1. 1
HEADQUARTERS OFFICE INVESTMENT FOR SALE
LET TO WOWCHER LIMITED (GUARANTEED BY DMG MEDIA LIMITED)
I S L I N G T O N N 1
SWAN YARD
12-27
2. 2
12–27SWANYARD,ISLINGTONN1
INVESTMENT SUMMARY
ƒƒ Excellent Northern City Fringe location in close proximity to
Highbury & Islington Station and Highbury Fields Park.
ƒƒ The property is well situated at the southern end of Swan Yard,
a quiet mews adjacent to popular Upper Street which provides a
diverse range of shops, restaurants, pubs and bars.
ƒƒ Headquarters building construction in the early 2000s providing
modern, air conditioned office accommodation.
ƒƒ Approximately 10,428 sq ft of net internal office accommodation
arranged over lower ground, ground and two upper floors.
ƒƒ Let to Wowcher Limited on a new 10 year lease from 9th March
2015. Wowcher is the UK’s second largest online voucher website
and has seen tenfold growth since its launch in 2011.
ƒƒ The lease is guaranteed by Wowcher’s parent company DMG
Media Limited, the consumer media arm of DMGT and one of the
United Kingdom’s leading media companies. Benefits from a D & B
rating of 5A1.
ƒƒ The total current passing rent is £367,587 (£35.25 per sq ft) per
annum exclusive.
ƒƒ The building benefits from a mixed use planning consent for an
additional third storey, highlighting future asset management
possibilities.
ƒƒ We are instructed to seek offers in excess of £6,000,000 exclusive
and subject to contract for the Freehold interest. This reflects
a gross yield of 6.13%, a net initial yield of 5.79% assuming
purchaser’s costs of 5.8% and a low capital value of approximately
£575 per sq. ft.
3. 3
LOCATION
The property is located in the district of Islington which forms the central
part of the London Borough of Islington, one of London’s oldest boroughs.
It is a vibrant and affluent Central London location, approximately 2
miles from the City of London and the West End. It is well known as an
established business, residential and leisure centre. The area is home to
eclectic mix of high end fashion retailers, boutiques, bars and restaurants
centred on Islington High Street, Upper Street and Essex Road.
The area also benefits from a lively theatre culture, several cinemas,
numerous art galleries and music venues, such as the Union Chapel on
Upper Street. It is still an area associated with the antiques trade which
retains a strong presence in Camden Passage. The Business Design
Centre is also located on Upper Street and hosts major events and trade
shows throughout the year.
COMMUNICATIONS
Road
The A1 is a key arterial route through the London Borough of Islington, travelling along Upper Street and down to Aldersgate in the City of London.
Rail
Numerous Underground, Overground and National Rail Stations serve the Borough. Highbury & Islington Station is a minute walk away, benefiting
from Underground, Overground and National Rail connections. The Victoria Line provides direct access to King’s Cross and beyond to the central West
End. The Overground service provides access to Stratford, Dalston and Shoreditch to the East, Hampstead and Richmond to the West. Direct access
to the City and ‘Tech City’ is provided by regular First Capital Connect Services.
HIGHBURY & ISLINGTON STATION
Victoria Line – Journey times*
ƒƒ King’s Cross / St Pancras Station – 2
minutes (International Services via
Eurostar)
ƒƒ Oxford Circus Station – 7 minutes
ƒƒ Green Park Station – 9 minutes
ƒƒ Victoria Station – 11 minutes
* All journey times are approximate
SITUATION
The property is prominently situated at the southern end of Swan Yard, an attractive mews off Highbury Station Road and running parallel to the
northern end of Upper Street in central Islington. Swan Yard comprises a mix of office and residential buildings in the main. Highbury Fields, Islington’s
largest park, is located within a few minutes’ walk. It offers a range of sporting facilities and is surrounded by attractive Georgian and Victorian
terraces.
Overground – Journey times*
ƒƒ Dalston Junction Station – 4 minutes
ƒƒ Shoreditch High Street Station – 11 minutes
ƒƒ Whitechapel High Street – 14 minutes (The new Crossrail Station
will be completed in 2018. Journey times to Canary Wharf will be
reduced to 3 minutes, Heathrow will only be 39 minutes.
ƒƒ Stratford Station – 15 minutes
National Rail Services –
Journey time*
ƒƒ Old Street Station – 5
minutes
ƒƒ Moorgate Station – 7
minutes
Pentonville Road
City Road
UpperStreet
E
ssex
Road
St Paul’s Road
LiverpoolRoad
CaledonianRoad
Gray’sInnRoad
New
NorthRoad
Old Street
Highbury &
Islington
Essex Road
Old Street
Angel
Caledonian
Road
London St Pancras
International
King’s Cross
SWAN YARD
12-27
4. 12–27SWANYARD,ISLINGTONN1
SWAN YARD
12-27
I S L I N G T O N N 1
4
Highbury Fields
Essex Road Station
Upper Street
Islington Square
Highbury & Islington
Station
Business Design
Centre
Angel Station /
Angel Square
Angel
Central
5. DEVELOPMENTS & LOCAL AMENITIES
Highbury & Islington Station
A convenient minute walk from 12 – 27 Swan Yard. The
station provides swift access to the City of London, the West
End, King’s Cross/ St Pancras, Shoreditch and Stratford.
Angel Square
128,700 sq ft office building situated above Angel Station,
recently purchased by Derwent London PLC in Q4 2014 for
approximately £75m.
Angel Central
Formally known as the N1 Centre, Angel Central is one
of Islington’s pre- eminent shopping and entertainment
destinations. It is home to over 20 retail and restaurant
occupiers, including Gourmet Burger Kitchen, Wagamama,
L’Occitane, GAP and MUJI. A large Vue Cinema and the O2
Academy Islington are also in occupation at Angel Central.
5
Business Design Centre
Europe’s first integrated trade, exhibition and conference
centre incorporating 135,000 sq ft of permanent showroom
and office accommodation. It hosts major events throughout
the year and has approximately 100 resident companies in
occupation.
Islington Square
A major regeneration and development of the former North
London Mail Centre. The 500,000 sq. ft. mixed use scheme
will include 170, 000 sq. ft. of retail and leisure space together
with 356 residential units. The 4.5 acre site will also comprise
offices, a cinema and health club. Completion is due in Q4
2016.
Upper Street
Vibrant Upper Street runs between Angel Station on the
Northern Line and Highbury & Islington Station on the Victoria
Line. It is one of central London’s most popular shopping and
leisure destinations providing an extensive variety of shops,
boutiques, restaurants, bars and cafés.
6. 6
12–27SWANYARD,ISLINGTONN1
DESCRIPTION
12 – 27 Swan Yard provides approximately 969.11 sq m (10,428 sq ft) of purpose built office
accommodation over lower ground to second floors. The property was built in 2002/2003
and was occupied by Circle Anglia Ltd for approximately 10 years until February 2015.
The property benefits from several attractive design features including a glass roof and a full
height glazed atrium. There are two terraces at second floor level, with the larger terrace
benefitting from views over Laycock Street Park.
Current specification and amenities:
ƒƒ Passenger Lift
ƒƒ Air conditioning
ƒƒ Perimeter trunking
ƒƒ Metal tile suspended ceilings
ƒƒ Secure courtyard entrance
ƒƒ WCs on each floor
ƒƒ Large kitchen
ƒƒ Door entry control
ƒƒ 2 terraces at second floor level
Wowcher are undertaking a new fit out of the premises.
7. 7
ACCOMMODATION
The property has been measured in accordance with the RICS
Code of Measuring Practice (6th Edition). The property provides
the following approximate net internal floor areas:
Floor Size (sq ft) Size (sq m)
Second 1,740 161.72
First 2,991 277.93
Ground 2,862 265.95
Lower Ground 2,835 263.51
TOTAL 10,428 969.11
FLOOR PLANS:
Not to scale. For identification purposes only.
8. 8
12–27SWANYARD,ISLINGTONN1
PLANNING
Planning Permission for a third storey.
The property benefits from approved
planning consent for the erection of a
third storey to provide two residential
units (2 x 2 bedroom flats), together with
the internal reconfiguration of the existing
office accommodation. This highlights the
future asset management potential of the
property.
Full information is available on request,
can be downloaded from the Islington
Council website (www.islington.gov.uk
/ planning reference P2012/0614/FUL) or
the online data room.
10. VAT
The property has been elected for VAT.
EPC
The EPC rating is E with a score of 103.
PROPOSAL
Offers are sought in excess of £6,000,000 (Six Million Pounds) subject to contract and exclusive of VAT.
A purchase at this level reflects an attractive gross yield of 6.13%, a net initial yield of 5.79 % assuming purchaser’s costs of 5.8% and a low capital value of approximately £575
per sq. ft.
FURTHER INFORMATION:
12-27swanyard.com
CONTACTS:
John Giblin
jgiblin@coppingjoyce.co.uk
020 7749 1041
Nichola Pughe
npughe@coppingjoyce.co.uk
020 7749 1041
Nicholas Silver
nicholas@rib.co.uk
020 7927 0622
Misrepresentation Act 1967: Copping Joyce Surveyors Limited and Robert Irving Burns Limited for themselves, for any joint agents and for the vendors, lessors or assignors of this property whose agents they are given notice that: (i) The
particulars are set out as a general guide only for the guidance of intending purchasers or lessees and do not constitute, nor constitute part of, an offer or contract (ii) All descriptions, dimensions, references to condition and necessary
permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by
inspection or otherwise as to the correctness of each of them.(iii) No person in the employ of Copping Joyce Surveyors Limited, Robert Irving Burns Limited or any joint agents has any authority to make or give any representation or warranty
whatever in relation to this property (iv) All rentals and prices are quoted exclusive of VAT(v) All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have
however not been tested and therefore we give no warranty as to their condition or operation. Subject to Contract. March 2015
Background: Highbury Fields
