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Spectrum office development at 160 Old Street spectrum-london.com

Spectrum office development at 160 Old Street spectrum-london.com

24.05.2017
160 Old Street CGI by ORMS at orms.co.uk; screen capture.

160 Old Street CGI by ORMS at orms.co.uk; screen capture.

26.01.2017

Spectrum

Address:
160 Old Street, London EC1V 9HQ
Type:
Commercial
Completion:
April 2018
Area:
161,000 sq ft
Offices:
1
Viewed:
7006

Description of Spectrum

Spectrum at 160 Old Street is a new office development in London EC1.

The existing 97,800 sq ft Royal Mail building is replaced by ca 161,000 sq ft of high-quality office space.

The property sits on a site of 0.83 acres.

2013 April - The Great Ropemaker Partnership (“GRP”), a 50:50 Joint Venture between Great Portland Estates plc (“GPE”) and The BP Pension Fund acquires 148 Old Street, EC1 from The BP Pension Fund for £30.0 million, reflecting a capital value of £307 per sq. ft. and an initial yield to GRP of 6.93%.

The old building was a 97,807 sq. ft., office building arranged over lower ground, ground and six upper floors. It is held freehold and was let to Royal Mail Group Limited at a rent of £2.17 million per annum (£22.19 per sq. ft.) until 2020, with a rent review and tenant break option in May 2015.

Connected Companies

Architect:
Lettings:

News: (8)

160 Old Street is currently 94% let, reports Great Portland Estates in the results for the year ended 31 March 2019.

22/05/2019 17:32 by Buildington

Great Portland Estates completed the 161,700 sq ft of
office, retail and restaurant space in late April.

Turner Broadcasting, which has already pre-let 98,100 sq ft on
the lower ground to third floors, exercised its option to lease the whole of the fourth floor (18,400 sq ft).

Together with the letting of two retail units, Great Portland Estates has now secured £6.1 million of rent with the building now 71.2% let and has the 5th floor under offer with positive leasing interest in the remaining office space and the remaining retail units.

Source: Great Portland Estates trading update for the quarter to 30 June 2018.

05/07/2018 12:48 by Buildington

160 Old Street will complete in the first quarter of 2018, with 56% of the building currently under offer.

- GPE quarterly update gpe.co.uk

04/10/2017 15:41 by Buildington

The construction works at Spectrum are well underway to transform the old 97,800 sq ft building at 160 Old Street into around 161,000 sq ft of high-quality office and retail space.

Completion of the fully consented scheme is expected in early 2018 and, with the marketing campaign recently launched, early leasing interest is encouraging given the low average ERV of only £53.35 per sq ft across the office space.

Source: Great Portland Estates plc results for the year to 31 March 2017 24.05.2017 gpe.co.uk.

24/05/2017 11:22 by Buildington

The construction works at 160 Old Street are progressing well and 160,600 sq ft of high-quality office and retail space will be completed in early 2018, reports Great Portland Estates.

The marketing suite was completed in November 2016 and the formal pre-letting campaign will commence in March 2017.

GPE has been encouraged by the level of interest already received by prospective tenants.

Source: Great Portland Estates Trading Update for the quarter to 31 December 2016 www.gpe.co.uk

26/01/2017 11:49 by Buildington

At 160 Old Street, EC1 (formerly 148 Old Street), the construction works are underway to transform the existing 97,800 sq ft building into around 160,600 sq ft of high-quality office and retail space.

Developer Great Portland Estates is targeting completion of the fully consented scheme in early 2018 and, with the marketing suite now open, early leasing interest is encouraging with an average ERV of only £53.35 per sq ft across the office space.

Source: Great Portland Estates plc half year results, six months ended 30 September 2016 www.gpe.co.uk

18/11/2016 16:33 by Buildington

160 Old Street, EC1, (formerly 148 Old Street) the demolition works are complete and the main contract has commenced to transform the existing 97,800 sq ft building into around 161,900 sq ft of high quality office and retail space. GPE is targeting completion of the fully consented scheme in late 2017 and early leasing interest is encouraging.

Source: Great Portland Estates trading update for the quarter to 30 June 2016 www.gpe.co.uk

07/07/2016 12:31 by Buildington

The strip out of the existing building has commenced, reports GPE.

Based on current market assumptions, the scheme is expected to deliver GPE a profit on cost of 16.3%. The scheme is due for completion in September 2017.

Source: Great Portland Estates plc Half Year Results 2015 www.gpe.co.uk

11/11/2015 12:23 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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