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The Organ Factory

THE ORGAN FACTORY, ST PETER'S SQUARE, BETHNAL GREEN, LONDON, E2 7AF

Summary

• LOCATION
  BETHNAL GREEN
• SECTOR
  USE CLASS E & C3 TO PART
• SIZE
  10,815 SQ FT
• TENURE
  FREEHOLD
• TENANT
  FILM & PHOTOGRAPHIC LTD
• UNEXPIRED TERM
  13.8 YEARS
• PASSING RENT
  £300,000 PER ANNUM
• PASSING RENT
  £27.74 PER SQ FT
• ERV
  £40.00 PER SQ FT
• RENT REVIEW
  5 YEARLY RPI (UNCAPPED)
• TENANT COMMITMENT
  COMPREHENSIVE REFURBISHMENT
• PRICE
  £4,170,000
• NIY
  6.75%
• RUNNING YIELD (2028)
  7.90%
• REVERSIONARY YIELD
  9.75%
• CAPITAL VALUE
  £385 PER SQ FT

More Information

• LOCATION

  Bethnal Green has become one of London’s most diverse and fashionable commercial districts. Known for its iconic mixture of original Victorian warehouses, modern developments and unique leisure and amenity offerings, East London has attracted a wide range of occupiers, from exciting startups and global businesses.

• DESCRIPTION

  The Organ Factory comprises a 10,815 sq ft commercial film & photography studio and 3-bedroom mews house. The accommodation is split across two elements, the main building and the Lodge. The Lodge comprises 1,106 sq ft, 3-bedroom mews house which benefits from C3 Use.

• TENANCY

  The Property is let to Film & Photographic Ltd (T/A Hackney Studios) at a highly reversionary rent of £27.75 per sq ft (£300,000 per annum). The lease provides a long unexpired term of 13.8 years, subject to 5 yearly RPI rent reviews (uncapped). The rent is forecast to increase to £350,737 per annum in 2028.

• ALTERNATIVE USE

  The Property benefits from unrestricted E Use Class and part C3 Use Class (Lodge Building), offering a variety of potential alternative uses, including but not limited to, office, medical, educational, nursery and leisure. A number of these uses also benefit from the Property not being elected for VAT.

• RESIDENTIAL POTENTIAL

  The Lodge Building (3-bed mews house) benefits from C3 consent. There may be a future opportunity subject to planning to convert the remainder of the Property to C3. A feasibility study has been commissioned for a residential scheme comprising 8 apartments, including 5 x 1-beds, 1 x 2-bed, 1 x 3-bed and 1 x 4 bed apartments.

Gallery

ADS RE Ltd (ADS RE) on its own behalf and on behalf of the vendors / lessors of the properties whose agent ADS RE is, gives notice that:1 (a) All particulars provided are given as a general outline only for the guidance of the intending purchaser, lessee or tenant, and do not constitute in whole or in part, an offer of contract for sale or lease; (b) Whilst all particulars of properties given including but not limited to descriptions, dimensions, references to condition and necessary permissions for use and occupation and maps are believed to be correct and are given in good faith, they are however given without responsibility. None of the statements contained in these particulars as to the property are to be relied upon as statements or representations of fact; (c) The vendor / lessor does not make or give, and neither ADS RE nor any of its members or any person in its employment has any authority to make or give any representation or warranty whatsoever in relation to any properties. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor / lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor / lessor and a purchaser or tenant. 2 Prospective purchasers / lessees or tenants should not rely on any particulars provided and are strongly advised to; (a) Satisfy themselves by inspection or otherwise as to the correctness of each statement contained in these particulars; (b) Inspect the property and the neighbouring area; ensure that any items expressed to be included are available and in working order; (c) Arrange a full measured, structural (and where appropriate environmental) survey of the property; and (d) Carry out all necessary searches and enquiries. November 2024