11 Ironmonger Lane is exceptionally well located on the eastern side of Ironmonger Lane, approximately 150 metres away from the Bank of England.
Ironmonger Lane - Connecting two historic London streets
Ironmonger Lane connects two of the City's most famous streets: Gresham Street and Cheapside.
Gresham Street takes the name of renowned businessman and merchant, Sir Thomas Gresham, a key figure within the financial history of Britain and the founder of The Royal Exchange. The street has a long association with London's livery companies, with the Worshipful Companies of Goldsmiths and Wax Chandlers being based on Gresham Street. Today, it is seen as one of the most prestigious addresses for financial occupiers.
Cheapside also has a deep history in trade and commerce, taking its name from the Old English phrase for a market place. The Street once comprised market buildings where goods could be bought and sold, with many of the side streets, including Bread Street, Wood Street and Milk Street, taking their names from the goods that were traded. Today, Cheapside is the predominant retail destination within the City of London, and is the location of Land Securities' One New Change shopping centre.
The Bank of England
The property is located within a short walk of the Bank of England. Founded in 1694, the Bank plays a critical part in managing the UK economy through the setting of interest rates and the production of bank notes. For this reason, the site where the Bank of England resides is considered the prime location for the financial sector and is one of the City's most famous buildings.
The Royal Exchange
Founded by Sir Thomas Gresham in 1566, The Royal Exchange was London's first predominant centre for trade and was afforded a royal title by Queen Elizabeth I in 1571. The site has played a key part in the economic history of Britain and was once home to the Lloyd's of London insurance market before its relocation. The Royal Exchange of today comprises luxury retail, leisure and offices all set within striking, period architecture.
11 Ironmonger Lane is a Grade II listed, period office
building, comprising 20,326 sq ft of office, reception
and ancillary accommodation arranged over basement,
ground and six upper floors.
The property was refurbished and extended in 2008, so as to provide modern, well configured office accommodation with period elements in the common parts and externally. The building offers an impressive arrival experience with a bright, modern reception, combined with retained period features, including a central staircase throughout. The property offers regular shaped, well-lit floorplates from 1,933 sq ft up to the largest of 3,012 sq ft, arranged around a core including the staircase and two lifts. On display within the basement of the building is an ancient Roman mosaic, protected underneath a glass floor.
The property is held freehold under title number 270579.
The approximate extent of the site is shown in red on the Situation Plan.
The property is multi let to six office tenants, including
London Forfaiting Company Limited, Yendall Hunter
Limited and the Royal Mail Pensions Trustees Limited
in accordance with the tenancy schedule below. The 1st
floor of 2,942 sq ft is currently vacant and the rent will be
topped up by the vendor.
The passing rent, assuming a vendor top up in respect of the vacant 1st floor and the vacant lower ground storage, totals £978,281 per annum equating to a low overall rent of £50.48 per sq ft.
All of the leases are excluded from the security of tenure and compensation provisions of the Landlord and Tenant Act (1954).
The weighted average unexpired lease term of the property is 4.3 years to expiries and 2.0 years to breaks.
The property's tenants include London Forfaiting Company Limited, Royal Mail Pension Trustees Limited and Portware LLC, amongst others. More details can be seen in the link below:
The property has been elected for the purposes of VAT.
We are instructed to seek offers in excess of £18,200,000 (Eighteen Million, Two Hundred Thousand Pounds), subject to contract and exclusive of VAT, for the freehold interest. A purchase at this level reflects an attractive net initial yield of 5.03% and a capital value of £895 per sq ft, assuming purchaser's costs of 6.80%.