Angel Square is held freehold under Title number NGL735118 as set out below.
The site extends to approximately one acre (0.42 hectares).
There is a right of way through the site between Islington High Street and Torrens Street which is to be kept open at all times (save for bank holidays) subject to conditions agreed with Islington Council. It can be relocated for the purposes of redevelopment.
The freehold is subject to the following principle leasehold interests:-
There is a lease of the Angel underground station located over ground, upper basement and basement levels as well as the tunnels and their foundations at Angel, Islington High Street, Islington, London N1 for a term of 150 years less 3 days from 16 December 1988 at a rent of one peppercorn (if demanded) plus a service charge contribution for the provision of services to the premises.
There is a lease of the Public Toilets at the rear of the property formerly known as 34-36 Islington High Street, London N1 for a term of 153 years less 3 days from 14 November 1988 at a rent of a peppercorn (if demanded).
There is a lease of the Arc Public House over basement and lower ground floors of the building known as the Angel Square Development, Islington High Street, Islington, London N1 for a term of 150 years from 25 March 1991 at a rent of one peppercorn (if demanded), Insurance rent and a service charge contribution. An assignment of this lease has recently been concluded from Black Pubs Ltd to Brewhouse and Kitchen Limited.
There is a lease of a transformer chamber at lower ground floor level for a term of 60 years from 8 February 1993 at an annual rent of 5 pence.
More information is available in the dataroom.
Angel Square is currently let to six tenants on 18 principal leases in accordance with the tenancy schedule overleaf.
The total current income is £2,393,534 per annum, which equates to only £22.44 per sq ft 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.
The six principal tenants are:
All of the leases originally expired by April 2015 and are contracted outside of the L&T Act 1954 Security of Tenure provisions. More recently, some agreements have extended occupation to December 2015 with mutual rolling breaks from June 2015, whereupon vacant possession of the offices can be achieved.