Home > Auctions > 24 November 2022 24 November 2022 - 9:00am > Lot 47

24 November 2022: Thursday 24 November 2022 - 9:00am
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    Key features

    • An impressive freehold seven storey mixed use corner building of approximately 13,614 sq ft completely re built behind the attractive existing façade
    • Prime Farringdon / Clerkenwell location in one of London's key commercial, residential and tourist areas
    • 14 Studio/1 Bedroom Serviced Apartments (Use Class C1) with current gross income in region of £630,000 per annum
    • Apartment bookings for November currently at £55,237
    • Apartments with vacant possession on completion
    • Three Office Units, two let at £169,000 per annum, one currently vacant
    • Retail unit let at £80,000 per annum
    • Very convenient sought after central London location by Farringdon Station
    • Excellent Elizabeth Line services to The City, Canary Wharf, West End and Heathrow Airport
    • Total Potential Rent in excess of £930,000 per annum

    Description

    An impressive seven storey mixed use corner building completely re built behind the attractive existing front façade in 2011.

    There is a front ground floor retail unit fronting Turnmill Street, trading as Plusfloor a luxury flooring showroom.

    Two entrance foyers approached from Broad Yard provide access to two independent lifts, one serving the three self contained office units on the basement, ground and first floor, the other serving the fourteen Studio/1 Bedroom Serviced Apartments on the second, third, fourth and fifth floors.

    The serviced apartments are Use Class C1 and are well presented and maintained.

    The apartments benefit from good natural light and include a separate studio/kitchen area with fully fitted bespoke kitchens comprising Corian worktops, inset sink and mixer tap, Bosch appliances, 2 ring hob, dishwasher, combination oven - microwave and fridge, a bedroom area with Marldon Joinery fitted beds, bedsides and wardrobes and luxury tiled en suite shower room/WC.

    The apartments have attractive hardwood cherry flooring.

    Additional features include air conditioned heating and cooling system, air ventilation system, recessed lighting, security entry phone, fire alarm and emergency lighting system, Voss lock system with bluetooth facility, carpeted communal areas with CCTV.

    The apartments basement accommodation includes a plant room, communal laundry room and bin store.

    The offices basement includes a communal shower room and separate DDA compliant w/c.

    Additional information

    Tenure

    Freehold


    Accommodation

    RETAIL

    Ground Floor - Retail Unit fronting Turnmill Street of approximately 745 sq ft, two w/c's


    Two Entrance Foyers off Broad Yard, one for the Offices, the other for the Serviced Apartments


    OFFICES

    Office B - Rear Ground and Lower Ground of approximately 1,594 sq ft, with w/c

    Office C - Front First Floor of approximately 926 sq ft, with w/c

    Office D - Rear First Floor of approximately 782 sq ft , with w/c

    Basement - Communal DDA compliant w/c, Separate Shower


    SERVICED APARTMENTS

    Second Floor Nos 1, 2, 3, & 4 - Four Studio/1 Bedroom Serviced Apartments with en suite Shower Room/WC

    Total Gross Internal Area approximately 1,635 sq ft


    Third Floor Nos 5, 6, 7 & 8 - Four Studio/1 Bedroom Serviced Apartments with en suite Shower Room/WC

    Total Gross Internal Area approximately 1,691 sq ft


    Fourth Floor Nos 9, 10, 11 & 12 - Four Studio/1 Bedroom Serviced Apartments with en suite Shower Room/WC

    Total Gross Internal Area approximately 1,692 sq ft


    Fifth Floor Nos 13 & 14 - Two Studio/1 Bedroom 'Penthouse' Serviced Apartments with en suite Shower Room/WC

    Total Gross Internal Area approximately 982 sq ft


    Apartments Total Gross Internal Area approximately 6,000 sq ft

    Tenancy

    SERVICED APARTMENTS

    The 14 serviced apartments are currently operated by the vendor Marldon and will have vacant possession on completion of sale.


    The current serviced apartment bookings for November provide for a gross income of £55,237 at an average room rate of £150.92 and occupancy of 87.14%. This should rise as the month progresses.


    OFFICE TENANCIES

    Retail Unit A - Let to Havwoods Limited on a FRI lease for a term of 10 years from 13th August 2018 at a rent of £80,000 per annum. Rent Review August 2023.


    Office B - Rear of Ground Floor & Lower Ground Floor - Let to Liquidline Limited on a FRI lease for a term of 5 years from 8th September 2022 at a rent of £89,000 per annum, with a fixed increase to £95,485 per annum on 5th May 2023. Rent deposit of £28,645


    Office C - Front of First Floor, became vacant on 14th October 2022


    Office D - Rear of First Floor - let to Dutypoint Limited on a FRI lease for a term of 4 years from 6th May 2019 at a rent of £59,250 per annum. Rental deposit of £30,000


    The office tenants covenant strength are all 'Low Risk' to 'Very Low Risk'

    .

    On Current Income, with the letting of the vacant front first floor front office C at £65,000 per annum, the Total Potential Rent could be in excess of £930,000 per annum


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        Local information

        Well situated in a very convient and popular sought after central London location at the junction of Turnmill Street and Broad Yard.

        The shopping amenities, cafes and restaurants of Clerkenwell and Farringdon are close by.

        The entertainment attractions, theatres and cinemas of the West End are all easily accessible.

        Oxford Street, the internationally renowned shopping destination, is conveniently nearby.

        The property is within close proximity of many universities, Great Ormond Street and St Bartholomew's Hospitals, museums and the International Eurostar link at St Pancras Station.

        The newly opened Elizabeth Line at Farringdon Station is very close by providing excellent train services to Heathrow Airport and Reading in the west through to The City, Canary Wharf, Shenfield and Abbey Wood in the east.

        The leisure areas of Saint John's Gardens, Charterhouse Square, St James's Church Gardens and Spa Fields are within easy reach.


        Transport

        Underground - Farringdon (Elizabeth Line), Barbican (Circle, Hammersmith & City, Metropolitan Lines), Chancery Lane (Central Line)

        National Rail - Farringdon


        Legal documents

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        EPC rating

        The EPC rating for this property is B

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