New Penderel House, 283-288 High Holborn, London, WC1V 7HP | Private Sales

Property Information

Location

Miles: 100 metres north of Lincoln's Inn Fields, 0.5 miles west of St Paul's Cathedral, 1 mile east of Oxford Circus
Roads: A40 (High Holborn), A201 (Farringdon Street), A4200 (Kingsway)
Rail: Chancery Lane (Central Line), Holborn (Central, Piccadilly Lines). Tottenham Court Road (Elizabeth Line / Crossrail)
Air: London Heathrow Airport, London Gatwick Airport, London City Airport

Situation

New Penderel House is prominently situated on the southside of High Holborn, which runs between Shaftesbury Avenue in the west and Chancery Lane in the east. 100-metres south of New Penderel House is Lincoln’s Inn Fields, the largest public square in London. The garden square offers open green space for nearby office occupiers to use as well as tennis courts and space for cricket matches.

Midtown is positioned between the West End and the City of London, thereby offering access to two of London’s principal commercial and leisure districts. It has attracted world renowned occupiers owing to its best-in-class office buildings, exceptional transport connections and amenities.
Midtown, which is one of London’s most historic districts, is
synonymous with the legal sector, due to institutions, such as the Royal Courts of Justice, the Old Bailey, the Supreme Court, and the Four Inns, some of which have been in the area since the 1400s. Midtown has recently seen the development of some of London’s most cutting-edge and contemporary office buildings, such as The Post Building, One New Oxford Street, The Cursitor Building and the Bureau Building.
Midtown’s proximity to submarkets, such as Bloomsbury, Fitzrovia, Covent Garden and the City Fringe, and its relative affordability, has resulted in an influx of occupiers, including
tenants from the financial, technology, media, advertising, and fashion industries, as shown by the arrival of Goldman Sachs, Deloitte, Amazon, Saatchi and Saatchi, Warner Brothers and Paul Smith. The London School of Economics and King’s College London also have principal campuses located in Midtown.

Tenure

Freehold.

Location

Miles: 100 metres north of Lincoln's Inn Fields, 0.5 miles west of St Paul's Cathedral, 1 mile east of Oxford Circus
Roads: A40 (High Holborn), A201 (Farringdon Street), A4200 (Kingsway)
Rail: Chancery Lane (Central Line), Holborn (Central, Piccadilly Lines). Tottenham Court Road (Elizabeth Line / Crossrail)
Air: London Heathrow Airport, London Gatwick Airport, London City Airport

Situation

New Penderel House is prominently situated on the southside of High Holborn, which runs between Shaftesbury Avenue in the west and Chancery Lane in the east. 100-metres south of New Penderel House is Lincoln’s Inn Fields, the largest public square in London. The garden square offers open green space for nearby office occupiers to use as well as tennis courts and space for cricket matches.

Midtown is positioned between the West End and the City of London, thereby offering access to two of London’s principal commercial and leisure districts. It has attracted world renowned occupiers owing to its best-in-class office buildings, exceptional transport connections and amenities.
Midtown, which is one of London’s most historic districts, is
synonymous with the legal sector, due to institutions, such as the Royal Courts of Justice, the Old Bailey, the Supreme Court, and the Four Inns, some of which have been in the area since the 1400s. Midtown has recently seen the development of some of London’s most cutting-edge and contemporary office buildings, such as The Post Building, One New Oxford Street, The Cursitor Building and the Bureau Building.
Midtown’s proximity to submarkets, such as Bloomsbury, Fitzrovia, Covent Garden and the City Fringe, and its relative affordability, has resulted in an influx of occupiers, including
tenants from the financial, technology, media, advertising, and fashion industries, as shown by the arrival of Goldman Sachs, Deloitte, Amazon, Saatchi and Saatchi, Warner Brothers and Paul Smith. The London School of Economics and King’s College London also have principal campuses located in Midtown.

Tenure

Freehold.

Description

New Penderel House is a corner building fronting the south side of High Holborn. To the High Holborn elevation, there is concrete façade and large symmetrical glass windows.

New Penderel House was built in the 1970s and arranged over the basement, ground and eight upper floors. The office floor plates are a conventional rectangular shape and range between 2,725 and 3,406 sq ft. There is a ground floor reception that provides access to the office accommodation, via passenger lifts and the main stairwell. There is a terrace on the seventh floor, and a flat roof which is currently used as an area for mechanical and electrical services and mobile phone antenna.

There is a Public House on the ground and basement floors which totals 11,533 sq ft (GIA) with a small garden area to the rear. There is a flat roof above the majority of the pub at the rear of the property.

Asset Management & Alternative Uses

The property offers potential for repositioning through a number of strategic asset management methods. These could include the refurbishment of the reception and common areas, as well as the refurbishment of the office floors. Additionally, active asset management through lease renewals with a number of existing office tenants. Opportunity to rationalise the mechanical and electrical services on the roof and utilise the space available to create new office accommodation or provide tenant amenities, subject to planning. A wider plan could provide for the change of use to either a hotel, residential or student accommodation, subject to planning.

VAT

VAT is applicable to this lot.

Planning

New Penderel House sits within the London Borough of Camden. The building is not listed, and it is not situated within a Conservation Area. Planning consent has been granted by Camden Council on 21st November 2002 under reference number PSX0104747/R1 for an additional floor of office accommodation. It is understood that the creation of the stairwell to the roof constitutes commencement of the work and therefore the planning consent may not be time restricted.

Note

For sale by Acuitus Private Treaty --- For terms and conditions of sale view the property details at http://www.acuitus.co.uk

Description

New Penderel House is a corner building fronting the south side of High Holborn. To the High Holborn elevation, there is concrete façade and large symmetrical glass windows.

New Penderel House was built in the 1970s and arranged over the basement, ground and eight upper floors. The office floor plates are a conventional rectangular shape and range between 2,725 and 3,406 sq ft. There is a ground floor reception that provides access to the office accommodation, via passenger lifts and the main stairwell. There is a terrace on the seventh floor, and a flat roof which is currently used as an area for mechanical and electrical services and mobile phone antenna.

There is a Public House on the ground and basement floors which totals 11,533 sq ft (GIA) with a small garden area to the rear. There is a flat roof above the majority of the pub at the rear of the property.

Asset Management & Alternative Uses

The property offers potential for repositioning through a number of strategic asset management methods. These could include the refurbishment of the reception and common areas, as well as the refurbishment of the office floors. Additionally, active asset management through lease renewals with a number of existing office tenants. Opportunity to rationalise the mechanical and electrical services on the roof and utilise the space available to create new office accommodation or provide tenant amenities, subject to planning. A wider plan could provide for the change of use to either a hotel, residential or student accommodation, subject to planning.

VAT

VAT is applicable to this lot.

Planning

New Penderel House sits within the London Borough of Camden. The building is not listed, and it is not situated within a Conservation Area. Planning consent has been granted by Camden Council on 21st November 2002 under reference number PSX0104747/R1 for an additional floor of office accommodation. It is understood that the creation of the stairwell to the roof constitutes commencement of the work and therefore the planning consent may not be time restricted.

Note

For sale by Acuitus Private Treaty --- For terms and conditions of sale view the property details at http://www.acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent (£ sq ft)	Review/(Reversion)
Ground Lower Ground	Public House Ancillary	494.00 sq m 577.00 sq m	(5,321sq ft) (6,212 sq ft)	JD WETHERSPOON PLC	40 years from 27/05/1997 until 2037	£288,000	£24.97	27/05/2022 (26/05/2037)
First	Office	308.00 sq m	(3,319 sq ft)	VACANT POSSESSION		£164,291 (1)	£49.50
Second	Office	310.00 sq m	(3,340 sq ft)	PROPRIETARY ASSOCIATION OF GREAT BRITAIN	10 years 05/09/2017 (2)	£155,480	£46.55	05/09/2022 (04/09/2027)
Third	Office	316.00 sq m	(3,339 sq ft)	VACANT POSSESSION		£168,251 (1)	£49.50
Fourth	Office	317.00 sq m	(3,406 sq ft)	ZEDRA GLOBAL SERVICES (UK) LIMITED	10 years from 11/08/2014	£154,000 (3)	£45.21	(10/08/2024)
Fifth	Office	315.00 sq m	(3,388 sq ft)	FIFTY DIGITAL LIMITED	2 years from 15/10/2021	£100,000 (4)	£29.52	15/10/2022 (14/10/2023)
Sixth	Office	308.00 sq m	(3,317 sq ft)	OFFICE TEST LIMITED	5 years from 14/05/2018 (5)	£141,960	£42.80	(13/05/2023)
Seventh	Office	253.00 sq m	(2,725 sq ft)	PING IDENTITY UK LIMITED (6)	A term of years expiring 04/03/2024	£116,100	£42.61	(04/03/2024)
Eighth	Office	259.00 sq m	(2,792 sq ft)	PING IDENTITY UK LIMITED (7)	10 years from 05/03/2014	£133,000	£47.64	(04/03/2024)
Roof	Telecommunications Equipment			EE LIMITED & HUTCHINSON 3G UK LIMITED	10 years from 31/01/2015	£14,288		(30/01/2025)
Roof	Telecommunications Equipment			CORNERSTONE TELECOMMUNICATIONS LIMITED	10 years from 07/07/2017	£14,288		(06/07/2027)
Total Approximate Floor Area		3,457.00 sq m	(37,219 sq ft)			£1,449,657

(1) As to the 1st and 3rd floors a 12 month rental top up is to be provided by the Seller.
(2) As to the 2nd floor and the lease to Proprietary Association of Great Britain, a deposit of £46,644 is held by the Seller.
(3) As to the 4th floor and the lease to Zedra Global Services (UK) Limited lease provides for a fixed rental increase to £165,330 in August 2024.
(4) As to the 5th floor and the lease to Fifty Digital Limited, the current rent reserved under the the terms of the lease is £75,000 per anum exclusive. The lease provides for a fixed renewal increase to £100,000 pax on 15th October 2022. The seller will pay the buyer the difference between £75,000 pax and £100,000 pax from completion of the sale until 15th October 2022, therefore the lease will produce £100,000 pax from completion of the sale. A rent deposit of £15,000 is held by the seller.
(5) As to the 6th floor and the lease to Office Test Limited a rent deposit of £50,193 is held by the Seller.
(6) As to the 7th floor and the lease to Ping Identity UK Limited a rent deposit of £34,830 is held by the Seller.
(7) As to the 8th floor and the lease to Ping Identity UK Limited a rent deposit of £49,068 is held by the Seller.