280 Bishopsgate is located in the City of London, one of the world's leading financial districts.
280 Bishopsgate occupies a prominent position on the east side of Bishopsgate, in the heart of the City of London, directly opposite the internationally renowned Broadgate complex which is centred around Liverpool Street Station.
Bishopsgate is one of the City's principal thoroughfares, running between Broadgate to the west and Spitalfields to the east. The location therefore attracts a diverse range of tenants from the financial, professional, media and technology sectors. Occupiers within the immediate vicinity include Amazon, WeWork, NatWest, Allen & Overy, McCann Worldgroup, TP ICAP, Milbank LLP, Peel Hunt LLP and the new Eataly food market.
The location benefits from close proximity to London's Shoreditch area, with its rich mix of bars, restaurants and shops situated a short walk to the north of 280 Bishopsgate.
The location is set to be further enhanced by the completion of a number of high profile developments including 135 Bishopsgate, 100 Liverpool Street and One Bishopsgate Plaza.
280 Bishopsgate is a highly prominent headquarters office building.
Developed in 2001 to an institutional standard, it provides 273,110 sq ft (25,372.8 sq m) of well specified office, retail and ancillary accommodation over basement, lower ground, ground and twelve upper floors.
The property benefits from regular rectangular floorplates allowing for excellent natural light on all four sides. The floors are suitable for open plan and cellular configurations and provide exceptional occupier flexibility. Typical office floorplates are circa 21,000 sq ft and range in size from 18,004 sq ft (on the 12th floor) to 21,089 sq ft (on the 10th floor).
The building is currently accessed from the main reception on Bishopsgate, part of which is currently used as a retail banking branch. The reception leads to the primary service core with a bank of eight 24 person passenger lifts as well as a 200 seat auditorium. There is a single retail unit at the rear of the property, let to Pret a Manger, which fronts onto the vibrant surroundings of the pedestrianised Bishops Square. 280 Bishopsgate also benefits from a secondary entrance onto Bishops Square, which could be remodelled as part of the wider repositioning of the asset to create a dual entrance configuration.
The building currently offers further occupier amenities including 19 car parking spaces, 53 bicycle spaces and 8 showers with associated locker facilities. There is the potential to enhance these facilities as part of any future refurbishment works.
The property is held long leasehold from the Mayor and Commonalty and Citizens of the City of London, expiring 13th May 2141 (c.122 years unexpired).
The head rent is calculated at 3.93% of the full rack rental value and is reviewed upwards only every 5 years. The next review is in March 2020.
The current head rent payable is £425,000 per annum.
The total site extends to approximately 0.7 acres.
A summary of the key provisions of the head lease is attached as an Appendix in the marketing particulars and the full head lease is available in the online data room.
Excluding the leases detailed in the marketing brochure, the property will be sold with vacant possession upon completion of the sale.
A retail unit comprising 1,089 sq ft at ground floor level to the rear of the building is leased to Pret a Manger (Europe) Limited on a lease until 25th October 2024. The current rent passing is £65,000 per annum (£59.69 per sq ft) and there is an upwards only rent review on 25th October 2019. This lease is excluded from the security of tenure provisions of the Landlord and Tenant Act 1954.
Furthermore, there is a lease of an electrical transformer chamber at basement level to London Power Networks for a term of 99 years from January 2002 at a peppercorn rent.
A copy of the occupational leases can be found in the online data room.
The property has not been elected for the purposes of VAT.
We are instructed to seek offers in excess of £173,000,000 subject to contract and exclusive of VAT. Assuming purchaser's costs of 6.80%, this reflects a low capital value of £633 per sq ft overall.