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Freehold Gated Mews Development Opportunity
16-33 Rheidol Mews, Islington, London N1 8NU
To be offered by Auction on Tuesday 15th May 2018 (unless sold prior)
Released to the Market for the First Time in 78 years
St Peter’s Street
Islington Green
Duncan Terrace Gardens
Islington High Street
Business Design Centre
Regent’s Canal
London Academy Islington
Rheidol Mews
ANGEL
ESSEX ROAD
10 mins
10 mins
16-33 Rheidol Mews, Islington, London N1 8NU
Investment Summary
• Freehold
• Located in affluent and fashionable London Borough of Islington
• 850m from Angel Underground Station (Northern Line)
• Existing buildings extending to 720.7 SqM (7,758 SqFt) comprising commercial premises over ground and part first floors
• Potential to refurbish and extend the buildings for a number of alternative uses, including residential, subject to all necessary consents
• Total Current Rents Reserved £57,291.32 pa plus vacant commercial space totaling 192.59 SqM (2,073 SqFt)
• We are instructed to quote offers in excess of £4 million for the freehold interest
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Rheidol M
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St P
eter's S
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St Peter's Street
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Ref 003/AN
Rheidol Mews, London
© UKMap Copyright The GeoInformation Group 2018
Licence No. LANDMLON100003121118. Plotted Scale - 1:1250
Location
The site is located within Rheidol Mews which is a privated gated mews accessed via an archway off Rheidol Terrace, close to its junction with St Peter’s Street and Chantry Street, in the London Borough of Islington. The mews is enclosed to the north and south by a run of terraced houses on Rheidol Terrace and Allingham Street, whilst the recently redeveloped Canalside Square lies to the east. The immediate surrounding area predominately comprises residential flats and houses; however the City of London Academy Islington is also located on the north side of Rheidol Terrace.
The nearby St John Street, Islington High Street, Camden Passage and Upper Street provide an extensive array of boutique and national retailers and restaurants, while Shepherdess Walk Park, Duncan Terrace Gardens and Arlington Square Gardens provide open green space.
Transport
Angel Underground Station (Northern Line) is located 850 m (0.5 miles) to the west providing direct access to the City and the West End. Essex Road Station is located 850m (0.5miles) to the north, providing access to Moorgate and the city. There are also a number of local bus services. The International Eurostar rail link at King’s Cross St Pancras and Euston mainline stations are all close by to the west. Angel Station sits on the ‘central core route’ of the proposed high-speed Crossrail 2, which would link Surrey to Hertfordshire, via Central London.
The area benefits from excellent road connections, with Islington High Street (A1) providing easy access to the M1 and M25 (Junction 21).
London City Airport is located approximately 7.5 miles to the south-east, Heathrow approximately 17.5 miles to the south-west and Gatwick Airport is approximately 30 miles to the south.
Rheidol Mews
Angel10 mins
2m
1m
2m
1m
1m
1m
1m
Camden
THE NORTHERN LINE
King’s Cross
Old Street
Euston
Moorgate
London Bridge
Bank
Description
Rheidol Mews comprises an irregular shaped gated mews set behind an archway off Rheidol Terrace, which provides vehicular and pedestrian access. The mews comprises a total of 21 buildings, with 16-33 Rheidol Mews located along the north, eastern and southern sides. The properties are of traditional London-stock brick construction with both flat and pitched roofs, which are set behind parapets. With the exception of three of the units, they are arranged over ground and first floor. The three units (Units 29/30/31) are arranged over ground floor only and are under a flat roof.
The units are currently being used as light industrial/workshops and offices and measure 720.70 sqm (7,758 sqft) (GIA). The road through the mews is set with traditional cobbles to provide uncharged private parking. The total site area is approximately 0.078 hectares (0.192 Acres).
Tenure
Freehold
The properties are highlighted in red for identification purposes only on the Location Plan and OS Map provided.
Existing Accommodation Schedule
Unit Floor SqM SqFt Rateable Value
16/18 Rheidol Mews First 55.08 593 £3,750
17 Rheidol Mews Ground 55.08 593 £4,000
19 Rheidol Mews Ground 35.96 387
£27,00020 Rheidol Mews First 40.14 432
21 Rheidol Mews First 50.37 542
22 Rheidol Mews Ground 50.56 544 £4,150
23 Rheidol Mews Store Ground 11.26 121£3,750
23 Rheidol Mews Ground 31.04 334
24 Rheidol Mews First 48.96 527 £4,600
25 Rheidol Mews Ground 25.11 270 £2,050
26 Rheidol Mews First 25.66 276 £2,850
27 Rheidol Mews First 39.57 426 £4,050
28 Rheidol Mews Ground 64.59 695 £3,100
29 Rheidol Mews Ground 27.13 292 £8,000
30 Rheidol Mews Ground 30.91 333£8,400
31 Rheidol Mews Ground 27.97 301
32/33 Rheidol Mews Ground and First 101.3 1,091 £7,400
Total 720.70 7,758
EXISTING GROUND FLOOR PLAN
410.26 SqM, 4,416 SqFt
N
NDP
RHEIDOL MEWS
Neighbouring Residential Properties
UNIT 28
UNIT 29
UNIT 30 UNIT 31 UNIT 32
STORE STORE
OFFICE
KITCHEN
WCWC
SITTING
UNIT 25 UNIT 23 UNIT 22
UNIT 19 UNIT 17
EXI
PleaseDo
must
0
UNIT 27
UNIT 33FLAT ROOF
FLAT ROOF
UNIT 26 UNIT 24
UNIT 21 UNIT 20 UNIT 18
UNIT 16
RHEIDOL MEWS
WC
WC
EXISTING FIRST FLOOR PLAN
310.44 SqM, 3,342 SqFt
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries.
Allsop is the trading name of Allsop LLP
Tenancy
The Tenants detailed in the below schedule all occupy the property pursuant to verbal agreements, with no written tenancy agreements.
NB. All tenancies are verbal agreements. Tenant’s pay monthly. *One of the Vendor’s, who is a Tenant of units 23 and 29-33, aims to relocate by the end of 2018 once sale proceeds are available. Further clarification can be obtained via Allsop LLP.
*01/03/2018: Rateable values as per the: www.tax.service.gov.uk/business-rates-find website.
Unit Number Tenant Floor Area (SqM)
Floor Area (sqFt) Tenant Since Monthly Rental Annualised
Current Rent
17 Groove Lines 55.08 593 23/07/2003 £350.00 £4,200.00
16 & 18 Ina Baumeister 55.08 593 01/05/2007 £267.69 £3,212.28
19, 20 & 21 & 25 Illuminations Ltd 151.58 1,632 1990 £2,016.06 £24,195.12
22 & 26 Vacant 76.22 820 01/09/2009 - -
24 Just Radio (a subsidiary of Illuminations Ltd) 48.96 527 01/01/2017 £300 £3,600.00
27 Paul Way 39.57 426 01/09/2009 £443.33 5,319.96
28 John Kelly 64.59 695 01/03/2004 £230.33 2,763.96
23, 29-33* William J Gowar and Company Ltd 229.61 2,471 Owners £1,166.67 £14,000.00*
Total 720.70 7,758 £57,291.32
VATThe properties are not elected for VAT.
Rateable ValueTotal rateable value for the properties is £83,100 (www.taxservices.gov.uk)
Energy Performance CertificatesThe property has a band of E and a rating of 115. EPC certificates available upon request.
Local Planning AuthorityLondon Borough of Islington 222 Upper Street London N1 2UD
www.islington.gov.uk
Planning PotentialThe buildings offer potential for a number of different uses, including their conversion into residential mews houses or as part of a mixed use scheme, subject to obtaining all necessary consents.
In line with many of the neighbouring properties there is potential to infill and add a first floor to the whole site, to increase the floor areas to up to 822.19 SqM (8,850 SqFt), as well as an additional mansard level to further increase the buildings to up to 1,233.29 SqM (13,275 SqFt), subject to obtaining all necessary consents.
We have been informed that the building is not listed, but is situated within the Duncan Terrace/Colebrook Row Conservation Area.
ViewingsViewings are strictly by appointments only. To arrange access, please contact James Stewart-Lockhart or Kelly Holmes ([email protected]) 020 7344 2633.
ProposalTo be offered by Auction on Tuesday 15th May 2018 (unless sold prior or withdrawn).
Venue: The Berkeley, Wilton Place, Knightsbridge, London SW1X 7RL.
We are instructed to quote offers in excess of £4 million for the freehold interest.
Residential Developments James Stewart-Lockhart020 7344 [email protected]
Richard How020 7344 [email protected] Commercial Auctions
Alex Neil020 7543 [email protected]
Tom Hanson020 7543 [email protected]
