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9 Prescot Street building in London E1.

9 Prescot Street building in London E1.

March 2011
9 Prescot Street

9 Prescot Street

March 2011

9 Prescot Street

Address:
9 Prescot Street, London E1 8AZ
Type:
Commercial
Completion:
1938
Area:
97,500 sq ft
Offices:
1
Viewed:
14264

Description of 9 Prescot Street

9 Prescot Street is a commercial building in London W1.

Let to Barts Health NHS Trust and The Co-operative Bank.

Connected Companies

Manager:

Buildington Rating & Notes

News & Comments: (3)

Buildington
2016/09/06 07:46

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

Buildington
2015/02/27 10:14

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

Buildington
2012/11/15 13:28

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

*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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