a Rare Central London Hotel Opportunity

Transcription

1 a Rare Central London Hotel Opportunity

2 3 introduction 250 City Road is a landmark 1.2 million sq.ft mixed-use development currently underway in a prime London location bordering Angel, Shoreditch, Clerkenwell, Farringdon and the City of London. JLL Hotels & Hospitality Group and Hall Kemp are instructed to identify an investor and / or high calibre operator for the new hotel. Outline planning consent has been obtained for a 190 bedroom stand-alone upscale hotel designed by Foster + Partners. 250 City Road provides an investor or operator with an exceptional opportunity to own the virtual freehold interest in a Central London hotel, operated under one s preferred structure. The hotel is scheduled to be completed during Q as part of Phase One. Graham street ANGEL 10 MINUTE WALK hotel CITY ROAD OLD STREET 8 MINUTE WALK macclesfield Road central street The city DINGLEY Road Computer generated image of 250 City Road, indicative only. The site plan is indicative only and subject to change. In line with our policy of continuous improvement we reserve the right to alter layout, building style, landscaping and specification at any time without notice.

3 5 White collar factory The BOWER t h e gherkin Tower 42 Excel arena o 2 arena shoreditch high street old street (Silicon Roundabout) broadgate spitalfields market 2 0 fenchurch street t h e barbican t h e shard canary wharf the city shoreditch clerkenwell OLD STREET Hotel Computer enhanced image of 250 City Road, indicative only. city road basin

4 7 scheme highlights Virtual freehold TECH CITY SITUATED IN TECH CITY, BETWEEN OLD STREET AND ANGEL ON THE DOORSTEP OF SHOREDITCH, CLERKENWELL AND THE CITY OF LONDON 15.2 MILLION SQ.FT of office space and 7,300 new homes in the development pipeline within 1 square mile DESIGNED BY INTERNATIONALLY ACCLAIMED ARCHITECTs, FOSTER + PARTNERS, THE HOTEL FORMS PART OF A LANDMARK MIXED-USE DEVELOPMENT COMPRISING CIRCA 1.2 MILLION Sq.ft 190 bedroom upscale hotel with a restaurant, bar and fitness suite prominently situated with substantial frontage onto City Road 2017 the hotel is scheduled to be completed in q ACRE mixed-use development in Zone 1 2 ACRES of beautifully landscaped green spaces and secluded courtyards Opportunity to influence the hotel s internal design and layout and to tailor fixtures Exceptional connectivity

5 9 Computer enhanced image of 250 City Road hotel entrance, indicative only.

6 11 Ca mde n Road stree t et Roya l College Street eversholt street Euston Square oodge Street Euston UCL Agar Grov e gower street REGENT S CANAL the british library EUSTO N ROAD Brew e ry Roa d King s cross King s Cross bloomsbury Russell Square Russell Square british MUSEUM guildford Street Caledonian Road & Barnsbury ca ledonian road gray s inn road cle r k e nwell road Barnard Park islington canal tunnel farri ngdon Road Liverpool Road sadler s wells theatre s t j o h n street farringdon street upper street Angel ESSEX ROAD CITY ROAD clerkenwell Farringdon Highbury & Islington lever street old street a l d e rsgate Street Essex Road ISLINGTON Barbican new north road Old Street Barbican centre new north road city road EngleFIeld road REGENT S CANAL old stree t Kingsland road kingsland road GREAT EASTERN STREET Haggerston Hoxton Shoreditch High Street Queensbridge road shoreditch shoreditch house Richmond road Haggerston Park road Va l lance London Fields Weavers Fields Bethnal Green Whitechapel Location Situated in the heart of Zone 1, 250 City Road is within walking distance of Tech City and the Square Mile. The area known as Tech City, concentrated around Old Street roundabout, is the heart of the Capital s technology and digital sector, widely recognised as the most rapidly growing commercial centre in the UK. Office take-up in Shoreditch alone has doubled since 2010 with the vacancy rate now just 1% and predicted to reduce further. The City of London, regarded as the financial capital of the world, is home to 15,000 businesses and over 400,000 employees. Employment growth in the square mile is set to continue at pace, with an additional 35,000 jobs due by 2018 (Oxford Economics). According to JLL research, London is ranked number 1 in EMEA for office rental growth, number 1 globally for cross-border investment and number 1 globally for real estate investment. London is one of the world s leading cities for business and leisure tourism, with a wealth of established attractions, globally renowned events and a thriving business economy. In 2014, London topped the Mastercard Global Cities Index as the most popular tourist destination in the world, beating Bangkok and Paris with an estimated 18.7 million international visitors. m e rcial street le man street Holborn Lincoln s Inn Fields xford street high holborn Tottenham Court Road Chancery Lane museum of london london wall Moorgate city OF LONDON bank of england Liverpool Street co m Aldgate East whitecha pel road commercial road St Paul s covent garden Leicester Square Covent Garden somerset house strand Temple V ICTO RIA embankme nt City Thameslink Blackfriars St Paul s cathedral Mansion House cheapside Cannon Street Bank Fenchurch Street Aldgate Monument RIVER THAMES Tower Hill the highway Piccadilly Circus tower of london Embankment TATE MODERN Charing Cross Map not to scale and shows approximate locations only. royal festival hall shakespeare s globe London Bridge

7 13 WORK 7.4 million sq.ft (687,000 sq.m) of office space has been developed in the local area, including the City of London, Aldgate, Shoreditch and King s Cross, between 2012 and There is over 15.2 million sq.ft (1.41 million sq.m) of office space in the development pipeline within approximately 1 square mile of 250 City Road. Recent additions to the long list of blue chip occupiers in the local area include Google (2017) and Amazon (2016), demonstrating the popularity of the area within the technology sector. LIVE The area s proximity to the City of London, combined with its excellent transport links has made it a prime candidate for residential development in recent years. Over 2,000 homes were developed between 2012 and 2014 and another 7,300 new homes are scheduled to complete between 2015 and High demand in the area has fuelled outstanding growth in sales prices with a 17.3% increase in 2013 to approximately 1,200 per sq.ft and rising. PL AY Located at an intersection between the hotspots of Old Street and Angel, guests at the 250 City Road Hotel need not travel far to discover a wealth of culinary delights and cultural exhibitions. Shoreditch and Hoxton, the coolest neighbourhoods in the Capital, are the home of pop-up gastronomy, the café culture and cutting edge bars, whilst Angel and Islington play host to a rich variety of cultural attractions including The O2 Academy Islington, Sadler s Wells Theatre and The Business Design Centre. Shoreditch and Hoxton are London at its most cool the heartland of the capital s designer creativity, with cutting-edge galleries, great clubbing, live music and slick restaurants.

8 15 Evolving local area Mixed-use schemes 1 Principal Place (2016) 243 apartments, 600,000 sq.ft office and 20,000 sq.ft retail 2 White Collar Factory (2016) 9 apartments, 260,000 sq.ft office and 7,800 sq.ft retail 3 The Eagle (2015) 206 apartments and 37,000 sq.ft office Wharf Road (2016) 232 apartments and 85,000 sq.ft office 5 Islington Square (2016) 356 apartments and 170,000 sq.ft of retail and leisure 6 Packington Estate (2016) 791 dwellings, community spaces and retail 7 Charterhouse Place (2020) 217,000 sq.ft office and 30,000 sq.ft retail 8 Canaletto (2015) 190 apartments and 84,000 sq.ft office Pentonville Road 123 apartments, 1,000 sq.ft office and 3,400 sq.ft commercial car storage 10 CROwn house (planning consent granted) 302 apartments and 115,000 sq.ft office Office schemes Regent s Park Regent s Park Camden Town 1 C Space (2015) 62,000 sq.ft office and 3,000 sq.ft retail 2 Alphabeta (2014) 237,000 sq.ft office 3 69 Wilson Street (2014) 57,000 sq.ft office 4 The Bower (2015 phase 1) 320,000 sq.ft office Old Street (2016) 150,000 sq.ft office 6 The Turnmill (2014) 58,000 sq.ft office and 12,000 sq.ft retail 7 Herbal House (2015) 120,000 sq.ft office 8 One Crown Place (2017) 360,000 sq.ft office K e y Occupiers Great Portland St 1 Google (2017) 2 Amazon (2016) 3 INmarsat 4 Capco 5 Expedia 6 Karmarama Oxford 7 Mind Candy Circus 8 NasdaQ 9 Lastminute.com 10 Cisco 11 Google tech hub 12 Tech Hub Camden Rd Mornington Crescent new canvendi sh st regent street camden stree t hampstead road Warren St Ca mde n Rd Royal College St eversholt street Euston Square Euston EUSTON ROAD Goodge St Agar Grov e gower street REGENT S CANAL Brew e ry Rd Russell Square King s Cross guildford Street gray s inn rd cle r k e nwell road Holborn Caledonian Rd & Barnsbury oxford street high holborn Tottenham Court Rd covent garden Leicester Sq King s cross bloomsbury Covent Garden 1 ca ledonian road Lincoln s Inn Fields strand Temple Barnard Park islington canal tunnel 9 farri ngdon Road Chancery Lane e mbankme nt 7 Liverpool Rd s t j o h n street farringdon street RIVER River THAMES Thames upper street Angel Highbury & Islington ESSEX ROAD ISLINGTON CITY ROAD clerkenwell Farringdon 7 5 London Stock Exchange City Thameslink Blackfriars lever street Barbican St Paul s 4 old street a l de rgate Street Essex Rd london wall cheapside St Paul s Mansion House Cathedral Cannon St 8 6 n ew north road 4 Old Street Moorgate Bank 10 3 city road 8 CITY OF LONDON REGENT S CANAL 11 new no rt h r o a d Bank of England EngleFIeld rd Shoreditch Park Tower 42 Monument 7 Liverpool St old stree t 3 4 The Lloyds Building Kings land road kings land road GREAT EASTERN STREET 2 Leadenhall Tower The Gherkin 1 Fenchurch St Tower Hill Haggerston Hoxton Shoreditch High St Aldgate East Aldgate Queensbridge rd Richmond rd Haggerston Park SHOREDITCH commercial st Va l lace whitecha pel road commercial road rd ALDGATE the highway London Fields Weavers Fields Bethnal Green Whitechapel Piccadilly Circus Embankment Tower of London Green Park Charing Cross London Bridge

9 17 connectivity 250 City Road benefits from a comprehensive transport infrastructure with national and international connections. City Road is the principal arterial route into the City of London via Old Street Silicon Roundabout to the south and King s Cross to the north. Old Street, Farringdon, Angel and Liverpool Street mainline and underground stations are within close proximity. In 2018 Crossrail is due to become operational with services from Farringdon and Liverpool Street. Travel times to Bond Street and Heathrow (Terminals 1, 2 & 3) from Farringdon will be 4 and 32 minutes respectively. Angel underground (a short distance to the north) is currently included in the plans for the proposed Crossrail 2 initiative. This north-south rail service across Greater London will link Hertfordshire in the north with Surrey to the south, via central London. From Old Street UNDERGROUND king s cross St PANCRAS 4 mins London Bridge 5 mins Euston 6 mins Canary Wharf 17 mins PADDINGTON 25 mins BOND STREET 29 mins F ro m farringdon liverpool street 2 mins bond street 4 mins canary wharf 8 mins paddington 8 mins London heathrow T1, T2 & T3 32 mins F ro m 250 city Road Old Street 8 mins Hoxton Square 11 mins Angel 10 mins Shoreditch 14 mins MOORGATE 18 mins FARRINGDON 21 mins Liverpool Street 21 mins F ro m 250 city Road Angel 5 mins liverpool street 9 mins king's cross St PANCRAS 13 mins bond street 21 mins canary wharf 23 mins paddington 32 mins From Old Street rail station From Old Street UNDERGROUND EUSTON ROAD EUSTON A5200 KING S CROSS ST PANCRAS GRAY S INN ROAD PENTONVILLE ROAD LIVERPOOL ROAD GRAY S INN ROAD ISLINGTON HIGH STREET ST JOHN STREET ANGEL GOSWELL ROAD CITY ROAD PERCIVAL STREET LEVER STREET OLD STREET TUBE KEY: CIRCLE METROPOLITAN NORTHERN PICCADILLY VICTORIA CENTRAL HAMMERSMITH & CITY MOORGATE 4 mins Highbury & Islington 5 mins Finsbury Park 10 mins ALEXANDRA PALACE 15 mins london city 27 mins London heathrow T5 50 mins London gatwick 50 mins london Luton 54 mins london stansted 1 hr 4 mins All times are based on travelling at 7.30am on a weekday. Crossrail from Farringdon is a 1 mile walk from 250 City Road. Source: tfl.gov.uk. All times are approximate. TOTTENHAM COURT ROAD RUSSELL SQUARE JUDD STREET HOLBORN CHANCERY LANE KING S CROSS ROAD FARRINGDON ROAD CLERKENWELL ROAD OLD STREET FARRINGDON BARBICAN CHANCERY LANE GOSWELL ROAD BATH STREET OLD STREET MOORGATE SHOREDITCH HIGH STREET LIVERPOOL STREET CITY ROAD ST PAUL S THAMES Eurostar at King s Cross St Pancras.

10 19 TOWER 1 TOWER 2 the scheme This ambitious 5.5 acre mixed -use scheme is one of the largest developments in London which, when completed, will provide an aggregate of approximately 1.2 million sq.ft (111,500 sq.m). 250 City Road will join a host of local development initiatives and by virtue of its scale and diversity of offering will become the new quarter to live, work and play. The hotel will sit alongside 930 one, two and three bedroom apartments and circa 75,000 sq.ft (6,700 sq.m) of premium office space targeting entrepreneurs from the thriving creative and technology sectors. Residents, guests and visitors will derive retail therapy along the entire frontage to City Road where 40,000 sq.ft (3,716 sq.m) of new cafés, bars and restaurants will overlook a central plaza, complementing the hotel s concessions. Two acres of beautifully landscaped green spaces and secluded courtyards will be the perfect place for relaxing and meeting family, friends and clients. Designed by internationally acclaimed architects, Foster + Partners, this exciting new hotel is sure to become a first choice for business travellers and tourists alike. BLOCK 1 BLOCK 2 BLOCK 3 BLOCK 4 HOTEL BLOCK 5 PLANNING Planning consent for 250 City Road was granted in August 2014 having been recommended for approval by the Mayor of London. BLOCK 8 The hotel has been granted outline planning consent such that its height and external appearance will not alter. Detailed design and layout drawings will be submitted to the Local Authority at the end of May Up until this time it will be possible to make alterations to the internal layout, room sizes and location of cores etc. Whilst the number of keys is capped at 190, interested parties have the ability to reduce this number (to 150 keys) should they wish to tailor an alternative layout to their preferred brand standard. It will also be possible to alter the ground floor and basement configuration thus influencing the design of the reception and food and beverage offering. BLOCK 7 KEY BLOCK 6 PHASE ONE Tower 1, Blocks 1, 2, 5, 8 & Hotel Completion Q3/Q PHASE TWO Tower 2, Blocks 3 & 4 Completion Q2/Q The site plan is indicative only and subject to change. In line with our policy of continuous improvement we reserve the right to alter layout, building style, landscaping and specification at any time without notice. PHASE THREE Blocks 6 & 7 Completion 2022/2023

11 21 The Hotel Outline planning permission has been granted for a 190 bedroom upscale hotel, together with a restaurant, bar and guest fitness suite. The hotel, designed by internationally acclaimed architects Foster + Partners, will comprise a purpose built self-contained building constructed over basement, ground and eight upper floors. Enjoying prominent corner frontage onto City Road and Macclesfield Road, the hotel will demand a striking presence with an outstanding sense of arrival. The hotel s bar and restaurant will open out onto the secluded landscaped courtyard, providing a relaxed setting for guests to escape from the hustle and bustle of the local area. The consented hotel design allows for a level of flexibility dependent upon specific operator requirements, subject to compliance with the existing planning consent which prescribes the height, massing and external envelope of the building. facts Height Ground, Basement and 8 upper floors Net Internal Area 57,337 sq.ft (5,327 sq.m) Gross Internal Area 102,877 sq.ft (9,558 sq.m) Bedrooms 190 Average Bedroom Size 301 sq.ft (28 sq.m) Reception / Café & Restaurant Other Amenities Car Park 8,310 sq.ft (772 sq.m) Guest Fitness Suite 14 spaces Bedroom Schedule Type Number Average Size (sq.m) Standard Double Junior Suite Suite Accessible TOTAL Computer generated image of the concierge area in the hotel at 250 City Road, indicative only. Computer generated image of the dining area in the hotel at 250 City Road, indicative only.

12 23 London Hotel Market London is one of the most visited cities globally and by far the most popular destination for international tourists coming to the UK. In 2013, total tourism arrivals (international and domestic) reached a new record of 29 million, with an approximate 60/40 split between international and domestic visitors. Recent figures reported that in the first half of 2014, the Capital welcomed over 8.5 million international visitors the best first six months ever in the City s history. The Capital plays a key role as a gateway city to the rest of the UK and Europe, with 28% of overseas visitors to London travelling on to other parts of the UK. The London hotel market is one of Europe s best performing cities with occupancy historically averaging around 80%. November 2014 YTD performance has shown solid growth in the UK capital with RevPAR posting a 2.9% uplift to Whilst occupancy has experienced modest growth to 83.4%, 3.43 was added to average rates over the same period last year according to STR Global. The outlook for the London hotel market remains strong with improved economic conditions, rising consumer confidence and key events such as the Rugby World Cup leading to RevPAR growth forecasts in excess of 5% for London in City Road is anticipated to compete with the following hotels: - Ace Hotel Shoreditch - The Hoxton Hotel - Andaz Liverpool Street - DoubleTree by Hilton Islington - Malmaison London - Montcalm at The Brewery - South Place Hotel london trading performance % ADR/RevPAR ( ) % 80% 70% 60% 50% 40% 30% 20% 10% Occupancy ADR Nov 2013 YTD RevPAR Occupancy Nov 2014 YTD 0% Source: STR Global

13 25 Professional Team The vision for 250 City Road has always been one of transformation regenerating an existing location to fulfil its true potential. The developer, The Berkeley Group, has teamed up with world-renowned architects, Foster + Partners to create a landmark development, a new quarter for London. Foster + Partners is one of the most innovative architecture and integrated design practices in the world. Over the past four decades the practice has pioneered a sustainable approach to architecture through a strikingly wide range of work, from urban master plans, public infrastructure, airports, civic and cultural buildings, offices and workplaces to private houses and hotels. Based in London, with offices worldwide, the practice has an international reputation, with buildings on six continents. Since its inception in 1967 it has received more than 620 awards for excellence and won over 100 national and international competitions. A high quality team of consultants and professionals has been assembled. Members of the team include: Developer Architect Berkeley Homes (North East London) Ltd Foster + Partners M&E Whitecode Design Associates Planning Consultant Gerald Eve Structural / Civil Engineer CH2M Highways / Transport WSP Development & Transport Cost Consultant Tower 8 CDM London Bridge Associates

14 27 The Developer With over 35 year s experience, The Berkeley Group is one of the most successful mixed-use developers in London and the south east of England. The Berkeley Group builds homes and neighbourhoods, creating beautiful and successful places to live, work and play. 48,736 Homes Over the last ten years the Berkeley Group has delivered over 48,376 new homes 1.4 Billion The Berkeley Group supported more than 1.4BN of economic activity in the UK during 2012, a 25% increase over the previous year 416 Million The Berkeley Group have committed 416m to community infrastructure over the last five years. This pays for new schools, parks, shops, transport and other public amenities case study O N E Blackfriars One Blackfriars is an iconic Ian Simpson designed landmark mixed-use development by St George, a member of The Berkeley Group of Companies. Located in a prominent position on the south side of Blackfriars Bridge, the development will consist of a 170 metre residential tower, an upscale hotel and extensive leisure and retail facilities. Planning permission was granted in December 2012 for a 161 bedroom four star upmarket hotel with a bar, restaurant, spa, gym and conference facilities. Since then, St George has secured an international operator and investor for the hotel, works are currently underway and completion is scheduled for late One Blackfriars is a prime example of The Berkeley Group s market leading track record for regenerating brownfield sites in the capital, to create thriving new communities in attractive landscaped environments. 436 acres In the last ten years The Berkeley Group has created 436 acres of public open space 21,000 jobs The Berkeley Group supported 21,000 jobs across Britain in 2014 A development by

15 29 Floor plans Levels 1 7 Bedroom Areas 46 SQ.M 28 SQ.M 27 SQ.M 26 SQ.M 25 SQ.M

16 31 Ground floor LANDSCAPED GARDENS CITY ROAD Café/Bar 1,744 sq.ft (162 sq.m) Reception/Lobby Area 3,014 sq.ft (280 sq.m) Restaurant 3,552 sq.ft (330 sq.m) MACCLESFIELD ROAD

17 33 Programme Works are currently underway. The Developer is scheduled to deliver the hotel during Q as part of Phase One. further information For further information please contact the Vendor s joint sole agents:- Tenure Virtual freehold. New 999 year headlease at a peppercorn rent, fixed throughout the term. VAT The property is VAT elected. Proposal Offers are invited, subject to contract and exclusive of VAT, for the virtual freehold interest on the basis that the hotel will be developed to an agreed specification. Expressions of interest from high calibre operators will also be considered. JLL Hotels & Hospitality 30 Warwick Street London WIB 5NH Will Duffey Senior Vice President M: D: +44 (0) will.duffey@eu.jll.com Charlie MacIldowie Associate M: D: +44 (0) charlie.macildowie@eu.jll.com Hall kemp Lime Street London EC3M 7AY Douglas Hall Partner M: D: +44 (0) douglas.hall@hallkemp.com Tom kemp Partner M: D: +44 (0) tom.kemp@hallkemp.com Misrepresentation Act 1967 and Declaration Jones Lang LaSalle Limited and Hall Kemp (trading name of HK Property Services Ltd) for themselves and for the vendors of this property whose agents they are give notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them c) no person in the employment of Jones Lang LaSalle Limited nor Hall Kemp (trading name of HK Property Services Ltd) has any authority to make or give any representation or warranty whatever in relation to this property. January 2015 Property Misdescription Act 1991 These details are believed to be accurate at the time of compilation but may be subject to susequent amendment.

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