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1-2 Hardwick Street

For sale: £19,450,000.00|19,456 Sq Ft|Office, Offices

Property details

FOR SALE£19,450,000.00
SIZE19,456 Sq Ft
ADDRESS1-2 Hardwick Street, Clerkenwell, EC1R 4RB
TYPEOffice, Offices
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON19th November 2021

Description

Key Points

  • Freehold
  • Majority refurbished 2017-18 to provide 19,456 Ft² of high quality, warehouse-style offices
  • Multi-let at a passing rent of £1,220,225 /A reflecting £57.58 /Ft² overall
  • WAULT of 2.62 years to expiry (1.90 years to breaks)
  • Significant landlord control with over 75% of the income contracted outside the LTA 1954
  • Attractive NIY of 5.40% vs. prime Farringdon yields of 4.00%
  • OIEO £19,450,000 (£999 /Ft²)
  • Summary

    Freehold For Sale | Located within the heart of Clerkenwell | OIEO £19,450,000 (£999 /Ft²) | NIY 5.40%

    Description

    1-2 Hardwick Street is a striking former Victorian warehouse providing 19,456 Ft² of creative media style offices spread across LG, Ground-4th floors. The Ground & Lower Ground floors are a self-contained duplex with the benefit from their own front door directly on the corner of the building where Amwell Street meets Hardwick Street. The internal demise includes an interconnecting staircase linking both of the floors together. The main upper parts entrance is accessed from Hardwick Street, where there is an entrance lobby and passenger lift that serves all of the levels. The building also provides a service yard / vehicle access from Hardwick Street, together with cycle storage. The 4th floor boasts its very own private roof terrace, that enjoys some sensational views across Central London. The property is fully multi-let to three different tenants producing an income of £1,220,225 /A reflecting £57.58 /Ft² overall.

    Location

    1-2 Hardwick Street occupies a prominent corner position on the junction of Hardwick and Amwell Street. This desirable location is within 150 metres of the bustling Exmouth Market and a short walk from a number of Central London’s main transport hubs. One of Central London’s most vibrant and diverse sub-markets - home to prestigious corporate occupiers, fashionable residential schemes, boutique hotels and high-class restaurants Hardwick Street is situated in a diverse and exciting pocket of vibrant Clerkenwell and a short distance south of popular Angel and forward-thinking King’s Cross. Clerkenwell is one of Central London’s most fashionable office districts and is at the centre of the city’s rapidly expanding tech sector. The area is known for its diverse office stock including the much sought-after warehouse office accommodation loved by the growing creative, fashion and tech sectors. Some of the world’s brightest and most innovative businesses have chosen Clerkenwell for their headquarters. A diverse list of global businesses has moved within, or to the area in recent years, the most notable being LinkedIn (Microsoft), Alexander McQueen, LiveNation (Ticketmaster), Unilever and Fred Perry. The attraction of Clerkenwell is underpinned by excellent amenities with a diverse retail, leisure and restaurant offering. Exmouth Market has become one of London’s premier daily food markets providing office workers with an unparalleled choice of cuisines.

    Terms

    Seeking offers in excess of £19,450,000 (£999 /Ft²) reflecting a NIY of 5.40% (assuming purchaser costs of 6.67%)

    Specifications

    Refurbished reception area VRF air conditioning Fully accessible raised floors High floor to ceiling heights throughout Exposed brickwork & structural columns Newly refurbished WCs Secure cycle storage Shower and locker facilities Passenger lift Service yard off Hardwick Street Private 4th floor roof terrace

    Promo

    Prime Clerkenwell Freehold For Sale

    VAT

    1-2 Hardwick Street is elected for VAT and it is anticipated that the transaction with be treated as a Transfer of Going Concern (TOGC)

    Local Authority

    Located in the London Borough of Islington

    Conservation Area

    1-2 Hardwick Street is NOT Listed, but lies within the Rosebery Avenue Conservation Area

    Tenure

    Freehold

    Location

    marker
    Location: 1-2 Hardwick Street, Clerkenwell, EC1R 4RB

    Angel (0.3 miles)

    Farringdon (0.5 miles)

    Chancery Lane (0.7 miles)

    Farringdon (0.5 miles)

    Farringdon Rail (0.5 miles)

    Barbican (0.7 miles)

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