Private Professional and Management Client
8-10 Brushfield Street, E1
Strettons were instructed by a client to provide Rent Review advice of 8-10 Brushfield Street. The property is an imposing Grade II listed 5 storey building, plus basement, which is entirely occupied by Starbucks.
The property is located almost opposite Spitalfields Market and is close to the junction of Brushfield Street and Bishopsgate and is a short distance from Liverpool Street Station, which will form part of Crossrail in 2018. The area has changed significantly within the last 10 years and is now a re-vitalised city fringe location with a range of office buildings, shops, restaurants, wine bars and visitor attractions. The old Fruit and Wool Exchange building at the eastern end of Brushfield Street is being re-developed to provide 260,000 ft2 of offices and 40,000 ft2 of grey day offices and 40,000 ft2 of retail and restaurant accommodation within a new arcade.
This is one of Starbucks’ best performing stores and is open 7 days per week.
Strettons have been managing the property for the current and previous landlord for many years and our City & City Fringe office has extensive experience in advising retail landlords in this location.
The location is unique and the building itself is unusual compared to others in the area. The ground, first and second floors are used in connection with Starbucks’ operation as a coffee shop, with the basement used as ancillary storage and the third to fourth floors used as ancillary offices.
Negotiations with the tenant initially proved abortive but a compelling case was presented to the tenant which resulted in a 28% increase to the current rent over a 4 year period, without the need for Arbitration proceedings.
020 7614 0907