67-69 Turnmill Street London EC1M 5RR

13146 sq. ft. Available

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Location

The property is served by the London Underground (Circle, Hammersmith & City and Metropolitan lines), Elizabeth line and Thameslink services providing direct access to the City, West End, Home Counties & London’s major airports. 67-69 Turnmill Street benefits from outstanding connectivity, situated less than 50 meters from Farringdon Station.

Description

Constructed by the vendor in 2010, 67-69 Turnmill Street is a mixed-use development comprising over 13,000 Sq. Ft. of commercial accommodation
and 13 residential apartments.

The commercial and residential accommodation have their own separate street entrances.

69 Turnmill Street provides access to the commercial element via a reception lobby. The ground & lower ground is currently used as a showroom which benefits from a dedicated entrance directly off Turnmill Street in addition to connecting internally to the main lobby serving the other commercial units.

Access to the 13 sold-off residential apartments is via 67 Turnmill Street.

Investment Summary

— High quality office and showroom accommodation in a prime Farringdon location
— 13,146 sq. ft. of commercial space and 13 sold off residential apartments
— Fully let to four tenants with a strong anchor tenant responsible for 40.98% of the income
— Commercial rental income of £678,512 per annum
— Highly reversionary income with an average passing rent of £51.61 per sq. ft.
— WAULT of 5.70 years to expiry and 2.62 to breaks
— £10,500,000 (Ten Million and Five Hundred Thousand Pounds)
— Reflecting a Capital Value of £799 per sq. ft.
— A purchase at this level would reflect a Net Initial Yield of 6.08%, after allowing purchasers costs at 6.8%

Specification

Comercial spaces:

— Good natural light
— Generous floor to ceiling heights
— Openable windows
— Independent VRV air-conditioning system
— Independent fresh air circulation system
— Raised access floors with Electrak power distribution and data cabling
— Suspended LED light fittings, spotlights and feature lights
— Bespoke kitchen areas
— Demised W/C’s & showers within 3 of the 4 spaces
— Terraces serving 2 of the 4 spaces
— Fibre connected
— Video entry phone system
— DDA access
— B rated Energy Performance Certificates

Common areas:

— Impressive double height entrance hall and lobby
— CCTV
— 8 Person Kone passenger lift serving all floors
— Bike storage

Tenure

The property is held freehold under registered title number NGL266850.

Planning

The property is located within The London Borough of Islington.

The property is not listed and is located within the Clerkenwell Green Conservation Area.

VAT

The property has been elected for VAT.

However, provided the relevant conditions are satisfied it is envisaged that the sale will be treated as a Transfer of a Going Concern (TOGC).

EPC

First - B
Upper Ground Rear - B
Upper Ground Front - B
Ground & Lower Ground - B

Approximate floor area

Floor Sq. Ft. Sq. M.
lGround Front 2164 201.04
Ground Front 1240 115.2
Ground Rear 2203 204.66
uGround Front 1995 185.34
uGround Rear 2215 205.78
1st 3329 309.27
Total 13146 1221.29

Property Misdescriptions act 1991 / Misdescriptions Act 1967. Anton Page LLP for themselves and for the vendors of this property whose agents they are, give notice that: These particulars do not form any part of any offer or contract: the statements contained therein are issued without responsibility on part of the firm or their clients and therefore are not to be relied upon as statements or representations of fact, any intending purchaser must satisfy himself as to the correctness of each statement made herein: and the vendor does not make or give, and neither the firm nor any of their employees have the authority to make or give, any representation or warranty whatever in relation to this property. All prices exclude VAT.