THE MINORIES ESTATE A RARE EC3 DEVELOPMENT SITE PROVIDING THE OPPORTUNITY TO CREATE A LASTING CITY OF LONDON LEGACY.
THE MINORIES ESTATE
OVERVIEW ACTING ON THE INSTRUCTIONS OF THE JOINT ADMINISTR ATORS TO MINORIES ESTATE LTD, MARTIN ELLIS AND LES ROSS, PARTNERS OF GR ANT THORNTON UK LLP
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02 THE MINORIES ESTATE EC3
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The Minories Estate site occupies a gateway location to the City of London, providing a rare opportunity to acquire approximately 2.13 acres (0.86 hectares) with alternative use potential. The buildings form part of a strategic development site that could support a large scale scheme. The Minories Estate provides approximately 193,122 sq ft (17,941.55 sq m) in six buildings and is part let producing a gross annual rent of ÂŁ459,577 per annum. The six buildings forming the Minories Estate are:
3 4 5
2
1
15 Minories (Bain Dawes House)
2
16 Minories (Latham House)
3
2 -5 Minories (Minories House)
4
6 – 10 Minories
5
62 Aldgate High Street
6
Still & Star Public House
1
OVERVIEW
6
LOCATION The Minories Estate is at the eastern edge of the City of London’s EC3 Insurance district, benefiting from a prominent frontage to the north on Aldgate High Street
LOCAL DEVELOPMENTS 1.
24 - 26 Minories
2.
Goodman’s Fields
3.
61 - 75 Alie Street
4.
Aldgate Place
Aldgate and Whitechapel High Streets provide one of the principal arterial routes
5.
Aldgate Tower
into the City leading to Leadenhall and Fenchurch Street. Alternatively, travelling
6.
1 Commercial Street
east, Aldgate High Street provides access to Stratford (A11), Stansted (M11),
7.
1 Middlesex Street
Whitechapel, City Airport and the M25.
8.
Mitre Square
9.
6 Bevis Marks
and the entrance to Aldgate Underground Station and to the west fronting the Minories. The site is bounded to the south by St. Clare Street and to the east by Little Somerset Street.
Whitechapel Station is located approximately 900m to the east of the site and will provide one of Central London’s main eastern tunnel stations for Crossrail.
10. 80 Fenchurch Street
The scheme, which is due for completion in 2018 will provide the first direct rail
11. 52 Minories
connections from the City to Heathrow within an average travel time of 39 minutes.
12. 100 Minories 13. 38-40 Trinity Square
The location is set to be transformed by a number of key developments and
14. 10 Trinity Square
proposed infrastructure works as part of the City’s Aldgate Area strategy plan.
15. 70 Mark Lane
04 THE MINORIES ESTATE EC3
LOCAL DEVELOPMENTS & OCCUPIERS
Liverpool Street
21
3 6
7
DU KE ’S
ST PL AC
FR IAR S D HE TC CR U
STREET
ET
IES
26
COT PRES
5
STRE
ET
4
N’S YEOMA
YARD
ET STRE BER CHAM
STREET MINT
STREET
ST RE ET
16
NS ELL
SQ UA RE
ET
STRE
MINOR
L
HIL
TENTER
STRE
RK ST MA
SOUTH
3
Tower Gateway
TR IN ITY
ET STRE
UGH BORO SCAR
ROYAL
ER
R
STREET
25
TOW Tower Hill
BYWARD STREET
STR
TE TEN
KEN PORTSO
STREET
TER SHOR
PLACE TRINITY
TER
RTH
STREET
SQUARE
CA AMERI
12
ROW
MINCING LANE
EET
TEN NO
ST EA
6
ST MARK
STR EET
R ST
T ENTER
CHU RCH
E AG
EET
WEST
STREET
19
STREET
STREET MANSELL
VINE
’S
STREET
AR E
2
8
SS PA
AC E
ET
ON MO
T STREE
HAYDON
11
13
N OW
ST
RE
LF HA
RD MPE CA
IE AL
THE MINORIES ESTATE
ER COOP
STREET
GARDENS
14 MUSCOVY
20
ET
RE
GOODMAN’S YARD
TO
RE ET
1
RS FRIA
PEPYS
ST
22
3
14
ET
RE
24
15
7
TRINITY SQ U
WE R
SELL MAN
T VINE STREE
UE
AM AH
ST
18
RIES
CHED CRUT
LUC
EA
ET
EN
SAVAGE
AP
T
AV
Fenchurch CROSSWALL Street Station 15
GR
MINO
D’S
ET
T JEWRY STREE
OY
STRE
ET INDIA STRE
Y LE AL
LL
FENC HURCH
11
D AN RL BE
STREET
BR
HIG
T GA
E
FE
Lloyd’s Register of Shipping NE
CHURCH
1
T
D
AL
H
13 London Metal EET Exchange H STR RC 10 HU NC
EET R STR BILLITE
10
H
E
AT
AL
LEADENHALL STRE ET
Leadenhall Market
Aldgate
E RE ST
STRE ET
DG
Lloyd’s Building
23
B
IT C
8
WH
EET
ST
E
R ST
PH OL OT
4
5 N MA LE
9
MIT RE
ILL
H EC
IT
KS
17
Swiss Re
12
E
AP
S M AR
HIG
MA
VI
D SD H OUN
DLE
ET STRE
BE
M SQ ITR UA E RE
ST M
ARY AXE
9
ET
RE
ST
H
Aldgate East L
Tow er G
arde ns
EAS T R BRIDGE APPROACH
TOW
ER
HILL
TREET
2
SM
ITH
FIE
LD
Plan not to scale. Indicative only. St Katharine Docks
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26.
Royal Bank of Scotland Barclays Societe Generale Co-operative Bank Santander Conner Hale Kerslake Jardine Lloyd Thompson Grp Plc Travellers Whittington Insurance Group Willis Miller Insurance Aviva Thomas Miller Maersk Line (UK) Ltd Curzon Maritime Ltd Mitsui Bulk Shipping Europe Swiss Re Arthur J Gallagher Claims Management Group Field Fisher Waterhouse LLP McDermot Will & Emery Oncore IT Thomson Reuters Worldpay Hermes Pension Management Baird Capital Partners
LOCATION • LOCAL DEVELOPMENTS & OCCUPIERS
LOCAL OCCUPIERS
et St re et
tion
49
Offices
Retail
9
L it tle
47
So m er s
E le
Su b ity ctric
S ta
ity ct ric n E le tatio S S ub
7
Retail
BUILDINGS OVERVIEW
75
10
2-5
140
Aldgate
es Minori
6
8
74
12
73
ga Ald
te
Retail
tre hS g i H
et
Offices
57
16
Offices
45
62
53 54
76
Š UKMap Copyright The GeoInformation Group 2011 Licence No. LANDMLON100003121118.
144
1
Plan not to scale. Indicative only.
06 THE MINORIES ESTATE EC3
ACCOMMODATION
TENURE
Currently the Minories Estate provides approximately 193,122 sq ft (17,941.55 sq m) of office, retail and leisure accommodation in six buildings.
2 - 5 Minories, 6 - 10 Minories, 62 Aldgate High Street and the Still & Star Public House are held freehold.
Property
Sq Ft
Sq M
15 Minories (Bain Dawes House) *
63,795
5,926.67
16 Minories (Latham House) *
91,592
8,509.18
2 – 5 Minories (Minories House)
23,458
2,179.40
6 – 10 Minories
9,377
871.10
62 Aldgate High Street
2,370
220.20
Still & Star Public House
2,530
235.00
Total:
193,122
17,941.55
* Estimated areas, subject to final confirmation from Plowman Craven.
SITE The site provides approximately 2.13 acres (0.86 hectares).
Further details are provided within each property’s individual section.
TENANCIES The majority of accommodation on site is provided with vacant possession, however 2 - 5 Minories, part of 6 - 10 Minories and the Still & Star Public House are let producing a gross passing rent of £459,577 per annum. Tenancy details are provided within each property’s individual section.
VAT We understand that 15 Minories, 8 - 10 Minories, 62 Aldgate High Street and The Still & Star Public House are elected for VAT purposes, therefore VAT will be payable on the purchase price. It is envisaged that the sale of tenanted properties will be by way of a transfer of a going concern (TOGC).
BUILDINGS OVERVIEW
The properties have been measured by independent surveyors, Plowman Craven, in accordance with the RICS Code of Measuring Practice (6th Edition) and comprise the following approximate net internal floor areas:
The majority of 15 and 16 Minories are held freehold. However, the area hatched on the adjacent plan is held long leasehold for a term of 500 years.
REDEVELOPMENT & PLANNING
Proposed Trinity Scheme
PLANNING The Minories Estate forms part of a proposed landmark mixed use scheme known as Trinity. The City Planners see this site as a key gateway to the City and redevelopment is therefore supported. Trinity was subject to a resolution to grant planning in 2007 which provided approximately 1,000,000 sq ft of ofďŹ ce, retail and ancillary uses. This included the relocation of the bus depot within the site boundary. Terms were discussed with Transport for London to facilitate this. Several schemes were discussed with the planners including a mixed use scheme incorporating residential and hotel uses. The existing buildings could be capable of supporting alternative uses such as residential, hotel or student residential subject to obtaining the necessary planning consents. The building immediately to the south of 16 Minories has recently been granted planning consent for a change of use to a hotel conďŹ rming the prospect for alternative uses in the area. 15 and 16 Minories offer the opportunity to substantially enhance the capital value through refurbishment, whether for existing use or an alternative use. 2 - 5 and 6 - 10 Minories could be combined with the adjoining ownerships to create a single building having frontages to Aldgate High Street and Minories. Again, these buildings offer the opportunity to enhance capital value through refurbishment.
08 THE MINORIES ESTATE EC3
TRANSPORT FOR LONDON Transport for London (TFL) operate and own the Aldgate Bus and Underground Stations which are integrated within the Minories Site. In addition, TFL own a number of freehold interests forming the north west section of the site fronting Aldgate High Street. The previous owners negotiated a set of outline terms for the transfer of the freehold interests in the site to TFL, with the developer taking a long leasehold of the whole, subject to a geared head rent.
OVERAGE DEED
The overage is triggered if, during the Overage Period, planning permission is granted for the erection of a building or buildings having at least 250,000 sq ft of gross external accommodation in aggregate. Further details are provided within the Minories extranet website.
REDEVELOPMENT & PLANNING
Part of the Minories Estate is subject to an Overage Deed dated 2004 with Hammerson UK Properties Plc, lasting 20 years with an overage payment of ÂŁ2,000,000 plus indexation.
15 MINORIES 57
45
53 54
ity ctric Ele tation S Sub
49
Ele
Lit
Retail Š UKMap Copyright The GeoInformation Group 2011 Licence No. LANDMLON100003121118.
Plan not to scale. Indicative only.
10 THE MINORIES ESTATE EC3
ctric
ity
bS Su
on tati
Retail
tle
So m er se tS tre
et
DESCRIPTION
TENURE
15 Minories, previously known as Bain Dawes House, comprises a vacant office building constructed in 1977 and provides a self contained ‘C’ shaped layout with parking to the rear. The building has been stripped back to shell and core with a slab to slab height of approximately 3.35m.
Freehold.
The building is of concrete frame construction with elevations generally clad in precast concrete, with cladding panels incorporating double glazed aluminium framed curtain walling under an asphalt flat roof. Pedestrian access is provided to the front of the building, opposite the bus station with vehicle access via Mansell Street and Little Somerset Street to the rear.
TFL have a long leasehold interest over the area hatched on the plan and have subsequently granted back to Minories Estate Ltd a long underlease for a term of 500 years (less 1 day) from 19th February 1981. Further details are provided within the Minories extranet website.
TENANCIES
ACCOMMODATION
Vacant.
FLOOR
DESCRIPTION
NIA (Sq Ft)
NIA (Sq M)
Fifth
Offices
11,000
1,021.92
Fourth
Offices
11,000
1,021.92
Third
Offices
11,000
1,021.92
Second
Offices
11,000
1,021.92
First
Offices
11,000
1,021.92
Ground
Offices & Reception
8,295
770.62
Basement
Storage
500
46.45
63,795
5,926.67
Total:
15 MINORIES (BAIN DAWES HOUSE)
The property comprises the following approximate net internal floor areas:
16 MINORIES L ATHAM HOUSE
Ele
S city ctri
S ub
ta ti
o
73
Lit tle
Reta
So m
6
8
10
12
Retail
Minori es
Retail Offices
Hamalworth House
16
Offices Offices
12 THE MINORIES ESTATE EC3
20
la Saint C
Š UKMap Copyright The GeoInformation Group 2011 Licence No. LANDMLON100003121118.
Plan not to scale. Indicative only.
er se tS tre et
DESCRIPTION
TENURE
16 Minories is arranged over basement, ground and twelve upper floors within the east ‘tower’ wing and five upper floors within the west wing. The building has been stripped back to shell and core with a slab to slab height of approximately 3.00m.
Part freehold, part leasehold.
The building is of concrete frame construction with curved elevations arranged around a central service core. The elevations are clad in a combination of precast aggregate-faced concrete units and curtain walling with alloy framed, glazed panels under an asphalt flat roof. Car parking is provided to the south via a ramp accessed from Little Somerset Street.
ACCOMMODATION
The western section of Latham House (hatched) is held leasehold from Transport for London (Freeholder) for approximately 503 years with effect from 15th September 1978, expiring 2nd August 2481. Further details are provided within the Minories extranet website.
The property comprises the following approximate net internal floor areas: DESCRIPTION
NIA (Sq Ft)
NIA (Sq Ft)
Twelve
Offices
4,985
463.12
Eleventh
Offices
5,055
469.63
Tenth
Offices
5,047
468.88
Ninth
Offices
5,001
464.61
Eighth
Offices
5,016
466.00
Seventh
Offices
5,043
468.51
Sixth
Offices
5,048
468.97
Fifth
Offices
9,654
896.89
Fourth
Offices
9,626
894.29
Third
Offices
9,704
901.53
Second
Offices
9,568
888.90
First
Offices
9,603
892.15
Ground
Offices
4,902
455.41
Basement
Storage / Switch Room
3,096 / 244
287.63 / 22.67
91,592
8,509.18
Total:
TENANCIES The property is currently vacant however the owners of an adjacent property to the south of the site, Hamalworth House, have a lease entitling them to site a fire escape within the freehold title. This is governed by a lease for a term of 99 years, commencing 20th May 1985 at a passing rent of £7,752 per annum. The lease also provides a right across the site in order to travel from the fire escape to the neighbouring highway. The property is also subject to a lease of an electrical transformer chamber within the basement for a term of 60 years, with effect from 19th February 1981 to The London Electricity Board at £0.05 (if demanded).
16 MINORIES (LATHAM HOUSE)
FLOOR
2-5 MINORIES MINORIES HOUSE
73 74 75 76
1
Mi n s orie 2-5
6
8
10
Retail 12
© UKMap Copyright The GeoInformation Group 2011 Licence No. LANDMLON100003121118.
Plan not to scale. Indicative only.
14 THE MINORIES ESTATE EC3
DESCRIPTION
TENURE
2 - 5 Minories was constructed in 1987 and is believed to be of steel frame construction with aluminium panelling, stonework cladding and glazed curtain walling.
Freehold.
The internal accommodation is predominantly open plan benefiting from raised access floors, suspended ceilings incorporating diffused fluorescent tube lighting, air conditioning and two ten-person passenger lifts. Male and female WC facilities are located on all of the upper floors.
The rear boundaries of 2 - 5 Minories abut the underground railway running from north to south, operated by Transport for London (TFL). Certain provisions are contained within the freehold title to protect the underground railway. Further details relating to the title are held within the Extranet website.
ACCOMMODATION & TENANCIES DEMISE
TENANT
AREA (SQ FT)
LEASE START
LEASE EXPIRY
RENT (£ pa)
COMMENTS
Fifth
Tuson (Holdings) Ltd
3,120
16/08/2004
25/09/2012
£79,225
• Service charge increases capped to the RPI. • Excluded from the LTA 1954
Fourth
Abbey Legal Protection Ltd
3,552
11/02/2004
25/09/2012
£87,275
• Service charge increases capped to the RPI. • Excluded from the LTA 1954
Third
Cosmos Services Company Ltd
3,545
16/03/2005
25/09/2012
£88,625
• Service charge increases capped to the RPI. • Excluded from the LTA 1954
Second
Alsford Page & Gems (Holdings) Ltd
3,541
23/06/1997
18/09/2012
£69,225
• Excluded from the LTA 1954
First
Alsford Page & Gems (Holdings) Ltd
3,437
23/06/1997
18/09/2012
£69,225
• Excluded from the LTA 1954
Ground Floor
Vacant Retail
441
• Retail unit previously occupied as a Wine Bar & Restaurant
Ground Floor
Vacant Office & Reception
2,634
• Office accommodation occupied by Minories Site Office
Lower Ground
Vacant
2,565
• Previously occupied by Wine Bar & Restaurant
Lower Ground
Alsford Page & Gems (Holdings) Ltd
623
Transformer Chamber
The London Electricity Board
Totals:
23,458
23/06/1997
18/09/2012
£5,250
• Excluded from the LTA 1954
01/04/1987
28/03/2047
£0.00
• Yearly rent of £0.05 if demanded
£398,825
2 – 5 MINORIES (MINORIES HOUSE)
2 - 5 Minories (Minories House) is multi-let to five tenants on 7 separate leases in accordance with the tenancy schedule provided below.
6-10 MINORIES
73 74 75 76
1
Mi n s orie 2-5
6
8
10
Retail 12
© UKMap Copyright The GeoInformation Group 2011 Licence No. LANDMLON100003121118.
Plan not to scale. Indicative only.
16 THE MINORIES ESTATE EC3
DESCRIPTION
ACCOMMODATION & TENANCIES
6 - 10 Minories comprises 3 self contained ground floor retail units with office accommodation provided over first, second, third and fourth floors under a slate rendered mansard roof.
6 - 10 Minories is multi-let to three tenants on three separate leases in accordance with the tenancy schedule provided below. DEMISE
AREA (SQ FT)
TENANT
6
Fourth
517
Vacant
Third
543
Vacant
Second
532
Vacant
First
506
Basement & GF
1,314
Sub Total 8
LEASE START
LEASE EXPIRY
RENT (£ PA)
COMMENTS
Shafiul Azam
18/11/2008
01/01/2015
£7,500
• Tenancy at Will
William Hill (Southern) Ltd
21/12/2003
20/12/2013
£29,500
3,412
£37,000
Fourth
454
Vacant
Third
468
Vacant
TENURE
Second
466
Vacant
Freehold.
First
450
Vacant
GF & Mezz
663
S Kaliugavarathan & M Thiyagarajah
Basement
509
Vacant
The rear boundaries of 6 - 10 Minories abut the railway running from north to south, operated by Transport for London (TFL). Certain provisions are contained within the freehold title to protect the underground railway.
Sub Total 10
Further details relating to the title are held within the Extranet website.
3,010
01/10/1990
30/09/2010
£16,000
• Lease assigned from Superfirm Ltd • Inside the LTA 1954
£16,000
Fourth
476
Vacant
Third
529
Vacant
Second
447
Vacant
First
499
Vacant
Ground
675
Vacant
Basement
329
Vacant
Sub Total
2,955
Vacant
Total
9,377
£53,000
6 – 10 MINORIES
Internally, the office accommodation is in need of refurbishment and provides gas fired hot water radiators, perimeter trunking and a mixture of suspended and plasterboard ceilings.
UNIT
62 ALDGATE HIGH STREET DESCRIPTION
te ga d l A
Hig
62 Aldgate High Street currently provides vacant accommodation over basement, ground and three upper floors and forms the north east section of the Minories Estate site adjacent to Rennie House (57-60 Aldgate High Street) to the east and the entrance to Aldgate Bus Station to the west. The building is of traditional brick construction with single glazed windows.
t ee r t hS
Internally the accommodation provides retail accommodation at ground floor with the upper floors previously providing office accommodation which is now in need of substantial refurbishment. 57
ACCOMMODATION The property comprises the following approximate net internal floor areas: FLOOR
DESCRIPTION
NIA (Sq Ft)
NIA (Sq M)
Third
Office
539
50.10
Second
Office
524
48.70
First
Office
509
47.30
Ground
Retail
477
44.30
Basement
Storage
321
29.80
2,370
220.20
Total:
TENURE Freehold.
© UKMap Copyright The GeoInformation Group 2011 Licence No. LANDMLON100003121118.
Plan not to scale. Indicative only.
18 THE MINORIES ESTATE EC3
The title for 62 Aldgate High Street is subject to a covenant benefiting TFL. The covenant prohibits any works on any part of the property without the approval of TFL.
te ga d l A
Hig
t ee r t hS
DESCRIPTION The Still and Star Public House is located to the rear of 62 Aldgate High Street fronting Little Somerset Street and is of traditional brick construction providing accommodation over basement, ground and three upper floors.
62
57
Internally the upper floors provide self contained living accommodation above the bar with three bedrooms, bathroom, living room and kitchen.
45
THE STILL & STAR PUBLIC HOUSE
THE STILL & STAR PUBLIC HOUSE
53 54
ACCOMMODATION The property comprises the following approximate floor areas: FLOOR
DESCRIPTION
SQ FT
SQ M
Third
Toilet / Roof Access
53
4.90
Second
Living Space
594
55.20
First
Living Space
586
54.40
Ground
Bar Area
753
70.00
Basement
Cellar
544
50.50
2,530
235.00
Total:
TENURE Freehold.
TENANCY The property is let to Michael Frederick Cox on a full repairing and insuring lease for a term of 3 years at nil rent. © UKMap Copyright The GeoInformation Group 2011 Licence No. LANDMLON100003121118.
Plan not to scale. Indicative only.
62 ALDGATE HIGH STREET
49
20 THE MINORIES ESTATE EC3
THE MINORIES ESTATE
PROPOSAL We are instructed to seek offers, subject to contract and exclusive of VAT, for our client’s interests in the Minories Estate.
FURTHER INFORMATION Guy Napier Tel: 020 7861 1315 guy.napier@knightfrank.com
Andrew Tyler Tel: 020 7861 1319 andrew.tyler@knightfrank.com
Andrew Harrison Tel: 020 7861 1333 andrew.j.harrison@knightfrank.com
Charlie Hart Tel: 020 7718 5222 charlie.hart@knightfrank.com
Important notice Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only.
Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names. Designed and Produced by Fever Design www.fever-design.co.uk November 2011
Acting on the instructions of the joint administrators Martin Ellis and Les Ross, partners of Grant Thornton UK LLP