Office for sale in Clerkenwell Road, London EC1M

£9,975,000 (£1,114.03/sq. ft)
8,954 sq. ft*
Interested in this property? Call +44 20 8115 3382 * or Request Details

* Calls to this number will be recorded for quality, compliance and training purposes.

Property features

  • Freehold
  • Prominently located, at the heart of Farringdon
  • Excellent transport connectivity which will be further enhanced by the opening of the Elizabeth Line at the end of 2018
  • A Ben Adams Architects designed warehouse style office redevelopment completed to an exceptional standard during 2017
  • 8,954 Ft2 (831.9 M2) mixed use building
  • Multi let to five tenants producing a total passing rent of £564,779 per annum, (£63.08 Ft2)
  • A weighted average unexpired lease term in the region of 7.07 years to lease expiries (approximately 4.16 years to break)
  • Offers are invited in excess of £9,975,000 (£1,114 /Ft²), subject to contract and exclusive of VAT
  • A net initial yield of 5.31% (assuming acquisition costs of 6.69%)

Property description

Multi-let Freehold Investment For Sale In The Heart of Farringdon / Clerkenwell

Leasing Market

Historically annual take-up has averaged around 500,000 Ft2 in Farringdon / Clerkenwell over the last ten years. In 2017, take-up surged, increasing by close to 85% year-on-year. The uplift was driven by activity in Clerkenwell with deals 48% above the ten-year average. Equally, Farringdon saw transaction levels increase 34% year-on-year.

Offers

Offers are invited in excess of £9,975,000 (£1,114 /Ft²), subject to contract and exclusive of VAT.

Building

50 — 54 Clerkenwell Road is a mixed use building originally constructed in the early 1930’s. It comprises showroom accommodation on lower ground and ground floors with highly desirable office accommodation arranged over the 1st to 5th floors.

The showroom accommodation has a prominent and highly sought after glazed frontage extending to over 12 metres approx along Clerkenwell Road. The office accommodation was fully refurbished and extended in 2017.

The Ben Adams Architects designed scheme tastefully retains the character of the original warehouse whilst allowing for the addition of two new modern glazed office floors, with terraces that benefit from excellent panoramic views of the City of London.

More specifically, the entrance lobby has been completely overhauled, together with
the installation of a new passenger lift that opens directly onto the office demise areas
themselves.

The office floors from 1st to 3rd level form part of the original architecture of the property. The original wood floorboards have been salvaged, reconditioned and brought back to former glory. The air-conditioning system has beenbespoke designed specifically for this
property.

Capital Allowances

Details of the Capital Allowances are available upon request and can be made available by way of separate negotiation

Location

50 — 54 Clerkenwell Road is situated at the heart of Clerkenwell one of London’s most fashionable office districts. It benefits from a prominent position on the northern side of Clerkenwell Road approximately 100 metres to the east of its junction with St John Street.

Enjoying a rich economic history Clerkenwell 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. Clerkenwell’s appeal will be further enhanced by the opening of the Elizabeth Line in 2018, which is expected to be the catalyst for further growth to this exciting office market.

The areas unique blend of building stock and excellent transport connections has and continues to attract some of the world’s brightest and most exciting businesses.

Office tenants such as Agent Provocateur, Alexander McQueen, , Adidas, Tesco Digitial, Kohler, Publicis Groupe and Zaha Hadid Architects have all chosen Clerkenwell as their home.

Clerkenwell Road and St John Street have also become synonymous with interior and furniture showrooms, drawing customers from across the UK seeking cutting edge designs for both commercial and residential properties.

New trend setting restaurants such as Granger & Co, Modern Pantry, Albion, Sosharu and Luca have opened in Clerkenwell to satisfy the diverse workforce increasing the cosmopolitan feel to the area.

VAT

The Property has been elected for Value Added Tax (VAT) and as such the sale will be structured by way of a Transfer of a Going Concern

Property info

Nearby transport

  • Barbican (0.2 miles)
  • Farringdon (0.2 miles)
  • Farringdon (0.3 miles)
  • London City Airport (6.8 miles)
  • London Heathrow Airport (15.8 miles)
  • London Gatwick Airport (26.2 miles)
  • Blackfriars Millennium Pier (0.9 miles)
  • Bankside Pier (1.0 mile)
  • Savoy Pier (1.3 miles)

Nearby schools

View all schools in Islington
  • St Peter and St Paul RC Primary School (0.1 miles)
  • Prior Weston Primary School and Children's Centre (0.3 miles)
  • Moreland Primary School (0.4 miles)
  • Tech City College (0.5 miles)
  • CATS College London (1.0 mile)
  • DLD College London (1.7 miles)
  • Italia Conti Academy of Theatre Arts (0.1 miles)
  • City of London School for Girls (0.4 miles)
  • Central Foundation Boys' School (0.7 miles)
Note: Distance is shown as a straight line measurement

Local info for Islington

About the neighbours in EC1M

* Sizes listed are approximate. Please contact the agent to confirm actual size.

Arrange Viewing

For more information about this property, please contact
Colliers International, EC1V on +44 20 8115 3382 * (local rate)

Contact Colliers International about this property

Enter details
    Morning (8am-noon)
    Afternoon (noon-5pm)
    Evening (5pm-9pm)
  1. Characters remaining: 500

By submitting this form, you accept our Terms of Use and Privacy Policy. When you click 'Send message''Request valuation', we will pass your personal data to the selected estate agents so that those agents can respond to your request for information or to arrange a viewing. valuation request.

Disclaimer

Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Colliers International, and do not constitute property particulars. Please contact Colliers International for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

View all EC1M commercial properties for sale