nla midtown on location - farebrother - jules hind - 4th...

MidtownMidtown o n l o c a t i o nJules HindJules HindFarebrother

Overview42 ft

Midtown office stock by postcode

42m sq ftTotal Office Stock23%

23%

WC19 6m sq ftWC19 6m sq ft

23% 24%

9.6m sq ft 9.6m sq ft

WC210 9 ftWC210 9 ft

EC1 EC1



EC4EC426%27% EC4

11.4m sq ft EC411.4m sq ft

26%

WC19 6 ft9.6m sq ftTotal Office Stock23%

Take‐up YTD362 632 sq ftTake‐up YTD362 632 sq ftWC1 362,632 sq ft 362,632 sq ft

Availability401 173 ftAvailability401 173 ft

WC1401,173 sq ft 401,173 sq ft

Availability RateAvailability Rate4.2%4.2%

Under ConstructionUnder ConstructionUnder Construction94,178 sq ftUnder Construction94,178 sq ft

WC19 6 ft9.6m sq ftTotal Office Stock

Caroline House, 55-57

Take‐up YTD362 632 sq ftTake‐up YTD362 632 sq ft

,High Holborn14,176 sq ft / Q4 2014Blackstone

362,632 sq ft 362,632 sq ft

Availability401 173 ftAvailability401 173 ft401,173 sq ft 401,173 sq ft

Availability RateAvailability Rate110 High Holborn40 222 sq ft / Q1 2015

4.2%4.2%

Under ConstructionUnder Construction

40,222 sq ft / Q1 2015UBS Global Asset Management

Holborn Gate, 326-330 High Holborn Under Construction

94,178 sq ftUnder Construction94,178 sq ft

High Holborn39,780 sq ft / Q1 2015Land Securities



Availability623 135 fAvailability623 135 f

658,188 sq ft 658,188 sq ft

623,135 sq ft623,135 sq ft

Availability RateAvailability RateWC2 5.7%5.7%


WC2Under Construction434,986 sq ftUnder Construction434,986 sq ft


35 Chancery Lane


35 Chancery Lane67,567 sq ft / Q1 2016SWIP Property Trust / Endurance Land

Availability623 135 fAvailability623 135 f

658,188 sq ft 658,188 sq ft 25 Chancery Lane98,699 sq ft / Q3 2016Viridis Real Estate

623,135 sq ft623,135 sq ft

Availability RateAvailability RateDavidson Building23,211 sq ft / Q4 2014Derwent London

5.7%5.7%

Under ConstructionUnder ConstructionAldwych House, 71-91 Under Construction434,986 sq ftUnder Construction434,986 sq ft

Aldwych House, 71 91 Aldwych91,230 sq ft / Q2 2015Rowan Asset Management

The Adelphi Building154,279 sq ft / Q1 2015Blackstone

EC110 3 ft10.3m sq ftTotal Office Stock23%

Take‐up YTD516 865 sq ftTake‐up YTD516 865 sq ftEC1 516,865 sq ft 516,865 sq ft


EC1211,903 sq ft 211,903 sq ft

Availability RateAvailability Rate2.0%2.0%

Under ConstructionUnder ConstructionUnder Construction166,052 sq ftUnder Construction166,052 sq ft


1 Aylesbury Street28,252 sq ft / Q2 2016Meritcape


3 Waterhouse Square17,986 sq ft / Q1 2015 516,865 sq ft 516,865 sq ft


qM&G Investments

211,903 sq ft 211,903 sq ft

Availability RateAvailability Rate18 Holborn2.0%2.0%


18 Holborn18,800 sq ft / Q4 2014Carmel Holdings 120 Holborn

101,014 sq ft / Q1 2015W i b id Under Construction


Wainbridge


Take‐up YTD557 029 sq ftTake‐up YTD557 029 sq ft557,029 sq ft 557,029 sq ft


Availability RateAvailability RateEC4 2.8%2.8%


EC4Under Construction511,254 sq ftUnder Construction511,254 sq ft


138 Fetter Lane28,686 sq ft / Q4 2014CLS Holdings 1 New Street Square

266,000 sq ft / Q2 2016


, q QLand Securities

557,029 sq ft 557,029 sq ft


Availability RateAvailability Rate98 Fetter Lane12,000 sq ft / Q2 2016GE Real Estate

2.8%2.8%

Under ConstructionUnder Construction58 Victoria Embankment46,512 sq ft / Q2 2016FORE Partnership (LLH) / 1 New Ludgate, Ludgate Under Construction


City of London1 New Ludgate, LudgateHill157,856 sq ft / Q2 2015Land Securities

What is Midtown?Midtown is made up of a

ll ti f ‘ ill ’ ith

23%

collection of ‘villages’ with distinct characteristics and influences

No strict boundaries

Prime Midtown rent?B l o o m s b u r y

C l e r k e n w e l l

H o l b o r n

H a t t o n G a r d e n

S tF a r r i n g d o n / S m i t h f i e l dS t

G i l e s C h a n c e r y L a n e

F l e e tC o v e n t

S m i t h f i e l d

S t P a u l sF l e e t

S t r e e tG a r d e n

N o r t h b a n k

P a u l s

Bloomsburyy

2Largest Midtown sub-market by area but relatively small office stock2

3%

relatively small office stock

London Borough of Camden

Notable for its elegant Georgian homes and garden squares

Cultural / education uses vs office stockCultural / education uses vs. office stock

Pockets of high quality retail - Brunswick Centre / Lamb’s Conduit Street

BloomsburyyLargest commercial letting 2014 Notable Development

Warner Brothers200 Gray’s Inn Road, WC124,503 sq ft£46.00 psf

Largest Investment transaction 2014g

Elm House, 10-16 Elm Street, WC1Sold by a Private Vendor to Great Portland Estates

One Bedford Avenue, WC1115,000 sq ft (mixed use) / Q1 2017Exemplar / Ashby Capital / The Bedford E t tEstates

£26m (£523 psf)Freehold

Estates

Occupiers

St Gi les

2Once a fringe, concrete, hinterland with no real character or focus2

3%

with no real character or focus

Arguably one of Central London’s most important ‘crossroads’

The regeneration of Centre Point alongside Central Saint Giles will now complete the area’s regenerationcomplete the area s regeneration

Tottenham Court Road Oversight

Development

St Gi les

2Once a fringe, concrete, hinterland with no real character or focus2

3%

with no real character or focus

Arguably one of Central London’s most important ‘crossroads’

The regeneration of Centre Point alongside Central Saint Giles will now complete the area’s regenerationcomplete the area s regeneration

Beard

Tottenham Court Road

watch

Oversight Development

St Gi lesNotable Development Schemes

Centre Point, WC182 Residential Flats & 42,000 sq ft (retail) / 2017 / Almacantar

St Giles Circus, WC1170,000 sq ft (mixed-use) / 2018 / Consolidated Developments( )

In the area

p

Holborn

2A road and a ‘village’, Holborn sits in the heart of Midtown2

3%

heart of Midtown

Lincoln’s Inn Fields is the largest public square in London and considered to be one of the inspirations for Central Park in New York

Isolated regeneration plots relatively ‘tired’Isolated regeneration plots, relatively tired stretches of High Holborn

Holborn is now an area that benefits from a diverse mix of occupiers, including media, legal, finance and corporate

Recent hotel restaurant and bar openingsRecent hotel, restaurant and bar openings have raised the profile of Holborn

Holborn

2A road and a ‘village’, Holborn sits in the heart of Midtown2

3%

heart of Midtown

Lincoln’s Inn Fields is the largest public square in London and considered to be one of the inspirations for Central Park in New York

Isolated regeneration plots relatively ‘tired’Isolated regeneration plots, relatively tired stretches of High Holborn

Holborn is now an area that benefits from a diverse mix of occupiers, including media, legal, finance and corporate

Beard watch

HolbornLargest commercial letting 2014 Notable Development Scheme

Mishcon de ReyaAfrica House, 70 Kingsway, WC2118,227 sq ftFreshwater Group£52.50 psf


280 High Holborn, WC1Sold by Hines to a Private Middle Eastern Investor

21-31 New Oxford Street, WC1(Royal Mail sorting office)Investor

£86.5m (£1,252 psf)NIY 4.33% / Freehold

(Royal Mail sorting office)350,000 sq ft (mixed-use) / 2018Brockton Capital

In the area

Hat ton Garden

2Home to the UK’s largest precious metal and gem trade cluster and a centre of jewellery2

3%

gem trade cluster and a centre of jewellery excellence

Leather Lane is one of London’s most vibrant street food markets

Now boasts some of the UK’s best-known media companies such as Skype Greymedia companies such as Skype, Grey London and Blinkbox/Tesco Digital

Strategic refurbishment / development opportunities

Hatton Garden BID consultation underway with a 2015 vote targeta 2015 vote target

Hat ton Garden

2Home to the UK’s largest precious metal and gem trade cluster and a centre of jewellery2

3%

gem trade cluster and a centre of jewellery excellence

Leather Lane is one of London’s most vibrant street food markets

Now boasts some of the UK’s best-known media companies such as Skype Greymedia companies such as Skype, Grey London and Blinkbox/Tesco Digital

Strategic refurbishment / development opportunities

Beard watch

Hat ton GardenNotable Development Scheme

120 Holborn, EC1100,000 sq ft (offices) (40,000 sq ft regeared retail) / Q1 2015Wainbridge

In the area

Covent Garden

2A Global retail and restaurant destination

23%

Scattered office market, most large schemes to the fringes

Much of the regeneration led by CapCo, who now control most of the core, around the Piazza

Competing and sometimes conflicting land use

Protection and promotion of tourism and retail makes commercial opportunity rare

Covent GardenLargest commercial letting 2014 Notable Development Scheme

Midasplayer.com (King Digital)Seven Dials Warehouse, Earlham St, WC235,758 sq ftFacebook / £52 50 psfFacebook / £52.50 psf

Largest Investment transaction 2014

Seven Dials Warehouse, Earlham St, WC2Sold by Allegra European Holdings to CBRE Global Investors£80 (£1 212 f)£80m (£1,212 psf)NIY 4.37% / Freehold

In the area

LSQ London, 48 Leicester Square (Communications Building)109 000 sq ft (office & retail) / Q3 2016

In the area

109,000 sq ft (office & retail) / Q3 2016Old Park Lane Management

Northbank

2The Northbank BID celebrated it’s first birthday in 2014 It will receive £8 6m in2

3%

birthday in 2014. It will receive £8.6m in income over the first five years of its establishment

World renowned riverside location

Large scale regeneration on and to the south of Aldwychsouth of Aldwych

Public realm improvements working through but road layouts still a challenge

Strengthening retail pitch

NorthbankThe Northbank BID celebrated it’s first birthday in 2014 It will receive £8 6m in2 birthday in 2014. It will receive £8.6m in income over the first five years of its establishment

23%

World renowned riverside location

Large scale regeneration on and to the south of Aldwychsouth of Aldwych

Public realm improvements working through but road layouts still a challenge

Strengthening retail pitch

Beard watch

Northbank????Largest commercial letting 2014 Notable Development Scheme

Braemar Shipping Services Plc1 Strand, WC227,803 sq ftWainbridge£77.50 psf


440 Strand, WC2Sold by Legal & General to TIAA Henderson Real EstateHenderson Real Estate£175m (£970 psf)NIY 4.34% / Long Leasehold The Adelphi Building, 1-11 John Adam

Street, WC2154,279 sq ft / Q1 2015 / BlackstoneIn the area

Chancery Laney

2Three London Boroughs meet in Chancery Lane the City of London Camden and2

3%

Lane – the City of London, Camden and Westminster

Four major new office and retail schemes are under construction

Old and new – Thirty Nine Essex Street and Saatchi & Saatchi are both relocating toSaatchi & Saatchi are both relocating to Chancery Lane in 2015

The Chancery Lane Association brings together key stakeholders, including local owners and landlords, occupiers, institutions and interest groups to ensure that positive, long-term improvements are wonlong-term improvements are won

20,000 sq ft of new retail space being delivered

Chancery LaneyNotable Development Schemes

All Chancery Lane Development Schemes currently under construction

35 Chancery Lane, WC267,567 sq ft / Q1 2006SWIP P t T t / E d L dSWIP Property Trust / Endurance Land

Largest commercial letting 2014 In the area

Thirty Nine Essex Street Ltd81 Chancery Lane, WC250,912 sq ftThe Deerbrook GroupThe Deerbrook Group£51.50 psf

Fleet St reet

2North of Fleet Street

23%

With New Street Square at its heart, this area exemplifies Midtown’s present as well as its future

Goldman Sachs, Taylor Wessing, Charles Russell Speechlys and Deloitte occupy the majority of the floor space

Land Securities are expanding New Street Square. Goldman Sachs, Bird & Bird and Macfarlanes are all consolidating and renewing g gcampuses

South of Fleet Street

Dominated by The Temple, plus large scale occupiers such as JP Morgan, Freshfields, Hachette and Unilever

No real active frontage south of Fleet Street itself

Fleet St reetLargest commercial letting 2014 Notable Development Scheme

Octopus Investments33 Holborn, EC161,191 sq ftSainsbury’s£48.50 psf


33 Holborn, EC1Union Investment sold to Tishman Speyer / Gingko InvestmentGingko Investment£311m (£948 psf)NIY 4.78% / Long Leasehold 1 New Street Square, EC4

266,000 sq ft (office & retail) / Q2 2016Land SecuritiesIn the area

Clerkenwel l

2Historic, creative, independent area

23%

Very diverse mix of uses

Regenerated residential

Low rise, heritage, conservative and conservation

Clerkenwel l

2Historic, creative, independent area

23%

Very diverse mix of uses

Regenerated residential

Low rise, heritage, conservative and conservation

Beard watch

Clerkenwel lNotable Development Schemes

Mount Pleasant Sorting Office77,069 sq ft (office & retail) / 912,898 sq ft

Largest commercial letting 2014

(residential) / 2017Royal Mail

In the area

Future Cities Catapult1 Sekforde Street, EC123 852 ft

Largest commercial letting 2014 In the area

23,852 sq ftHermes£38.00 psf

F a r r i n g d o n / S m i t h f i e l d

2The most important Crossrail station in Central London2

3%

Central London

Medical, leisure, office, residential side by side

Large scale regeneration, virtual rebuild along the western strip

Next to the City, but nothing like it


2The most important Crossrail station in Central London2

3%

Central London

Medical, leisure, office, residential side by side

Large scale regeneration, virtual rebuild along the western strip

Beard

Next to the City, but nothing like it

Beard watch


Notable Development Schemes

Cardinal Tower, Farringdon Road, EC1215,728 sq ft / 2017Crossrail / Cardinal Lysander

65 Holborn Viaduct, EC179,000 sq ft (office) / 246 (hotel) 2016+Cityhold

Farmiloe Building, EC164,194 sq ft (office) / 2016+Farmiloe Family

Largest Investment transaction 2014

Crossrail / Cardinal Lysander

In the area

Cityhold

2 King Edward Street, EC1Sold by GIC Private Ltd to Norges Bank Investment Management£582.5m (£996 psf)Freehold

St Pauls

2Waves of regeneration have remodelled this area2

3%

this area

Strategically important public transport at City Thameslink

Challenging environment south of Queen Victoria Street

Redeveloped Blackfriars station has helped to connect the area to the River and beyond to the South Bank

St PaulsLargest commercial letting 2014 Notable Development Scheme

Mizuho Bank2 New Ludgate, EC4192,949 sq ftLand Securities£61.50 psf


20 Old Bailey, EC4Mitsui Fudosan sold to Blackstone£91 5m (£451 psf)£91.5m (£451 psf)NIY 8.38% / Freehold

New Ludgate, EC4157,856 sq ft / Q2 2015Land Securities

In the area

SummaryyFringe City, Fringe West End or Prime Midtown?

Understanding that each area requires a different scale of b ilding and approach in designbuilding and approach in design

Think of a different axis – North/South from Google to theThink of a different axis North/South, from Google to the South Bank and beyond

Further diversification of occupiers is inevitable

Public realm great public transport and a vibrant mix of usesPublic realm, great public transport and a vibrant mix of uses is crucial to the broader success of Midtown

MidtownMidtown o n l o c a t i o nJules HindJules HindFarebrother

nla midtown on location - farebrother - jules hind - 4th...

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