4 8 Maple St London W1. Fitzrovia

Transcription

1 4 8 Maple St London W1 Fitzrovia

2 INVESTMENT SUMMARY MAPLE + MIDFORD IS AN ATTRACTIVE OFFICE BUILDING IN A PRIME WEST END LOCATION, DESIGNED BY BUCKLEY GRAY YEOMAN AND COMPLETED IN Prime Fitzrovia location prominently situated on the north side of Maple Street. + + Excellent transport links and well positioned to benefit from the opening of the Elizabeth Line (Crossrail) in Autumn 2019 at Tottenham Court Road. + + Recently refurbished high quality office building, by award winning architects Buckley Gray Yeoman, providing 20,417 sq ft (1,896.8 sq m) arranged over ground and three upper floors. + + Single let to BenevolentAI Limited for a term of 10 years from 23 rd July 2018, subject to a tenant break option on 23 rd July The current rent is 1,471, per annum which equates to a low blended passing rent of per sq ft providing an excellent opportunity for future rental growth. + + Freehold. + + Capital allowances of approximately 2,024,000 are available by negotiation. + + The vendor is seeking offers in excess of 33,200,000 (Thirty-Three Million, Two Hundred Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 4.15% after allowing for purchaser s costs of 6.8%. 02

3 Fitzrovia W1 EUSTON WARREN ST. GOODGE ST. TOTTENHAM COURT RD. FITZROY SQ. RUSSELL SQ. CHARLOTTE ST. OXFORD ST. TOTTENHAM COURT RD. 03

4 LOCATION IN THE HEART OF THE WEST END Fitzrovia is bordered by Euston Road to the north, Tottenham Court Road to the east, Oxford Street to the south and Portland Place to the west and has established and maintained an eclectic village atmosphere that is unique to London. The area is a vibrant hub for restaurants, bars and hotels with destinations such as Roka, Hakkasan, Charlotte Street Hotel and The London Edition Hotel creating an attractive and dynamic area to work and live. Traditionally associated with the fashion industry, in recent years the area has become a business location of choice for all sectors. Office occupiers now include Estée Lauder, Arup, Netflix, MTV, Lionsgate Films, Boston Consulting Group and Facebook. 04

5 Fitzrovia W1 SITUATION Maple + Midford is prominently situated on the north side of Maple Street, between Tottenham Court Road and Whitfield Street, in a prime Fitzrovia location. The property benefits from the amenities of Tottenham Court Road, Charlotte Street, Goodge Street and Whitfield Street. Bounded by Soho, Bloomsbury, Marylebone and Euston, the area now boasts an enviable mix of thriving speciality shops, galleries, restaurants, cafés and bars. COMMUNICATIONS Maple + Midford benefits from its proximity to Goodge Street providing access to the Northern line, Warren Street providing access to the Victoria and Northern lines, Tottenham Court Road providing access to the Central, Northern and Elizabeth lines and Euston providing access to the Victoria, Northern, Metropolitan, Circle and District lines as well as the mainline rail network. Euston is the 5th busiest station in the country and brings approximately 44 million passengers into the city each year. Station Connections Distance Devonshire St. Regents Park Weymouth St. Queen Anne St. REGENTS PARK Marylebone Rd. Portland Place BBC Great Portland St. Albany St. Iberica Longford St. GREAT PORTLAND STREET DNEG Ricoh Smugglers Tavern Cleveland St. Langham St. Stanhope St. Euston Rd. WARREN STREET BT Warren St. Arbina Adobe Maple St. Charlotte St. The Refinery Boston Consulting EDF Whitfield St. Bubbledog Mestizo Hampstead Rd. Tottenham Court Rd. EUSTON SQUARE Gower St. Bloomsbury St. EUSTON Warren Street Goodge Street Tottenham Court Road Great Portland Street Euston Oxford Circus 3 Mins 5 Mins 9 Mins 9 Mins 10 Mins 16 Mins Les 110 de Taillevent Wigmore St. Coca-Cola OXFORD CIRCUS Apple Lionsgate Films The Riding House Café Mortimer St. Margaret St. Estee Lauder London Edition Hotel Oxford St. Percy & Founders Arcadia Group Salt Yard Roka Tottenham court rd. Hakkasan GOODGE STREET Charlotte St. Hotel Facebook Havas LinkedIn Amenities Occupiers 05

6 MAJOR LOCAL DEVELOPMENTS CENTREPOINT TOTTENHAM COURT ROAD STATION 61 OXFORD STREET/11 SOHO STREET OXFORD STREET/1 DEAN STREET Centrepoint, the iconic Grade II listed building, is being redeveloped by Almacantar into 82 residential apartments, with additional retail and restaurants and a new square. It is due for completion in Q TFL are undertaking a 1 billion redevelopment of the St Giles area including a 600 million upgrade to the station. In addition to this a 35 million redevelopment scheme will transform traffic flow, cycle lanes, pedestrian crossings and wider pavements on Tottenham Court Road and surrounding areas. A joint venture between Dukelease and BA Pension Trust to create 70,000 sq ft of retail, 6 apartments and 2 floors of office space. The project was completed in The retail comprising 35,000 sq ft is let in its entirety to Zara Oxford Street/1 Dean Street is located opposite the new Dean Street Crossrail entrance. This new development by Great Portland Estates provides 88,000 sq ft of retail and office space. New Look have already taken the retail space and Money Supermarket are committed to part of the offices. 120 OXFORD STREET RATHBONE PLACE FITZROY PLACE 80 CHARLOTTE STREET Fashion retailer Next is transforming the Plaza Shopping Centre at 120 Oxford Street by knocking the existing 20 units together to create a flagship store. The store will consist of 60,000 sq ft across two floors including a café. The new store is expected to open in Q Rathbone Place is a 2.3 acre site with frontage to Newman Street. Situated around a new public square the development which offers 142 residential apartments, 24,000 sq ft of retail as well as 420,000 sq ft of office space that has been let to Facebook for their London HQ. Fitzroy Place has recently completed on the old Middlesex Hospital site, providing over 220,000 sq ft of Grade A offices let to Estée Lauder, 235 residential units and high-end retail and restaurant space around a stunning landscaped square. Mixed use development by Derwent at the old Saatchi & Saatchi building. The new development will include 321,000 sq ft of offices, 45,000 sq ft of residential, 14,000 sq ft of retail and a park. The offices have been pre-let to Boston Consulting and Arup Engineers. Due for completion in Q

7 Fitzrovia W1 THE BUILDING Maple + Midford, built in the early 20th Century, was comprehensively refurbished and extended in 2017, designed by award winning architects Buckley Gray Yeoman, providing 20,417 sq ft (1,896.8 sq m) arranged over ground and three upper floors. The ground floor has an additional self-contained entrance from Midford Place. The office accommodation is finished to the highest standard and benefits from the following specification: + + VRF wall and ceiling mounted air conditioning; + + LED lighting system; + + Fully accessible raised floors floor tiles finished in metal; x 10 person passenger lift; + + Male and female toilet facilities on each floor; + + Exposed plasterboard lined ceilings; secure basement cycle-spaces with 4 showers and 18 lockers; + + New third floor terrace with panoramic views; + + BREEAM Very Good environmental rating; 07

8 ACCOMMODATION The property provides the following net internal floor areas: Accommodation Use Sq Ft Sq M Third Floor Office 4, Second Floor Office 4, First Floor Office 4, Ground Floor Office 4, Ground Floor Reception Ground Floor Café/Office Ground Floor Store Total 20,417 1,

9 Fitzrovia W1 FLOOR PLANS GROUND FLOOR - 6,789 SQ FT (630.7 SQ M) SECOND FLOOR - 4,701 SQ FT (436.7 SQ M) Maple Street Maple Street Midford Place Midford Place FIRST FLOOR - 4,852 SQ FT (450.8 SQ M) THIRD FLOOR - 4,075 SQ FT (378.6 SQ M) Maple Street Maple Street Midford Place Midford Place N For indicative purposes only. Not to scale. 09

10 TENANCY COVENANT INFORMATION The property is let in its entirety on an effective full repairing and insuring lease to BenevolentAI Limited for a term of 10 years from 23 rd July 2018, subject to a tenant break option on 23 rd July 2023 on 6 months prior written notice and a break penalty equivalent to 6 months rent. The tenant will receive 7 months rent free at the start of the 6th year if they do not exercise their break option. The lease is subject to an open market rent review in year 5. The rent start date is 23 rd December 2019, the vendor will top up the rent. The current rent is 1,471, per annum which equates to a blended rent of per sq ft ( per sq m). The lease is excluded from the security of tenure and compensation provisions of sections of the Landlord and Tenant Act 1954 (as amended). There are two residential units independently accessed from Midford Place let on 999 year leases from 25 th March The combined ground rent is currently 200 per annum. BenevolentAI is the global leader in the development and application of artificial intelligence for scientific innovation and have recently raised $115 million from investors, lifting its pre-money valuation to $2 billion. In their funding rounds investors include Woodford Investment, Lansdowne Partners, Lundbeck and Upsher Smith Laboratories. The company was founded in 2013 by Ken Mulvany following the sale of Proximagen, a successful biotech business that he founded. The company was established to build and apply artificial intelligence to humankind s new natural resource data, and by doing so unlock science s hidden knowledge and turn highly fragmented unstructured and structured information into new insight and usable knowledge. BenevolentAI is focussed on forging a powerful union between humans, technology and science using AI. BenevolentAI s initial scientific focus has been in human health, specifically rare disease groups in often overlooked areas. In human health, BenevolentAI has harnessed its technology to make major breakthroughs and accelerate drug development. The Company has entered into significant license agreements with some of the world s largest pharmaceutical companies and has begun its first Phase IIb clinical study. BenevolentAI Limited (Company No ) benefits from a D&B Rating of 4A1, reflecting a minimum risk of business failure. 10

11 Fitzrovia W1 FITZROVIA OFFICE MARKET Fitzrovia has become the location of choice for a diverse range of occupiers looking to take advantage of the excellent infrastructure and transport links, new modern office developments, restaurants, bars and retail. Strong demand for offices brought take up to 683,000 sq ft in 2017, representing a 72% increase on High profile occupiers who have acquired space in Fitzrovia include Facebook, The Boston Consulting Group, Capita, Arup and Estée Lauder, who combined occupy 730,000 sq ft of Grade A accommodation. The submarket has been radically transformed in recent years due to the delivery of new office stock within flagship mixed use schemes by leading developers Great Portland Estates, Aviva & Exemplar, Derwent London and Ashby Capital primarily at Rathbone Square, Fitzroy Place, The Copyright Building, 80 Charlotte Street and The Avenue. These schemes have acted as a catalyst for change in a submarket which now boasts some of the West End s best quality office space and supporting residential and leisure amenity. 55 Wells Street, W1 RENTAL COMPARABLES Address Date Area (sq ft) Rent ( psf) Kent House, Market Place, W1 Q , Kent House, Market Place, W1 Q , Wells Street, W1 Q , (on best) 15 Rathbone Place, W1 Q , (on best) 80 Charlotte Street, W1 Q , (on best) 80 Charlotte Street, W1 INVESTMENT TRANSACTIONS Address Date Area (sq ft) Price NIY (%) Cap Val ( psf) 55 Wells Street, W1 Q ,703 * 65,460, % 1,942 Percy House, 33/34 Gresse Street, W1 Q ,865 25,500, % 1,427 32/36 Great Portland Street, W1 Q ,021 18,900, % 1,452 Portland and Riding Estate, W1 Q ,410 49,600, % 1, Charlotte Street, W1 Q ,967 31,500, % 1, Great Marlborough Street, W1 Q ,747 42,250, % 2,683 Portland and Riding Estate, W1 *Excludes basement let at zero rent for 25 years. 11

12 FURTHER INFORMATION OS MAP CAPITAL ALLOWANCES PROPOSAL WARREN STREET GRAFTON WAY Capital allowances of approximately 2,024,000 are available by negotiation. Further Information can be provided upon request. VALUE ADDED TAX The vendor is seeking offers in excess of 33,200,000 (Thirty-Three Million, Two Hundred Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 4.15% after allowing for purchaser s costs of 6.8%. The property has been elected for VAT purposes and therefore VAT will be payable upon the purchase price. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). CONTACT For further information or to arrange a viewing please contact one of: GRAFTON WAY MIDFORD PLACE TOTTENHAM COURT ROAD EPC Energy Performance Certificate Reference number: Rating: B(38). RYAN SPRINGER E ryan@springernicolas.co.uk T M TENURE Freehold. PLANNING WHITFIELD STREET MAPLE STREET The property is located within the London Borough of Camden. INVESTMENT RATIONALE + + Unprecedented tenant demand for Fitzrovia; + + Limited available office supply; + + Architecturally designed by award winning architects Buckley Gray Yeoman and finished to the highest standard; + + BREEAM Very Good environmental rating; + + Unexpired lease term of approximately 10 years to expiry and 5 years to break; + + Low blended passing rent of per sq ft; + + No capital expenditure required; + + Considerable capital allowances available by negotiation. ALEXIS NICOLAS E alexis@springernicolas.co.uk T M GREG MELLER E greg@springernicolas.co.uk T M SPRINGER N I C O L A S M isrepresentation Clause : Messrs Springer Nicolas for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Messrs Springer Nicolas cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of fact or representations, and must satisfy themselves as to their accuracy; (iii) no employee of Messrs Springer Nicolas has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property; (iv) rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; and (v) Messrs Springer Nicolas will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. (vi) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements. Designed and produced by Cre8te cre8te.london