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Introduction
Prime Farringdon Freehold Investment With Future Development Potential
Property Details
VendorAberdeen Standard InvestmentsTenureThe property is held freehold under title number NGL288900AccommodationComprises 19,543 Ft² (1,815.6 M²) of much sought after office and showroom accommodationTenancyMulti-let to four tenants producing a passing rent of £889,810 /A reflecting a highly reversionary £45.53 /Ft²WAULT2 years to expiry with vacant possession achievable in December 2022.Sale PriceOffers are invited in excess of £17,500,000 subject to contract and exclusive of VAT.Net Initial YieldPricing at this level reflects a net initial yield of 4.76% (assuming purchasers costs of 6.74%)Local AuthorityThe London Borough of IslingtonListed StatusNot ListedConservation AreaThe Property sits within The Charterhouse Square Conservation AreaDescription
Planning Usage: B1 Business / Office
48 – 50 St John Street offers a rare opportunity to significantly increase massing and create an inspiring high specification office and showroom building.The prominent mid-terraced property comprises a 1960’s front building which links at lower ground, ground and first floor levels to a spectacular Victorian warehouse building at the rear.The property consists of 19,543 sq ft (1,815.6 sq m) of highly prized office and showroom space.The offices account for 11,397 sq ft (1,058.8 sq m) of the accommodation and are arranged over first to third floors. The first floor extends to the rear building where the original pitched roof withroof lights and an impressive floor to ceiling height creates a bright floor plate which opens out onto a terrace.The part new build and part retention pre-app meetings have been positively received by the London Borough of Islington. The AWW Architect proposal includes the demolition of the front building and its replacement with a Grade A office led development incorporating much sought after showroom accommodation with prime frontageonto St John Street.Details of the proposed scheme are:– Creation of an additional 4,555 sq ft (423.1 sq m),increasing the net internal area by 23%.– Demolition and re-build of the front office building to provide a six storey building arranged over lower ground, ground and four upper floors.– Terraces on the 4th floor with views to the east across The Charterhouse down to St Paul’s and views to the south along St John Street to Smithfield Market.– Improved ceiling heights throughout.– Impressive façade which relates to the existing street scape.– Repositioning of the core to create efficient floor plates.– Showroom unit on lower ground and ground floors with extensive frontage onto St John Street.Data room access available upon requestAmenities
- High profile position on St John Street
- Courtyard
- Loading bay
- Terraces on 1st & 3rd floors
- Comfort cooling
- Mechanical fresh air handling to 1st floor
- Central heating
- Category II lighting
- Raised flooring
- Self-contained WCs
- Passenger lift
Availability (1)
Floor Size (Ft2 | M2) Price (sale | /Ft2) Planning Usage Status 3rd 2,182 £17,500,000 B1 Available 2nd 2,692 B1 1st 6,523 B1 Ground 5,533 B1 LG 2,613 B1 Total / Avgs. 19,543 £17,500,000 <div>48–50 St. John Street has been independently measured by Sterling</div><div>Temple in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following Net Internal Areas. IPMS3 areas are available upon request.</div>
Location
48-50 St John Street,
London EC1M 4DGTransport
FarringdonCircle, Hammersmith & City, MetropolitanFirst Capital Connect, ThameslinkBarbicanCircle, Hammersmith & City, MetropolitanCity ThameslinkThameslinkMore info
<div>48 - 50 St John Street occupies a prime mid terrace position. The property is located on the east side of the principal north south thoroughfare of the popular Farringdon office and showroom district.</div><div><br></div><div>It is situated equidistant from Clerkenwell Road and Cowcross Street, as well as being within a four minute walk of the historic Smithfield meat market and Farringdon Station.</div><div><br></div><div>Farringdon is a historic Central London district characterised by its medieval streets and fashionable warehouse style office buildings.</div><div><br></div><div>Situated at the heart of London’s world-renowned tech belt, the neighbourhood has become one of Europe’s most exciting office markets attracting occupiers from the rapidly growing Tech and</div><div>Creative sectors.</div><div><br></div><div>Complementing the innovative base of office occupiers, Farringdon is London’s design district and the choice location for interior, furniture and textile showrooms. The area boasts over 80 showrooms with the prime pitch extending along St John Street and Clerkenwell Road.</div>
E.P.C
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