- 42 Clerkenwell Close, EC1R 0AZ was constructed in 1986.
- Located in the heart of Clerkenwell’s tech sector.
- 2,292 sq. ft. ( 212.93 sq. m.) of offices arranged over basement, ground and two upper floors.
- Single let to The Museums Association until 28th September 2031 with no breaks at £40.58 per sq. ft.
- Excellent natural light to open plan upper floors, ideal for creative businesses.
- The accommodation throughout is carpet tiled and has plaster and painted walls and ceilings with fluorescent strip lighting throughout and tracked spotlights to the ground floor meeting room.
- Heating within the building is gas fired to radiators.
Office Specification
- Self contained entrance
- Good quality entrance hall and landings
- Open plan upper floors
- Dedicated IT room
- Kitchen facilities to basement
- WCs to basement, ground and first floor
- Gas fired heating throughout the building
- Roof access
Location
42 Clerkenwell Close is situated in a diverse pocket of vibrant Farringdon within London’s burgeoning tech belt.
The property occupies a prominent position within Clerkenwell Close. Nearby occupiers include Zaha Hadid, Unilever, Deloitte Digital, Alexander McQueen and Microsoft.
The property benefits from excellent amenities and is located 320 metres from both Exmouth & Leather Lane Markets, home to some of London’s most renowned casual and formal dining spots.
Accommodation
2,292 sq. ft. (212.93 sq. m.) of contemporary offices arranged over basement, ground and two upper floors.
Second Floor - 675 sq ft (62.70 sq m)
First Floor - 682 sq ft (63.40 sq m)
Ground Floor - 253 sq ft (23.50 sq m)
Basement - 682 sq ft (63.40 sq m)
Total - 2,292 sq ft (212.93 sq m)
Terms
TENURE - Long leasehold under registered title NGL 648134
Date : 9 August 1989
Term : 125 years from 9 August 1989
Rent : A peppercorn
Parties : (1) The Mayor and Burgesses of The London Borough of
Islington
(2) Blackfriars Estates Limited
(3) John Henry Hanifan and others
PLANNING - The property is not statutory or locally listed but is within the
- Clerkenwell Green Conservation Area
- Clerkenwell and Farringdon Cultural Quarter
- Benedictine Nunnery of St Mary, Clerkenwell Scheduled Monument
- Clerkenwell Smithfield Area of Special Character
VAT - Is elected for VAT and it is anticipated that the transaction with be treated as a Transfer of Going Concern (TOGC).
EPC - Available on request.
PROPOSAL - Offers in excess of £950,000 (subject to contract) reflecting a net initial yield of 9.29% (assuming purchaser’s costs of 5.39%) and a capital value of £414 per sq. ft.
Specification
- Long leasehold interest
- Less than 500m from Farringdon station – the only Central London Station to provide 3-way connectivity to London Underground, Elizabeth Line and Thameslink services
- Character building comprising offices arranged over 4 floors
- 2,292 sq. ft. (212.93 sq. m.)
- Long lease at a peppercorn rent from London Borough of Islington until 8th August 2114, thus having approximately 90 years unexpired.
- Single let to The Museums Association until 28th September 2031 with no breaks at £40.58 per sq. ft.
- Next rent review September 2026 with scope for an increase
- Total passing rent £93,000 per annum exclusive
- Price – Offers in excess of £950,000
- Net Initial Yield – 9.29% (assuming purchaser’s costs of 5.39%)
- Capital Value - £414 per sq. ft.