68 HALLIFORD STREET, ISLINGTON, LONDON N1. Newly Converted Unbroken Residential Investment

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1 68 HALLIFORD STREET, ISLINGTON, LONDON N1 Newly Converted Unbroken Residential Investment

2 EXECUTIVE SUMMARY Located within the desirable London Borough of Islington. Newly converted unbroken block comprising 53 self-contained apartments (x50 studios and x3 one-beds) Total GIA of 19,321 sq ft / 1,795 sq m New lease on the entire building for a term of 5 years with a mutual option to break at the 3rd year. Total current net rent reserved of 750,000 per annum reflecting only 272 per week per unit. Highly reversionary ERV 907,500 per annum. Attractive rental or break up opportunity. Virtual freehold 999 years at a peppercorn. Unconditional offers sought in excess of 15,900,000 subject to contract and existing lease. The freehold may be available under separate negotiation. The site benefits from a recent planning consent to erect a single storey extension above roof and 4-storey stepped site extension to create 8 flats (7 two-beds and 1 four-bed). Further development potential, subject to obtaining the necessary consents.

3 LOCATION Islington has long been known for its understated class and charm, its beautiful parks and numerous boutique shops, bars, cafes and restaurants. It is quiet and calm yet full of things to do and carries an air of intellectual creativity and style. Located in the north of the city near Camden and Hackney, Islington is incredibly well connected by the underground, with ten tube stops around the area, as well as plenty of buses that run around the clock. The transport connections even extend to the continent with the Eurostar terminal being in St. Pancras station. So a weekend in Paris or Brussels is just a stone s throw away. As one of the most vibrant pockets of North London, Islington s popularity as a residential location continues to grow. It is relatively central, only a couple of tube stops from the City, yet has managed to retain its local, village like atmosphere. Islington has seen a 25% rise in its population in the last 4 years which has not been matched by a corresponding delivery of housing. As a result, the area has experienced recent significant house price growth. New, well designed apartments offering a high level of specification continue to attract attention from both owner occupiers and investors. 68 Halliford Street is located within the East Canonbury Conservation Area and situated to the northeast end of Halliford Street, close to the junction with Essex Road.

4 LOCAL AMENITIES AND TRANSPORT LINKS Essex Road national rail station (proposed Crossrail 2 station) is situated within immediate walking distance, with Angel (Northern Line) and Highbury & Islington (Victoria and Overground Lines) underground stations less than a mile away. The N1 postcode is a hotspot for international cuisine from rustic to gourmet Middle Eastern dining. Choose between Turkish, Lebanese, Israeli and Moroccan to name but a few. For home-cooks there are local fruit and veg shops a plenty, as well as butchers and bakers and every other food group. Buying wholesome health food is wonderfully easy thanks to the many organic wholefood stores that have popped up in recent years. There is also the Farmer s Market every Sunday, complete with hot food stalls and oodles of fresh local produce. Alternatively you can pop into one of the numerous supermarkets in the area, including Waitrose, M&S and Sainsbury s. Pub lovers will feel right at home in Islington with the majority of jaunts offering extensive drinks menus and impressive grub. Because of its strong creative community, a lot of bars and cafes double up as venues that put on all kinds of events from live music of different genres, to spoken word. There are also several well-known music hotspots in the Borough, such as The Lexington, The Hope & Anchor and the stunning Union Chapel. Galleries are by no means hard to come by either and range from the smaller art dealers to the larger exhibition spaces. For the budding artist there are art supply shops a plenty. Meandering through Camden Passage is a great way to wile away an afternoon, kick-starting things with a hearty brunch in one of the many cafes. Quaint boutiques mix hand-made with vintage chic and you can pick up anything from clothes and jewellery to books and homeware. Pedestrianised streets make the whole experience all the more enjoyable. Islington has a cultural life all its own. The Almeida Theatre is among the capital s leading venues. There are fringe theatres at the King s Head and the Hope, above the Hope and Anchor pub, both in Upper Street, and the Hen and Chickens does theatre and comedy at Highbury Corner. Sadler s Wells in Rosebery Avenue is London s leading theatre for dance. The Little Angel Theatre in Dagmar Passage is a leading puppet theatre. There are two cinemas in Islington. Vue is a 10-screen multiplex in the N1 shopping centre, while The Screen on the Green, a single-screen cinema, is part of the Everyman chain and shows art house as well as main release films. The Estorick Collection of Modern Italian Art, in a Grade II-listed building in Canonbury Square, has six galleries, an art library, a café and bookshop. Stretching right through Islington is the historic and picturesque Regent s Canal. This now quiet spot was once a central piece of infrastructure, feeding the capital with the transportation of goods through the north of the city. These days the towpaths are more frequented by commuters, joggers and dog-walkers. Several cafes and pubs provide lovely waterfront refreshments.

5 DESCRIPTION The site comprises the former Canonbury Community Care Centre and in April 2014, the existing building under application number P2014/0545/PRA, obtained a Prior Approval for change of use to residential. Works have recently completed and the building comprises a total of 53 self-contained apartments (x50 studios and x3 one-beds) arranged over ground, first and second floors. The building has been fitted out to a high standard with each unit benefiting from oak laminate wooden floors, luxury bathroom with walk-in shower cubical, fully fitted kitchen with cream high gloss walls and base units, fitted wardrobes, fitted blinds and entry-phone system. The building also benefits from an impressive and spacious entrance lobby with hand crafted wall features incorporating wall lights, custom made private oak letter boxes. Each ground floor unit at the rear of the building benefit from a generously sized communal patio.

6 SCHEDULE OF FLOOR AREAS Ground Floor Unit 1: 269 sq ft / 25.0 sq m Unit 2: 269 sq ft / 25.0 sq m Unit 3: 269 sq ft / 25.0 sq m Unit 4: 269 sq ft / 25.0 sq m Unit 5: 269 sq ft / 25.0 sq m Unit 6: 269 sq ft / 25.0 sq m Unit 7: 269 sq ft / 25.0 sq m Unit 8: 269 sq ft / 25.0 sq m Unit 9: 269 sq ft / 25.0 sq m Unit 10: 269 sq ft / 25.0 sq m Unit 11: 269 sq ft / 25.0 sq m Unit 12: 269 sq ft / 25.0 sq m Unit 13: 269 sq ft / 25.0 sq m Unit 14: 269 sq ft / 25.0 sq m Unit 15: 343 sq ft / 31.9 sq m Unit 16: 269 sq ft / 25.0 sq m Unit 17: 297 sq ft / 27.6 sq m GIA: 6,351 sq ft / 590 sq m NIA: 4,677 sq ft / 435 sq m

7 First Floor Unit 18: 269 sq ft / 25.0 sq m Unit 19: 269 sq ft / 25.0 sq m Unit 20: 269 sq ft / 25.0 sq m Unit 21: 269 sq ft / 25.0 sq m Unit 22: 269 sq ft / 25.0 sq m Unit 23: 269 sq ft / 25.0 sq m Unit 24: 269 sq ft / 25.0 sq m Unit 25: 269 sq ft / 25.0 sq m Unit 26: 269 sq ft / 25.0 sq m Unit 27: 269 sq ft / 25.0 sq m Unit 28: 269 sq ft / 25.0 sq m Unit 29: 269 sq ft / 25.0 sq m Unit 30: 269 sq ft / 25.0 sq m Unit 31: 269 sq ft / 25.0 sq m Unit 32: 269 sq ft / 25.0 sq m Unit 33: 354 sq ft / 32.9 sq m Unit 34: 282 sq ft / 26.2 sq m Unit 35: 461 sq ft / 42.8 sq m GIA: 6,458 sq ft / 600 sq m NIA: 5,133 sq ft / 477 sq m

8 Second Floor Unit 36: 269 sq ft / 25.0 sq m Unit 37: 269 sq ft / 25.0 sq m Unit 38: 269 sq ft / 25.0 sq m Unit 39: 269 sq ft / 25.0 sq m Unit 40: 269 sq ft / 25.0 sq m Unit 41: 269 sq ft / 25.0 sq m Unit 42: 269 sq ft / 25.0 sq m Unit 43: 269 sq ft / 25.0 sq m Unit 44: 269 sq ft / 25.0 sq m GIA: 6,512 sq ft / 605 sq m NIA: 5,139 sq ft / sq m Unit 45: 269 sq ft / 25.0 sq m Unit 46: 269 sq ft / 25.0 sq m Unit 47: 269 sq ft / 25.0 sq m Unit 48: 269 sq ft / 25.0 sq m Unit 49: 269 sq ft / 25.0 sq m Unit 50: 269 sq ft / 25.0 sq m Unit 51: 355 sq ft / 33.0 sq m Unit 52: 284 sq ft / 26.4 sq m Unit 53: 463 sq ft / 43.0 sq m TOTAL GIA: 19,321 sq ft / 1,795.0 sq m TOTAL NIA: 14,945 sq ft / 1,388.8 sq m

9 TENANCY New lease on the entire building (53 apartments) dated 22nd October 2015 to Theori Investments Ltd for a term of 5 years. The lease benefits from a mutual break option at the 3rd year, subject to no less than 90 days prior written notice. Total current net rent reserved of 750,000 per annum. This reflects only 272 per week per unit overall which is below the market rental value. ERV's in the immediate vicinity for comparable units are approx pw on the studios and 400 pw on the x1 beds. Therefore, this would then reflect a total net reversionary income of 907,500 pa. COVENANT Theori Investments Limited exclusively provides housing solutions to the public sector, predominantly local authorities. They have a current managed property portfolio of in excess of 250m. Their latest published accounts (Year End 08/2014) are as follows: Net Worth: 3,890,000 (up 130% from Y/E 08/2013) Turnover: 14,800,000 (up 7.4% from Y/E 08/2013) Please see for further information. TENURE A new virtual freehold interest for a term of 999 years at a peppercorn ground rent.

10 PLANNING CONSENT AND FURTHER DEVELOPMENT POTENTIAL The site benefits from a recent detailed planning consent to erect a single storey extension above the roof and 4-storey stepped side extension to create 8 flats. New Side extension - 5 flats (x2 beds) totalling 4,340 sq ft NSA. New 3rd floor - 3 flats (two x2 beds, and one x4 bed) totalling 2,650 sq ft NSA. Therefore, providing a total additional NSA of 6,990 sq ft. For further planning documentation, please click on the following link: P2015/0362/FUL In addition to this, the vendor is currently working up a new application for an additional 4th floor which will comprise 3 penthouse flats totalling circa 4,000 sq ft. Further information available. All necessary works to the building and roof have been carried out in order for the existing building to sustain the additional massing. Please note that this is excluded within the sale but may be available to purchase with the freehold interest under separate negotiation. PRICE Unconditional offers sought in excess of 15,900,000 subject to contract and existing lease. LEGAL COSTS Each party to bear their own legal costs incurred in this transaction. VAT We understand the property is not elected for VAT. EPC (Energy Performance Certificate) Each apartment has been independently assessed and have a rating of either C or D.

11 FURTHER INFORMATION For further information, or to arrange an inspection of the property please contact: Adam Velleman Partner Burlington Partners T: M: E: Disclaimer Misrepresentation Act 1967: Burlington Partners for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither Burlington Partners nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 1989: Unless otherwise stated all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. February 2016