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19 Waterside

44-48 Wharf Road, London, N1 7UX

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Long leasehold investment for sale
Property Type Offices
Availability For Sale
Size 1,994 sq ft
Price £1,850,000
Business Rates Upon enquiry
Service Charge Upon enquiry
Energy Performance Rating Upon enquiry

An opportunity to purchase a highly desirable, income producing office investment that will be leased to Panasonic UK on a new 5 year lease

Location

Wharf Road is located between two of central London's trendiest places; Angel to the north and Old Street to the south. Both within a 10 minute walk in either direction.
On one side of Wharf Road is Wenlock Basin, which leads into Regents Canal, and on the other side City Road, which has been become a major residential destination with four of the world's top architects, including Lord Foster and Sir Terry Farrell, designing towers there since 2013.
Situated midway between Angel (Northern Line ) and Old Street (Northern Line and mainline services). Both are an approximate 10 minutes walk.
Wharf Road is conveniently located for train access both north and south London. Similarly, City Road has numerous buses running along it, providing road transport to many points in central London.

Key Points

  • Income producing investment in attractive warehouse style building
  • Will be sold with a new 5 year lease from March 2021 to Panasonic UK
  • New rent from March 2021 of £50 per sq. ft.
  • Close to "Silicon Roundabout"
  • Double height space to main area
  • Attractive bare timber finish to underside of roof.
  • Exposed iron support columns and roof trusses
  • Desirable Crittal framed windows overlooking Wenlock Basin
  • Double timber framed loading doors overlooking a cobbled courtyard
  • Good natural light
  • Ideal for an investor or an owner occupier with time on his hands

Available area

The accommodation comprises of the following

NameFloor/UnitSq ft
Unit - Mezzanine and 2nd floor Unit 1,994
Total 1,994

Description

Waterside was originally constructed as a multi storey warehouse in the mid 19th century before evolving into a print works arranged as 4 blocks.
Regent's Canal runs behind Waterside and Unit 19 has a rear facing outlook overlooking Wenlock Basin.
The blocks are arranged around a delightful courtyard that runs to the rear and provides canal side access. The courtyard is visually appealing and has been used as a film location for Kinky Boots, among others.
City Basin is also very nearby and has witnessed recent monumental additions to the local skyline as some of the world's top architects have developed striking residential towers.
Taking advantage of the voluminous floor to ceiling height, many of the 2nd floor units have fully fitted mezzanines, including Unit 19.

Viewings

Via the landlord's sole agent.

Terms

The long leasehold interest is offered for sale, subject to the occupational tenancy in place.

Long lease overview

A long leasehold interest commencing on 25 March 1987 and expiring on 24 March 2112. A new 999 year head lease is also available

Occupational lease and covenant overview

This property is currently leased to Panasonic. The current lease will end in March 2021 and terms are currently agreed for a new lease, with solicitors instructed.
Panasonic UK is a research and development department of Panasonic's European operations and is underwritten with net assets of close to a billion Euros.

Planning overview

Waterside is a Grade II listed building and is within the Regents Canal Conservation Area

Planning class

B1

Development potential

This property has potential to convert to residential or live work space, subject to planning and freeholder consent. This has already been carried out at several properties within the development.

Asset management

Asset management opportunities include re-gearing the head lease lease or would suit an owner occupier looking to purchase their own piece of Old Street.

VAT

This property is not elected for VAT.