Executive Summary

  • Freehold island site comprising one acre (0.42 hectares)
  • Situated above Angel underground station on the prominent corner of City Road and Islington High Street
  • High level of local amenity and services including retail, hotel, restaurant, leisure and bar uses in an area
  • associated with high end residential development Angel Square comprises three interconnecting, self-contained buildings constructed in 1991 and totalling 132,470 sq ft (12,307.9 sq m)
  • The offices provide modern air-conditioned office and ancillary accommodation arranged over basement, lower ground, upper ground and five upper floors along with 25 car parking spaces at basement level
  • The offices are designed to be flexible for cellular or open plan occupation and benefit from high levels of natural light
  • The buildings are currently let to six principal tenants on 18 leases
  • Current annual income of £2,393,534 per annum – only £22.44 per sq ft overall on the let and income-producing accommodation. There is currently 12,948 sq ft of vacant offices along with 2,258 sq ft of storage and 10 car spaces
  • Added value opportunities exist through reletting, refurbishment and extension, or for alternative uses (subject to planning and all necessary consents)
  • Vacant possession is available in mid-2015
  • Angel Square has all the characteristics to be a TMT hub in its own right given the accessibility, flexibility of the real estate and through the introduction of strong, design-led characteristics
  • Offers in excess of £52.5 million are sought for the freehold interest in the property, subject to contract and exclusive of VAT. This reflects a net initial yield of 4.3% and capital value of £396 per sq ft assuming purchaser's costs of 5.8%.
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