Description
The Pump House is a Grade II listed prominent Victorian warehouse style office building comprising
11,278 sq ft arranged over Lower Ground, Ground and Three upper floors.
Built in 1887 for the London Tilbury and Southend Railway Company, The Pump House served as a hydraulic pumping station for the adjacent Commercial Road Goods Depot.
Listed in 1973, The Pump House was converted to office use in 2004. The conversion preserved the building’s Victorian industrial heritage with cast-iron columns, exposed brickwork, metal-framed Crittall windows and a statement internal staircase in the building’s distinctive square tower.
The floor plates are a typical 2,500 sq ft of characterful space with each floor having a unique industrial feel. The floor plates are accessed via a side core enabling full fit-out flexibility and benefitting from excellent levels of natural light via four elevations.
The Ground and Lower Ground unit benefits from its own self-contained entrance and is linked by a feature internal staircase and a slab cut back creating impressive levels of volume and light to the lower level.
The Third floor benefits from an impressive, vaulted ceiling, a statement bullseye window and north and south facing terraces.
Location
Aldgate and Whitechapel have experienced a dramatic transformation becoming two of London’s most vibrant submarkets, connecting the lively
hotspots of East London, Spitalfields and Shoreditch to the City of London, being located at the edge of the Tower Cluster.
The area has become synonymous with London’s evolving Tech Belt, attracting many of the world’s leading Tech firms to relocate to the area. Companies who have moved across include BT Group, Uber, Monzo and Blockchain.
Transport
7 stations within a 15 minute walk, including access to the Elizabeth line.
Aldgate (Circle and Metropolitan lines)
Aldgate East (District and Hammersmith & City lines)
Tower Hill (Circle and District lines)
Whitechapel (District, Elizabeth and Hammersmith & City lines and Overground)
Executive Summary
— Freehold.
— Prime Aldgate location, one of Central London’s most dynamic and diverse locations, being the epicentre of London’s educational district and synonymous with London’s evolving Tech Belt.
— Excellent transport connectivity being a gateway to the City and the East of London, 5 minutes from Aldgate East and within 15 minutes walk away from 7 stations, including access to the Elizabeth line.
— Grade II listed prominent Victorian warehouse-style office building comprising 11,278 sq ft arranged over Lower Ground, Ground and Three upper floors.
— Multi-let to three tenants providing well diversified income with a WAULT of 3.5 years to lease expiry and 0.8 years to break.
— Current reversionary passing rent of £503,055 per annum (including guarantees), reflecting a low overall rent of only £44.60 per sq ft.
— Comparatively low passing rent to rents in excess of £55.00 per sq ft achieved locally and rents in excess of £70.00 per sq ft across Tech Belt markets including Shoreditch, Old Street and Clerkenwell.
Accommodation
NIA:
Third - 2,058 sq. ft. - 191.2 sq. m.
Second - 2,548 sq. ft. - 236.7 sq. m.
First - 2,629 sq. ft. - 244.2 sq. m.
Ground - 1,845 sq. ft. - 171.4 sq. m.
Lower Ground - 2,198 sq. ft. - 204.2 sq. m.
Total - 11,278 sq. ft. - 1,047.7 sq. m.
GIA:
Third - 2,433 sq. ft. - 226.0 sq. m.
Second - 2,925 sq. ft. - 271.7 sq. m.
First - 3,198 sq. ft. - 297.1 sq. m.
Ground - 2,481 sq. ft. - 230.5 sq. m.
Lower Ground - 3,031 sq. ft. - 281.6 sq. m.
Total - 14,067 sq. ft. - 1,306.9 sq. m.
The Property has been independently measured by Sterling Temple in accordance with the RICS Code of Measuring Practice (6th Edition).
Tenure
The property is held Freehold.
Title Number: NGL298837.
Planning
The local Planning Authority is The London Borough of Tower Hamlets.
EPC
Full Energy Performance Certificates are available on request.
VAT
The property is elected for VAT, it is envisaged that the transaction will be treated as a Transfer of a Going Concern (TOGC).
Proposal
Offers are sought in excess of £5,850,000 subject to contract and exclusive of VAT.
A purchase at this level reflects a 8.07% net initial yield (assuming purchaser’s costs of 6.70%) and a capital value of £519 per sq ft.
