Dunn’s Hat Factory sold

Dunn & Co was founded in 1997 by George Arthur Dunn, who started selling hats in Birmingham. 40 years later, the company had 200 hat shops and as many franchises in other stores. The Dunn’s Hat Factory on Kentish Town Road, Camden, was one of several factories used to build the hats distributed across the country.

In 2002, the building was renovated to create 35,000 sq ft of office space over six floors, and 4,000 sq ft of retail space, although its original character and features were retained – appealing to the media firms of today. There are also two further storeys of residential space which retain the Art Deco style.

At the moment 87% of the building is let, with just the lower ground and ground floors available, at a rent of £29.50 per sq ft and £47.50 per sq ft, respectively. Market rent for the upper floors is circa £50 per sq ft.

Eugene O’Sullivan, Surveyor and Managing Director at Morgan Pryce, says; “In the last three years, Camden has grown in popularity tremendously among media tenants, especially those trying to escape high rents of more central and better-connected locations. Average rents for the area have risen from £35-40 per sq ft to £45-50 per sq ft, and we suspect they will continue to rise as popularity increases and vacancy rates remain relatively low.”

Orchard Street Investment Management has recently completed on the purchase of Dunn’s Hat Factory from Colombia Threadneedle for £25.3 million, which represents a net internal yield of 4.3% – further evidence of the growth of the commercial market in Camden.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.