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24-30 WS // i
24-30
WEST SMITHFIELD
LONDON EC1
P R I M E FA R R I N G D O N R E F U R B I S H M E N T /
REDE VELOPMENT OPPORTUNIT Y
02INVES T MENT/ DE VELOPMENT HIGHLIGHT S
0 4LOCATION
06LOCAL DEVELOPMENTS
08TR ANSPORT CONNECTIONS
10 D E S C R I P T I O N
12 A C C O M M O D A T I O N
14 T E N U R E
16 P L A N N I N G & D E V E L O P M E N T P O T E N T I A L
20M ARK E T COMMENTARY
26OTHER INFORM ATION
28PROPOSAL
28CONTACT
02 // 24-30 WS
INVESTMENT/
DEVELOPMENT
HIGHLIGHTS
RARE OPPORTUNITY FOR OWNER OCCUPIERS,
DEVELOPERS AND INVESTORS.
Freehold
Prime location on the boundary of the Midtown & City
markets
Farringdon Station and the future Crossrail station 350m
to the north-west
Existing building providing 6,819 sq m (73,403 sq ft)
of offices arranged over basement, lower ground, ground
and 6 upper floors on a 0.17 hectare (0.42 acre) site
Offered with full vacant possession
A resolution to grant planning consent has been issued,
subject to a Section 106 agreement, for conversion of the
property to provide 61 private residential apartments and
13 affordable housing units, delivering the following net
saleable areas plus ancillary commercial floor space:
61 private units – 4,514 sq m (48,592 sq ft)
13 affordable units – 928 sq m (9,993 sq ft)
Total – 74 units – 5,442 sq m (58,585 sq ft)
A genuine mixed-use location which will provide the best
connectivity in London from 2018
Substantial rental growth potential; Crossrail locations
set to outperform the wider market
Opportunity to deliver a high quality headquarters
building, or an exceptional luxury residential scheme,
into an area which is set to be transformed
Unconditional offers are sought
04 // 24-30 WS
24-30 WS // 05
LOCATION
SITUATED IN A UNIQUE MICRO PITCH WITHIN
FARRINGDON, ON THE BOUNDARY OF THE
MIDTOWN & CITY MARKETS.
Farringdon
Eastern Ticket Hall
(Crossrail 2018)
Smithfield
Market
The
Barbican
24-30
WEST SMITHFIELD
LONDON EC1
Bank of
England
Tower of
London
Tower
Bridge
St Paul’s
Cathedral
The property is located on the southern
side of Smithfield Market, just south of
Farringdon Station with a main entrance
onto West Smithfield. The Barbican,
Clerkenwell and Old Street are all within a
short walk.
Immediately to the south east of the site is
1 Giltspur Street which is owner occupied
by City & Guilds. To the west, adjoining is a
residential building at 10 Hosier Lane.
23
The Farringdon area is now one of the most
diverse and thriving districts in Central
London, attracting an ever growing list of
office occupiers, fashionable residential
schemes, restaurants and culture.
The volume and calibre of proposed
developments within the immediate vicinity
will further enhance the area.
22
The property is bound by Hosier Lane to
the north, West Smithfield to the east, Cock
Lane to the south and 10 Hosier Lane, a
residential block, to the west.
21
19
18
24
1
20
This location has become ever more
popular with TMT companies, which now
form an important element of the City.
Whilst the Tech City area on the eastern city
fringe is a hub for emerging start-up firms,
the western side of the City / Midtown has
become the choice location for larger and
established players in technology, media
and telecoms. Amazon, Skype, Hachette
and Publicis are all new additions to the
area, joining already established firms like
British Telecom, LinkedIn, Samsung and
Mediacom.
This range of occupiers combined with an
eclectic blend of retail, housing and culture
has made the location desirable to a full
range of tenants and 24-30 West Smithfield
is perfectly positioned to benefit from the
infrastructure changes that will further
enhance this area’s credentials as one
of the most desirable markets in Central
London.
Other significant nearby occupiers include
Unilever, Goldman Sachs, Merrill Lynch,
Lovells and Sainsbury’s.
17
16
15
14
13
7
6
2
Local Occupiers
9
3
8
10
4
9Dentons
18 Goldman Sachs
10 Baker Tilly
19Civen
Brewin Dolphin
11HTC
20 Sarasin & Partners
12 Charles Russell
Speechlys
21 London Stock
Exchange
5Lovells
13 Ropes & Gray
22CBRE
6
Samsung Electronics
14Mizuho
23 British Telecom
7
Withers Worldwide
15 World Gold Council
8
Quinn Emmanuel
Urquhart & Sullivan
16 Central Criminal Court
24 Bank of America
Merrill Lynch
2
12
5
St Bartholomew’s
Hospital
1
11
3 Travers Smith
4Amazon
17Axa
06 // 24-30 WS
24-30 WS // 07
LOCAL
DEVELOPMENTS
THE SURROUNDING AREA IS SEEING A LARGE AMOUNT OF RE-DEVELOPMENT
WHICH IS TRANSFORMING THIS LOCATION. EXAMPLES OF NEARBY
COMPLETED AND PLANNED DEVELOPMENTS INCLUDE:
5
VIA
DU
CT
T
EE
9
CITY
THAMESLINK
NEW
GAT
11
NE
Y
WA
GS
KIN
REET
DON ST
G
FARRIN
72 residential units
Redrow
Planning pending
RN
R
ST
FETTERLA
LBO
7
NEW
STREET
SQUARE
14. St Bartholomew House
17 residential units
United House & Soho Housing Association
Under Construction
LONDON
COCK LA
NE
HO
EW
E
AN
L
RY
NEW
R
ND
FETTER LANE
.A
ST
2
13. Fann Street
150,000 sq ft (offices)
TIAA Henderson
Planning Pending
844,000 sq ft
Goldman Sachs
Under Construction
L
LINCOLN’S
INN FIELDS
6. Smithfield Quarter
7. Goldman Sachs HQ
CE
200,000 sq ft
Blackstone
Pre-planning
AN
HOLBORN
100,000 sq ft + 246 key hotel
Citizen M / CHIL
Planning Granted
12. 20 Old Bailey
HIL
HOSIER LANE
ET
6
OW
3
STRE
N
14
FIELD
SMITH
HOLBOR
T
MI
TS
S
WE
SN
CH
5. 61-65 Holborn Viaduct
LD
IE
HF
WEST
CHANCERY
LANE
R
IT
E
AN
GL
N
LO
T
KE
MA
LD
IE
HF
6
REET
GATE ST
AD
75,000 sq ft
N
OLBOR
HIGH H
HB Reavis
Permission granted
T
AR
SM
N
210,000 sq ft
Crossrail / Cardinal Lysander
Planning Pending
H
ER
CH
ARDE
11. 20 Farringdon Street
T
EE
S
SE
OU
1
ON G
D
4. Farringdon Station
4
TR
HATT
120,000 sq ft
Crossrail
Planning Granted
ROA
475,000 sq ft (224 residential units)
Helical Bar / Baupost Securities
Under Construction
INN
10. Farringdon Station East
10
YS
GRA
3. Barts Square
BARBICAN
SPUR
260,000 sq ft
GRAY’S INN
Land Securities
GARDENS
Under Construction
GILT
210,000 sq ft
AXA / Favermead
Completed
FARRINGDON
STATION
LD STRE
ET
9. 1 New Street Square
SMITHFIE
2. Sixty London
13
ALDERS
378,000 sq ft
Land Securities
Completion 2015
N RO
180,000 sq ft
TIAA Henderson
Planning Pending
NGDO
8. New Ludgate
I
FARR
1. Charterhouse Place
24-30
WEST SMITHFIELD
LONDON EC1
12
ES
TRE
ET
ST PAUL’S
8
FLEET STREET
LUDGA
TE HIL
L
D
TRAN
CITY
THAMESLINK
S
Not to scale - for identification purposes only
S
ST PAUL’AL
R
CATHED
08 // 24-30 WS
24-30 WS // 09
TRANSPORT
CONNECTIONS
WEST SMITHFIELD BENEFITS FROM EXCELLENT
LINKS TO THE AMENITIES AND TRANSPORT
FACILITIES IN THE NEARBY AREA.
24-30
WEST SMITHFIELD
LONDON EC1
The Thameslink Programme
LD STRE
ET
GILT
SPUR
STRE
ET
SMITHFIE
NE
FETTERLA
REET
R ST
GILTS
PU
FETTER LANE
LD STR
EET
SMITHFIE
NE
FETTERLA
NEW
FETTER LANE
DU
CT
NEW
GAT
TREET
GDON S
Y
WA
PADDINGTON
VIA
CITY
THAMESLINK
GS
EALING
BROADWAY
HANWELL
FIELD
RN
Not to scale - for identification purposes only
KIN
HAYES &
HARLINGTON
HOSIER LANE
FARRIN
REET
GDON ST
’S
ST PAUL L
RA
CATHED
E HILL
LD
FIE
ITH
M
TS
SMITH
LBO
TOTTENHAM
COURT ROAD
NE
LA
WEST
HO
NEW
STREET
SQUARE
CITY
THAMESLINK
MA
LD
COCK LA
NE
ST PAUL’S
LUDGAT
HIL
L
ET
RE
ST
ET
OW
W
LINCOLN’S
INN FIELDS
SN
RE
TRE
LO
S
ND
ES
NG
T
E
RK
WE
.A
ST
GAT
SM
N
FARRIN
NEW
E
350m to the south-east,
providing access to the
Central line
T
FIE
ITH
ARDE
St Paul’s
CITY
THAMESLINK
150m to the south-west,
providing access to First Capital
FLEET STREET
Connect mainline
services
ND
STRA
ON G
CT
AN
DU
L
RY
T
EE
R
ST
City Thameslink
HOLBORN
CE
W
NEW
STREET
SQUARE
VIA
AN
RE
RN
Situated at the intersection of a new east-west and north-south
axis, it will be possible to connect directly with three of London’s
five airports (with single interchange to the other two), providing
a highly desirable railway connection between Heathrow and
Gatwick. The eastern ticket hall, situated on Long Lane, is only
250m from 24-30 West Smithfield, whilst the western ticket hall,
situated on Cowcross Street, is 350m away.
CH
ND
LBO
HATT
LONDON WALL
COCK LAN
E
HO
D
L
.A
ST
STRATFORD
ES
TRE
ET
FOREST GATE
ST PAU
LIVERPOOL
STREET
MARYLAND
MANOR PARK
FLEET STREET
LUDGA
TE HIL
S
ST PAUL’A
R
CATHED
L
D
TRAN
S
MANSION HOUSE
SOUTHALL
WEST EALING
ACTON
MAIN LINE
BOND STREET
VICTORIA EMBANKMENT
RIVER THAM ES
Not to scale - for identification purposes only
BLACKFRIARS BRIDGE
PLE
Blackfriars
CITY
THAMESLINK
CUSTOM
HOUSE
ABBEY WOOD
FARRINGDON
QUEEN VICTOR
IA STREET
BLACKFRIARS
WHITECHAPEL
HEATHROW
AIRPORT
CANARY
WHARF
600m to the south, providing access to
the District and Circle lines and First
Capital Connect mainline services
WOOLWICH
QUEEN VICTORIA
STREET
BLACKFRIARS
TEMPLE
VICTORIA EMBANKMENT
GE
E
AN
L
RY
CE
AN
CH
700m to the west, providing
access to the Central line
HIL
ROA
OW
HOSIER LANE
IELD
SN
SMITHF
N
W
HOLBORN
Chancery Lane
LD
FIE
ITH
SM
CH
BARB
IL
RA
SS
O
CR
EE
TR
ES
S
OU
H
R
TE
AR
The location will be transformed with the new Crossrail station
at Farringdon which is scheduled for completion in 2018. When
complete, it is planned that over 140 trains per hour will flow
through the interchange. Farringdon will be the only station from
BORNwhich passengers can access Thameslink, Crossrail and London
L
O
H
CHANCERY
HIGH
HOLBOR
N
LANE
Underground services.
250m to the north-east,
Crossrail - Eastern ticket
hall (2018)
WEST
T
ES
INN
ITH
Farringdon
FARRINGDON
WESTERN TICKET HALL
(CROSSRAIL 2018)
YS
GRA
L
FIE
NE
LA
L
K
AR
DM
SM
ARDE
D
ON G
ROA
TE
AR
CH
G
ON
ET
BARBICAN
CENTRE
EET
ATE STR
ALDERSG
ROAD
HATT
INN
CHANCERY
LANE
E
TR
ES
US
O
RH
ET
Crossrail
NEW
BARBICAN
ROAD
FARRINGDON
STATION
GDON
IN
FARR
YS
GRA
350m to the north-west,
providing access to the Circle,
Metropolitan and Hammersmith
& City Underground lines and
First Capital Connect mainline
services plus Crossrail (2018)
400m to the north-east,
providing access to the
Circle, Metropolitan and
Hammersmith & City
Underground lines
FARRINGDON
EASTERN TICKET HALL
(CROSSRAIL 2018)
GDON
Farringdon
FARRINGDON
STATION
IN
FARR
The location is also set to benefit from this government funded
upgrade programme to increase the frequency and capacity of
GRAY’S INN
GARDENS
trains on the Thameslink route and the upgrade of related stations
including; City Thameslink, Farringdon, Blackfriars and London
Bridge. The upgrade is due to complete in 2018. A new ticket hall
for City Thameslink opened at Farringdon in December 2011.
Barbican
10 // 24-30 WS
DESCRIPTION
ATTRACTIVE FREEHOLD SELF-CONTAINED
OFFICE BUILDING.
The property is bounded to the north by Hosier Lane,
to the south by Cock Lane, to the west by 10-14 Hosier
Lane and to the east by 1 Giltspur Street and West
Smithfield itself.
Constructed in the 1970’s, the building is set around
a central courtyard and extends to seven storeys on
the Hosier Lane / West Smithfield frontage and four
storeys on the Cock Lane frontage. There are two levels
of basement storage below the Hosier Lane / West
Smithfield element of the building.
The property extends to a total gross internal area of
8,832.69 sq m (95,075 sq ft), generating a net internal
area of 6,819 sq m (73,403 sq ft).
The office accommodation benefits from the following
specification:Slab to slab heights of 2.8m to 3.65m
Mixture of metal tile & mineral fibre suspended
ceiling
Part perimeter mounted comfort cooling cassette
units / part integral comfort cooling
4 x lifts (passenger & goods)
12 // 24-30 WS
24-30 WS // 13
ACCOMMODATION
Existing ground floor
WC
LIFT
WC
RECEPTION
WC
WC
WC
WC
LIFT
LIFT
LIFT
LIFT
LIFT
OFFICE
ATRIUM
BYCYCLES
The existing building provides the following approximate floor areas:Floor
Use
Seventh
Gross Internal Area
Net Internal Area
Slab to Slab
SQ M
SQ FT
SQ M
SQ FT
Metres
Plant
179.14
1,928
0
0
3.65
Sixth
Offices / Staff
Accommodation
663.32
7,140
476.51
5,129
2.80
Fifth
Offices
686.33
7,388
506.47
5,452
2.82
Fourth
Offices
1,128.42
12,146
915.33
9,853
2.80
Third
Offices
1,258.06
13,542
1,051.30
11,316
2.81
Second
Offices
1,257.84
13,539
1,051.24
11,315
2.81
LIFT
Existing 1st–3rd floor
LIFT
First
Offices
1,258.11
13,542
1,050.30
11,305
2.81
Ground
Offices / Reception
1,112.17
11,971
899.66
9,684
2.81
Lower Ground
Storage
602.09
6,481
479.11
5,157
2.88
Basement
Storage
687.21
7,397
389.47
4,192
3.03
8,832.69
95,075
6,819.39
73,403
TOTAL
OFFICE
ATRIUM
LIFT
FLAT ROOF
Net Internal Area
Not to scale - for identification purposes only
14 // 24-30 WS
24-30 WS // 15
TENURE
Farringdon
Western Ticket Hall
(Crossrail 2018)
Freehold (Title number NGL257301).
The building is bounded by West Smithfield, Hosier Lane and Cock Lane. The approximate extent of the freehold
ownership is shown outlined in yellow on the Ordnance Survey extract plan below.
The site area is approximately 0.17 hectares (0.42 acres).
Marke
14
The site will be subject to retained rights of access. Details are available in the dataroom.
8
5
1 to 3
15
t View
10
20
22
20
23
HFIE
LD ST
REET
21
w
36 to 65
et Vie
25 to 27
St
th Bar
t
e
Le hol
ss om
Ch ew
ur
ch
18
12
Mark
Posts
LD
ITHFIE
T SM
WES
Haberdashers
Hall
SMIT
HOSIER LANE
10
1
24 to 30
1a
14
35
37
32
6
5
12
Polic
e Sta
tion
6
Red Lion Buildings
4
7
PH
1
65
Sno
wH
ill Co
8
urt
10
9
1
St S
epu
lchr
e
NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office.
© Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification
only and although believed to be correct accuracy is not guaranteed.
GILT
SPUR
STRE
ET
10
COCK LANE
Queen Mary University of London
West Smithfield Campus
Smithfield
Market
24-30
WEST SMITHFIELD
LONDON EC1
Farringdon
Eastern Ticket Hall
(Crossrail 2018)
16 // 24-30 WS
24-30 WS // 17
PLANNING & DEVELOPMENT
POTENTIAL
THE LOCAL PLANNING AUTHORITY IS THE CITY CORPORATION.
THE PROPERTY IS NOT LISTED BUT SITS WITH THE SMITHFIELD
CONSERVATION AREA, THE ST PAUL’S HEIGHTS POLICY AREA AND
THE LONDON VIEW MANAGEMENT AREA.
RESIDENTIAL
OFFICE
Consented scheme
The property offers the opportunity for either a substantial
office refurbishment of the existing building or a comprehensive
redevelopment subject to receiving the necessary consents
(planning where applicable).
A resolution to grant planning consent (Ref: 14/00191/FULMAJ)
has been issued, subject to a Section 106 agreement, for the
conversion of the entire building to provide 74 residential units.
The Tate Hindle scheme offers a total of 61 carefully designed
private apartments which will be accessed through a new main
reception area fronting West Smithfield. These apartments range in
size from 50 sq m (539 sq ft) to 107 sq m (1,150 sq ft) delivering a
total private net saleable area of 4,514 sq m (48,592 sq ft).
A total of 13 affordable units will be provided in the southern
section of the building, accessed via an independent entrance
from Cock Lane. The affordable will deliver a mix of social rented
and intermediate accommodation with a total net area of 928 sq m
(9,993 sq ft).
The existing lower ground floor and basement levels below the
Hosier Lane element of the property are suited to a number of
complimentary uses.
Section 106 Agreement
The planning permission has been granted subject to a Section
106 Agreement requiring a provision of 13 affordable housing units
on site. These units will be delivered to the City of London on a long
leasehold interest at nil cost.
The Agreement also requires the following:
Local Training and Skills and Job Brokerage Strategy
Local Procurement Strategy
Travel Plan
Monitoring Contribution of £1,000
The Agreement is available on the dataroom.
Further development potential
There may be potential to increase the massing of the existing
building either through wholesale redevelopment or extension to
the existing structure.
Typical office floor
Scope to increase the lettable floor area and improve the current
gross to net ratio of 77% through space rationalisation.
Potential for additional space either within the existing envelope
through relocating plant, expanding the floorplates (4th – 6th) or
increasing the site coverage by extending the footprint.
Ground floor reconfiguration; improve the presence of the
existing entrance by creating a double height reception.
Opportunity to command premium rents by creating roof
terraces on several of the upper floors.
18 // 24-30 WS
24-30 WS // 19
RESIDENTIAL SCHEME AREA SCHEDULE
RESIDENTIAL SCHEME FLOOR PLANS
Private Residential
Proposed ground floor
Net Saleable Area Schedule
Unit Type
Ground Floor
Sq M
First Floor
Second Floor
Third Floor
Sq Ft
Sq M
Sq Ft
Sq M
Sq Ft
Sq M
Sq Ft
Fourth Floor
Fifth Floor
Sq M
Sq Ft
Sixth Floor
Sq M
Sq Ft
1 bed
57
612
60
647
60
647
60
647
55
589
55
589
1 bed
61
656
57
618
57
618
57
618
60
645
60
645
1 bed
61
660
58
624
1 bed
61
658
57
618
50
539
61
658
1 bed
Sq M
Sq Ft
50
539
2 bed
107
1,150
81
872
81
872
81
872
80
858
80
858
80
858
2 bed
78
839
79
846
79
846
79
846
79
846
79
846
79
846
2 bed
77
833
78
839
78
839
78
839
78
839
78
839
78
839
2 bed
92
989
77
833
77
833
77
833
77
833
77
833
77
833
2 bed
96
1,037
96
1,037
96
1,037
70
753
2 bed
82
887
82
887
70
753
80
865
71
762
97
1,045
2 bed
85
915
2 bed
71
762
2 bed
76
813
3 bed
3 bed
Total
533
5,738
4,514
48,592
611
6,578
611
6,578
941
10,131
818
8,805
Affordable Residential
Amenity Space
Net Saleable Area Schedule
Net Saleable Area Schedule
Unit Type
Ground Floor
Sq M
First Floor
Sq Ft
Sq M
Sq Ft
Ground Floor
Second Floor
Sq M
Sq Ft
1 bed
59
637
65
703
65
704
1 bed
78
839
50
539
50
539
2 bed
98
1,053
85
915
85
915
2 bed
71
762
71
762
2 bed
76
813
76
813
347
3,732
347
3,733
Visual Amenity
Space
Amenity Space
Total
486
5,233
4
43
95
1,022
4
43
5,442
8
86
Proposed 3rd floor
Fourth Floor
Fifth Floor
Sq Ft
Sq M
Sq Ft
Sq M
Sq Ft
15
166
97
1,047
419
4,512
9
101
108
1,158
14
147
10
8
437
1,425
Sq Ft
506
Sq M
132
Seventh Floor
Sq M
111
1,195
Seventh Floor
Sq M
Sq Ft
108
68
732
81
68
732
4,701
136
1,464
3 bed
Total
235
2,528
928
9,993
Unit Mix Schedule
Unit Type
Tenure
Private
Affordable
Total
1 bed
19
6
25
2 bed
40
7
47
3 bed
2
0
2
Total
61
13
74
Affordable units
Not to scale - for identification purposes only
20 // 24-30 WS
24-30 WS // 21
MARKET COMMENTARY
RESIDENTIAL
THE CENTRAL LONDON RESIDENTIAL MARKET HAS WITNESSED A NUMBER
OF YEARS OF STRONG SUSTAINED CAPITAL VALUE GROWTH DRIVEN BY
A LACK OF SUPPLY AND STRONG DEMAND FROM BOTH DOMESTIC AND
OVERSEAS BUYERS.
The City of London has increased significantly in popularity as a residential destination. This has been fuelled by the development of key
retail schemes such as One New Change and the surge in status of areas such as Shoreditch and Clerkenwell.
West Smithfield itself has developed as a residential area with schemes such as Barts Square which will deliver a mix of luxury residential
apartments, grade A offices and retail, adding to the existing residential offering. This, alongside the transport improvements that the new
Crossrail station at Farringdon, creates the opportunity for a further rise in residential capital values in the area.
RESIDENTIAL SCHEMES
1
3
4
2
5
6
1. Barts Square
4. Heron Plaza
Developer: Helical Bar Plc.
Developer: UOL
Mixed-use part new build / part conversion development
comprising 235 residential units, circa 230,000 sq ft of office
space across two buildings and 23,000 sq ft of retail/restaurant/
café use.
Mixed-use new build development for a building incorporating a 44
storey luxury hotel, 109 serviced residential units and retail space.
2. St Dunstan’s Court
Developer: Barratt London & CPC
5. Sugar Quay
Developer: Taylor Wimpey (Central London)
New build development of 165 luxury apartments with associated
facilities. Retail facilities will also be provided on site.
New build scheme comprising 76 private residential units over
7 storeys with private gardens.
6. 10 Trinity Square
3. The Heron Apartments
Developer: Heron Property Corporation
Demolition of buildings and redevelopment of site to provide 284
residential units, new educational and performance space for the
Guildhall School of Music & Drama and new retail floorspace.
Developer: Reignwood Group
Redevelopment behind the retained Grade II* listed façade of Ten
Trinity Square will provide 41 spacious apartments and a 121 room
Four Seasons Hotel. The scheme will include restaurants bars and
a spa.
CGI - Heron Plaza
22 // 24-30 WS
24-30 WS // 23
MARKET COMMENTARY
COMMERCIAL INVESTMENT
CENTRAL LONDON CONTINUES TO BE THE WORLD’S MOST
DESIRABLE AND LIQUID REAL ESTATE MARKET.
2014 was a second consecutive record year for investment volumes in the City with £12.6 billion traded across 184
transactions, an increase of 4% on the previous year. UK buyers accounted for only 20% of the investment turnover.
The acute shortage of refurbishment opportunities, continuing investor demand plus a strengthening occupational
market have caused vacant possession values to increase. Refurbishment opportunities such as 24-30 West
Smithfield adjacent to transport hubs continue to achieve premium pricing.
An increasing number of developers and investors are being attracted to the Smithfield and Farringdon areas.
EC1 received its largest ever level of investment volume with over £2.5 billion last year, accounting for almost
20% of the total City turnover.
Prime vacant possession value are now well in excess of £600 per sq ft.
Date
Address
Tenure
Size (sq ft)
Price
Cap Val
December 2014
69 Carter Lane, EC4
December 2014
Freehold
28,892
£17.50m
£606
0.25 years
Weston House, 246 High Holborn, WC1
Freehold
86,870
£60.50m
£696
1 year (office)
December 2014
Eagle House, Proctor Road, WC1
Freehold
30,553
£24.60m
£805
1 year (office)
December 2014
55 Moorgate, EC2
Freehold
66,505
£50.00m
£752
1.75 years
November 2014
Angel Square, N1
Freehold
132,479
£75.03m
£566
1 year
July 2014
Abacus House, Gutter Lane, EC2
Freehold
64,986
£46.50m
£716
1.25 years
April 2014
131 Finsbury Pavement, EC2
Freehold
78,282
£57.50m
£734
3 years
2014 total City investment turnover was £12.6bn,
which is also an all time record
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
LT Average Turnover
Income Length
City investment market is being dominated by Asian and UK
purchasers, who combined have accounted for over 50% of
all purchases this year
14,000
12,000
Asia 31%
£m
10,000
Europe 11%
8,000
Middle East 11%
6,000
UK 21%
4,000
North America 10%
2,000
Other 11%
Source: Savills Data
Confidential 3%
2014
2013
2011
2012
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
0
Source: Savills Data
131 Finsbury Pavement
£734 per sq ft
24 // 24-30 WS
24-30 WS // 25
The return to strong pre-letting activity has been one of the defining features of the occupational market in the past 24 months. The rise
in pre-completion and pre-commencement lettings reflects increased occupier confidence and also increasing scarcity of available space,
with supply now at it lowest point since 2008.
There is approximately 2.3m sq ft of refurbishments or developments scheduled to be delivered to the City market next year, of which
50% is already pre-let. Therefore, a supply squeeze is anticipated with only 1.15m sq ft of speculative space becoming available. The
current vacancy rate now sits at 7%. With supply expected to fall further, prime headline City rents are forecast to show high levels of
growth in the coming years.
Prime headline rents now stand at £61.50 per sq ft and are forecast to increase by 25% to £75.00 per sq ft between now and 2017.
Given the rarity of 24-30 West Smithfield’s micro location together with surrounding development continuing to enhance the area, there
is real potential that the property will experience significant medium term rental growth.
Area
Tenant
Rent
per sq ft
Term
(Certain)
Rent Free
Months
Date
Entire
Building
68,000
HewlettPackard
£69.50
on best
c. £55.00
overall
15 Years
(10 Years)
c. 28
Jan-15
6 Pancras Square,
King’s Cross, N1
Entire
Building
365,000
Google UK
c. £60.00
15 Years
(10 Years)
c. 18
Jan-15
1 New Change, EC4
Part 4th
19,633
Chicago
Mercantile
Exchange
£55.00
11 Years
(7.25 Years)
22
Dec-14
The Bower, Old Street,
EC1
4th and 5th
24,520
Farfetch.com
£50.00
12 Years
18
Dec-14
Paternoster House, 65 St
Pauls Churchyard, EC4
2nd
12,152
Katten Muchin
Rosenman
Cornish LLP
£57.50
10 Years
22
Dec-14
One New Ludgate,
Ludgate Hill, EC4
3rd and 4th
45,210
Ropes & Gray
£60.00
20 Years
30
Jul-14
Africa House,
64-78 Kingsway, WC2
Entire
Building
118,277
Mishcon de
Reya
£55.00 overall
15 Years
36
Jul-14
Address
Demise
1 Aldermanbury Square,
EC2
Average completions
Q1
8,000,000
7
7,000,000
6
6,000,000
Source: Savills Data
Q3
Q4
LT Avg
2014
2013
2012
2011
2010
2009
2008
2007
2006
2004
2019
2017
2015
2013
2011
2009
2007
2005
2003
2001
1999
1997
0
1995
1,000,000
0
1993
2,000,000
1
1991
3,000,000
2
1989
4,000,000
3
1987
Q2
5,000,000
4
2003
5
2002
sq ft
8
Source: Savills Data
Supply has contracted during 2014, as the dearth of new development stock has meant that it has failed to keep pace with take
up. Current supply stands at 6.4 million sq ft; 16.2% below the long term average. This undersupply is forecast to continue as the
development pipeline remains subdued.
Speculative
9,000,000
1985
m sq ft
BY THE END OF 2014 TAKE-UP IN THE CITY OF LONDON HAD
REACHED 8.2 MILLION SQ FT. THIS IS A RISE OF 17% ON THE
PREVIOUS YEAR AND 58% ABOVE THE LONG TERM AVERAGE.
Pre-let
9
2001
Complete
City take-up for 2014 was 8.2m sq ft, which is the
largest amount of annual take-up in the City ever
2005
32% of the development pipeline is already pre-let
2000
MARKET COMMENTARY
COMMERCIAL OCCUPATIONAL
24-30 WS // 27
Typical office floor
OTHER INFORMATION
Capital Allowances
Capital allowances may be available by separate negotiation.
VAT
It is the vendor’s intention to elect the property for VAT.
Rates
The property has the following rateable value; £1,780,000.
EPC
The property has an energy rating of F.
Dataroom
A data room containing additional detail is available at:
www.westsmithfield.com
28 // 24-30 WS
PROPOSAL
UNCONDITIONAL OFFERS ARE INVITED
FOR THE FREEHOLD INTEREST.
CONTACT
For further information or to arrange an inspection please contact:
Savills - Residential Development
Daniel Watney
Darren Arnold
+44 (0) 20 7409 9926
+44 (0) 7967 555 521
[email protected]
John Harding
+44 (0) 20 3077 3450
+44 (0) 7775 806 341
[email protected]
Harry de Lotbiniere
+44 (0) 20 7016 3852
+44 (0) 7870 999 107
[email protected]
Richard Garner
+44 (0) 20 3077 3455
+44 (0) 7870 999 622
[email protected]
Savills - Commercial Investment
Henry Claridge
+44 (0) 20 3077 3457
+44 (0) 7952 896 673
[email protected]
Robert Buchele
+44 (0) 20 7409 8007
+44 (0) 7834 631 292
[email protected]
Daniel Gaunt
+44 (0) 20 7409 8857
+44 (0) 7968 350 861
[email protected]
On the instructions of City & Guilds
Important Notice
Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property either here or
elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any
statement that may be made in these particulars. These particulars do not form part of any offer or contract and must
not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and
are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building
regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy
themselves by inspection or otherwise.
Designed and Produced by Savills Commercial Marketing: 020 7499 8644 | March 2015