• Core City of London location, approximately 150 metres away from the Bank of England and in close proximity to other notable landmarks, including The Royal Exchange, Mansion House, Guildhall and St Paul's Cathedral.
• Situated between two of the City's most famous streets: Gresham Street and Cheapside.
• Grade II listed.
• The property comprises 20,326 sq ft (1,888.3 sq m) of modern office, reception and ancillary accommodation behind an attractive, period façade, arranged over basement, ground and six upper floors.
• The building provides regular-shaped, well-lit floorplates ranging from 1,933 sq ft to 3,012 sq ft.
• Multi let to six tenants from a variety of different sectors.
• The property has a WAULT of 4.3 years to lease expiries and 2.0 years to breaks.
• The tenancies produce a total rent of £978,281 per annum (inclusive of vendor top ups), equating to an attractive low passing rent of only £50.48 per sq ft overall. This compares favourably to prime City rents which are currently in excess of £65.00 per sq ft.
• All leases are held outside of the security of tenure and compensation provisions of the Landlord and Tenant Act 1954.
• Potential asset management opportunities in the short to medium term to add value and enhance the running yield.
• We are instructed to seek offers in excess of £18,200,000 (Eighteen Million, Two Hundred Thousand Pounds), subject to contract and exclusive of VAT, for the freehold interest. A purchase at this level reflects an attractive net initial yield of 5.03% and a capital value of £895 per sq ft, assuming purchaser's costs of 6.80%.
11 Ironmonger Lane is exceptionally well located on the eastern side of Ironmonger Lane, approximately 150 metres away from the Bank of England.
Gresham Street takes the name of renowned businessman and merchant, Sir Thomas Gresham, a key figure within the financial history of Britain and the founder of The Royal Exchange. The street has a long association with London's livery companies, with the Worshipful Companies of Goldsmiths and Wax Chandlers being based on Gresham Street. Today, it is seen as one of the most prestigious addresses for financial occupiers.
Cheapside also has a deep history in trade and commerce, taking its name from the Old English phrase for a market place. The Street once comprised market buildings where goods could be bought and sold, with many of the side streets, including Bread Street, Wood Street and Milk Street, taking their names from the goods that were traded. Today, Cheapside is the predominant retail destination within the City of London, and is the location of Land Securities' One New Change shopping centre.
The Bank of England The property is located within a short walk of the Bank of England. Founded in 1694, the Bank plays a critical part in managing the UK economy through the setting of interest rates and the production of bank notes. For this reason, the site where the Bank of England resides is considered the prime location for the financial sector and is one of the City's most famous buildings.
The Royal Exchange Founded by Sir Thomas Gresham in 1566, The Royal Exchange was London's first predominant centre for trade and was afforded a royal title by Queen Elizabeth I in 1571. The site has played a key part in the economic history of Britain and was once home to the Lloyd's of London insurance market before its relocation. The Royal Exchange of today comprises luxury retail, leisure and offices all set within striking, period architecture.
Amenity The property is within close proximity to the City of London's premier retail destination, Cheapside, which is home to many globally recognised brands, boutique shops, bars and restaurants. One New Change, constructed in 2010 by Land Securities, is at the heart of the Cheapside retail offering and is the City of London's sole shopping centre.
11 Ironmonger Lane is surrounded by multiple contemporary leisure offerings, including The Ned, the latest venture from the Soho House Group, which lies just 100 metres from the property. The Ned offers exceptional amenities, including a hotel, private members club, multiple bars & restaurants and a fitness club. The Ned has quickly established itself as one of the City of London's main social hubs.
Culture & Tourism 11 Ironmonger Lane is located near to some of the City's most iconic cultural landmarks including St Paul's Cathedral, the Bank of England and The Royal Exchange. St Paul's Cathedral, built in 1710 by Sir Christopher Wren, is one of Europe's most visited landmarks, attracting over 1.5 million visitors per year. It forms part of London's enviable skyline and has a material impact on the development of London due to its protected viewing corridors.
Communications 11 Ironmonger Lane benefits from excellent transport connectivity, being within a 10 minute walk of seven key transport nodes, including the Bank interchange, Cannon Street, Liverpool Street, Moorgate and St Paul's. These provide access to seven London Underground lines, DLR, London Overground, National Rail services and the Elizabeth Line.
11 Ironmonger Lane will benefit from the opening of the Elizabeth Line in Autumn 2019, Europe's largest infrastructure project. The new line will improve the east-west connectivity of London and the South East of England by c. 10% through brand new, high-speed, high-capacity trains along with an increased frequency of journeys.
The property's nearest access to the Elizabeth Line is at Moorgate, located approximately six minutes' walk to the north.
11 Ironmonger Lane is a Grade II listed, period office building, comprising 20,326 sq ft of office, reception and ancillary accommodation arranged over basement, ground and six upper floors.
The property was refurbished and extended in 2008, so as to provide modern, well configured office accommodation with period elements in the common parts and externally. The building offers an impressive arrival experience with a bright, modern reception, combined with retained period features, including a central staircase throughout. The property offers regular shaped, well-lit floorplates from 1,933 sq ft up to the largest of 3,012 sq ft, arranged around a core including the staircase and two lifts. On display within the basement of the building is an ancient Roman mosaic, protected underneath a glass floor.
• Metal tiled suspended ceilings;
• 3 pipe VRF air conditioning system;
• Fully accessible raised floors;
• Two 8-person passenger lifts;
• Modern entrance hall;
• Retained period staircase;
• Secure bicycle storage and shower facilities;
• WCs on all floors.
The property is multi let to six office tenants, including London Forfaiting Company Limited, Yendall Hunter Limited and the Royal Mail Pensions Trustees Limited in accordance with the tenancy schedule below. The 1st floor of 2,942 sq ft is currently vacant and the rent will be topped up by the vendor.
The passing rent, assuming a vendor top up in respect of the vacant 1st floor and the vacant lower ground storage, totals £978,281 per annum equating to a low overall rent of £50.48 per sq ft.
All of the leases are excluded from the security of tenure and compensation provisions of the Landlord and Tenant Act (1954).
Other potential initiatives include examining the possibility of re gearing leases with sub-tenants on the ground and 4th floors and also potentially discussing the extension of the lease of the 3rd floor, which is currently due to expire in 2020.
Additionally, there is the opportunity to refurbish and re-let any floors in the property that become vacant, capturing market levels of rent and improving the length of income.
We are instructed to seek offers in excess of £18,200,000 (Eighteen Million, Two Hundred Thousand Pounds), subject to contract and exclusive of VAT, for the freehold interest. A purchase at this level reflects an attractive net initial yield of 5.03% and a capital value of £895 per sq ft, assuming purchaser's costs of 6.80%.
This office for sale is located in Barbican
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