SO T H E H O U S E HO S Q U A R E

Transcription

1 THE HOUSE SO HO S Q U A R E

2 E X E C U T I V E S U M M A R Y Rare opportunity to acquire a freehold property on the prestigious Soho Square Soho has matured into a fashionable residential district and a thriving commercial hub, benefitting from a superb range of bars, restaurants and theatres The area has unrivalled transport connectivity, which is set to be enhanced by the arrival of Crossrail at nearby Tottenham Court Road station in 2018 The Grade II* Listed building is currently let with short term income until 31st July 2015, providing vacant possession and the opportunity for redevelopment thereafter The building benefits from a planning consent for conversion to a single residential dwelling comprising 5,757 sqft GIA. Implementation of the proposals will deliver a truly unique and spacious townhouse overlooking one of London s most famous garden squares With emerging planning policy anticipated to restrict office to residential conversions in the near future, such opportunities are likely to become increasingly rare in Westminster Alternatively, the property may suit owner-occupiers or investors seeking an office refurbishment opportunity. There is significant scope to capitalise on rental growth and improve upon the low passing rents Offers are invited for the freehold interest 2

3 S O H O SOHO IS NOW PERCEIVED TO BE ONE OF THE WEST END S MOST DESIRABLE PLACES TO LIVE FOR BOTH DOMESTIC AND INTERNATIONAL BUYERS With a colourful history as a hotspot for nightlife, theatre and entertainment, Soho has evolved into a thriving commercial hub and a fashionable, cosmopolitan and up-market residential district. The area boasts a superb range of amenities, including some of London s trendiest bars, restaurants and Member s clubs such as Soho House, The Groucho Club, Dean Street Town House and The Box. It is bordered by the world-class retailing streets of Oxford and Regent Street, but also offers several key retail locations of its own including Carnaby Street and the Liberty Department Store. The smaller side streets are home to a number of high-end retailers and boutiques including Sunspel, APC, Paul Smith and L Estrange. Due to it s vibrancy and its many amenities for residents and it s superb transport connectivity, Soho is now perceived to be one of the West End s most desirable places to live for both domestic and international buyers. With limited development opportunities, the residential market is highly-buoyant. Soho is also an internationally renowned office location, particularly for occupiers from the creative sectors such as media, advertising and technology. Tenants include 20th Century Fox, Tiger Aspect Films, M&C Saatchi and Twitter. In recent years, this demand has expanded to financial and corporate occupiers and Soho is now a worthy competitor to nearby Mayfair and St James s for employers seeking to attract a creative and cosmopolitan workforce. 3

4 L E I S U R E, C U L T U R E & E V E R Y T H I N G S O H O SOHO HAS EVOLVED INTO A THRIVING COMMERCIAL HUB AND A FASHIONABLE, COSMOPOLITAN AND UP-MARKET RESIDENTIAL DISTRICT 4

5 S O H O S Q U A R E THE PROPERTY OCCUPIES A PRIME POSITION ON THE NORTHERN SIDE OF SOHO SQUARE, FACING SOUTH ONTO THE ATTRACTIVE GARDEN AND THE ICONIC TUDORBETHAN HUT AT ITS CENTRE Soho Square dates back to the late 17th Century when it formed the centrepiece of the Earl of St Alban s development in Soho. Today the Square remains a focal point in the north-eastern corner of Soho and it retains many of its original historical features, including several listed buildings and two 19th century churches which impart an air of elegance to its setting. The area benefits from superb transport connectivity. Tottenham Court Road, Oxford Circus and Piccadilly Circus stations are a short walk away, providing access to the Bakerloo, Central, Northern, Piccadilly and Victoria lines. In addition, there are numerous bus routes in the area serving Greater London. Tottenham Court Road station which is 200m from the subject property will be a major interchange on the new 15bn Crossrail high speed rail link due to open in The area around Tottenham Court Road is perhaps the main beneficiary of the regenerative benefits of this new infrastructure, with numerous developments and public realm improvements scheduled to complete in time for Crossrail s opening. 5

6 T H E H O U S E S O H O S Q U A R E The building dates back to 1677, but was extensively rebuilt in 1768 as an upmarket townhouse. Since then, it has been home to numerous aristocrats including Sir Comport Fytche, the 2nd Baronet of Eltham, George Mackenzie, the 3rd Earl of Cromarty and in the latter part of the eighteenth Century, the Neapolitan envoy to London. Today, the building is Grade II* listed and is set out as offices and production studios with ancillary areas. It currently provides 4,434 Sq Ft NIA (5,960 Sq Ft GIA ) arranged over lower ground, ground and three upper floors. The property is accessed via an attractive ground floor reception area and is serviced with air-conditioning and a lift to all floors. The property provides the following internal floor areas, measured in accordance with the RICS Code of Measuring Practice. Floor GIA (sqm) GIA (Sq Ft) NIA (Sq M) NIA (Sq Ft) 3 rd nd , st , Ground , ,033 Lower Ground , Total , ,434 6

7 m 4769 OXFORD STREET ROMAN ROAD TCP 37 to FALCONBERG MEWS SOHO STREET Premier House to TCB 7 French Protestant Church SOHO SQUARE 25.8m Cycle Hire Station SUTTON urc T E N U R E & T E N A N C I E S The property is held Freehold and registered under title number It is let in its entirety to The Farm Post Production Limited (Company Number: ) on a lease expiring on 31 July 2015 at a rent of 200,000 per annum. The lease is excluded from the security of tenure and compensation provisions of the Landlord and Tenant Act 1954 and so full vacant possession is obtainable from 1st August

8 C O N N E C T I V I T Y L O C A T I O N N N 5mins 5mins 9mins PA N C R A S R D. G O O D G E ST. Bedford Square King s Cross St Pancras 1mins 2mins 3mins 5mins 6mins 9mins 4mins 2mins 6mins 2mins 6mins 4mins 2mins 3mins 8mins Paddington ED G W A R E R D. London Marylebone BA K ER ST. Marble Arch Baker Street M A RY LEBO N E R D. MARY L E BON E W I G M O R E ST. B R O O K ST. N EW C A V EN D I SH ST. Bond Street G RO SV EN O R ST. Regent Street M AY FAIR Hyde Park Corner CO NSTI TUTIO N H ILL Oxford Circus R EG EN T ST. Green Park O X FO R D ST. PI C C A D I LLY EV ERSH O LT ST. Warren Street Euston Square Goodge Street TO T TEN H A M C O U R T R D. F I T Z R OV I A SOHO PA LL M A LL T H E M A LL G O W ER ST. A V. SH A F TESB U R Y Piccadilly Circus S T. J A M E S S RU SSELL SQ. Tottenham Court Road S T. PA N C R A S TA V I S TO C K PL. Leicester Square Charing Cross Russell Square Holborn T H EO BA LD S R D. K I N G SW A Y G R A Y S I N N R D. H I G H TH E STR A N D Embankment W A TER LO O BR I D G E H O LBO RN Chancery Lane Temple Waterloo BRO O K ST. M O RT I M ER ST. Cavendish Square Gardens M A D D O X ST. C O N D U IT ST. O LD BU R LI N G TO N ST. MARGARET ST. M A R K ET PL. Oxford Circus Hanover Square G R EAT M A R LBO RO U G H ST. 9 SA V I LE RO W. R EG EN T ST. R A M I LLI ES PL. K I N G LEY ST EASTCASTLE ST. 27 W A R W I C K ST. W ELLS ST. M A R SH A LL ST. 12 BEA K ST. BER N ER S ST. PO L A N D ST. BER N ERS M EW S. BRO A D W I C K ST. BREW ER ST. N EW M A N ST. O X FO R D ST. S OHO 13 LEX I N G TO N ST. H O LLEN ST. BERW I C K ST. 25 Golden Square CHARLOTTE ST. TO T TEN H A M C O U RT R D. 6 7 Tottenham Court Road (Western ticket hall) W A RD O U R ST A RC H ER ST CAR LISLE ST D EA N ST. SH A FTESBU RY AV FR I TH ST.. Piccadilly Circus G R EEK ST. O LD C O M PTO N ST. Tottenham Court Road (Eastern ticket hall) ST. G C H A R I N G C RO SS R D. I L E S Soho Square Gardens H I G H ST. N EW C O M PTO N ST. A V. SH A FT ESBU RY St Anne s Churchyard Gardens BI R D C A G E W A LK LOCAL TUBE mins LONDON AIRPORTS mins MAINLINE RAIL mins CROSSRAIL mins DEVELOPMENTS RETAIL RESTAURANTS & BARS OFFICE OCCUPIERS Totenham Court Road 5 Oxford Circus 5 Piccadilly Circus 9 London City 32 Heathrow 36 Stansted 1hr 2mins Gatwick 1hr 6mins Euston 11 Victoria 12 King s Cross (Eurostar) 13 Waterloo 15 Paddington 16 Tottenham Court Road to: Paddington 4 Canary Wharf 12 Stratford 13 Heathrow 28 1 Centre Point 2 Ampersand 3 11 Soho Street 4 Soho Thirteen Stephen Street 9 Liberty 10 Sunspel 11 Kingly Court 12 Paul Smith 13 Nigel Hall 17 Soho House 18 Dean Street Town House 19 The Box 20 Hix 21 Chotto Matte 25 M&C Saatchi 26 Google 27 Sony 28 20th Century Fox 29 LinkedIn Liverpool Street Oxford Street 14 MAC Cosmetics 22 Yauatcha 30 Trip Advisor Moorgate Oxford Street 15 L Estrange 23 L Escargot 8 Rathbone Place 16 Agent Provocatuer 24 Burger and Lobster 8

9 R E S I D E N T I A L O P P O R T U N I T Y THE HOUSE, SOHO SQUARE IS GRADE II* LISTED AND IS SITUATED WITHIN THE SOHO AND CHINATOWN CONSERVATION AREA Planning permission was granted by Westminster City Council on 24th February 2015 for the Use of the building as a single family dwelling (Use Class C3), external alterations at all floor levels including the demolition of the existing extension at rear second floor and creation of a terrace and the installation of plant at main roof level. The application was filed under reference number 14/12653/FULL. Listed building consent was simultaneously granted under reference number 14/12654/LBC. Office buildings in Westminster with planning consent for conversion to residential use are likely to become increasingly rare, given Westminster City Council s proposals to amend policy in 2015 to resist the loss of office floor space to residential uses. The consented scheme was designed by leading architects EPR and comprises detailed plans for the conversion of the building into a superb four-bedroom townhouse with a truly prestigious and unique address. The building will benefit from a new roof terrace, an enlarged light well and a range of characterful original features. The proposals include the following: Reception/entrance lobby Family room Dining Room Living Room Kitchen Four en-suite bedrooms Dressing room Entertainment room Study Roof terrace Storage and plant/utility room An elevator serving all floors The consented scheme will provide the following approximate floor areas. Floor GIA (sqm) GIA (sqft) 3 rd nd ,060 1 st ,184 Ground ,333 Lower Ground ,238 Total 535 5,757 Computer generated images of the proposed scheme. The images are for indicative purposes only and are not an accurate representation of the building s dimensions or features. 9

10 R E S I D E N T I A L O P P O R T U N I T Y LOWER GROUND FLOOR GROUND FLOOR FIRST FLOOR SECOND FLOOR THIRD FLOOR Computer generated images of the proposed scheme. The images are for indicative purposes only and are not an accurate representation of the building s dimensions or features. 10

11 R E S I D E N T I A L M A R K E T O F F I C E M A R K E T Soho has continued to experience very strong demand for office space which has fuelled rental growth so that prime rents on the best new grade-a space have been between psf. This reflects an increase of over 10% over the past 18 months making it one of the fastest growing submarkets in the West End. Moving forward, rental values are likely to come under upwards pressure due to increasing demand and limited stock. The submarket continues to be the area of choice for Media & Tech companies, who consistently dominate local take-up. However, the area has more recently attracted a wider range of occupiers including Corporate and Financial occupiers and those from Professional & Business services. They are drawn to the area s unique environment which benefits from a superb range of amenities, excellent communications and a rental discount to areas such as Mayfair, where prime rents are in excess of 100 per sqft. The residential market in Central London has been extremely strong in recent years as demand for housing consistently outweighs supply. The market is bolstered by London s strong underlying economy and robust employment growth, driving demand from both the UK and Europe but also an increasingly diverse global audience. Values in Westminster have increased by 62% since the pre-recession peak, representing average annual growth of 7.50%. The market for super-prime residential, which includes townhouses such as the subject property is comprised of both international and domestic buyers. London is consistently ranked as one of the best global locations to live and to do business. This accolade ensures a sustained high level of demand for prime accommodation such as this opportunity on Soho Square. Soho is world renowned for its vibrant leisure and restaurant scene and is a major destination in the West End for both Londoners and tourists. In recent years, the area has also established itself as a fashionable residential district and it is now perceived as being one of the West End s most desirable places to live, whilst still maintaining a discount to other prime Central areas such as Mayfair and SW1. Soho s residential market remains buoyant as demand for high quality, luxury product outstrips supply in an area with a constrained pipeline of development opportunities. Values in the area are supported by its superb transport connectivity which will be further enhanced by the arrival of Crossrail. Notable developments around the new infrastructure include Almacantar s Centre Point, an office to residential conversion comprising 82 luxury apartments and Rathbone Square, a significant mixed-use development by Great Portland Estates which includes 162 high-specification apartments. The consented scheme for The House, Soho Square is is a highly rare opportunity, given that only 2.2% of the housing stock in Soho is self-contained (detached, semi-detached or terraced). Instead, the majority of Soho s stock is flats, maisonettes and apartments, often situated above retail on the lower floors or within subdivided former townhouses. 11

12 V A T The property is opted for VAT. Whether the property could transfer as a going concern, or the option to tax could be disapplied, will depend on the profile and intentions of the purchaser. P R O P O S A L Offers are invited for the freehold interest. F U R T H E R I N F O R M A T I O N Inspections by appointment only through exclusively retained agents Cushman & Wakefield LLP. For further information or to arrange an inspection, please contact: RICHARD PICKERING Development T: +44 (0) E: richard.pickering@eur.cushwake.com TOBY GREVILLE Residential T: +44 (0) E: toby.greville@eur.cushwake.com PHIL HADDLETON Development T: +44 (0) E: philip.haddleton@eur.cushwake.com CHRIS DAVIES Residential T: +44 (0) E: chris.davies@eur.cushwake.com These particulars do not constitute the whole or any part of an offer and all information supplied is entirely without prejudice and is given as a guide and no liability is accepted for any error, omission or misstatement contained or implied within these particulars. 1. These particulars do not constitute any part of an offer or contract. 2. These particulars and plans are supplied entirely without prejudice and Cushman & Wakefield LLP does not accept responsibility as to the accuracy therefof. 3. All prospective purchasers must satisfy themselves by inspection or otherwise as to the suitability or correctness of any statement and the suitability or otherwise of the land for their own purposes. 4. Any measurements referring to the site or other areas are approximate and given for guidance purposes only. Prospective purchasers are requested to rely on their own inspection and measurement of the site. All negotiations are subject to contract. Designed by i-brochure. April