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White Lion StreetLondon N1
A Freehold Office Development Site Located in the Heart of ISLINGTON
65-70 White Lion Street | London N1 2
+ A cleared Freehold development site;
+ Located immediately to the south of Angel’s Upper Street, which offers a vibrant mix of retail, bars and restaurants;
+ Excellent transport links being within walking distance of Angel, Old Street and King’s Cross St Pancras stations;
+ The site is offered with immediate vacant possession;
+ Full planning consent was achieved in September 2016 for the construction of a new development providing 36,760 sq ft (3,415 sq m) of high quality office accommodation arranged over lower ground, ground and four upper floors;
+ Offers are sought in excess of £13 million, which reflects a low capital value of £354 per sq ft on the consented scheme.
CGI of consented scheme
summary
65-70 White Lion Street | London N1 3
65 – 70 White Lion Street occupies a site of approximately 0.12 hectares (0.29 acres) located in the heart of Angel.
The immediate vicinity provides a diverse mix of bars, shops and restaurants which make Angel one of Central London’s most exciting locations to live, work and socialise. Local amenities include Sadler’s Wells Theatre, O2 Academy Islington, Almeida Theatre, Screen On The Green, Angel Central, Camden Passage retail as well as Islington Business Design Centre.
City Road to the east of the site provides a principal arterial route towards the City of London via Old Street roundabout. Farringdon and King’s Cross are also directly accessed via St John Street and Pentonville Road to the immediate south.
Regents Canal
Islin
gton
Gre
en
Euston Road
Pentonville Road
City Road
Grays Inn Road
King’s Cross Road
Upp
er S
tree
t
C
lerkenwell Road
Old Street
Gosswell Road
Swinton Street Wakley Street
Guilford Street
Caltho
rpe S
treet
White Lion Street
KING’S CROSSST PANCRAS
ANGEL
RUSSELLSQUARE
FARRINGDON
BARBICAN
OLD STREET
ST PANCRASINTERNATIONAL
HAMMERSMITH & CITYCIRCLEPICCADILLYNORTHERNVICTORIA
Location
Transport Communications
65-70 White Lion Street | London N1 4
London has established itself as one of the leading global centres for creative industries centred around Angel and the immediate vicinity. Stretching from King’s Cross in the west to Angel, Old Street and Shoreditch to the south and east, the area is now home to a variety of globally recognisable brands and start up businesses.
Creative London: angel
65-70 White Lion Street | London N1 5
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ation
65-70 White Lion Street | London N1 6
angel: a vibrant location with an abundance of amenities
65-70 White Lion Street | London N1 7
Tenure65-70 White Lion Street is held Freehold.
TenancyThe site will be sold with full vacant possession allowing for construction works to start on site immediately.
PlanningThe site is located in the London Borough of Islington.
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Warren Court
BAR
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UIT STR
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ANT STR
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Godson S
treet
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ITE
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13 to
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89 to 91
Islington
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65 to 67
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78 to
1a
a
24 to 27
22
18
Pride
Club
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60
93
98
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13
12 to 20
Church
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26a
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57
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Youth Centre
El Sub Sta
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to
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74 to 77
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2a
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Court
PH
6421
PH
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31
64
1 to 7P
H
19
44
2272 to 73
PH
PCs
White Lion
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8 to 12
1 to 5
1 to 18
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77
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28 29
b
80 to 82
21 to
29
45
58 to 62
44b
44a
1
ReformUnited
Claremont
83
ESS
48
0m 10m 20m 30m
0.29 acres(0.12 ha)
WHTIE LION STREET
CHAPEL MARKET
BARON STREET
ENTON STREET
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.
CGI of consented scheme
65-70 White Lion Street | London N1 8
The Proposed schemeThe site received full planning consent on 9th September 2016 for the construction of a new high quality office development designed by Tasou Associates.
The proposed scheme will provide approximately 36,760 sq ft (3,415 sq m) of office and ancillary accommodation arranged over lower ground, ground and four upper floors.
SpecificationThe proposed scheme has been designed to achieve a BREEAM rating of “Excellent” and will be completed to the following general specification:
+ Excellent levels of natural daylight throughout with glazed frontages, internal light wells and typical floor to ceiling heights of 3 metres;
+ Fully accessible raised floors;
+ A double height ground floor reception fronting White Lion Street;
+ 2 x person passenger lifts serving all floors;
+ Male, female and disabled WCs provided on all floor levels;
+ Impressive roof terraces (3rd and 4th floors) and landscaped courtyard areas at lower ground;
+ 64 bicycle spaces and shower facilities provided at basement.
AccommodationThe completed development will provide the following approximate floor areas:
Demise UseGross Internal Area Net Internal Area
sq m sq ft sq m sq ft
4th Office 375.4 4,041 306.0 3,294
3rd Office 594.7 6,401 529.0 5,694
2nd Office 739.1 7,956 672.1 7,234
1st Office 685.6 7,380 602.0 6,480
Ground Office860.5 9,262
541.0 5,823
Ground Reception 99.0 1,066
Lower Ground Office 899.7 9,684 666.0 7,169
Basement Ancillary 78.5 845 - -
Total 4,234 45,569 3,415 36,760
65-70 White Lion Street | London N1 9
CGI of consented scheme
65-70 White Lion Street | London N1 10
proposed Typical Floor Plans
ground floor third floor
OFFICERECEPTIONCORE
KEY
65-70 White Lion Street | London N1 11
Planning and CIL CostsUnder the terms of the signed Section 106 Agreement, the Purchaser is required to make the following financial contributions upon implementing the consented office scheme:
Section 106 £1,320,773
Mayoral CIL £92,334
Islington CIL £62,448
Total £1,475,554
Note: The S106 payment for £1,320,773 includes a Crossrail, Affordable Housing, Transport, Carbon Offset, Affordable Workspace, Code of Construction and Employment & Training contributions
Planning HistoryThe site also benefits from a planning consent for a mixed use serviced apartment, residential, office and retail scheme, as follows:
+ 23,205 sq ft (2,156 sq m) of commercial accommodation split over lower ground, ground and first floor level, comprising 15,800 sq ft (1,468 sq m) of B1 offices and 7,405 sq ft (688 sq m) of flexible A1/A2/A3/B1 accommodation;
+ 20 Serviced Apartments (19 x 1 bed and 1 x 2 bed) at second and third floor levels;
+ Six residential apartments (2 x 1-bed, 3 x 2-bed and 1 x 3-bed) at third (rear) and fourth floor levels with roof terraces.
This planning consent was achieved in December 2012 and was implemented when the existing buildings on site were demolished.
CGI of consented scheme
65-70 White Lion Street | London N1 12
Occupational MarketThe London vacancy rate has been falling for almost three years and has fallen to just below 3%.
Demand across non-core submarkets continues to originate from a wide range of occupiers looking for affordable Grade-A space. Supply continues to lag, with approximately 20% of schemes currently under construction already pre-let.
Rental evidence in Islington suggests that the rental growth rate has been in line with surrounding City Fringe locations. Rents in Islington are typically in the high £50’s per sq ft, with any premium space on the borders of Shoreditch and King’s Cross in the sub 5,000 sq ft category commanding rents in excess of £60 per sq ft.
Recent rental growth driven by acutely low vacancy in Tech City, coupled with continuing strong demand, has caused a leapfrogging effect resulting in cost-conscious tech companies having to widen their search for office space.
Address Area Tenant Headline Rent
The Lighthouse, 297 Pentonville Road, N1
16,500 sq ft L’Oreal£75.00 per sq ft (overall - entire building)
The White Collar Factory, Old Street Roundabout
22,500 sq ft Spark 44 £67.50 per sq ft
The Bower, Old Street Roundabout
12,240 sq ft Stripe £67.50 per sq ft
The Pivotal Building, 123 Pentonville Road, N1
25,800 sq ft Houzz£55.00 per sq ft (overall - entire building)
Turnpoint, 26 Underwood Street, N1
6,200 sq ft Confidential £57.50 per sq ft
210 Pentonville Road, N1 4,300 sq ft IMS Health £65.00 per sq ft
Key Investment / Vacant Possession ComparablesAddress Tenure Tenancy Price Purchaser Comment
Development House, 56-64 Leonard Street, EC2
Freehold12-18 months sale & leaseback at nil rent
£37.40M (£410 per sq ft on the proposed)
CDLFeasibility study for a new 90,700 sq ft office scheme. No planning consent.
The Hosier, 28-30 Hoxton Square, N1
FreeholdVacant possession achievable by September 2016
£16.10 M (£610 per sq ft on the proposed)
PrivatePre-application for a new mixed use office/residential development of 26,400 sq ft
Old Sorting House, 46 Essex Road, N1
Freehold Vacant possession£14.00 M (£570 per sq ft on the consented)
PrivatePlanning permission for a new office/residential scheme of 24,400 sq ft
York House, 207-221 Pentonville Road, N1
Freehold Vacant Possession£34.25 M (£600 per sq ft on the proposed)
The Office Group
Outline planning consent for the reconfiguring and additional massing to provide an office scheme of 56,900 sq ft
Market Commentary
65-70 White Lion Street | London N1 13
VATThe site is elected for VAT.
Data room accessAccess to the data room is available upon request.
ProposalOffers are sought in excess of £13 Million, subject to contract and exclusive of VAT for the freehold interest. A purchase at this level reflects a low capital value of £354 per sq ft on the consented floor areas.
ContactFor further information please do not hesitate to contact:
Jamie Binstock 020 7578 7548 07917 093239 [email protected]
Daniel Gaunt 020 7409 8857 07968 350861 [email protected]
Ricky Blair 020 7871 7420 07961 104125 [email protected]
Elliott Stern 020 7871 7425 07834 918700 [email protected]
Important Notice
Savills, Colliers International and their clients 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 neither Savills or Colliers International 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 | October 2016
