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W O O D B R I D G E S T R E E T
E C 1
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P R I M E C L E R K E N W E L L F R E E H O L D I N V E S T M E N T
W O O D B R I D G E S T R E E T
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E X E C U T I V E
S U M M A RY
Prime Clerkenwell freehold interest
Situated in the heart of London’s Tech Belt, a short walk from Farringdon Station
Highly attractive Victorian warehouse conversion, with impressive floor to ceiling heights throughout
Comprises 3,145 ft2 (292.18 m2) of office accommodation arranged over lower ground,
ground, first and mezzanine levels
Single let to ETCH (UK) Limited at a total passing rent of £200,000 /A reflecting a reversionary
£63.59 /ft2
3.89 years to lease expiry and 1.89 years to break
Offers invited in excess of £3,750,000 (£1,192 /ft2), subject to contract and exclusive of VAT. This reflects
an attractive net initial yield of 5.01% assuming purchaser costs of 6.52%
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Clerkenwell has fast become one of London’s most sought after office locations. Synonymous with innovation, creativity and
technology, Clerkenwell is the hub of London’s world renowned Tech Belt and home to many of Europe’s most creative occupiers.
Clerkenwell benefits from vibrant retail, showroom and leisure provisions. St John Street and Clerkenwell
Road are well known for their interior design and furniture showrooms attracting customers from around the world.
Local trend setting restaurants include Grainger & Co, Modern Pantry & St John. Exmouth Market offers an assortment of local gourmet restaurants, cocktail bars and pubs.
C L E R K E N W E L L
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W O O D B R I D G E S T R E E T
SMITHFIELD MARKET
CLERKENWELL GREEN
EXMOUTH MARKET
LEATHER L ANE MARKET
THE CIT Y
FARRINGD ON
FARRINGD ON CHARTERHOUSE STREET CROSSRAIL ENTRANCE
FARRINGD ON COWCROSS STREET
CROSSRAIL ENTRANCE
OLD STREET
BARBICAN
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L O C AT I O N
The property occupies a prominent position on the western side of Woodbridge Street in the heart of Clerkenwell.
Running in a north to south direction connecting Sekforde Street and Aylesbury Street, Woodbridge Street is a highly desirable location moments from trendy Clerkenwell Green and in proximity to Exmouth Market, Smithfield Market and Farringdon Station.
C O N N E C T I V I T Y
7-9 Woodbridge Street benefits from being 640 metres to the north east of Farringdon Station, one of London’s best connected rail stations. Farringdon Station provides excellent connectivity to Greater London and the wider UK. It is served by the London Underground - Circle, Hammersmith & City and Metropolitan lines, as well as National Rail, City Thameslink and Elizabeth Line (2020).
In addition to Farringdon Station, 7-9 Woodbridge Street is nearby a number of other transport hubs.
From 2020, upon the arrival of The Elizabeth Line, Farringdon Station will become the only interchange for the Elizabeth Line, the Underground, National Rail and the City Thameslink. Farringdon Station is forecast to become the UK’s busiest station with 140 trains per hour passing through at peak times. Direct connections will be provided to the City, West End, Canary Wharf, the home counties and three of London’s major airports.
Key stats:
• Europe’s largest infrastructure project
• Increases London’s rail capacity by 10%
• 24 trains per hour
• Creation of 64,000 jobs in Farringdon, the City of London and the Docklands
T H E E L I Z A B E T H L I N E ( C R O S S R A I L )
Elizabeth Line Travel Times (minutes) from Farringdon:
31
Heathrow
8
Canary Wharf
4
Bond Street
2
Tottenham Court Road
8
Paddington
2
Liverpool Street
FARRINGDON
10
Stratford
ANGELNorthern Line
12 mins
OLD STREETNorthern Line, National Rail
17 mins
FARRINGD ONElizabeth Line, National
Rail, Circle, Hammersmith & City & Metropolitan Lines
8 mins
KING’S CROSSEurostar, National Rail, Circle, Hammersmith & City, Metropolitan, Northern, Piccadilly
& Victoria Lines
23 mins
BARBICANCircle,
Hammersmith & City & Metropolitan Lines
11 mins
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Local Occupiers 1) Alexander Macqueen2) Deloitte Digital 3) Unilever4) Zaha Hadid Architects5) Ennismore 6) Grimshaw Architects7) Publicis Groupe8) Airbnb9) Allford Hall Monaghan
Morris10) Fred Perry11) Solus 12) LinkedIn (Microsoft)13) Adidas14) Photobox15) IDEO16) TMLewin & Sons17) Splash Worldwide18) Macmillan Publishers19) AKQA (WPP)20) Save The Children 21) LiveNation (Ticketmaster)22) Tesco Digital 23) Clerkenwell Workshops24) GoCardless25) Yelp26) Hill+Knowlton Strategies27) Sister Pictures28) Territory Studio29) My Builder 30) Soho Music
Amenities1) Exmouth Market2) Exmouth Grind3) Clerkenwell Green4) Dans Le Noir 5) The Eagle6) Leather Lane Market7) Granger & Co 8) The Modern Pantry9) Luca10) Hix11) Smithfield Market12) The Slaughtered Lamb13) Moro14) Caravan Coffee15) Morito16) Quality Chop House17) Anglo
Hotels1) Citadines2) Malmaison3) The Rookery4) The Zetter Townhouse5) Yotel6) The Bryson7) The Roseberry
RIVER THAMES
ALD
WYC
H
SomersetHouse
GRAY’S INNGARDENS
BloomsburySquare
ALDWYCH
STRAND
MiddleTemple
Inner TempleGarden
Inner Temple
SQU
AR
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HOLBORN
STRAND
The Green
Man
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se
POULTRY
CHEAPSIDE
DO
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STREET
GR
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OA
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MILLM
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STRE
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CLERKENWELL ROAD
CLERKENWELL ROAD
OLD STREET
CLERKENWELL ROAD
FARRINGDON ROAD
CLERKENWELL CLO
SE
TURN
MILL STREET
COWCROSS STREET
WOODBRIDGE STREET
WO
ODBRIDGE STREETS
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FO
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TR
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AYLESBURY STREET
CLERKENW
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REENFARRINGDON LANE
BOWLIN
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EXMOUTH MARKET
TYSOE STREET
MYDDLETONSTREET
SKINNER STREET
FARRINGDON ROAD
AM
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FA
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DO
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TR
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SARDINIA STREETGREAT
QUEEN S
TREET
DRURY LANELUDGATE HILL
FLEET STREET
CANNON STREET
CANNON STREET
UPPER THAMES STREET
LOWER THAMES STREET
KIN
G W
ILLIAM
STREET
PRIN
CES STR
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BISH
OPS
GA
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OLD
BR
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TREE
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FENCHURCH STREET
THREADNEEDLE STREET
PLA
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STREET
GR
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QUEEN VICTORIA STREET
QU
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QU
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QUEEN VICTORIA STREET
AR
UN
DE
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TEMPLE PLACE
VICTORIA EMBANKMENT BLACKFRIARS UNDERPASSUPPER THAMES STREET
OLD
B
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LONDON WALL
LONDON WALL
GUILFORD STREET
ST. JOH
N STREET
ST. JOH
N STR
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CH
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SQUARE
ST
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TR
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ST
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W B
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GE
ST
. MA
RT
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GR
AN
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FE
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L
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FLEET STREET
ST PAUL’S CHURCHYARD
GO
SWE
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GO
SWE
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AD
GO
SWE
LL RO
AD
SPENCER STREET
RO
AD
Stock Exchange
HOLBORN VIADUCT
HA
TT
ON
GA
RD
EN
SMITHFIELD MARKET
New StreetSquare
Covent Garden
Royal OperaHouse
St Paul’s CathedralOne New Change
Guildhall
Bank of England
BloombergPlace
Royal Exchange
Tower 42
BroadgateBarbican
30 St Mary Axe
Heron Tower
MO
OR
GA
TE
MO
OR
GA
TE
FIN
SB
UR
Y P
AV
EM
EN
TF
INS
BU
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SQ
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CIT
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OA
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WORSHIP STREET
SQUARE
FINSBURY
SUN STREET
WIL
SO
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TR
EE
T
APPO
LDST
REET PRIMROSE STREET
SHO
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DIT
CH
HIG
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TRE
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CU
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RO
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CLI
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ON
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BISH
OPS
GA
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NO
RT
ON
FO
LGA
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FINSBURY CIRCUS
ALDGATE
TOWER HILL
ALDGATE HIGH STREET
WHITECHAPEL
HIGH STREET
WHITECHAPEL ROAD
CO
MM
ERC
IAL STR
EET
COMMERCIAL ROAD
LEMA
N STR
EET
MA
NS
ELL S
TR
EE
T
MIN
OR
IES
MIDDLESEX STREET
HOUNDSDITCH
MOUNT PLEASANTMAIL CENTRE
BLACKFRIARS
HOLBORN
TEMPLE
CITY THAMESLINK
FENCHURCHSTREET
ST PAUL’S
MONUMENT
ALDGATE
ALDGATEEAST
MOORGATE
CITYTHAMESLINK
MANSION
CANNONSTREET
HOUSE
CHANCERY LANE
COVENTGARDEN
FARRINGDONBARBICAN
LONDON BRIDGE
BANK
TOWER HILL
TOWERGATEWAY
LIVERPOOLSTREET
WATERLOOWATERLOO EAST SOUTHWARK
W O O D B R I D G E S T R E E T
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2430
817
1263
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2923
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L O C A L
O C C U P I E R S
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D E S C R I P T I O N7-9 Woodbridge Street is a highly attractive former
Victorian warehouse style office building. The building was comprehensively refurbished in 2009 to provide 3,163 ft2 (293.85 m2) of stylish office accommodation arranged
over the lower ground, ground, first and mezzanine levels.
The property benefits from impressive floor to ceiling heights, as well as a courtyard on the ground floor.
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AC C O M M O DAT I O N
The property has been measured by Sterling Temple surveyors in accordance with the RICS Code of Measuring Practice 6th Edition.
Floor Use ft2 m2
Mezzanine Office 526 48.87
First Floor Office 904 83.98
Ground Office 865 80.36
Lower Ground Office 850 78.97
Total 3,145 292.18
F L O O R P L A N S
Not to scale. Indicative only.
L O W E R G R O U N D F L O O R
F I R S T F L O O R
WO
OD
BR
IDG
E S
TR
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T
WO
OD
BR
IDG
E S
TR
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WO
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BR
IDG
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TR
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WO
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IDG
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U P P E R G R O U N D F L O O R
M E Z Z A N I N E F L O O R
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T E N U R E
T E N A N C Y
7-9 Woodbridge Street is held Freehold.
Title number NGL879072.
7-9 Woodbridge Street is single let to ETCH (UK) Limited on a 5 year lease expiring 6th August 2023. The tenant benefits from a break option on 7th August 2021.
The passing rent is £200,000 /A reflecting a reversionary £63.59 /ft2.
ETCH (UK) Limited is an integrated problem solving platform combining solutions for marketing, media and big data issues helping to increase businesses efficiency, cutting costs and solving structural problems within companies.
ETCH have offices in London, Southampton and Cape Town. The London branch operates under the name Big Radical. Big Radical’s clients include the BBC, British Airways and the AA.
ETCH (UK) Limited has a D&B Credit Rating of 1A1 Minimum Risk.
71 to 7814
61
63
10
34
44 to 46
33
9
60
3
17
7
Woodbridge
18
58
18
Chapel
64 to 70
54 to
57
4338
SEKF
OR
DE
STR
EET
WOODBRIDGE STREET
HAYWARD'S PLACE
C O V E N A N T
Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved
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M A R K E T C O M M E N T A R Y
F U RT H E R I N F O R M A T I O N
I N V E S T M E N T M A R K E T
V A T E N V I R O N M E N T A L C R E D E N T I A L S
P L A N N I N G
O C C U P A T I O N A L M A R K E T
The property has been elected for VAT and it is
anticipated that the transaction will be treated as a Transfer of a Going Concern.
Energy Performance Rating of C-62
Local Authority - London Borough of Islington.
The building is not listed.
The property is located in the Clerkenwell Green
conservation area.
Property Date Tenure Size (ft2)
Purchase Price
NIY Cap Val /ft2
52-54 St John Street, EC1 Q1 2019 Freehold 12,340 £14,250,000 4.65% £1,154
2-3 Cowcross Street, EC1 Q4 2018 Freehold 3,184 £3,817,500 3.53% £1,119
67-69 Cowcross Street, EC1 Q3 2018 Freehold 9,481 £14,050,000 2.36% £1,482
80 Clerkenwell Road, EC1 Q3 2018 Freehold 12,391 £18,500,000 4.62% £1,493
52-54 Clerkenwell Road, EC1 Q3 2018 Freehold 8,955 £11,400,000 4.66% £1,273
35 Great Sutton Street, EC1 Q1 2018 Freehold 9,524 £11,000,000 4.00% £1,155
Property Date Floor Tenant Size (ft2)
Term Rent /ft2
154 Clerkenwell Road, EC1 Q3 2019 1st Uncommon Creative Studio 3,091 5 years £71.00
Drapers House, 76-78 Clerkenwell Road, EC1 Q3 2019 4th WeWork 2,360 15 years £71.00
109-111 Farringdon Road, EC1 Q1 2019 3rd David Roden Architects 1,008 3 years £70.00
17-18 Haywards Place, EC1 Q1 2019 1st 21st Club Limited 2,080 10 years £70.50
17-18 Haywards Place, EC1 Q4 2018 G Staverton 1,622 10 years £68.70
Parchment House, Northburgh Street, EC1 Q2 2018 2nd & 3rd ISO Health 4,461 5 years £70.00
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W O O D B R I D G E S T R E E T
To arrange a viewing please contact:
Michael [email protected]
DD +44 (0)20 7871 7421Mobile +44 (0)7880 795679
Kyle [email protected]
DD +44 (0)20 7487 1958Mobile +44 (0)7712 241851
Julian [email protected] +44 (0)20 7344 6647
Mobile +44 (0)7928 654929
Chris [email protected]
DD +44 (0)20 7336 1313Mobile +44 (0)7789 888971
James Taylorson [email protected]
DD +44 (0)20 7336 1313Mobile +44 (0)7500 771531
Jack Rose [email protected] +44 (0)20 7336 1313
Mobile +44 (0)7789 762042
C O N T A C T
P R O P O S A L
Offers invited in excess of £3,750,000 (£1,192 /ft2), subject to contract and exclusive of VAT.
This reflects a net initial yield of 5.01% (assuming purchaser costs of 6.52%).
MisrepColliers International and Anton Page give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International nor Anton Page has any authority to make any representation or warranty whatsoever in relation to this property. October 2019 www.cube-design.co.uk (Q4403)
