For Sale Dalston Works (Commercial Campus) 69-73 Dalston Lane & 1-7 Martel Place E8

Description

The opportunity brings together 31,626 sq ft of leisure, fashion, office, retail and creative workspace within one distinctive destination. Seven businesses occupy the commercial accommodation, with PureGym and Simone Rocha providing established anchor tenants alongside a diverse mix of independent occupiers. The investment produces £585,674 per annum of contracted rent, topped up for 12 months to £772,299 per annum, reflecting a low blended rent of £24.42 per sq ft. The income has a weighted average unexpired lease term of 6.8 years to expiry and 3.8 years to tenant break options. Alongside the existing income, 7,465 sq ft of fitted office accommodation in Block G provides a clearly identifiable future reversion opportunity through leasing and active management. Completed in 2017, Dalston Works combines strong environmental credentials, including BREEAM Excellent and an energy performance rating of A24 or better, with a prominent location at the heart of one of East London's most established neighbourhoods. Offers are invited in excess of £9.75 million for the entire campus, subject to contract and exclusive of VAT. Offers will also be considered for the standalone purchase of Block G.

Amenities

• A 31,626 sq ft NIA multi-let commercial campus forming the commercial element of Dalston Works, London E8.
• Designed by Waugh Thistleton Architects and completed in 2017.
• Let to seven businesses across leisure, fashion, office, bridal, wine retail, sports management and creative workspace.
• Anchored by PureGym and Simone Rocha, together contributing 50.7% of total topped-up rent.
• Contracted rent of u00a3772,299 p.a, including a 12-monthvendor top-up over 7,465 sq ft of vacant offices at u00a325.00 psf.
• WAULT of approximately 6.8 years to expiryand3.8 years to breaks on contracted income (including top-up).
• PureGym rent reviews are five-yearly, RPI-linked, with a 1% collar and 3% cap. First review 2031.
• Block G office stack: 7,465 sq ft available now, with a route to approximately 11,300 sq ft for a single headquarters occupier. Office ERV u00a327.50 psf.
• BREEAM Excellent. All units EPC A. Recognised on completion as the world's largest cross-laminated timber building.
• Proposed999-yearlong leasehold of the commercial interest. The residential accommodation is not included.
• Offers in excess ofu00a39.75m, subject to contract and exclusive of VAT, reflecting a 7.42% topped-up NIY and u00a3308 psf NIA, assuming purchaser's costs.