9 Prescot Street

9 Prescot Street

March 2011
9 Prescot Street building in London E1.

9 Prescot Street building in London E1.

March 2011

9 Prescot Street

9 Prescot Street, London E1 8AZ
97,500 sq ft

Description of 9 Prescot Street

9 Prescot Street is a office building in Whitechapel, London W1.

The 7-storey building comprises 96,948 sq ft (9,007 sqm) of multi-let office space.


2019 February - CLS Holdings plc acquires 9 Prescot Street for £53.85 million excluding costs from Derwent London and LaSalle. Barts Health NHS Trust occupies the five lower floors comprising 59,600 sq ft on a lease expiring January 2020.

2016 - A 37,000 sq ft refurbishment completed in H2 2016.

2015 - Sold into a 50:50 joint venture with LaSalle in February 2015.

2012 - Acquired by Derwent London in 2012 for £23.2m. The purchase price included 16 Prescot Street E1. The office building is 102,700 sq ft (9,540m2) in size and is let until January 2015 to Co-operative Bank plc at a low passing rent of £11.50 per sq ft (£124 per m2).

Connected Companies

Property Manager:


The nearest tube, train and bus stations.
Tower Gateway DLR Station
Dock Street

News: (4)

CLS Holdings has exchanged contracts to acquire 9 Prescot Street for £53.85 million excluding costs.

The freehold building is 100% let to four tenants with a weighted average unexpired lease term of 2 years to breaks.

It is located on the fringe of the City in the Aldgate area, which continues to undergo significant regeneration, including the new Chinese Embassy at the former Royal Mint site, and is close to multiple key transport links including Fenchurch Street, Tower Hill, Aldgate East and Shadwell stations.

The property is being acquired at a capital value of £555 per sq. ft. and with the net initial yield of 4.5%, there is a substantial reversionary rental upside to deliver an estimated yield approaching 8% through active asset management. Current contracted rental income of £2.56 million equates to £26.41 per sq ft and CLS intends to undertake a substantial refurbishment to deliver high-quality space in an improving area with limited supply. CLS intends to finance the acquisition through existing resources and bank financing.

Fredrik Widlund, Chief Executive Officer of CLS, said:
“This acquisition is a clear demonstration of our ability to undertake transactions on an opportunistic basis where we can utilise our asset management expertise to deliver value over the long term in line with our strategy. The property’s excellent location and attractive potential makes this an exciting acquisition for CLS.”

David Silverman, Investment Director at Derwent London, commented: "9 Prescot Street has produced strong returns since acquisition and the disposal enables us to recycle capital into our larger on-site developments. Through the establishment of our successful joint venture with LaSalle in 2015, we acquired a long leasehold interest in 20 Farringdon Road EC1, a major holding adjacent to the Farringdon Elizabeth line station.”

Julian Agnew, CIO at LaSalle Investment Management, added:
"We are pleased with the success of 9 Prescot Street which has delivered strong returns for our client as a result of a successful collaboration with our joint venture partner, Derwent London.”

21/02/2019 08:00 by Buildington

BuckleyGrayYeoman has completed refurbishment and roof terrace extension at 9 Prescot Street for Derwent London.

The rear loading bay was transformed into a chic private reception space for levels 4-6, and providing an edgier Chamber Street address. The 11-13,000 sq ft office floors have been pared back to their shell to expose the generous floor to soffit heights and arched perimeter beams previously hidden by deep dropped ceilings. In a bold move the ceilings and exposed services are to be painted dark grey, with sleek linear lighting. The floors are to be leveled and finished with a grey gloss. The opportunity was taken to make the most of the South West facing views with a new roof terrace, which includes views of London’s most recent architectural landmarks.

Source: BuckleyGrayYeoman www.buckleygrayyeoman.com

06/09/2016 08:46 by Buildington

The Co-operative Bank’s £1.2m pa lease on the whole building was due to expire and Derwent London has granted the sub-tenant Barts Health NHS Trust a five-year lease on the five lower floors (60,000 sq ft) at a rent inclusive of the service charge of £1.5m pa.

The Co-op now occupies the three upper floors (36,600 sq ft) on a lease that will break later in 2015.

This property is now held in the joint venture with LaSalle Investment Management.

Source: Derwent London Annual Results for 2014

27/02/2015 10:14 by Buildington

Derwent London has purchased the freeholds of 9 and 16 Prescot Street, Whitechapel E1 for £23.0m before costs. This reflects a capital value of £207 per sq ft (£2,230 per m2), with a total passing rent of£1.3m pa and a net initial yield to the Group of 5.4%. 9 Prescot Street is an office building of 102,700 sq ft (9,540m2) which is let until January 2015 to Cooperative Bank plc at a low passing rent of £11.50 per sq ft (£124 per m2). 16 Prescot Street is a property of 8,300 sq ft (770m2), occupied by a restaurant paying £9.00 per sq ft (£97 per m2).

These acquisitions are in an improving area of Whitechapel close to Tower Hill, Aldgate and Aldgate East stations. They offer asset management angles in the short term whilst providing an interesting future refurbishment opportunity. 9 Prescot Street has many of the features of the Tea Building of ten years ago, namely low rents, good volume and floor plates yet in need of rejuvenation.

Source: Derwent London plc THIRD QUARTER INTERIM MANAGEMENT STATEMENT www.derwentlondon.com 15. November 2012

15/11/2012 13:28 by Buildington

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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