17 ST HELEN’S PLACE / LONDON EC3 · 2019-02-05 · 17 St Helen’s Place is an attractive period office building dating from 1912. The property currently provides 23,986 sq ft (2,228.35

1 7 S T H E L E N ’ S P L A C E / L O N D O N E C 3P R I M E C I T Y O F L O N D O N O F F I C E B U I L D I N G W I T H R E F U R B I S H M E N T / D E V E L O P M E N T P O T E N T I A L

O F F E R E D W I T H VA C A N T P O S S E S S I O N B Y WAY O F A N E W LY R E - G E A R E D H E A D L E A S E

NO.1 ROYAL EXCHANGE AVENUE

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Investment Rational• An exciting opportunity to create a stunning Grade A building

within 120 seconds walk of Liverpool Street station (Elizabeth Line

from Autumn 2019).

• Significant upside exists given that rents for small floorplate

buildings around Liverpool Street do not currently reflect the

forthcoming infrastructure improvements.

• High profile developments at 100 Bishopsgate and 22 Bishopsgate

are about to unveil significant public realm and streetscape

improvement following many years of disruption.


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ProposalOffers are invited, subject to contract, for the long leasehold interest.

Investment Summary• Prime City of London office building with refurbishment / development potential.

• Set within an exclusive private courtyard accessed from Bishopsgate, one of London’s premier business addresses.

• Located within 120 seconds walk of Liverpool Street station, the City’s busiest transport hub.

• Exceptional connectivity. Elizabeth Line services (Crossrail) scheduled from autumn 2019.

• Newly re-geared headlease offered with full vacant possession.

• Moreover the headlease does not restrict development. • Scope to conservatively deliver c. 27,500 sq ft of lettable accommodation by reconfiguring floor plates and developing an additional floor of offices, subject to the necessary consents. Alternatively the existing building of c. 24,000 sq ft could be immediately refurbished.

• A more ambitious feasibility could also be considered.

• Tower developments at 100 Bishopsgate and 22 Bishopsgate will deliver c. 2.3 million sq ft of floorspace together with a vastly improved public realm and streetscape.

• Favourably situated serving both the City’s traditional financial service and insurance districts. The building also lies in close proximity to the creative areas of Spitalfields and Shoreditch to the north. • Held by way of a re-geared headlease with circa 131 years unexpired. The Freeholder is entitled to 10.00% of rents received from underletting(s), subject to a minimum rent of £75,000 per annum.


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100 BISHOPSGATE Developer: Brookfield Properties Description: 950,000 sq ft of office and retail accommodation within a 37 storey tower

Status: PC 2019. Virtually fully pre-let

22 BISHOPSGATE Developer: AXA Real Estate led consortiumDescription: 1,350,000 sq ft of offices and retail within a 62 storey tower Status: PC 2020

52 LIME STREET Developer: WRBCDescription: 385,000 sq ft office led scheme arranged in a 37 storey tower

Status: Completed

ONE BISHOPSGATE PLAZA Developer: UOL (Pan Pacific)Description: 5-star hotel (approximately 340,000 sq ft), 120 residential apartments and retail space Status: PC 2020

Nearby DevelopmentsA number of major developments are taking place within close proximity. These initiatives are creating substantial improvements to the public realm and are attracting world class occupiers at market leading rents.

70 ST MARY AXE Developer: TH Real Estate Description: 310,000 sq ft of office and retail accommodationStatus: PC spring 2019. Circa 55% pre-let

PREMIER PLACE Developer: Greycoat Description: 240,000 sq ft office led schemeStatus: PC summer 2019. Circa 70% pre-let

6-8 BISHOPSGATE & 150 LEADENHALL STREET Developer: Mitsubishi Estate London Description: 50 storey office led tower comprising circa 570,000 sq ftStatus: Construction underway

.1 LEADENHALL STREET Developer: Brookfield PropertiesDescription: Planning approved. 36 storey tower with substantial office and retail provision

Status: Strip out of existing building underway

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LONDON: PREMIER

FOREIGN EXCHANGE TRADING VENUE

$2.7TRILLION

OF FOREIGN EXCHANGE TURNED OVER EACH DAY -

A 23% INCREASE ON 2016

£$ €

5INTERNATIONAL AIRPORTS

CONNECTING TO

C 400DESTINATIONS

530 FOREIGN

COMPANIESLISTED IN LONDON

LONDON METAL EXCHANGE:

80%OF ALL NON-FERROUS

METAL FUTURE BUSINESS

IN 2017 THIS EQUATED TO

$12 TRILLION NOTIONAL •

3.5 BILLION TONNES •

157 MILLION LOTS

No1 GLOBAL

FINANCIAL CENTER LONDON STOCK EXCHANGE:

300 YEARS OLD AND

RANKED FIRST

GLOBALLY IN TERMS OF INTERNATIONALITY

WITH 300 COMPANIES

FROM 70 NATIONS LISTED

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454,000PEOPLE

ARE EMPLOYED IN

THE CITY OF LONDON

251FOREIGN BANKS

RESIDENT

IN LONDON

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LARGEST COMPANIES

HAVE PREMISES IN LONDON

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LLOYD’S OF LONDON:

THE WORLDS SPECIALIST

INSURANCE AND

RE-INSURANCE MARKET

OPERATING ACROSS 200 TERRITORIES

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1,000TECH START-UPS

CREATED IN LONDON

PER MONTH

London: A Global Powerhouse

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LATHAM & WATKINS GAZLEY

MULTIPLEX HUAWEI TECHNOLOGIES CO

SALESFORCE TOWER

PCCW GLOBAL AM TRUST FINANCIAL

DEKO

EQUINOX FITNESS

AMALGAMATED METALS CORPORATIONCHARLES STANLEY WEALTH MANAGERS

HAMPSHIRE TRUST BANK

HBOS

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London: A Global Powerhouse



The Community...within a 5 minute walk


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Location17 St Helen's Place is situated in the central core area of the City of London within the ‘Tower Cluster’. The location is one of the most transformative parts of London benefitting from both infrastructure improvements and high rise commercial developments.

The building's favourable location enables it to serve the traditional financial services and insurance districts of EC2 & EC3 respectively. The ‘creative’ and TMT districts of Spitalfields and Shoreditch are within close proximity to the north.

St Helen's Place is a secluded private gated courtyard, accessed directly from Bishopsgate, one of London’s most prestigious business addresses. Liverpool Street station, The Bank of England and Lloyd’s of London are all within c. 200 metres.

London’s tallest new generation tower buildings will provide additional critical mass when completions take place later this year and early next. 100 Bishopsgate (c. 950,000 sq ft) is virtually fully pre-let and a sizeable percentage of 22 Bishopsgate (c. 1.4 million sq ft) has already been committed. New arrivals will include; Royal Bank of Canada, Freshfields Bruckhaus Deringer, Jefferies, Paul Hastings LLP, Equinox Health & Fitness, Hiscox and Beazley Group.

Leadenhall Market, The Royal Exchange and Devonshire Square are

nearby and crammed with restaurants, bars and world class retail.



5MINUTES

FENCHURCH STREET STATION

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LEADENHALL MARKET3 MINUTES

Connectivity17 St Helen's Place enjoys exceptional connectivity.

The whole of central London can be accessed via the underground network and over-land rail services. Liverpool Street station, the City’s busiest transport hub, is within a c. 2 minute walk. Bank and Cannon Street stations are within a 5 minute walk.

All of London’s major airports are within an hour of the property. Rail services to the continent (via Eurostar at St Pancras station) can be obtained within 20 minutes by taxi.

In excess of 100 buses per hour pass along Bishopsgate itself.

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P L A C E

BANK STATION & BANK OF ENGLAND

2 MINUTES 3 MINUTES

LEADENHALL MARKET 2 MINUTES 3 MINUTES

BROADGATE

2 MINUTES 1 MINUTE

FENCHURCH STREET STATION

3 MINUTES 5 MINUTES

LIVERPOOL STREET STATION

2 MINUTES 1 MINUTE

MAIN LINE TRAINS TO EAST LONDON, SOUTH ESSEX & KENT

MAIN LINE TRAINS TO NORTH / EAST LONDON, NORTH ESSEX & ANGLIA

TRAINS TO DOCKLANDS AND CITY AIRPORT

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Source: tfl



The Elizabeth LineOperational Autumn 2019

Communications will be further enhanced by the arrival of The Elizabeth Line (Crossrail) at Liverpool Street station in autumn 2019. 17 St Helen's Place will be better connected than at any time in its history. The station entrance is within a 2 minute walk. The c. £15 billion Crossrail initiative is Europe’s largest infrastructure project. The services will be fully integrated with London’s existing transport network. Train will bring and extra 1.50 million people to within 45 minutes of central London.

* Airports not on the Crossrail route - to travel to these airports passengers will need to travel on other connecting rail services

Circle

Hammersmith & City

Bakerloo

District

Northern

Piccadilly

DLR

Overground

Metropolitan

Central

Jubilee

Approximate journey times from Liverpool Street Station

Farringdon Station 2 minutes

Canary Wharf Station 6 minutes

Bond Street Station 7 minutes

Stratford Station 8 minutes

Heathrow Airport 35 minutes

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P L A C E

Luton*

Gatwick* Standsted *

WHITECHAPELLIVERPOOL

STREETFARRINGDONTOTTENHAMCOURT ROADBOND STREET

HEATHROW AIRPORT

READING

STRATFORD

CANARY WHARF

PADDINGTON

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Description17 St Helen’s Place is an attractive period office building dating from 1912.

The property currently provides 23,986 sq ft (2,228.35 sq m) of lettable office and ancillary accommodation arranged over basement, lower ground, ground and five upper floors.

Floorpates are regularly configured and enjoy good levels of natural daylight from the front and rear elevations. The lower ground floor is set back at street level and also enjoys good levels of daylight.

The building has a well-proportioned reception leading to two six-person passenger lifts which serve all floors. The lower ground, ground and first floors have generous slab heights of 3.5-3.8 metres.

The building requires modernisation however it has been occupied until recently and could be cosmetically upgraded and re-let in short order. There is a central heating system with associated plant located at basement level. Most floors have ceiling mounted fan coil air conditioning cassettes with plant located within the rear lightwells or at roof level.

There are raised access floors / perimeter trunking and suspended ceilings throughout.

Fifth Offices 2,228 207.0

Fourth Offices 3,266 303.4

Third Offices 3,329 309.3

Second Offices 3,420 317.7

First Offices 3,285 305.2

Ground Offices 3,197 297.0

Ground Reception 267 24.79

Lower Ground Offices 3,315 308.0

Basement Storage 1,679 156.0

FLOOR USE AREA (SQ.FT.) AREA (SQ.M.)

TOTAL 23,986 2,228.35

AccommodationThe net internal floor areas are as follows:-

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TenureHeld by way of a headlease from The Leathersellers’ Company for an effective term expiring 24/03/2150 i.e. circa 131 years unexpired.

The Freeholder is entitled to 10.00% of rents received from underletting(s) at the premises, subject to a minimum rent of £75,000 per annum. The zinimum rent is subject to upwards only review on 25/03/2024 and five yearly thereafter to 7.50% of the properties estimated rental value.

The Leathersellers’ own the freehold of St Helen's Place and much of the wider site bounded by Bishopsgate, Camomile Street, St Mary Axe and Undershaft. The Company oversee the management of St Helen's Place which is a privately owned road. The headlessee contributes into an Estate service charge of circa £16,000 per annum.

A summary of the main provisions of the headlease is set out in the Appendix.

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00m33

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533200m

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00m1318

00m1418

181300m

181400m

5-7 St. Helen's Place EC3A 6AB

OS MasterMap 1250/2500/10000 scaleTuesday, September 5, 2017, ID: HMC-00652443www.themapcentre.com

1:1250 scale print at A4, Centre: 533213 E, 181309 N

© Crown Copyright Ordnance Survey. Licence no. 100018971

CAMOMILE STREET

SWISS RE

For indicative purposes only. This plan is based upon the Ordnance Survey map with the sanction of the controller of H.M. Stationary

Office. Crown copyright reserved.

PlanningThe property is not listed. It is however situated within the St Helen’s Place Conservation Area.

Vacant PossessionThe property is offered with full vacant possession.

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17 St Helen’s Place could be refurbished with immediate effect to provide a Grade A headquarters building of c. 24,000 sq ft (2,230 sq m).

A feasibility study prepared by Minifie Architects (MA) demonstrates that the net lettable floor area is able to be conservatively increased to c. 27,500 sq ft.

Subject to obtaining the necessary consents the scheme envisages one additional office floor comprising c. 1,820 sq ft. incorporating a spectacular roof terrace overlooking the tower cluster. The feasibility also considers relocation of WC’s into the rear lightwells, creating a further c. 1,615 sq ft of office accommodation. Shower and changing provision for cyclists and runners is provided within the basement.

Most buildings within St Helen’s Place (including the next door ownership) have all been re-developed with additional height and as such the proposals are not considered to be controversial.

Waterman Group has considered the engineering aspects and have reported favourably. The Freeholder has been consulted and is supportive of initiatives which improve rental receipts and future leasing prospects.

The headlease does not restrict future redevelopment.

One might consider the creation of two additional floors, not least as the neighbouring building (west) is two floors higher. There are no windows in the flank walls of the neighbouring ownerships.

17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS

Refurbishment / Development Potential

17 ST HELEN’S PLACE | INITIAL DESIGN IDEAS

Metal scale wall tiles

Concrete floor with scale pattern Metal profile in concrete flooring Reception window

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WC WCWC WC

LIFT LIFT

17 St Helen’s PlaceProposed 6th Floor Plan

Option 2

TERRACE

PROPOSED NEW SIXTH FLOOR1,819 sq ft169 sq m


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WC WCWC WC

LIFT LIFT

WC WCWC WC

LIFT LIFT


Option 2

OFFICE

PROPOSED FIFTH FLOOR2,798 sq ft259.95 sq m

LIFT LIFT

17 St Helen’s Place5th Floor Plan

WCWC

OFFICE

EXISTING FIFTH FLOOR2,228 sq ft207 sq m

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EXISTING FOURTH FLOOR3,266 sq ft303.4 sq m


PROPOSED FOURTH FLOOR3,444 sq ft319.95 sq m

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WC WCWC WC

LIFT LIFT

WC WCWC WC

LIFT LIFT


Option 2OFFICE

LIFT LIFTWC SHOWER

KITCHEN

OFFICE OFFICE

LIFT LIFT

17 St Helen’s PlaceExisting 4th Floor Plan

WC SHOWER

KITCHEN

OFFICE OFFICE

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Fifth Offices 2,228 207.0

Fourth Offices 3,266 303.4

Third Offices 3,329 309.3

Second Offices 3,420 317.7

First Offices 3,285 305.2

Ground Offices 3,197 297.0

Ground Reception 267 24.79

Lower Ground Offices 3,315 308.0

Basement Storage 1,679 156.0

FLOOR USE AREA (SQ.FT.) AREA (SQ.M.)

WCLIFT LIFT

KITCHENWC WC

OFFICE OFFICE17 St Helen’s PlaceGround Floor Plan

WCLIFT LIFT

KITCHENWC WC

ENTRANCE

ST HELEN’S PLACE

OFFICE OFFICE

EXISTING GROUND FLOOR3,197 sq ft297 sq m


LIFT LIFT

WC WC WC WC

ENTRANCE

ST HELEN’S PLACE

OFFICEOFFICE

CONCIERGE

17 St Helen’s PlaceProposed Ground Floor Plan

Option 2

LIFT LIFT

WC WC WC WC

ENTRANCE

ST HELEN’S PLACE

OFFICEOFFICE

CONCIERGE

RECEPTON

PROPOSED GROUND FLOOR3,357 sq ft311.8 sq m

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17 St Helen’s PlaceGround Floor Plan

LIFT LIFT

KITCHEN

WCWC

ENTRANCE

ST HELEN’S PLACE

VAULTS

EXISTING BASEMENT FLOOR


PROPOSED BASEMENTBIKE RACKS AND SHOWERS

DIS WC &SHOWER

LOCKERS

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ProposalOffers are invited, subject to contract, for the long leasehold interest.

Further InformationFor further information or to arrange an inspection please contact the Vendor’s sole agent:-

Douglas Hall Tel: +44 (0)20 7100 [email protected]

Capital AllowancesNo capital allowances are available.

VATThe property is elected for VAT.

EPCThe property has an EPC rating of D96.

MISREPRESENTATION ACT 1967 AND DECLARATION

HK London (trading name of HK Property Services Ltd for themselves and for the vendors of this property who agents they are give notice that: a) the particulars are set out as general outline only for the guidance of intending purchaser’s and do not constitute, not constitute part of, or an offer or contract b) all descriptions, dimensions, references or condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchaser’s should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of them c) no person in employment of HK London (trading name of HK Property Services Ltd has any authority to make or give any representation or warranty whatever in relation to this property.

February 2019.

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Appendix – Headlease Summary

Landlord

The Leathersellers’ Company.

Demise

17 St Helen’s Place, London, EC3.

Term

An effective term expiring 24/03/2150.

Repair

The lease is granted on full repairing and insuring terms. The Tenant

covenants to keep the premises in good and substantial repair and

condition.

Decoration

The Tenant covenants to redecorate the exterior every four years

and the interior every six years, and in each instance, during the last

six months of the term.

Insurance

The Tenant insures in the joint names of the Landlord and the Tenant.

The policy is to cover the full reinstatement cost of the premises,

four years loss of rent and liabilities in respect of the property

owners and third party risk.

Use

High class offices (Class B1) or Medical and / or dental clinic

(Class D1).

Alterations / Development

External and internal structural alterations or addition to the

premises requires the Landlord’s consent (not to be unreasonably

withheld or delayed).

The Landlord has provided its consent to the development initiatives

set out in the feasibility study i.e. an additional floor of offices and a

re-configuration of the floor plate whereby the WC’s are located into

the rear lightwells.

Alienation

Assignment of part is prohibited.

Assignment of the whole and underletting(s) of the whole or part

require Landlords consent, not to be unreasonably withheld.

There are no restriction as to the number of underlettings.

Rent

The Landlord receives the greater of the Base Rent (currently

£75,000 per annum) and 10.00% of Rental Income derived from the

premises during a Rent Period. This additional sum is expressed as

‘The Supplementary Rent’.

A Rent Period is defined as one year commencing 25th March.

Rental Income is defined as the total income of whatsoever nature

received by the Tenant in respect of the Premises during a Rent

Period, including (but without limitation), the following:-

• AnyTenant’sRent;

• Anyinterestrecoveredpursuanttoanyprovisioncontainedinany

occupational lease;

• AnysumorsumsrecoveredbytheTenantpursuanttoany

insurance policy in respect of loss of income in the event of the

Premises being damaged or destroyed.

The ‘Supplementary Rent’ is reconciled quarterly in arrears.

The Base Rent is reviewed upwards only on 25/03/2024 and five

yearly thereafter to 7.50% of the Rental Value of premises.

Rental Value is defined as the yearly rack rent after expiry of

whatever rent free period would reasonably be agreed in the open

market at the relevant date, between a willing landlord and a willing

tenant, for fitting out purposes, or receipt by the willing tenant of a

capital sum in lieu thereof.

The premises are deemed to be let in whole or part, by way of a

lease or leases for such a term in accordance with the then market

practice.

No account is taken of improvements carried out by any under

tenant and which the Tenant is not entitled itself to take into account.

No account is taken of any goodwill attached to the premises.

Occupation by the Tenant

If at any time during the term the Tenant or any Group Company

occupies the premises (part or whole), the part occupied will be

treated as notionally underlet from the date upon which such

occupation begins. There will be an assessment of rental value and

that will be deemed to be payable quarterly for the purposes of

calculating Rental Income / the Supplementary Rent.

St Helen's Place Service Charge

The Headlease provides for a service charge contribution in respect

of St Helen's Place. This covers the repair, maintenance and renewal,

cleaning and lighting of the private road. It also covers the provision

of porters and insurance.

The current contribution is currently £16,151 per annum. The

Headlessee recovers this sum from the occupational tenants.

Further information is available upon request.

Service charge is payable on account quarterly and reconciled

annually.

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Documents

17 ST HELEN’S PLACE / LONDON EC3 · 2019-02-05 · 17 St Helen’s Place is an attractive period office building dating from 1912. The property currently provides 23,986 sq ft (2,228.35