors and provides 8,378 sq ft NIA of flexible accommodation. It benefits from modern open plan office space which has been refurbished throughout. Each unit also benefits from both male and female WC’s and either bike storage or bike hanging spaces.There is also a small electricity substation located in the basement which is accessed externally from Sekforde Street.

Amenities

Newly refurbished office space with the following specifications:

• Modern open plan office floor plates

• Brand new exposed air conditioning system

• Modern suspended LED strip lighting

• New wooden flooring throughout

• Excellent natural daylight

• Perimeter trunking

• Self-contained WCs / showers

• Passenger lift

• Bike storage/bike hanging spaces located within each unit



Ground Floor First Floor



Lift

WC

Entrance

Void ElecOpen O�ce

WC &Shower

Tenancy Schedule

Floor Area sq ft

(sq m)

Tenant Rent Rent PSF

Lease Start Lease End Break Clause Rent Review In/Out 1954 Act

Notes

Third & Fourth Floor

2,802 (260)

Narbutas Limited

£175,125 £62.50 11/07/2019 10/07/2029 11/07/2024 11/07/2024 OUT Break Option (Tenant only) – 11 July 2024 with 6 months’ prior written notice. Rent commences 05 July 2020. Guarantor – Narbutas International UAB. Rent deposit - £87,563 plus interest accrued.

Second Floor

1,512 (140)

Studio 2BR Limited

£94,500 £62.50 22/10/2018 21/10/2023 22/10/2021 - OUT Break Option (Tenant only) – 22 October 2021 with 6 months’ prior written notice. The tenant has paid the rent in full up to 22 Oct 2021 and an appropriate apportionment of this rent will be passed onto the purchaser. If the tenant does not serve their break notice, they shall then pay the rent in full to the end of lease as a single payment of £157,500 on 22 Oct 2021. This lump sum payment includes a deduction equivalent to 4 months’ rent free.

First Floor 1,507 (140)

Kindred Capital LLP

£88,913 £59.00 02/10/2018 01/10/2023 02/10/2021 - OUT Break Option (Tenant only) – 02 October 2021 with 6 months’ prior written notice. Tenant to receive an additional 4 months’ rent free, if the break is not exercised. Rent deposit - £26,673.90 plus interest accrued. There is a personal concession documented by way of side-letter that permits the tenant to pay rent monthly. That arrangement is not expressed to be binding on any successor in title to the reversionary interest.

Ground & Lower Ground floor

2,557 (238)

Topps Tiles (UK) Limited

*£153,420 £60.00 03/04/2018 02/04/2028 02/04/2023 03/04/2023 OUT Break Option (Tenant only) – 02 April 2023 with 6 months’ prior written notice. *Current rent of £115,065 until 02 April 2020 at which point it will revert to the headline rent of £153,420. There is a personal concession documented by way of side-letter that permits the tenant to pay rent monthly. That arrangement is expressed to bind any successor in title to the reversionary interest.

Substation - UK Power Network

£200 - 01/09/2019 31/08/2079 - - IN Terms have been agreed subject to formal documentation. Completion likely to be 01 September 2019. Lease will include a “Lift & Shift” Clause subject to 12 months’ notice and will be at the Landlord’s cost.

8,378 (778)

£512,158

Floor Plans

Indicative floor plans; full floor plans are available upon request.

You can also view the building via the virtual walkthrough at:https://realla.co/m/24033-44-46-sekforde-street-clerkenwell-44-46-sekforde-street#gallery

Second Floor Plan

Lift Elec

Entrance

MainEntrance

Elec

Open O�ce

Ground Floor Plan



Covenants – Sekforde Street

Topps Tiles T/A Parkside Design

Topps Tiles plc is a British national retailer based in Enderby, Leicestershire. It is listed on the London Stock Exchange. Topps Tiles is the leading tile retailer in the United Kingdom, they advise consumers and traders on suitable products relating to floor and wall tiles, natural stone and related products. They sell other accessories such as underfloor heating, tools, adhesives, grouts, wet room products and aftercare/protection/cleaning solutions.

Topps Tiles has a market share of 30+% in the United Kingdom. Current investor information can be found at www.toppstilesplc.com.

Parkside Design is a subsidiary brand of Topps Tiles with Design Studios in Clerkenwell, Chelsea, Leicester and a Design Studio coming soon in the Cotswolds. It is a contemporary porcelain, ceramic and natural stone tile specification company with over 500 designs on offer, from some of the world’s most dynamic manufacturers.

Topps Tiles UK Limited T/A Parkside Designs Company Number: 04781209

29 Sept 2018 £000

30 Sept 2017 £000

01 Oct 2016 £000

Turnover 217,776 211,724 214,994

Pre-tax Profit 17,528 20,411 23,479

Net Worth 26,806 31,947 35,204

Kindred Capital LLP

Kindred Capital LLP is a venture capital fund that practises equitable venture.

Based in London and incorporated in 2015, Kindred Capital has closed its first seed fund of £80 million. It has since deployed this capital into 20 tech start-ups throughout Europe.

Kindred Capital LLP Company Number: OC401508

31 Dec 2018 £

31 Dec 2017 £

31 Dec 2016 £

Turnover 1,146,255 1,564,282 577,818

Pre-tax Profit 728,802 1,279,553 338,588

Net Worth 320,837 577,359 169,737

Studio 2BR Limited

Studio 2BR Limited is an independent, global design consultancy business working with clients in the UK, Europe and the United States. Studio 2BR Limited creates brands, campaigns and communications for business through a variety of media outlets.

The company has taken advantage of exemptions available to small companies not to publish turnover and profit information. Figures for net worth are shown below.

Studio 2BR Limited Company Number: 03517743

30 Apr 2018 £

30 Apr 2017 £

30 Apr 2016 £

Turnover - - -

Pre-tax Profit - - -

Net Worth £2,837,609 £1,925,780 1,523,472

Narbutas Limited

Incorporated in 2015, Narbutas Limited is a London based subsidiary of Narbutas International UAB. The business creates furniture for the modern workspace, with the needs of the 21st-century employee in mind, manufacturing modern, durable and functional furniture.

Narbutas LimitedCompany Number: 09583145

31 May 2018 £

31 May 2017 £

31 May 2016 £

Turnover 512,887 438,694 308,331

Pre-tax Profit 4,379 8,251 23,104

Net Worth 28,355 26,767 20,705

Narbutas Limited is guaranteed by their parent company Narbutas International UAB.

Narbutas International UAB Company Number: 300591314

31 Dec 2018 €

31 Dec 2017 €

31 Dec 2016 €

Turnover 70,524,106 48,137,501 33,328,359

Pre-tax Profit 11,719,719 8,870,303 5,364,944

Net Worth 22,970,328 14,057,164 6,871,629

Proposal

We are seeking offers in excess of £10,105,000 (Ten Million One Hundred and Five Thousand pounds) for the freehold interest, subject to contract.

This reflects a net initial yield of 4.75% (assuming purchasers’ costs of 6.70%) and a capital value of £1,206 per sq ft.

Additional Information

PlanningThe property is located within the London Borough of Islington and has Office (Class B1) use.

Service ChargeThe service charge for the year ending 24/03/2020 equates to £5.57 per sq ft.

VATThe property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).

EPCAvailable upon request.

Data RoomAccess can be provided to a data room on request.



Contacts

For further information please contact:

William PreeceT 020 7458 0663M 07850 099606E [email protected]

Paul MorrisT 020 7458 0645M 07771 816 347E [email protected]

Richard GoodeT 020 7458 0633M 07889 180981E [email protected]

Giles GodboldT 020 3713 1953M 07899 977451E [email protected]

Ollie KirkeT 020 3713 1954M 07880 242 178E [email protected]

MISREPRESENTATION ACT: Fletcher King for themselves and for the vendors or lessors of this property whose agents they are, give notice that (i) these particulars are produced in good faith, are set out as a general guide only and do not constitute any part of an offer or contract. They are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves as to the correctness of each of them. (ii) no person in the employment of the joint agents has any authority to make or give any representation or warranty in relation to this property. July 2019. Designed and produced by Creativeworld. Tel: 01282 858200.

Ground Floor Third FloorLower Ground Floor

sekforde street, london ec1r 0ha€¦ · d g r a y ’ s d i n n r o a d g r a y ’ s ... 14....

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