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Dixon House<br />

72-75 Fenchurch Street London EC3<br />

PRIME CITY OF LONDON FREEHOLD OFFICE AND<br />

BANKING HALL INVESTMENT SECURED TO LLOYDS<br />

BANKING GROUP PLC AND AVIVA PLC


Executive Summary<br />

Prime City of London Investment 150 metres from the Lloyds Building<br />

Freehold<br />

Prominent corner site fronting Fenchurch Street and Lloyd’s Avenue<br />

Excellent communications with Fenchurch Street, Tower Hill, Bank, Monument,<br />

Aldgate and Tower Gateway are all within easy walking distance<br />

Redeveloped behind a retained Grade II listed façade in 1980 to provide 3,527 sq m<br />

(37,964 sq ft) of office and banking hall accommodation over basement, ground and<br />

five upper floors<br />

Let in its entirety to Lloyds Banking Group Plc and Aviva Plc for a term to expire<br />

24 March 2015<br />

Current rent passing of £1,529,750 per annum, equating to £40.29 psf overall<br />

Opportunities exist for active asset management<br />

The property is held in an Isle of Man SPV. A corporate transaction may be available<br />

to qualifying purchasers


LUC<br />

PLANTATION<br />

PLACE<br />

THE WILLIS<br />

BUILDING<br />

LLOYDS<br />

BUILDING<br />

LLOYDS<br />

REGISTER OF<br />

SHIPPING<br />

SWISS RE<br />

TOWER<br />

FENCHURCH<br />

STREET<br />

FENCHURCH STREET<br />

MINERVA -<br />

ST BOTOLPHS<br />

HOUSE SCHEME


Location<br />

Dixon House is situated in the heart of EC3, the core of the<br />

insurance and financial district of the City of London.<br />

The property is prominently located on the corner of<br />

Fenchurch Street and Lloyds Avenue with Northumberland<br />

Alley running to the east, providing natural light to three<br />

elevations of the building. It is adjacent to Lloyds Register<br />

of Shipping, 150 metres east of the Lloyds building and<br />

300 metres to the west of the London Underwriting Centre<br />

at Minster Court.<br />

Local occupiers include:<br />

• ACE Group.<br />

• AIG Europe (UK) Limited.<br />

• Aviva.<br />

• AXA.<br />

• General RE.<br />

• HSBC.<br />

• London Underwriting<br />

Centre.<br />

• Lloyds Register of<br />

Shipping.<br />

• Marsh & McLennan.<br />

• NatWest.<br />

• Société Generale.<br />

• Swiss RE.<br />

• Willis Group.<br />

• Zurich RE.<br />

Communications<br />

Dixon House benefits from excellent transport<br />

communications with several underground and mainline<br />

railway stations nearby:<br />

Fenchurch Street mainline (100 metres)<br />

Essex & East Anglia<br />

Aldgate underground (100 metres)<br />

Circle & Metropolitan line<br />

Tower Hill underground (300 metres)<br />

District & Circle line<br />

Tower Gateway (450 metres)<br />

Docklands Light Railway<br />

Monument / Bank underground (600 metres)<br />

Circle, District, Central, Northern, Docklands Light Railway,<br />

Waterloo and City line<br />

Not to scale. Indicative only


Description<br />

Dixon House was redeveloped behind a retained Grade II listed<br />

façade in 1980 to provide well-specified office accommodation<br />

with an operational ground floor banking unit fronting on to<br />

Fenchurch Street.<br />

The property provides approximately 3,527 sq m (37,964 sq ft)<br />

of office and banking accommodation arranged over basement,<br />

ground and five upper floors. The floor plate is arranged around<br />

a central core to provide flexibility for sub-letting and to provide<br />

excellent levels of natural daylight throughout.<br />

FENCHURCH STREET<br />

STAIRCASE NO. 2<br />

DOWN<br />

The office specification includes:<br />

VAV air-conditioning system.<br />

Fully accessible raised floors.<br />

Suspended mineral fibre ceilings.<br />

Integral Category II lighting.<br />

2 x 8 person passenger lifts, serving basement<br />

to fourth floors.<br />

Double glazed windows throughout.<br />

LLOYDS AVENUE<br />

LIFT 1 LIFT 2<br />

A.C. DUCT<br />

1<br />

A.C. DUCT<br />

2<br />

DUCT 1<br />

DUCT 2<br />

UP<br />

FEMALE<br />

TOILET MALE<br />

TOILET<br />

UP<br />

ELECT<br />

STAIRCASE NO. 1<br />

ELECT AND G.P.O.<br />

NORTHUMBERLAND ALLEY<br />

The building provides the following approximate net internal<br />

floor areas:<br />

FLOOR USE NET INTERNAL FLOOR AREAS<br />

SQ M<br />

SQ FT<br />

Fifth Offices 81.8 880<br />

Fourth Offices 569.3 6,128<br />

Third Offices 626.9 6,748<br />

Second Offices 621.0 6,684<br />

First Offices 497.7 5,358<br />

Ground Part office, 704.2 7,581<br />

part banking hall<br />

Basement Offices/storage 386.5 4,160<br />

Basement Vaults 39.5 425<br />

DOWN<br />

TOTAL 3,526.9 37,964 Not to scale. Indicative only


Tenure<br />

Freehold.<br />

The property is registered at HM Land Registry under<br />

Title No. LN 12520.<br />

Tenancies<br />

The property is fully let on two Fully Repairing and Insuring<br />

leases for co-terminus terms of 35 years to expire 24 March 2015<br />

to be reviewed five yearly on an upward only basis.<br />

Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map<br />

with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved.<br />

Tenancy Schedule<br />

TENANT FLOOR USE AREA RENT LEASE EXPIRY<br />

SQ M SQ FT PASSING (RENT REVIEW)<br />

Lloyds TSB First Offices 315.3 3,394 £444,750 24 Mar 2015<br />

Bank Plc Ground Banking Hall 448.1 4,824 (£41.84 psf) (24 Mar 2010)<br />

Basement Storage 184.6 1,987<br />

Basement Vaults 39.5 425<br />

Sub Total 987.5 10,630<br />

Aviva Plc Fifth Offices 81.8 880 £1,085,000 24 Mar 2015<br />

Fourth Offices 569.3 6,128 (£39.70 psf) (24 Mar 2010)<br />

Third Offices 626.9 6,748<br />

Second Offices 621.0 6,684<br />

First Offices 182.4 1,964<br />

Ground Offices 256.1 2,759<br />

Basement Storage 201.9 2,173<br />

Sub Total 2,539.4 27,334<br />

TOTAL 3,526.9 37,964 £1,529,750


Tenants’ Covenants<br />

Lloyds TSB Bank Plc<br />

Lloyds TSB Bank Plc is part of the Lloyds Banking Group Plc<br />

following the acquisition of HBOS Plc and incorporating Lloyds<br />

TSB, Halifax, Bank of Scotland, Scottish Widows, Clerical Medical<br />

and Cheltenham & Gloucester.<br />

Its businesses provide a wide range of banking and finance<br />

services in the UK and overseas with Lloyds TSB and Halifax as<br />

the main brands in Engalnd and Wales and Bank of Scotland the<br />

main brand in Scotland, serving over 30 million people worldwide.<br />

Dun & Bradstreet provide a risk assessment rating of 5A1 for<br />

Lloyds Banking Group Plc.<br />

Aviva Plc<br />

Aviva Plc are the world’s fifth largest insurance group and the<br />

biggest in the UK. Its main activities are long term savings, fund<br />

management and general insurance. They are the leading<br />

provider of life and pensions products in Europe and have<br />

substantial businesses elsewhere around the world. The Group<br />

has 54,000 employees and more than 50 million customers.<br />

Dun & Bradstreet provide a risk assessment rating of 5A1 for<br />

Aviva Plc.<br />

Further information is available at www.aviva.com<br />

Further information is available at www.lloydsbankinggroup.com<br />

Stamp Duty<br />

There may be the opportunity to acquire the Isle of Man SPV<br />

with a resultant SDLT saving to qualifying purchasers.<br />

Investment Proposal<br />

Offers are sought for our clients interest in Dixon House,<br />

72-75 Fenchurch Street, London EC3.<br />

VAT<br />

We understand that the property has not been elected for<br />

VAT purposes and as such VAT shall not be payable on the<br />

purchase price.


Further Information<br />

For further information or to arrange an inspection,<br />

please contact:<br />

James Abrahams<br />

james.abrahams@allsop.co.uk<br />

Oliver Sadler<br />

oliver.sadler@allsop.co.uk<br />

Misrepresentation<br />

<strong>Allsop</strong> LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent <strong>Allsop</strong> LLP is, gives notice that: (a) these particulars do not constitute in whole or in part<br />

an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the<br />

vendor/lessor does not make or give, and neither <strong>Allsop</strong> LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty<br />

whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those<br />

contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. Prospective purchasers or tenants are<br />

strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that<br />

any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all<br />

necessary searches and enquiries. <strong>Allsop</strong> is the trading name of <strong>Allsop</strong> LLP. September 2009.<br />

www.cube-design.co.uk (Q1266)

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