HEADER Copy SEVENTEEN PORTLAND PLACE LONDON W1 1
INVESTMENT SUMMARY Prominently located on Portland Place at its junction with Duchess Street, in close proximity to Marylebone High Street, Oxford Circus and The Langham Hotel. Virtual Freehold 906 years unexpired at a fixed ground rent of 3,500 per annum. Grade II* listed. Imposing corner period office building totalling 8,968 sq ft (833.4 sq m) NIA & 12,937 sq ft (1,201.9 sq m) GIA arranged over lower ground, ground and four upper floors. Vacant possession. Suitable for owner occupier office users as a HQ / family office building. Residential permission for a single dwelling was granted on 21st June 2016. A full copy of the application and plans can be found on the City of Westminster council website application no. 15/07931/FULL. Offers are invited for the benefit of our client s virtual freehold interest.
R E G E N T HYDE PARK SOHO S T R E E T MAYFAIR OXFORD STREET LIBERTY OXFORD CIRCUS BOND STREET OXFORD STREET BOND STREET FITZROY PLACE GREAT PORTLAND STREET BBC BROADCASTING HOUSE CAVENDISH SQUARE MARYLEBONE NEW CAVENDISH STREET PORTLAND PLACE FITZROVIA
LOCATION HEADER Originally designed by Robert and James Adam in the late 18th Century, Portland Place runs south from Park Crescent to Langham Place, leading through to Regent Street and Oxford Circus. The Street is impressive and unusually wide (33m/110ft), mainly comprising a variety of striking Adam and John Nash designed period office and residential buildings. Portland Place is also home to the world renowned 5 star Langham Hotel as well as the BBC Broadcasting House, The Royal Institute of British Architects Headquarters and The Chinese Embassy. Copy Bounded by the exclusive Mayfair to the south, Regent s Park to the north and vibrant Fitzrovia to the east, Marylebone is renowned as one of London s most trendy and fashionable commercial and residential locations. Marylebone s two largest landowners, The Howard De Walden and The Portman Estates, have upheld the heritage of the area creating a vibrant, desirable location for commercial and residential occupiers. Centred around Marylebone Village, the area provides an alluring and eclectic mix of high end residential accommodation, boutique and designer retail shops, top quality restaurants and both modern and period office accommodation. 6 7
The Langham Hotel HEADER HEADER Copy Copy 8 9
UNDERGROUND LINES KEY BAKERLOO CIRCLE CENTRAL HAMMERSMITH & CITY LEISURE 1 2 LANGHAM HOTEL THE WESTBURY 3 CHANDOS HOUSE EUSTON 4 SOHO HOUSE 5 THE SANDERSON 6 RIDING HOUSE CAFÉ 7 CHARLOTTE STREET HOTEL COMMUNICATIONS Benefiting from excellent transport links with numerous London underground and National rail stations in close proximity providing easy access throughout Central London and beyond. JUBILEE METROPOLITAN NORTHERN VICTORIA WARREN STREET EUSTON SQUARE 1.1 MILES TOT TENHAM COURT ROAD CORPORATIONS 1 BBC 2 BT 3 ROYAL INSTITUTE OF BRITISH ARCHITECTS 4 CHINESE EMBASSY 5 THE ROYAL SOCIETY OF MEDICINE 6 UNIVERSITY OF WESTMINSTER RETAIL CROSSRAIL ELIZABETH LINE Bond Street Station will be one of Central London s best connected transport hubs. 0.4 MILES 0.4 MILES FITZROY SQUARE GOWER STREET 1 JOHN LEWIS 2 LIBERTY LONDON 3 NIKE TOWN 4 ZARA 5 HOUSE OF FRASER 6 TOPSHOP/TOPMAN 2 28 HEATHROW AIRPORT 0 PADDINGTON 4 BOND STREET JOURNEY TIME (MINUTES) TOTTENHAM COURT ROAD 2 4 6 9 FARRINGDON LUTON GATWICK LIVERPOOL STREET STANSTED WHITECHAPEL STRATFORD 14 12 CANARY WHARF W E Y M O U T H S T R E E T 4 D U C H E S S S T R E E T 3 5 1 5 3 N E W C A V E N D I S H S T R E E T 1 1 6 0.6 MILES 6 M O R T I M E R S T R E E T 3 6 4 G O O D G E S T R E E T 7 5 GOODGE STREET 0.6 MILES TOTTENHAM COURT ROAD SOHO SQUARE 4 Marylebone will benefit from the arrival of Crossrail at Bond Street Station in 2018 with increased visitor numbers expected to flow into the area. Bond Street Station will be one of the five key Central London Crossrail stations Over 140 trains per hour will flow through Bond Street Station London journey times reduced by up to 70% One quarter of the population of England will be able to reach Bond Street Station within 45 minutes Providing direct links to 3 of London s major airports: Heathrow, Gatwick and Luton 0.5 MILES 2 10 2 Not to scale. Indicative only.
Prominently located in Marylebone at the junction of Portland Place and Duchess Street occupying an imposing corner plot with large frontages to both streets. 12 13
DESCRIPTION Originally constructed as a single residential dwelling with a mews house to the rear (now sold off) in the late 18th Century, 17 Portland Place comprises a Grade II* listed John and Robert Adam designed prominent corner office building with an attractive Portland Stone and brick façade. Arranged over lower ground, ground and four upper floors the building benefits from excellent natural light to 3 of its 4 elevations and totals 8,968 sq ft (833.4 sq m) NIA and 12,937 sq ft (1,201.9 sq m) GIA. It is accessed via an impressive stone portico entrance on Duchess Street and benefits from the following specification: Two stair cores Comfort cooling in part 1 passenger lift serving all floors. Mixture of perimeter trunking and under floor power Attractive shared terrace Ornate decorative ceilings Most recently operated as a conference centre and last refurbished in the 1980 s, the building is currently in need of full refurbishment. 14 15
ACCOMMODATION FLOOR NIA SQ FT NIA SQ M GIA SQ FT GIA SQ M Fourth 1,021 94.9 1,338 124.3 Third 1,299 120.8 1,492 138.6 Second 1,043 96.9 1,730 160.7 First 1,246 115.8 1,725 160.3 Ground 1,218 113.2 1,732 160.9 Lower Ground 3,141 291.8 4,920 457.1 TOTAL 8,968 833.4 12,937 1,201.9 16 17
EXISTING FLOOR PLANS Not to scale. Indicative only. LOWER GROUND SECOND FLOOR GROUND THIRD FLOOR DUCHESS MEWS PORTLAND PLACE DUCHESS STREET FIRST FLOOR FOURTH FLOOR
MEWS SOUTH CAVENDISH TENURE TENANCY Virtual freehold from Howard De Walden Estates Ltd from 6th April 1945 for a term of 977 years (c.906 years unexpired) at a current ground rent of 3,500 per annum. Vacant possession. The head lease states the property can be used for the following purposes: A private residential dwelling Self-contained apartments or maisonettes, Consulting rooms for medical, surgical or dental practitioners General office use There are restrictions on certain uses and we would advise interested parties to refer to the head lease for further detail. NEW CAVENDISH STREET PORTLAND PLACE DUCHESS MEWS 17 17 DUCHESSSTREET BBC MANSFIELD MEWS MANSFIELD STREET Not to scale. For identification purposes only. This plan is based upon an ordnance survey map with sanction of the Controller of the HM Stationery Office. Crown copyright reserved. 20 21
PLANNING / DEVELOPMENT / REFURBISHMENT OPPORTUNITY Grade II* Listed and situated within the Borough of Westminster and The Harley Street Conservation Area. The existing building has B1 office use throughout. 17 Portland Place provides a rare opportunity to acquire a vacant period office building suitable for refurbishment under several different use classes: OFFICE USE: Previously used as a conference centre, the building would be ideally suited for a high end refurbishment to provide a HQ/ family office building or could alternatively suit serviced offices. RESIDENTIAL: Full planning consent was granted on 21st June 2016 to convert the existing office building into a luxury 6 bedroom private family home (Class C3) within the existing massing. Further information is available on Westminster City Council s website with the reference 15/07931/FULL. MEDICAL / DENTAL USE: In keeping with the high concentration of medical/dental practices in the local area and centred around Harley Street the property could be converted (STPP) to provide high class private medical/dental/surgical/consulting rooms. 22 23
CONSENTED RESIDENTIAL FLOOR PLANS Not to scale. Indicative only. LOWER GROUND SECOND FLOOR GROUND THIRD FLOOR DUCHESS MEWS PORTLAND PLACE DUCHESS STREET FIRST FLOOR FOURTH FLOOR
FURTHER INFORMATION VAT 17 Portland Place is not VAT registered and therefore VAT will not be payable on the purchase. DATA ROOM Further information can be found in a data room with access issued upon request. EPC 17 Portland Place has an EPC rating of D (85). PROPOSAL Offers are invited for the benefit of our client s virtual freehold interest. CONTACT For further information or to arrange an inspection, please contact: Mark Shipman Direct Line: 020 7529 5708 markshipman@michaelelliott.co.uk Scott Lister Direct Line: 020 7529 5704 scottlister@michaelelliott.co.uk Peter Ng Direct Line: +65 963 85255 peterng@michaelelliott.co.uk James Bailey Tel: +44 (0) 20 7235 8861 james@henryandjames.co.uk www.henryandjames.co.uk www.michaelelliott.co.uk Declaration: Michael Elliott and Henry & James for themselves and for the vendors of this property whose agents they are, give notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott or Henry & James has any authority to make or give any representations or warranty whatever in relation to this property. October 2016 www.cube-design.co.uk (Q3598) 26