Wakley Street, Islington EC1V 7QE
Offers in excess of £11,750,000
The existing office building extends to approximately 22,364 sq. ft. (GIA). 7-8 Wakley Street is arranged over Ground to 2nd floor, and 328 City Road is arranged over Ground to 4th floor.
7-8 Wakley Street & 328 City Road occupy a site of approximately 0.16 hectares (0.40 acres) located in the heart of Islington.
The immediate vicinity provides a diverse mix of bars, shops and restaurants which make Angel one of Central London’s most exciting locations to live, work and socialise. Local amenities include Sadler’s Wells Theatre, O2 Academy Islington, Almeida Theatre, Screen On The Green, Islington Central, Camden Passage retail as well as Islington Business Design Centre.
City Road to the east of the site provides a principal arterial route towards the City of London via Old Street roundabout. Farringdon and King’s Cross are also directly accessed via St John Street and Pentonville Road to the immediate south.
Planning permission exists under reference P2014/3572/FUL for the demolition of the existing buildings and the construction of 26 residential units and 18,383 sq. ft. of offices within a new build scheme. 4 of the units are to be provided for affordable housing. A copy of the Section 106 agreement is available upon request.
It is considered that whilst the April 2016 consent sets a precedent for a mass and bulk of a development which can take place on the site, there may be alternative development options by working to reposition the existing building with the creation of additional residential and office accommodation.
This application is designed within the envelope of the April 2016 approved scheme, and is understood to be policy compliant.
A planning application is due to be submitted for a mixed-use scheme which will:
– Extend to the rear of upper floors of the 328 City Road element
– Add 2 additional floors on the Wakley Street frontage – as per April 2016 consent
– Add 3 additional floors to the centre of the existing office building (as opposed to 4 floors in the April 2016 consent)
– Opens light wells at ground – increasing open aspect to the north at ground
A scheme of this nature would create circa 38,801 sq. ft. GIA of B1 space and 8,253 sq. ft. of residential space across 9 units, with the construction work carried out as extensions, conversion and refurbishment rather than a new build scheme.
The London office vacancy rate has been decreasing for almost three years and has fallen to just below 3%.
Demand across non-core submarkets continues to originate from a wide range of occupiers looking for affordable Grade-A space. Supply continues to lag, with approximately 20% of schemes currently under construction already pre-let.
Rental evidence in Islington suggests that the rental growth rate has been in line with surrounding City Fringe locations. Rents in Islington are typically in the high £50’s per sq. ft., with any premium space on the borders of Shoreditch and King’s Cross in the sub 5,000 sq. ft. category commanding rents in excess of £60 per sq. ft.
Recent rental growth driven by acutely low vacancy in Tech City, coupled with continuing strong demand, has caused a leapfrogging effect resulting in cost-conscious tech companies having to widen their search for office space to include Islington.
The property is to be sold freehold.
The property is currently let to National Children’s Bureau at nil rent on a lease to expire in April 2018.
The property is elected for VAT.
Offers invited in excess of £11,750,000 (Eleven Million, Seven Hundred and Fifty Thousand Pounds) which reflects a low capital value of £525.39 / sq. ft. on the existing GIA and £239.96 / sq. ft. on the consented scheme.
Further information including planning documents, can be found within our dataroom using the access code ‘Wakley’.
Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
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- Existing freehold B1 office building with a gross internal floor area of 22,364 sq. ft. on a site extending to 0.4 acres
- Planning permission granted for new build mixed use scheme which comprises 26 residential units (22 private, 4 affordable) with 18,383 sq. ft. of B1 offices. The total consented area is 48,966 sq. ft. (GIA)
- The property is currently let to National Children’s Bureau at nil rent on a lease to expire in April 2018
- Pending application for a scheme to refurbish and extend the existing building to provide 38,801 sq. ft. GIA of B1 space and 8,253 sq. ft. of residential space across 9 units
- Offers in excess of £11,750,000 which reflects a low capital value of £525.39 / sq. ft. on the existing GIA and £239 / sq. ft. on the consented scheme
To discuss this opportunity further, please contact Ross Kemp or Tom Brain at Kingsbury on 020 7183 2529 or Ricky Blair, Elliott Stern or Kyle Joss at Colliers on 020 7871 7420