Office for sale12 Chapel Place, London, EC2A
Guide Price 4,900 sq. ft. | £5,500,000
- 4,900 sq ft (455 sq m)
- Use class orders: B1 Business
Ground Floor - 482 sq. ft. (Approx. N.I.A.)
First Floor - 1,411 sq. ft. (Approx. N.I.A.)
Second Floor - 1,411 sq. ft. (Approx. N.I.A.)
Third Floor (including mezzanine) - 1,596 sq. ft. (Approx. N.I.A.)
Total - 4,900 sq. ft. (Approx N.I.A.)
Old Street Station
Liverpool Street Station
Shoreditch High Street Station
Outside the Congestion Charge Zone
Chapel Place is an attractive private courtyard development accessed from both Rivington Street and Old Street within the vibrant 'Shoreditch Triangle'. A Security Guard is employed during the day to look after the estate.
The 'Shoreditch Triangle' is a busy mixed-use area occupied by many thriving creative and tech businesses and is well served by hotels, shops, amenities, transport, eateries and bars.
12 Chapel Place is a self-contained concrete framed purpose built office building designed in a period style and constructed in circa 1990. The building sits on the quieter Rivington Street side of the Chapel Place Estate and the offices benefit from good natural light from windows facing east over the courtyard and south over Rivington Street and beyond as well as a large rooflight to the third floor office.
Great natural light
Good ceiling height
Comfort cooling / heating
Sale of our clients valuable long-leasehold interest expiring in 2128.
The current Ground Rent payable to the Freeholder is £400 per annum which rises to £600 pa in 2039 and by an additional £200 per annum every subsequent 25 years.
Occupational tenants are responsible for all Business Rates.
Occupational tenants are responsible for all Service Charges and Estate Charges including Buildings Insurance.
The building is let to and receives income from two occupational tenants providing a total annual rent income of £296,060 (exclusive of VAT).
Michael Bailey Associates Limited have an effective full repairing and insuring Lease 'outside' the protective provisions of the Landlord and Tenant Act over Ground, First and Second Floors which expires 23rd September 2021 with an annual rent payable of £200,000. The lease allows for a tenant-only break on 23rd September 2019.
Blue Dog Design Limited have an effective full repairing and insuring Lease 'outside' the protective provisions of the Landlord and Tenant Act over the Third Floor (incorprating a mezzanine) which expires 23rd September 2021 with an annual rent payable of £96,060. This Lease is not subject to any break clauses.
Our client is seeking £5,500,000 (+VAT) for their long-leasehold interest reflecting a net initial yield of 5.08% (assuming purchasers costs of 6.00%).
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