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20 Garrett Street / Acquired in 2018

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Gate House, EC1M 4DH

26,960 sq ft

Possibly Clerkenwell’s best address, 1 St John’s Square is a Richard Seifert designed office building, developed in the 1960’s. The building comprises office and ancillary accommodation over lower ground to 5th floors on an effective island site which achieved planning consent in 2021 to increase the NIA to 29,493 sq ft. The consented scheme provides further massing at ground, 5th and 6th floors and the introduction of private terraces. The multi-let office building is home to tenants from the creative, social media and charitable sectors with vacant possession of the ground and upper floors available in 2024. Following a redevelopment, the building could offer a striking HQ for the next giant of the TMT sector while providing the ESG credentials required by todays occupiers.

Location

St John’s Square is arguably one of the most sought after Clerkenwell locations, steeped in history and charm and home to the Museum of the Order of St John. 1 St John’s Square is the last undeveloped building of scale situated on the square. Farringdon has become home to the giants of the tech industry, with TikTok, Snapchat and Linkedin relocating to the area, alongside a multitude of international occupiers from the creative, media and technology sectors. Farringdon is one of the best connected stations in Central London, with Elizabeth Line, Underground (Circle, Metropolitan and Hammersmith & City Lines) and National Rail services serving the locality. Heathrow, Gatwick and Luton airports are all directly accessible from Farringdon. The Museum of London will relocate to Smithfield in 2024, further establishing the area as a burgeoning cultural hub of Central London while the remainder of Smithfield market is due to undergo a substantial redevelopment once Central London’s last remaining meat market vacates in 2027.

Key features

Freehold
Prime consented redevelopment opportunity in an established and vibrant market, underpinned by strong rental growth and exceptional occupier demand in burgeoning cultural hub.
Existing property comprises of 26,960 sq ft of office accommodation arranged over lower ground, ground and 5 upper floors on a virtual island site
Planning consent granted in 2021 to increase NIA to 29,493 sq ft of design led accommodation incorporating new 6th floor and terrace
Building benefitting from short term income of £423,178 per annum
Vacant possession of upper floors achievable by 2024 to facilitate comprehensive redevelopment