New Penderel House 283-288 High Holborn London WC1V 7HP

New Penderel House
283-288 High Holborn
London
WC1V 7HP

  • New Penderel House<br>283-288 High Holborn<br>London<br>WC1V 7HP

Freehold Central London Office Investment

  • Freehold
  • Substantial Central Freehold Office Investment
  • Situated 300 metres from both Chancery Lane and Holborn Underground Stations
  • Ground and basement let to JD Wetherspoon plc until 2037 (No Breaks)
  • 8 floors of Multi Let Offices
  • Average passing rent of £42.20 per sq ft offer significant potential for rental growth.
  • 80% of the office leases expire during 2023 & 2024, all office leases are outside the security of tenure provisions of the Landlord and Tenant Act 1954
  • Approximately 3,457 sq m (37,219 sq ft)
  • Asset management opportunities, including lease renewals, refurbishment of the reception and office space and potential massing, terracing and alternative use options subject to planning
  • Historic Planning Consent granted for an additional floor of Office accommodation
  • Offers in excess of £27,500,000 (4.94% Net Initial Yield and a Capital Value of £739 per sq ft)
  • Rent
    £1,449,657 per Annum Exclusive
  • Status
    Available
  • Price*
    £27,500,000+
  • Sector
    Office
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    24.06.22
    File Size
    123 MB
    Login to View
  • Brochure
    Updated Date
    07.06.22
    File Size
    9 MB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Jon SkerryJon Skerry +44 (0)20 7034 4863 +44 (0)7736 300 594jon.skerry@acuitus.co.uk
Associate AgentBen Blinston-Jones 07921 933 651ben@finemanross.co.uk
Seller's Solicitors
Black Graf LLP 100 Baker Street
London
W1U 6WG
Paul McKee 0207 586 1141phm@blackgraf.com

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