70, 72 & 74 Great Portland Street

Transcription

1 70, 72 & 74 Great Portland Street London W1, Prime West End Development / owner-occupier opportunity

2 INVESTMENT summary Prime Noho location just east of the BBC, close to Oxford Circus. Three self-contained period buildings available separately or together, with vacant possession (except for the upper part of 70 Great Portland Street, where vacant possession is in December 2015). Total gross internal area of 9,131 sq ft (848.6 sq m). Total net internal area of 6,414 sq ft (595.9 sq m). Three separate head leasehold interests, each being for a term of 999 years from 11th October 1920, at a minimal rent without review. Potential change of use angles and redevelopment opportunities to create additional accommodation, subject to freeholder and other consents. Seeking offers in excess of 6,000,000 (six million pounds). A purchase at this level would show a capital value of 935 per sq ft on the net internal area and 657 per sq ft on the gross internal area. Attractive lot size.

3 LOCATION west end REGENT S PARK EUSTON ROAD EUSTON SQUARE GORDON TAVITON WARREN REGENT S PARK GREAT PORTLAND GOWER MALET 70, 72 & 74 Great Portland Street DEVONSHIRE WEYMOUTH WHITFIELD PORTLAND PLACE CHARLOTTE HUNTLEY GOODGE GREAT PORTLAND WELBECK NEW CAVENDISH HARLEY GREAT TITCHFIELD 70, 72 & 74 Great Portland Street LITTLE TITCHFIELD RIDING HOUSE ST MORTIMER S TREET BERNERS MEWS NEW MAN CHARLOTTE TOTTENHAM COURT ROAD BOND (CROSSRAIL FROM 2018) VERE CAVENDISH SQUARE MARGARET OXFORD CIRCUS REGENT GREAT MARLBOROUGH BERNERS OXFORD BERWICK WARDOUR DEAN TOTTENHAM COURT ROAD SOHO SQUARE (CROSSRAIL FROM 2018) GREEK BROOK BEAK The property is situated on the east side of Great Portland Street, between Little Titchfield Street and Riding House Street. It is almost immediately due east of the BBC headquarters at the top of Regent Street and is within a few hundred yards of Oxford Circus. This area, sometimes referred to as Noho, has seen a dramatic improvement over the last 5-10 years from all users, including retail, restaurant, gallery, office and residential. Significant developments, such as the BBC headquarters, the redevelopment of the Middlesex Hospital, the Regent Quarter on Euston Road, and the significant upgrading of buildings at the eastern end of Oxford Street, Charlotte Street, Tottenham Court Road and Great Portland Street have made this area a vibrant and exciting district within the centre of the West End. The central location is close to numerous important submarkets within the West End, such as Soho, Fitzrovia, Mayfair and the Estates of Howard de Walden and Portman north of Oxford Street. Great Portland Street is therefore in the heart of all the new activity in the West End, which will be further enhanced by Crossrail.

4 COMMUNICATIONS well connected DESCRIPTION accommodation With the nearby London Underground stations of Oxford Circus, Tottenham Court Road, Goodge Street, Warren Street and Great Portland Street, quick access is provided to all the Central London mainline stations, as well as quick links to the City. Faster journey times from Tottenham Court Road Station with Crossrail Tottenham Court Road to Existing Journey Crossrail Journey Canary Wharf 21 minutes 12 minutes Liverpool Street 19 minutes 5 minutes Paddington 17 minutes 5 minutes Heathrow Airport 53 minutes 30 minutes The three period terraced properties, which currently link on various floors, provide accommodation on basement, ground and three uppers, with the exception of the centre building, 72 Great Portland Street, which has an additional fourth floor. The ground floor and basement accommodation in each building extends to the rear property line, while the upper floors comprise a dogleg open area often divided into two rooms, with windows looking west over Great Portland Street and east to the rear over the Law School in Little Titchfield Street. Each property has a single staircase with central heating (currently served from a single boiler in 74) and plaster ceilings. Each building has window frontage at Street level and their own front door, with 74 having the benefit of two entrances. STRATFORD HAYES & HARLINGTON HANWELL EALING BROADWAY PADDINGTON TOTTENHAM COURT ROAD LIVERPOOL TO SHENFIELD > 70 is currently linked to 72 on lower ground and ground floors, while 72 and 74 are only linked at ground floor level. < TO READING SOUTHALL WEST EALING ACTON MAIN LINE BOND FARRINGDON WHITECHAPEL TO ABBEY WOOD > HEATHROW AIRPORT CANARY WHARF

5 FLOOR AREAS plans Building 70 Floor NIA GIA Third Second First Ground Lower Ground Total 2, , TENURE Building 72 Floor NIA GIA Fourth Third Second First Ground Lower Ground Total 2, , Second Floor Each property has a separate 999-year lease from October 1920, held from Mount Eden Land Limited, subject to fixed ground rents as follows: 70 Great Portland Street: 48 per annum 72 Great Portland Street: 32 per annum 74 Great Portland Street: 40 per annum Building 74 Floor NIA GIA Third Second First Ground Lower Ground Total 1, , GREAT PORTLAND RIDING HOUSE LITTLE TITCHFIELD The properties are offered with vacant possession, save for the upper part of 70 Great Portland Street, where there is a lease to The Cricketer Publishing Limited for a term to 15th December 2015 at a rental of 28,500 per annum inclusive. The lease is outside sections of the Landlord & Tenant Act 1954 and either the landlord or the tenant can determine the lease at any time upon giving three months prior written notice. The lease commenced on 16th December 2013 and the floors are used as offices. 70, 72, 74 Total: NIA GIA 6, , Ground Level Ground Floor Plans not to scale. For indicative purpose only.

6 PLANNING The properties are situated within the Fitzrovia (West) Neighbourhood Conservation Area and a planning report is available that has been prepared by Vail Williams LLP, summarising the various uses of the building over time. The current permitted planning uses for the buildings are not clear but can be summarised as follows: In 1984, planning permission was obtained for a redevelopment behind the façade of the three buildings together with two rear properties on Little Titchfield Street and Riding House Street. 70 Great Portland Street Ground floor for education office or retail. Basement and upper floors for educational offices, but this was a personal use to the University of Westminster and the previous use was deemed to be for a wholesale cloth merchants offices and warehouse, with one floor of industrial use. 72 Great Portland Street Ground floor as retail or warehouse, with the basement as warehouse and the upper floors as workrooms save for the 3rd floor as offices. Subject to the necessary consents; retail, residential, office and educational uses could be created in a scheme for the three buildings. While the University of Westminster has used the buildings in the past for offices, postgraduate research and other uses, they have no use of the three buildings in their current form, and are unsuitable for any of their current or planned needs given their configuration and condition. They regard the buildings as uneconomic for their use. Previous uses include research offices, and also the Centre for Access and Continuing Education, the Computer Centre for People with Disabilities, archive storage, technician centre for IT for the School of Communications and the Centre for Arts and Technology Research International Office. When used as London Office for Opportunities for People With Disabilities (an independent charity) it obtained a use of an employment agency. PROPOSAL The long leasehold interest in the three buildings are offered for sale either together or individually, on an unconditional basis, and offers are invited in excess of 6,000,000 (six million pounds) for the three. Further information is available on the headleases, floorplans and planning history upon request. 74 Great Portland Street A certificate of Lawful Existing Use granted in 1997 for educational use. VAT We consider that there is potential for additional floors to be created on 70 and 74 Great Portland Street and a possible lateral scheme linking the three buildings. Extending the properties to the rear and removing some of the staircases may also be an option. The buildings are not elected for VAT. EPC A copy of the EPC is available upon request.

7 Further Information: Bryan Pontifex T: E: Peter Dewar T: E: Jessica Petrie T: E: Disclaimer: Crossland Otter Hunt for themselves and for the Vendors of the property, whose Agents they are, give notice that: These particulars do not constitute, nor constitute any part, of an offer or a contract. The maker of these statements has taken all reasonable steps and exercised all due diligence in the preparation of these statement. None of the statements contained in these particulars as to this property is to be relied upon as statements or representations of fact. All measurements are approximate and any intending purchasers must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. Any services or installations, mechanical, electrical or otherwise, described within these particulars have not been tested and purchasers should rely on their own inspection and verification. The vendors do not make or give and neither Crossland Otter Hunt or any person in their employment has any authority to make or give any representation or warranty whatever in relation to this property. March siren +44 (0) sirendesign.co.uk S06543