174—178 Mile End Road
London E1
Freehold
Mixed Use Refurbishment /
Development Opportunity for
Sale in Whitechapel
01
INVESTMENT
SUMMARY
-
Freehold.
-The property is located opposite Stepney
Green Underground Station and 300m from
the new Whitechapel Elizabeth Line
(Crossrail) station entrance.
-An attractive former Victorian gatehouse
and a large rear warehouse providing
offices, 3 flats,a substantial gymnasium and
a large covered car parking area.
-
The total site area is 0.26 acres.
-The existing building provides 2,114.38 sq m
(22,759 sq ft) GIA of accommodation
arranged over ground and 3 upper floors
and a service yard.
-The property is currently let to
Revisecatch Ltd (Owned by Royal Mail)
who occupy part of the ground floor and
first floor as a courier service on a lease to
expire 31st July 2017, outside the Act.
-The opportunity exists to significantly
enhance value through refurbishment,
redevelopment, change of use and
additional massing, subject to the necessary
consents.
-Waugh Thistleton Architects have carried
out a block massing exercise which provides
a residential and commercial building
extending to 2,437.5 sq m (26,237 sq ft)
NIA subject to obtaining the necessary
consents.
-Low capital value of £296 psf on the
existing GIA and £257 psf on the NIA of the
indicative scheme.
-Unconditional offers are sought in excess of
£6,750,000 for the Freehold interest,
subject to contract and exclusive of VAT.
The Drill Hall, 174—178 Mile End Road
02
Royal London
Hospital
Whitechapel
Station
Cambridge Heath Road
Elizabeth Line/Crossrail
Entrance
BMI London
Independent Hospital
Anchor Retail Park
Stepney Green
Station
The Drill Hall, 174—178 Mile End Road
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174-178 Mile End Road is located approximately 5 minutes’ walk to the east of the
Whitechapel Elizabeth Line (Crossrail) entrance on Cambridge Heath Road and
approximately 2 minutes’ walk west of Stepney Green station. It’s situated in a
prominent position on the south side of Mile End Road near its junction with Hayfield
Passage. The building is located three miles to the East of the City of London within the
London Borough of Tower Hamlets with a substantial frontage onto Mile End Road,
which links East London and the City.
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The area is synonymous with the medical industry and the home to the Royal London
Hospital, London’s largest hospital and the BMI Independent Hospital located 200 yards
to the south of the Drill House. The BMI is a private hospital specialising in 30 different
medical specialties, especially cardiac care.
The surrounding area is due to dramatically change with the opening of the Elizabeth
Line (Crossrail) in 2018. Further development plans include Tower Hamlets recent
consultation paper proposing c.£900M of investment into the area over the next
15 years to revitalise Whitechapel Road with new offices, shops and homes funded by
a mix of grants and private finance.
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The Drill Hall is located in East London opposite Stepney Green Underground Station
within a vibrant mixed use quarter experiencing substantial development. Now an
upmarket residential location three stops from Central London, the area benefits from
numerous bars, restaurants and gastro pubs, new office schemes such as Department
W, major residential redevelopment, student housing and one of London’s largest
self-contained residential campus, the prestigious Queen Mary University with over
16,000 enrolled students.
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The Drill Hall, 174—178 Mile End Road
04
CONNECTIVITY
& CROSSRAIL
Nearby Tube Stations
As the City moves east, Whitechapel is set to become one of the
most connected places in the capital by public transport, with a
significant rail and tube interchange at Whitechapel station.
Stepney Green
Whitechapel
Bethnal Green
150 metres
900 metres
1,000 metres
The Elizabeth Line (Formerly known as Crossrail)
The Elizabeth Line (Crossrail) will run 118 km from Maidenhead and
Heathrow in the west, through new twin-bore 21km tunnels under
central London to Shenfield and Abbey Wood in the east. It will bring
an additional 1.5 million people within 45 minutes commuting distance
of London’s key business districts. Around 200 million passengers
will travel on the Elizabeth Line each year and the route will
provide a 10% increase to rail capacity in the capital.
The new Whitechapel Elizabeth Line station will use the existing
Whitechapel Road entrance to the London Underground and
London Overground station, with a new separate entrance onto
Cambridge Heath Road providing access to all lines and within a
5 minutes walk (350 yards) of The Drill Hall.
The Elizabeth Line platforms will be in deep tunnels to the
north of the existing station but they will all share a concourse,
ticket hall, gateline and station operations room, leading to a fully
integrated station that provides an easy step-free interchange
between the Elizabeth Line, Hammersmith and City, District
and Overground lines.
New over-station development from Durward Street
New secondary Elizabeth Line entrance at Cambridge Heath Road
The Elizabeth Line Map
Stratford
5 mins
Reading
63 mins
Heathrow
38 mins
Bond Street
10 mins
Farringdon
5 mins
Whitechapel
Slough
41 mins
Paddington
13 mins
Tottenham
Court Road
7 mins
Liverpool
Street
2 mins
Canary Wharf
3 mins
The Drill Hall, 174—178 Mile End Road
05
WHITECHAPEL
DEVELOPMENT
Royal London Hospital
Life Science Campus
Culture
Opposite Whitechapel station is the Grade II listed old Royal London
Hospital site which was originally opened in 1757 and is now dwarfed by
the £1bn world class hospital facility that replaced it in 2012. The old
building was recently purchased by Tower Hamlets Council to be the new
town hall. The site received planning in November 2015 for a £77M
makeover by AHMM architects and is due to be open in 2019.
Nearby is a proposed new life science campus to support health, bio
tech and life sciences research. The Whitechapel Vision aims to deliver
over 3,500 new homes by 2025, generate 5,000 new jobs, create 7 new
public squares and a world class Life Science Campus at Queen Mary
University London which operates 5 campuses centred around
Whitechapel and has over 17,500 students.
Dept W is an iconic office and retail former department store currently
undergoing refurbishment by Schroders Investment Management to
deliver a Buckley Grey Yeoman designed scheme. It sits adjacent to the
Genesis cinema complex which has been used for entertainment
purposes since the mid 19th century. Charlie Chaplin and Laurel & Hardy
are both known to have performed here.
The new Town Hall will be the central part of the Whitechapel
Masterplan designed to manage the regeneration and redevelopment
around Whitechapel Road and Cambridge Heath Road over the next 10
to 15 years. The Civic Hub regeneration of the old Royal London Hospital
building which will house a new 21st Century town hall will be set around
a new high quality Civic Square to encourage complementary
community and commercial uses including a media hub, retail and
restaurants.
The new Elizabeth Line entrance on Cambridge Heath Road will sit
adjacent to the Sainsbury’s Superstore which within the Whitechapel
Vision will be re-developed to provide a larger store with new residential
and community facilities.
At 109 Mile End Road is one of Conde Nast’s boutique hotels of the year,
40 Winks (www.40winks.org). The hotel is a particular favourite for
fashion folk and artists and hosts many fashion shoots.
Notoriety
Whitechapel was at the centre of national attention during the tragic
murders committed by Jack the Ripper, the Siege of Sidney Street by
Winston Churchill and the Second World War bombing of the East End.
Within a short walk is the notorious The Blind Beggar pub where Reggie
Kray stabbed to death Jack ‘The Hat’ McVitie.
The Drill Hall, 174—178 Mile End Road
06
THE PROPERTY
The former gatehouse is of timber / concrete frame
construction and arranged over Ground and three upper floors.
There are 3 flats on the second and third floors of the former
gatehouse building with ancillary office accommodation at
ground and first floor. The building is accessed from Mile End
Road via a raised reception with a side vehicular access way.
The warehouse building to the rear is of concrete / steel frame
construction arranged over ground and first floor. The ground
floor is currently arranged as car parking for c. 15 vehicles with
an ancillary workshop. The building has the benefit of a 4.67m
floor to ceiling height at ground floor and a gymnasium at first
floor level which at its highest point achieves a floor to ceiling
height of 6.69m.
The property is currently let to Revisecatch Ltd (Owned by
Royal Mail) who occupy part of the ground floor and first floor
as a courier service on a lease to expire 31st July 2017, outside
the Act.
The Drill Hall, 174—178 Mile End Road
07
EXISTING ACCOMMODATION
Sq m
Sq ft
Third Floor
120.4
1,296
Second Floor
178.2
1,918
First Floor
787.7
8,479
Ground Floor
893.7
9,620
Ground Level Service Entrance
100.5
1,082
33.8
364
2,114.38
22,759
Sq m
Sq ft
56.4
607
Lower Ground Floor
Total GIA
External
First Level Terrace
Ground
893.7 Sq m / 9,620 Sq ft
First Floor
787.7 Sq m / 8,479 Sq ft
Terrace
Service Entrance
Internal
Mile End Road
Mile End Road
The property has been measured in accordance with the Code of Measuring
Practice 6th Edition by Sterling Temple and is assignable to the purchaser.
Second Floor
178.2 Sq m / 1,918 Sq ft
Third Floor
120.4 Sq m / 1,296 Sq ft
Roof
Plans are for indicative purposes only (not to scale).
Mile End Road
Mile End Road
The Drill Hall, 174—178 Mile End Road
08
ASSET
MANAGEMENT &
DEVELOPMENT
POTENTIAL
The building offers numerous asset management opportunities
to improve the net lettable area and significantly enhance
value including:
–– Change of use to office, residential or alternative uses
–– Improving the arrival experience through creation of a new
double height reception
–– Undertake internal refurbishment and upgrade specification
to a ‘media style’
–– The creation of additional floors and infilling, subject to
obtaining the necessary consents
The Drill Hall, 174—178 Mile End Road
09
PROPOSED
SCHEME
A feasibility has been prepared by Waugh Thistleton Architects
on the development potential of the site.
Their study suggests that there is potential to retain the four storey
building fronting Mile End Road and create a new building at the rear
replacing the existing warehouse.
Student accommodation or hotel type use has also been considered.
Further information is available on request.
The design extends to 2,901.5 sq m (31,253 sq ft) GIA,
2,437.5 sq m (26,234 sq ft NIA) arranged over ground, first,
second, third and part fourth floors to provide 5 x 1 bedroom
flats, 3 x 2 bedroom flats and 1,912.0 sq m (20,578 sq ft)
of commercial accommodation.
FLOOR
SQ M
SQ FT
Office
GIA
NIA
GIA
NIA
Fourth
82.0
54.5
882
586
Third
369.0
324.0
3,971
3,487
Second
369.0
324.0
3,971
3,487
First
482.5
437.0
5,220
4,703
Ground
898.5
772.5
9,671
8,315
Office Total
2,201.0
1,912.0
23,715
20,578
Residential
GIA
NIA
GIA
NIA
Fourth
130.5
113.0
1,404
1,216
Third
164.0
137.5
1,765
1,480
Second
164.0
137.5
1,765
1,480
First
164.0
137.5
1,765
1,480
78.0
0.0
839
0
700.5
525.0
7,538
5,656
2,901.5
2,437.5
31,253
26,234
Ground
Residential Total
TOTAL
Birds eye view
Existing rear building massing
Draft view from Mile End Road
Proposed rear building massing
Overlaid massing
The Drill Hall, 174—178 Mile End Road
10
PROPOSED PLANS
First Floor
646.5 Sq m / 6,958.8 Sq ft
Second Floor
533 Sq m / 5,737 Sq ft
Reception
ion
Recept
Ground Floor
976.5 Sq m / 10,510.9 Sq ft
Mile End Road
Mile End Road
Third Floor
533 Sq m / 5,737 Sq ft
Mile End Road
Fourth Floor
212 Sq m / 2281.9 Sq ft
Office
Residential
Plans are for indicative purposes only (not to scale).
Mile End Road
Mile End Road
The Drill Hall, 174—178 Mile End Road
FURTHER
INFORMATION
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House
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The property is not excluded for the purpose of
Permitted Development.
Contact
To arrange an inspection please contact:
VAT
64
1a
13
4
1
The property has not been elected for the purposes of VAT.
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Available upon request.
Unconditional offers are sought in excess of £6,750,000 for the
Freehold interest, subject to contract and exclusive of VAT.
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The property is held in a single purpose vehicle that is available to
purchasers. The owner will consider offers for both the company
or the property.
Held Freehold under Title Number AGL303491.
Yard
3
field
The property is located in The London Borough of Tower Hamlets.
The building is not listed but is located in the Stepney Green
Conservation Area.
Tenure
2
174
PH
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Method of Sale
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46
to
41
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18 6
1 88
Mile
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Planning
A purchase at this level reflects a low capital value of
£296 psf on the existing GIA and £257 psf on the NIA of the
indicative scheme.
18
3
Ricky Blair
020 7871 7420
[email protected]
James Abrahams
020 7588 4433
[email protected]
Richard Silver
020 7871 7423
[email protected]
Jack Sawbridge
020 7588 4433
[email protected]
Hugh Ronan
020 7344 6887
[email protected]
Marsha Rabinovich
020 7588 4433
[email protected]
Colliers International & Allsop, give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or
Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International & Allsop has any authority to make any representation or warranty
whatsoever in relation to this property. May 2017.
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