seventysix wardour - allsop · lines), covent garden (piccadilly line) and charing cross (bakerloo...
Post on 20-Jul-2020
4 Views
Preview:
TRANSCRIPT
SEVENTYSIX WARDOURSOHO / LONDON
THE OPPORTUNITY 2
SOHO – THE LOCATION 4
SOHO – THE CENTRAL VILLAGE 10
SOHO – NEIGHBOURS 12
EVOLVING SOHO 14
SOHO – COMMUNICATIONS & CROSSRAIL 16
THE BUILDING 18
THE BUILDING – OFFICE 22
THE BUILDING – RETAIL & RESTAURANTS 24
ACCOMMODATION & FLOORPLANS 26
SUMMARY SPECIFICATION 30
TENURE & TENANCY 32
COVENANTS 34
MARKET COMMENTARY 36
MORE INFORMATION 38
SEVENTYSIX WARDOURSOHO / LONDON
– HIGHLY VALUABLE A3 LATE LICENSE IN CENTRAL LONDON
– BREEAM RATING ‘VERY GOOD’
– FULLY LET TO A DIVERSE TENANT BASE PRODUCING A RENTAL INCOME OF £3,346,405 PER ANNUM (INCLUDING A VENDOR TOP UP OF THE FIXED UPLIFT ON SECOND FLOOR)
– 68% OF INCOME FROM OFFICE ACCOMMODATION, 32% FROM RESTAURANT AND RETAIL UNITS
– GRADE A OFFICE RENTS IN SOHO HAVE RECENTLY ACHIEVED £102.50 PSF COMPARED WITH THE AVERAGE PASSING RENT ACROSS THE OFFICE SPACE OF £69.59 PSF (BASED ON VENDOR TOP-UP)
– OPPORTUNITY TO REALISE A SIGNIFICANT INCREASE IN RENTAL INCOME ACROSS THE GROUND FLOOR A3 UNITS WITH CURRENT RENTS PASSING AT BETWEEN £90 - £100 PSF ON BEST SPACE. A3 RENTS IN SOHO ARE CURRENTLY IN EXCESS OF £150 PSF ON BEST SPACE
– RENT REVIEWS WELL TIMED TO CAPTURE FORECAST RENTAL GROWTH BETWEEN 2017-2019
– ALL OFFICE RENT REVIEWS IN 2019 COINCIDE NEATLY WITH THE DELIVERY OF CROSSRAIL
– WAULT OF 9.93 YEARS TO TERM CERTAIN
– OFFERS ARE INVITED FOR THE FREEHOLD INTEREST
– HIGHLY REVERSIONARY MIXED-USE MULTI-LET INVESTMENT OPPORTUNITY
– FREEHOLD
– PROMINENT CORNER BUILDING FRONTING WARDOUR STREET AND MEARD STREET IN THE HEART OF SOHO
– LESS THAN FIVE MINUTES WALK FROM THE NEW ELIZABETH LINE (CROSSRAIL) WESTERN TICKET HALL ON DEAN STREET
– SOHO HAS THE FINEST AMENITY PROVISION IN CENTRAL LONDON
– AREA SET TO FURTHER BENEFIT UPON THE DELIVERY OF THE WEST END PROJECT
– PROPERTY PROVIDES A TOTAL OF 51,136 SQ FT (4,750.6 SQ M) OF OFFICE, RETAIL AND RESTAURANT ACCOMMODATION LET TO FOUR OFFICE TENANTS AND THREE RETAIL / RESTAURANT TENANTS
– OFFICES COMPREHENSIVELY REFURBISHED IN 2013 TO GRADE A SPECIFICATION
– HIGH QUALITY OFFICE ACCOMMODATION TOTALLING 33,585 SQ FT (3,120.1 SQ M) OVER GROUND AND FIVE UPPER FLOORS WITH TERRACES AT EACH UPPER LEVEL
– ONE RETAIL UNIT OVER GROUND FLOOR AND TWO RESTAURANT UNITS OVER LOWER GROUND AND GROUND FLOORS TOTALLING 17,551 SQ FT (1,630.5 SQ M)
INVESTMENT HIGHLIGHTS
2
THE OPPORTUNITY
SOHO – THE LOCATION
CÔTE BRASSERIE, WARDOUR STREET
WARDOUR STREET, THE HEART OF THE WEST END AND ONE OF CENTRAL LONDON’S PREMIER ADDRESSES
1. BLACKS PRIVATE MEMBERS CLUB, DEAN STREET2. L’ESCARGOT, GREEK STREET3. FERNANDEZ & WELLS, BEAK STREET4. CARNABY STREET5. ALBAM, BEAK STREET6. RAPHA, BREWER STREET7. PAUL SMITH, BEAK STREET
Wardour Street is located in the heart of Soho, one of London’s premier business and entertainment addresses, characterised by its high quality office, retail and leisure provisions.
Soho has traditionally been the epicentre of London’s media industry, attracting major occupiers such as M&C Saatchi, Bartle Bogle Hegarty, Twentieth Century Fox, NBC Universal, Twitter, Warner Music, Spotify and Snapchat.
The creative industries are fast growing and increasingly corporate and finance occupiers are seeking a presence in Soho as an alternative base to St James’s and Mayfair, attracted by the array of amenities and highly appealing working environment for a younger more dynamic workforce.
Corporate and financial occupiers include Diageo, Och-Ziff, Telefonica, Carval Investors, Sony Computer Entertainment and Zebedee Capital.
1. KINGLY COURT2. WOOLRICH, BREWER STREET3. LIBERTY, GREAT MARLBOROUGH STREET4. SOHO SQUARE5. PRINCI, WARDOUR STREET
1
1 2
4
7
5 6
3
2
3
4 5
SOHO – THE LOCATION SEVENTYSIX WARDOUR
6 7
1. SOHO HOTEL, FLAXMAN COURT2. OLIVER SPENCER, BERWICK/LIVONIA STREET3. THE GROUCHO CLUB, DEAN STREET4. WAHACA, WARDOUR STREET5. COPITA, D’ARBLAY STREET6. GOLDEN SQUARE7. MEARD STREET8. SOHO HOUSE, DEAN STREET
1. NUDIE JEANS, D’ARBLAY STREET2. BREWER STREET RETAIL3. THE HOUSE OF ST BARNABAS, GREEK STREET4. APC, LEXINGTON STREET5. HAM YARD HOTEL6. THE UNION CLUB, GREEK STREET
1 1
2
3
4
5
6
5
6 7
8
2
3
4
SOHO – THE LOCATION SEVENTYSIX WARDOUR
8 9
OXFORD STREET
SHAFTESBURY AVENUE
REGENT STREET
MAYFAIR
ST JAMES’S
SEVENTYSIX WARDOUR
OXFORDCIRCUS
SOHO SQUARE
WARDOUR STREET
FITZROVIA
CHAR
ING
CROS
S RO
AD
COVENT GARDENLEICESTER
SQUARE
BLOOMSBURY
WESTERN TICKET HALLSituated at the junction between Dean Street and Oxford Street to provide a direct gateway into Soho from Tottenham Court Road underground station.
TOTTENHAM COURT ROAD STATIONTottenham Court Road station is undergoing a major transformation ahead of the arrival of the Elizabeth Line (Crossrail) in 2018 which will make it one of London’s busiest transport hubs.
EASTERN TICKET HALLSituated at the crossroad between Oxford Street, New Oxford Street, Tottenham Court Road and Charing Cross Road, the eastern ticket hall will be six times larger than its original size. Bright glazed entrances together with station lighting reinforce the station’s prominence alongside Centre Point and the new public plaza.
TOTTENHAMCOURT RD
SOHO – THE CENTRAL VILLAGE SEVENTYSIX WARDOUR
11
OXFORD STREET
REGENT STREET
GOLDEN SQUARE
BERWICK STREET
POLAND STREET
GREAT MARLBOROUGH STREET
HOLLEN STREET
CARNABY STREET
KINGLY STREET
WARW
ICK STREET
UPPER JOHN STREET
LOWER JOHN STREET
LOWER JAM
ES STREET
UPPER JAMES STREET
BEAK STREET
BROADWICK STREET
PETER STREET
MARSHALL STREET
BRIDLE LANE
LEXINGTON STREET
BREWER STREET
HOPKINS STREET
INGESTRE PLACE
RUPERT STREET
D’ARBLAY STREET
NOEL STREET
ARCHER STREET
DUCK LANE
WARDOUR M
EWS
RICHMON
D MEW
S
SHERATON STREET
MEARD STREET
RAMILLIES PLACE RAM
ILLIES STREET
ARGYLL STREET
FOUBERT’S PLACE
GANTON STREET
GREAT WINDM
ILL
HILLS PLA
CE
GREAT PULTENEY STREET
STREET
CARLISLE STREET
SOHO
WARDOUR STREET
11
17
23
5
4
12
16
2
25
17
7
19
2
18
12
17
7
11
24
9
15
20
3
8
1
2
9
14
30
29
19
18
23
17
17
15
47
163
138
1
14
26
4 2024
10
7
3
6
21
1
5
22
11
1527
SEVENTYSIX WARDOUR
6
8
9
19
SOHO – NEIGHBOURS
DEA
N STREET
SOHO STREET
15
13
4
5
6
13
LOCAL OCCUPIERS
1 BANK OF EAST ASIA2 BETGENIUS3 CINESITE4 TWITTER5 GENERATION INVESTMENT MANAGEMENT6 GHD7 ZEBEDEE CAPITAL8 HKS ARCHITECTS9 INGENIOUS MEDIA
10 KAO BRANDS11 M&C SAATCHI12 NATIONAL MAGAZINE COMPANY13 NIKE14 PALANTIR TECHNOLOGIES15 SALAMANDER ENERGY16 SONY17 SPOTIFY18 TAG WORLDWIDE19 TECHNICOLOUR CREATIVE SERVICES20 TELEFÓNICA21 WASSERMAN MEDIA GROUP22 20TH CENTURY FOX23 OCH-ZIFF24 BARTLE BOGLE HEGARTY
RESTAURANTS & BARS
1 ANDREW EDMUNDS 2 ARBUTUS3 COPITA 4 DUCK AND RICE5 BARRAFINA6 LA BODEGA NEGRA7 BOB BOB RICARD8 BOCCA DI LUPO9 BONE DADDIES 10 BURGER & LOBSTER 11 JACKSON & RYE 12 CEVICHE 13 THE FRENCH HOUSE 14 MILK AND HONEY 15 DEAN STREET TOWNHOUSE 16 DUCKSOUP 17 FERNANDEZ & WELLS 18 GAUTHIER SOHO19 HIX20 HONEST BURGER21 L’ESCARGOT22 BLIND PIG23 NOPI24 YAUATCHA25 TAPAS BRINDISI26 POLPETTO27 PRINCI28 QUO VADIS29 RANDALL & AUBIN30 SOCIAL EATING HOUSE
RETAIL
1 NUDIE JEANS2 HUGO BOSS3 CAMISA & SON4 RAPHA5 DIESEL6 OLIVER SPENCER7 WOOLRICH8 WOLSEY9 A.P.C.
10 JOHN PEARSE11 LIBERTY12 LINA STORES13 MILROYS OF SOHO14 PAUL A YOUNG FINE CHOCOLATES15 ALBAM16 SIR TOM BAKER17 SPACE NK18 WHOLE FOODS19 PAUL SMITH
PRIVATE MEMBERS CLUBS
1 THE GROUCHO CLUB2 SOHO HOUSE3 BLACKS4 THE UNION CLUB5 CENTURY CLUB6 THE HOUSE OF ST BARNABAS
HOTELS
1 HAM YARD HOTEL2 SOHO HOTEL
SOHO SQUARE
LEICESTER SQUARE
CHA
RING
CROSS RO
AD
SHAFTESBURY AVENUE
OLD COMPTON STREET
BATEMAN STREET
FRITH STREET
GREEK STREET
ROMILLY STREET
MOOR STREET
MANETTE STREET
215
6
28
12
1826
16
2
1
13
22
10
10
14
2
SEVENTYSIX WARDOUR
13
EVOLVING SOHO
PICCADILLYCIRCUS
OXFORDCIRCUS
EASTERN TICKET HALL
(2018)
WESTERN TICKET HALL
(2018)
1
4
5
9
68
SEVENTYSIX WARDOUR
SOHO
FITZROVIA
ST JAMES’S
MAYFAIR
LEICESTER SQUARE
TOTTENHAMCOURT RD
2 37
ONE RATHBONE PLACE, W1Developer: Great Portland EstatesUse: Offices / Retail / ResidentialArea: 412,000 sq ftTenant: 227,000 sq ft pre-let to Facebook on a 20 year leaseCompletion: 2017
SOHO WORKS, 54 GREAT MARLBOROUGH STREET, W1Developer: Amazon PropertiesUse: Offices / Retail / Residential / HotelArea: 80,500 sq ftCompletion: 2017
MAJOR NEW WEST END DEVELOPMENTS
1 OXFORD STREET, W1Developer: Derwent / CrossrailUse: Office / RetailArea: 241,000 sq ftCompletion: 2020
NIMAX, CHARING CROSS ROAD, W1Developer: DerwentUse: Office / Retail / TheatreArea: 86,000 sq ft commercial space and a new 350 seat theatreCompletion: 2019
ST GILES CIRCUS, W1Developer: Consolidated DevelopmentsUse: Retail / Hotel / Leisure / ResidentialArea: 103,500 sq ft (commercial element)Completion: 2020
ORIANA, 18-24 OXFORD STREET, W1 – PHASE 2Developer: Land Securities / FrogmoreUse: Retail / ResidentialArea: 76,500 sq ft (commercial element)Completion: 2020
CENTRE POINT, WC1Developer: AlmacantarUse: Luxury Residential / RetailArea: 292,500 sq ftCompletion: 2017
ST LAWRENCE HOUSE, 26-30 BROADWICK STREET, W1Developer: Great Portland EstatesUse: Offices / Retail / ResidentialArea: 84,000 sq ftCompletion: 2016
10 MINUTE WALK TIME
BLOOMSBURY
COVENT GARDEN
73-93 OXFORD STREET AND 1 DEAN STREET, W1Developer: Great Portland EstatesUse: Office / RetailArea: 91,000 sq ftCompletion: 2017
1 2 3
87
654
9
SEVENTYSIX WARDOUR
15
Soho benefits from excellent transport connectivity both within central London and further afield. Nearby London Underground stations include Tottenham Court Road (Central and Northern lines), Oxford Circus (Central, Victoria and Bakerloo lines), Leicester Square (Northern and Piccadilly lines), Covent Garden (Piccadilly line) and Charing Cross (Bakerloo and Northern lines and National Rail services) which are all within 10 minutes walk of the subject property.
The area is also served by numerous bus routes that run along Oxford Street to the north, Regent Street to the west and Shaftesbury Avenue to the south.
CROSSRAIL
Tottenham Court Road London Underground station, just five minutes walk from the property, will benefit from the arrival of the Elizabeth line (Crossrail) in 2018 and is currently undergoing a £1 billion transformation.
Crossrail is Europe’s largest infrastructure project and is set to provide a new high frequency, high capacity railway servicing 40 stations to improve the east/west link for London and the South East. As a result Crossrail will increase rail capacity in London by 20% with an estimated 200 million passengers using the new Elizabeth line each year. During peak travel times, 24 trains are scheduled to run each hour, making central London even more accessible.
Tottenham Court Road is set to become the dominant transport hub in the West End, overtaking Oxford Circus. Passenger numbers passing through the station are forecast to rise from the current 150,000 per day to over 200,000 per day. Longer term, the station is also set to become the only interchange between Crossrail 1 and Crossrail 2, the second phase of the network, due for completion in 2030.
This will continue to establish the area’s importance as a top West End destination.
A PRIME OFFICE, RETAIL AND LEISURE DESTINATION WITH UNRIVALLED CONNECTIVITY TO CENTRAL LONDON AND THE SOUTH EAST
SHENFIELD
BRENTWOOD
HAROLD WOOD
GIDEA PARKROMFORD
CHADWELL HEATH
GOODMAYES
SEVEN KINGS
ILFORD
MANOR PARK
FOREST GATE
MARYLAND
STRATFORD
CANARY WHARF
WHITECHAPEL Hammersmith & City
District Overground
LIVERPOOL STREET Northern Central Circle
Hammersmith & City Metropolitan
FARRINGDON Circle
Hammersmith & City Metropolitan
TOTTENHAM COURT ROAD
Northern Central
PADDINGTON Circle
Hammersmith & City
Bakerloo
BOND STREET Central Jubilee
CUSTOM HOUSE (FOR EXCEL)
WOOLWICH
ABBEY WOOD
IVER
LANGLEY
SLOUGH
WEST DRAYTON
HAYES & HARLINGTON
SOUTHALL
HANWELL
WEST EALING
EALING BROADWAY
ACTON
BURNHAM
TAPLOW
MAIDENHEAD
TWYFORD
READING HEATHROW TERMINAL 4
HEATHROW TERMINALS 2 & 3
SEVENTYSIX WARDOUR
SOHO – COMMUNICATIONS & CROSSRAIL
16CROSSRAIL EASTERN TICKET HALL
THE BUILDING
WARDOUR STREET ENTRANCE
The property was originally constructed between 1906-1908 and comprises a prominent mixed-use corner building fronting Wardour Street and Meard Street, arranged over lower ground, ground and five upper floors.
First to fifth floors comprise 33,585 sq ft (3,120.1 sq m) of comprehensively refurbished Grade A office accommodation accessed via a ground floor reception located at the corner of Wardour Street and Meard Street. The office accommodation, substantially refurbished in 2013, provides open plan regular floorplates with excellent natural light from three sides.
Each of the upper floors has the benefit of a terrace to the east elevation.The lower ground and ground floors provide 17,551 sq ft (1,630.5 sq m) of retail and restaurant accommodation known as 80-82, 84 and 88 Wardour Street. All three units have frontages to Wardour Street with 80-82 Wardour Street benefiting from a return frontage on to the pedestrianised section of Meard Street.
A PROMINENT CORNER BUILDING ON ONE OF SOHO’S PREMIER STREETS
THE BUILDING
AREA SQ M (NIA)
495.8
595.7
657.7
653.8
645.2
71.9
3,120.1
323.9
388.2
373.6
478.2
66.6
1,630.5
4,750.6
AREA SQ FT (NIA)
5,337
6,412
7,080
7,037
6,945
774
33,585
3,486
4,179
4,022
5,147
717
17,551
51,136
FLOOR
FLOOR 5
FLOOR 4
FLOOR 3
FLOOR 2
FLOOR 1
GROUND FLOOR
OFFICE SUB TOTAL
80-82 WARDOUR
84 WARDOUR
88 WARDOUR
RETAIL / RESTAURANT SUB TOTAL
TOTAL
THE ACCOMODATION
USE
OFFICE
OFFICE
OFFICE
OFFICE
OFFICE
RECEPTION
RETAIL / RESTAURANT
RETAIL / RESTAURANT
RETAIL / RESTAURANT
GROUND
LOWER GROUND
GROUND
LOWER GROUND
GROUND
20
SEVENTYSIX WARDOUR
THOUGHTWORKS BREAK OUT AREA, FIRST FLOOR
THE BUILDING – OFFICE
22
SEVENTYSIX WARDOUR
23
THE BUILDING – RETAIL & RESTAURANTS
24
SEVENTYSIX WARDOUR
25
OFFICE RECEPTION TERRACES RETAIL / RESTAURANTS
ACCOMMODATION & FLOORPLANS
26
GROUND FLOOR
RECEPTION 774 SQ FT / 71.9 SQ MRETAIL / RESTAURANT 8,225 SQ FT / 764.1 SQ M
LOWER GROUND FLOOR
RETAIL / RESTAURANT 9,326 SQ FT / 866.4 SQ M
SEVENTYSIX WARDOUR
27
HUMMUS BROS
RESTAURANT
VAPIANO RESTAURANT
VAPIANO RESTAURANT
WAHACA RESTAURANT
WAHACA RESTAURANT
TRANSFORMERCHAMBER
OFFICE RECEPTION
EXCEPTIONAL FLOORPLATES – LARGE, FLEXIBLE FLOORS APPEALING TO A WIDE RANGE OF OCCUPIERS ACROSS MULTIPLE SECTORS.
3
2
SECOND FLOOR
OFFICE 7,037 SQ FT / 653.8 SQ M
THIRD FLOOR
OFFICE 7,080 SQ FT / 657.7 SQ M
ACCOMMODATION & FLOORPLANS
28
5
4
FIFTH FLOOR
OFFICE 5,337 SQ FT / 495.8 SQ M
FOURTH FLOOR
OFFICE 6,412 SQ FT / 595.7 SQ M
SEVENTYSIX WARDOUR
29
THE OFFICE ACCOMMODATION WITHIN THE BUILDING WAS COMPREHENSIVELY REFURBISHED IN 2013 TO A GRADE A SPECIFICATION TO INCLUDE:
– BREEAM RATING ‘VERY GOOD’
– NEW CONTEMPORARY RECEPTION AREA
– TWO NEW 10 PERSON PASSENGER LIFTS
– NEW M&E SYSTEM INCLUDING AET UNDERFLOOR A/C
– NEW FULLY ACCESSIBLE RAISED FLOORS OF 220MM
– REFURBISHED FAÇADE AND MANSARD
– FLOOR TO CEILING HEIGHTS OF 2.57 – 2.6 METRES
– LG7 COMPLIANT LIGHTING THROUGHOUT
– REPLACEMENT WINDOWS AT ALL LEVELS
– FOUR NEW UNISEX WC’S AND ONE NEW DDA COMPLIANT WC / SHOWER ROOM ON EACH FLOOR
– NEW TERRACES AND BALCONIES AT ALL LEVELS
1. WC SUPERLOO’S ALL FLOORS2. PASSENGER LIFTS3. RECEPTION FEATURE GLASS WALLS4. REBECCA GOULDSON FACIA ART
SUMMARY SPECIFICATION
1
2
3 4
30THOUGHTWORKS, FIRST FLOOR
TENURE – FREEHOLD
FLOOR DEMISE
FLOOR 5
FLOOR 4
FLOOR 3
FLOOR 2
FLOOR 1
GROUND FLOOR
80-82 WARDOUR
84 WARDOUR
88 WARDOUR
TOTAL
AREA(SQ FT)
5,337
6,412
7,080
7,037
6,945
774
3,486
4,179
4,022
5,147
717
51,136
TERM START
06/01/2014
06/01/2014
22/12/2014
19/09/2014
11/07/2014
14/04/1997
20/01/2014
15/01/2003
TERM EXPIRY
05/01/2024
05/01/2024
21/12/2029
18/09/2024
10/07/2024
13/04/2027
19/01/2029
14/01/2023
TENANCY
TENANT
SHERIDANS
SHERIDANS
WAGAMAMA LTD
ANGELA MORTIMER PLC
THOUGHTWORKS LTD
OAXACA LTD (TRADING AS WAHACA)
VAPIANO LTD
HUMMUS BROS LTD
USE
0FFICE
OFFICE
OFFICE
OFFICE
OFFICE
RECEPTION
RETAIL / RESTAURANT
RETAIL / RESTAURANT
RETAIL / RESTAURANT
GROUND FLOOR
LOWER GROUND
GROUND FLOOR
LOWER GROUND
GROUND FLOOR
(1) Transformer Chamber lease for 99 years from 08/12/1977 at a rent £0.05 per annum (if demanded).
TENURE & TENANCY
32
NEXT REVIEW
06/01/2019
06/01/2019
22/12/2019
19/09/2019
11/07/2019
14/04/2017
20/01/2019
15/01/2018
CURRENTPASSING RENT
(£PA)
£400,275
£471,282
£520,380
£457,405
£434,063
£393,000
£600,000
£70,000
£3,346,405
CURRENTPASSING RENT
(£PSF)
£75.00
£73.50
£73.50
£65.00
£62.50
£51.27
£65.44
£97.63
COMMENTS
Lease outside the 1954 Act.
Lease outside the 1954 Act.
Lease inside the 1954 Act.
Lease outside the 1954 Act. Rent topped up by vendor to reflect December 2016 fixed rental uplift. Current passing rent £228,703 pa. A nine month rent deposit is held.
Lease inside the 1954 Act.
Lease inside the 1954 Act. Rent review clause stipulates that the new rent is to be analysed to an assumed floor area of 4,842 sq ft and geared to 95.5% of Open Mark Rent at the April 2017 review as long as tenant is in occupation.
Lease inside the 1954 Act. Guaranteed by Vapiano SE.
Lease inside the 1954 Act. A £29,375 rent deposit is held.
SEVENTYSIX WARDOUR
33
THE PROPERTY IS MULTI-LET TO A DIVERSE RANGE OF QUALITY TENANTS
Sheridans is a leading media law firm founded in 1956. Specialist services include media, leisure, entertainment, finance technology, intellectual property and real estate.Dun & Bradstreet reports a O1 rating for Sheridans which represents a minimum risk.
Founded in 1992 in London, Wagamama is a multi –award winning Japanese inspired restaurant which operates in over 18 countries worldwide. It is renowned amongst the restaurant industry for its innovative approach. In 2014 it was voted the number one brand in the UK for “satisfaction” and “intention to revisit” in the CGA Peach brandtrack survey.76 Wardour Street is the global headquarters of Wagamama.Dun & Bradstreet reports a 5A1 rating for Wagamama, based upon a £118,115,000 turnover and an annual pre-tax profit of £18,619,000 for the year ending April 2015.
Angela Mortimer is a recruitment firm specialising in placing business support and executive roles. Founded in 1976, the Angela Mortimer group of companies now operates in the UK, France, Belgium and the Netherlands.Dun & Bradstreet reports a 1A3 rating for Angela Mortimer based upon a turnover of £22,776,698 and a pre-tax profit of £670,188 for the year ending June 2015.
ThoughtWorks Ltd is a technology consultancy focusing on business development for its clients in sectors including financial services, health, government and retail.Founded over 20 years ago, ThoughtWorks now has 34 offices spanning 12 countries globally.Dun & Bradstreet reports a 4A1 rating for ThoughWorks, based upon a £41,944,354 turnover and pre-tax profits of £4,770,072 for the year ending December 2014.
Founded in Hamburg, Germany in 2002, Vapiano is an international franchise of Italian restaurants with over 168 restaurants in 30 countries.Dun & Bradstreet reports a 2A3 rating for Vapiano based upon a turnover of £9.16 million and a net worth of £5.54 million for the year ending December 2014.The obligations of Vapiano UK Limited as tenant are guaranteed by Vapiano SE.
Oaxaca Limited (t/a Wahaca).Founded in 2007, Wahaca has since expanded to 22 stores throughout London and across the UK. The multi-award winning restaurant chain focuses on quality Mexican ‘market-style’ food and drink.Dun & Bradstreet reports a 2A3 rating for Wahaca based upon a turnover of £36.21 million and a pre-tax profit of £1.46 million for the year ending June 2015.
Hummus Bros was founded in 2003. It is a Levantine-themed restaurant with a primary focus on hummus based dishes. It has since expanded to six stores in central London including Soho, Holborn, St Paul’s and Exmouth Market.Dun & Bradstreet reports an O2 rating for Hummus Bros which represents a lower than average risk of business failure.
COVENANTS
34
SHERIDANS
GROUND FLOOR RECEPTION
INVESTMENT MARKET COMMENTARY
Investment volumes in London reached £18 billion in 2015. The West End saw £1.5 billion worth of transactions in Q1 2016 with a further £355 million traded in the first month of Q2. This follows investment volumes of £9.3 billion across the whole of 2015 for the West End.
The diverse occupier base combined with a limited supply of investment opportunities attracts a range of domestic and international buyers; including institutional, corporate and private investors who view London as a safe haven for their equity against a backdrop of global financial volatility.
Central London retail investment has experienced transactional volumes of circa £575 million in Q1 2016 following total 2015 volumes of circa £2.3 billion, a 55% increase on 2014.
WEST END AND SOHO OFFICE RENTAL COMMENTARY
Total take-up in the West End for 2015 reached 3.21 million sq ft with prime rents of circa £120 psf consistently acheived. Vacancy rates remain at a historic low of 3.8%.
Soho has experienced exceptionally strong demand from creative, tech and financial industries, with prime rents now exceeding £100 psf.
As a result of the combination of an already low level of supply relative to demand, a restricted Soho development pipeline and the arrival of Crossrail over the next 2/3 years, office rents in the immediate area are forecast to experience further growth.
IN TERMS OF PROPERTY CENTRAL LONDON REMAINS THE WORLD’S MOST TRADED CITY
RENT
£77.00
£85.00
£91.50
£85.00
£80.00
£95.00-£102.50
TERM
10
10
10
10
5
10
FLOOR
ENTIRE
6th & 7th
3rd
ENTIRE
2nd & 3rd
4th-6th
TENANT
SNAPCHAT
AMICUS UK LTD
HIGHLAND CAPITAL PARTNERS EUROPE
KING DIGITAL ENTERTAINMENT PLC
INSTRUCTURE GLOBAL
DIAGEO PLC
AREA (SQ FT)
12,569
10,225
4,172
66,401
6,478
9,238
DATE
MAY 16
DEC 15
SEP 15
AUG 15
JUN 15
MAY 15
KEY OFFICE LEASING COMPARABLES
PROPERTY
7-11 LEXINGTON STREET, W1
7 AIR STREET, W1
12 GOLDEN SQUARE, W1
AMPERSAND BLDG, 180 WARDOUR STREET, W1
25 KINGLY STREET, W1
12 GOLDEN SQUARE, W1
*The information above has been supplied by third parties and its accuracy cannot be guaranteed.
MARKET COMMENTARY
36
NIY
c.3.90%
c.3.77%
c.4.21%
3.50%
c.3.30%
c.2.90%
CAP VAL PSF
£1,317
£2,221
£2,198
£2,347
£2,637
£1,303
TENURE
FH
FH
FH
FH
FH
FH
PRICE
£80,000,000
£96,000,000
£51,540,000
£121,700,000
£70,000,000
£33,500,000
AREA (SQ FT)
60,731
43,244
27,090
51,861
26,545
22,258
DATE
MAY 16
MAY 16
MAY 16
MAR 16
FEB 16
DEC 15
OFFICE INVESTMENT COMPARABLES
ADDRESS
ASTICUS BUILDING, 21 PALMER STREET, SW1
20 GROSVENOR SQUARE, W1
12 GOLDEN SQUARE, W1
14 ST GEORGE STREET, W1
8-10 HANOVER STREET, W1
12 SOHO SQUARE & 3-7 SOHO STREET, W1
VIEW FROM CENTRE POINT LOOKING WEST ACROSS SOHO
SEVENTYSIX WARDOUR
SOHO RETAIL & RESTAURANT MARKET COMMENTARY
Central London prime retail rents have experienced exceptionally high growth over the past five years, aided by London’s reputation as a world class retail destination. Soho has particularly benefited from the booming leisure sector and high demand from restaurant operators seeking premises in the area. Large premiums are often paid by ingoing tenants in order to secure units on prime Soho pitches such as Wardour Street.
Soho, the long established hub of West End nightlife, has emerged in recent years as a destination for high end restaurants such as Jackson + Rye, Social Eating House and Hix, just a few examples of the renowned operators with a presence in the area. As a result, ground floor rents (on best space) have reached upwards of £150 psf.
Central London remains a top global retailing destination and this position has been further strengthened by volatility in the emerging markets.
The arrival of the new Elizabeth line (Crossrail) at Tottenham Court Road station combined with the major public realm works of the West End Project is expected to enhance the immediate area even further.
Soho’s leisure operators are expected to benefit significantly from the 1.5 million sq ft of space in the development pipeline over the next five years for the Oxford Street East / Tottenham Court Road area. Of this, 450,000 sq ft is set to be flagship space aimed at attracting high quality retailers.
Driven by rising tourist numbers in central London and strengthening occupier demand, low vacancy rates are currently being experienced in Soho with strong rental growth forecast to continue alongside other core West End destinations such as Oxford Street, Regent Street, Bond Street and Covent Garden.
NIY
3.50%
2.74%
2.49%
2.97%
COMMENTS
Let to L’Entrecote. Residential sold off.
St James Tavern, Piccadilly Circus. Admiral Duncan, Old Compton Street.Duke of Wellington, Wardour Street.
Let to L’Autre Pied.
Let to Starbucks.
TENURE
FH
FH
FH
FH
PRICE
£8,300,000
£30,000,000
£12,100,00
£4,140,000
AREA (SQ FT)
3,630
15,303
2,156
3,612
DATE
APR 16
DEC 15
AUG 15
APR 15
RESTAURANT, RETAIL AND LEISURE COMPARABLES
ADDRESS
50 DEAN STREET, W1
STONEGATE PUB PORTFOLIO
5-7 BLANDFORD STREET, W1
4 GREAT MARLBOROUGH STREET, W1
DATE
JAN 16
SEP 15
MAR 15
NOV 14
NOV 14
NOV 14
RENT ON BEST SPACE (£PSF)
£155.00
£110.20
£119.00
£188.50
£130.00
£115.00
LEASE EVENT
OML
OML
RR
OML
OML
OML
SOHO RESTAURANT LEASING COMPARABLES
ADDRESS
81 DEAN STREET, W1
50 DEAN STREET, W1
122-126 WARDOUR STREET, W1
1-4 BERKELEY SQUARE, W1
1 CAMBRIDGE CIRCUS, WC2
22 KINGLY STREET, W1
TENANT
WAGAMAMA
LE RELAIS DE VENISE L’ENTRECOTE
COTE BRASSERIE
SEXY FISH
BOCCO DI LUPO / VICO
DISHOOM
*The information above has been supplied by third parties and its accuracy cannot be guaranteed.
MARKET COMMENTARY (CONT)
38QUO VADIS, DEAN STREET
BEN BLINSTON-JONES +44 (0)20 7543 6716BEN.BLINSTON-JONES@ALLSOP.CO.UK
NICK PEMBERTON+44 (0)20 7543 6775NICK.PEMBERTON@ALLSOP.CO.UK
MARK IBBOTSON +44 (0)20 7543 6879MARK.IBBOTSON@ALLSOP.CO.UK
CHLOE NEWTON+44 (0)20 7543 6886CHLOE.NEWTON@ALLSOP.CO.UK
CAPITAL ALLOWANCES
Capital allowances may be available to a purchaser by separate negotiation.
VAT
The property is elected for VAT which will be chargeable on the purchase price. It is anticipated that the transaction is to be treated as a transfer of going concern (TOGC).
ENERGY PERFORMANCE CERTIFICATE
The property has been classified as having an EPC rating of ‘B’.
PLANNING
The property is not listed but does lie within the Soho Conservation Area.
DATA ROOM
Please contact Allsop for password protected access to the data room.
PROPOSAL
Offers are invited for the freehold interest.
PLEASE CONTACT
For further information, or to arrange a viewing, please contact:
MISREPRESENTATION 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, give notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representative of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representa-tions, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. June 2016.
MORE INFORMATION
top related