Baldwin Terrace, Islington, N1

DESCRIPTION

The property comprises a freehold office building situated over 3-storeys extending to approximately 7,033ft².

Each floor is arranged to provide open plan office accommodation, with the property benefiting from 2 internal stair cores and 1 lift which allows for future flexibility if each floor is to be occupied separately.

Four toilets and a disabled access toilet with shower is situated on the canal level floor which serves the property.

LOCATION:

The existing property is located along Baldwin Terrace on the north side of the Regent's Canal and within the London Borough of Islington.

The property benefits from being located approximately 2 miles north of The City via Shoreditch and Bishopsgate and about 1.5 miles west of Kings Cross.

The nearest station is Angel Underground station which is located 0.5 miles from the property, providing frequent Northern Line services.

TENANCY:

The property has been developed and owned by an associated entity of Cullinan Studio, who in turn have until recently occupied the entire building as their offices.

Edward Cullinan Architects was established by Edward (Ted) Cullinan in 1965, who was an early proponent of sustainability and social awareness and a former colleague of Denys Lasdun. In 2012, Edward Cullinan Architects became Cullinan Studio, and remain as an employee-owned practice.

Cullinan Studio have consolidated their use of the property to occupy the 1st floor only on a new 10 year lease from completion with a break at 5 years, at an open market rent of £45/sq.ft.

The remaining Canal and Ground floors will be sold with vacant possession, but subject to a 12-month rent guarantee.

PLANNING & DEVELOPMENT:

The current use class is Office (Use Class E). The property is located within a Conservation Area and is subject to an Article 4 notice. The canal wall and roof trusses are both locally listed.

TENURE:

The property will be sold Freehold with the tenants remaining in situ.

VAT:

We understand the property is elected for VAT.

TERMS:

Offers invited in the region of £4,000,000 which reflects 7.44% NIY on the ERV and £568psf on the existing area.