bell yard...located within the city of westminster, bell yard is situated to the north of temple,...

LONDON WC2

BELL YARD

Freehold.

—

Located in the heart of London’s legal district, in a premier position and directly adjacent

to the Royal Courts of Justice.

—

Attractive Grade II listed building arranged over lower ground, ground and four upper floors providing circa

9,000 sq ft of Gross Internal Area with existing B1 (office) use.

—

Detailed consent for 6 residential apartments (C3 use) comprising of 6,210 sq ft Net Saleable Area.

—

Offers in excess of £5,500,000 (Five Million, Five Hundred Thousand Pounds) are invited for the Freehold interest,

subject to contract and exclusive of VAT.

Executive Summary

4–5 BELL YARD LONDON WC2

I

A beautiful Grade II listed investment opportunity for re-letting, owner

occupation, or residential conversion.

—

Vacant possession.

—

The planning consent offers an excellent residential mix of

1, 2 and 3 bedroom apartments.

—

Located in London’s prime legal district, an area forecast for exceptional

residential and commercial capital growth.

Investment Rationale


II III

Russell Square

Russell Square

Holborn Chancery Lane

Farringdon Middle Temple Gardens

Aldwych Quarter

Great Ormond Street

Hospital

University of the Arts

London

Lincoln’s Inn Fields

Royal Courts of Justice

Gray’s Inn Gardens

King’s College London

Bloomsbury Square

Gardens

IV V

Blackfriars Chancery Lane

Royal Opera House

Waterloo London Eye

Southbank Centre

Westminster Temple PiccadillyAldwych Quarter

Leicester Square

Somerset House

Royal Courts of

Justice

Lincoln’s Inn Fields

Embankment

VI VII

Located within the city of Westminster, Bell Yard is situated to the north of Temple, one of London’s most famous legal establishments.

The local area is home to many legal entities, including the Royal Courts of Justice and The Old Bailey.

Due to the close proximity to the Law Courts surrounding Holborn, the area is a popular office location.

In recent years however, the area has become increasingly popular as a residential location and the retail and restaurant operators have evolved in order to service the local demographic.

Bell Yard is situated in close proximity to Lincoln’s Inn Fields, the largest public square in London and providing attractive green open space for local residents and occupiers.

Directly to the west of the site lies Covent Garden which is known for its many acclaimed theatres, restaurants and retail operators.

Location


An established location for professional, legal and financial sectors, and also a popular

residential, retail and leisure destination in its own right.

VIII

Situation

4–5 Bell Yard occupies a prominent position at the end of a terrace on the eastern side

of the street and is directly adjacent to the Royal Courts of Justice.

The site bordered by Chancery Lane to the east and Strand to the south,

which is the main thoroughfare from the City to the West End.

The street itself comprises predominantly commercial occupiers.

ST. PAUL’S CHURCHYARD

LUDGATE HILL

CLERKENWELL ROAD

THEOBALD’S ROAD

GR

AY

’S INN

RO

AD

CHEAPSIDE

HOLBORN VIADUCT

HIGH HOLBORNHIGH HOLBORN

HIGH HOLBO

RN

NEW OXFORD STREET

VICTORIA EMBANKMENT

NE

W B

RID

GE

ST

RE

ET

FAR

RIN

GD

ON

ST

RE

ET

HA

TTO

N G

AR

DE

NS

SHO

E LAN

E

LONDON WALL

AL

DE

RS

GA

TE

ST

RE

ET

QUEEN VICTORIA STREET

CH

AN

CE

RY

LA

NE

BE

LL YAR

D

ST. JOH

N S

TR

EE

T

ALDWYCH

KIN

GSW

AY

SHAFT

ESBU

RY A

VE

STRAND

STRAND

STRAND

UPPER THAMES STREET

GRESHAM STREET

FLEET STREET

COWCROSS ST

CHARTERHOUSE STREET

FAR

RIN

GD

ON

RO

AD

NEWGATE STREET

POULTRY

LEA

TH

ER

LA

NE

BLOOMSBURY W

AY

GRAY’S INNGARDENS

SMITHFIELDMARKET

BARBICANCENTRE

ST. BART’SHOSPITAL

ST. PAUL’SCATHEDRAL

ROYALCOURTS OF

JUSTICESEVENDIALS

RIVER THAMES

LINCOLN’SINN FIELDS NEW

STREETSQUARE

COVENTGARDEN

BLOOMSBURYSQUARE

GARDENSBRITISHMUSEUM

RUSSELLSQUARE

BEDFORDSQUARE

RED LIONSQUARE

GARDENS

CITYTHAMESLINK

CITYTHAMESLINK

MANSIONHOUSE

TEMPLE

CHANCERYLANE

HOLBORN

COVENTGARDEN

LEICESTERSQUARE

FARRINGDONBARBICAN

CHARINGCROSS

ST. PAUL’S

BLACKFRIARS

TOTTENHAMCOURT ROAD

RUSSELLSQUARE

1

5

12

4

815

14

6

2

11

13

10

9

3

7

12

3

5

4

10

11

12

13

14

15

8

6

7

9

Business Occupiers1 Lacoste

2 Farrer & Co

3 Deloitte

4 Coutts

5 Covington & Burling

6 CapGemini

7 Brunswick Group

8 Bird & Bird

9 Ashmore

10 Amazon

11 AECOM

12 Text 100

13 Four New Square

14 King’s College

15 Goldman Sachs

Leisure Occupiers1 Rosewood Hotel

2 Fleet River Bakery

3 Ye Olde Cheshire Cheese

4 Bleeding Heart Restaurant

5 Icecool Diamonds

6 Royal Opera House

7 Ivy Market Grill

8 Hoxton Hotel

9 AWC

10 Urban Golf

11 Roka

12 The Delauney

13 Bounce

14 Radio Rooftop Bar

15 Tom’s Kitchen, Somerset House

X XI


Communications

PADDINGTON

TO SHENFIELD >

STRATFORD

WHITECHAPELFARRINGDONBOND

STREET

ACTONMAIN LINE

WESTEALING

TOTTENHAMCOURT ROAD

CANARYWHARF

LIVERPOOLSTREET

HEATHROWAIRPORT

EALINGBROADWAYHANWELL

SOUTHALL

HAYES &HARLINGTON

TO ABBEY WOOD >

< TO READING

Communications in the area are excellent and the site is centrally located in close proximity to both the City and the West

End. Nearby Underground stations include Temple (District and Circle Lines), Holborn (Piccadilly and Central Lines) and Chancery Lane (Central Line). National Rail services are accessible via City Thameslink station

which is situated 0.4 miles to the east of the site and operates services to destinations

outside of central London.

—

In addition to the existing transport links, Farringdon station will provide access to Crossrail on completion of the project in

2018. Crossrail will directly connect London’s main business centres, linking Heathrow

with Paddington, the West End, the City and Canary Wharf with up to 24 trains per hour.

4–5 Bell Yard is situated in very close

proximity to a number of mainline rail and

Underground stations providing excellent connections across

London and beyond.

Crossrail will be available from

Farringdon in 2018

Source: Network Rail and TfL

Faster journey times from Farringdon Station

FARRINGDON STATION TO: EXISTING CROSSRAIL

Stratford 15 minutes 10 minutes

Canary Wharf 24 minutes 9 minutes

Paddington 14 minutes 7 minutes

Heathrow Airport 64 minutes 31 minutes

Artist’s impression of the new Farringdon Crossrail Station.XIII

4–5 Bell Yard is an attractive end of terrace; Grade II listed building located in the Strand Conservation area of the city of Westminster. The building itself is a mid-Victorian era

office building dating back to 1854 in the classical style and faced in stucco.

—

The building provides six storeys with an additional mezzanine floor. Internally and

externally the building has retained many of the features which allow it architectural standing in

the local area and the Grade II listed status.

—

Full details regarding the history of the building are available in the data room.

Description


XIV XV

FOURTH FLOOR

THIRD FLOOR

SECOND FLOOR

FIRST FLOOR

GROUND FLOOR

GROUND FLOOR

MEZZANINE

LOWER GROUND FLOOR

Building Overview

Existing Floor Plans


The below table outlines the existing Gross Internal Areas and Net Internal Areas for the existing B1 office space.

FLOOR USE GIA (SQ M) GIA (SQ FT) NIA (SQ M) NIA (SQ FT)

Lower Ground OfficeStorage

135—

1,453—

386

41265

Ground OfficeReception

127—

1,367—

5711

622120

Mezzanine Office 55 592 43 467

First Office 133 1,432 89 961

Second Office 136 1,464 97 1,045

Third Office 136 1,464 95 1,022

Fourth Office 117 1,259 80 864

TOTAL 839 9,031 516 5,578

Existing Floor Areas

Plans not to scale – for indicative purposes only

XVI XVII

Planning application number (15/07344/FULL) dated 10 August 2015 has been granted full approval by Westminster City Council for the “Use from offices (B1) to residential (C3) to provide 6 apartments (4 x 2 bed units and 2 x 3 bed units), 2 front elevation windows shall be fitted on the lower ground floor, windows at the fifth floor shall be replaced with metal windows, creation of a terrace at roof level with associated railings, and a plant level roof is to be installed.”

Copies of the planning application as well as the historic building report can be found via Westminster City Council planning portal.

4–5 Bell Yard is located within the Strand Conservation Area.

The Opportunity

The table below outlines the proposed Net Saleable Area for the consented residential scheme:

APARTMENT FLOOR BEDS AREA SQ M AREA SQ FT

G.1 Lower Ground & Ground 2 82 883

G.2 Ground & Mezzanine 2 88 947

1.1 First 2 104 1,119

2.1 Second 2/3 104 1,119

3.1 Third 2/3 107 1,152

4.1 Fourth 2 92 990

Proposed schedule of areas


Tenure

The property is held Freehold under one individual title with the Land Registry; title number 304907.

Boro Const, GL Asly Const & LB Bdy

of Temple BarStatue on site

BP

BSs

13.4m

TCBs

Cycle Hire Station

CrosseAndrews

PassageC

li fford'sInn

Court

Cran e

Cour t

BELLYARD

KING'S BENCH WALK

CAREY STREET

Inner Temple

LaneMIDD

LETEM

PLELANE

Old

Mitre

Court

FLEET STREET

Falcon

STRAND

STRAND

ChambersCourtMitre

232

116

227

49

5

188

228

217to221

1

(St Mary's)

184

19

187

186a

185

12

119

4

3

120

176

175173

180

5to

11

3

3

Building

1

PC

211

118

23to28

1

193

186

45

CourtsRoyal

Dr Johnson's

Building

17

33

Justice

Temple Church

St Dunstan

10

Buildings

233

1

37

PC

Clifford's Inn

14

3

210

29

13

30to32

2

110

to11

3

46

Goldsmith230

FrancisTaylor

16

6

Building

40to43

Hare

Church Court

Farrars

18

15

21in the West

Church

4

Master's House

1

5

115

of

222to225

190

194

10

229

Mitre Court

231

216

4

226

3

4a

126

16

1

114

140

144

to14

6

Henand

ChickenCt

1

2

212

213

234

Buildings

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215

5

9to

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Court

191to192

138

Fetter Lane Apartments

QuantumHouse

NationalWestminster

BankChambers

44

47

HarePlace

1

St Dunstan's

133

to13

7Court

56

5

1

XVIII XIX


Mezzanine floor

First floor


BE

LL

YA

RD

COURTYARD

COURTYARD

BE

LL

YA

RD

Lower Ground

GroundB

EL

L Y

AR

D

COURTYARD

COURTYARD

BE

LL

YA

RD

G1

G1

G2

G2

1.1

XXI



Fourth floorSecond floor

Fifth floorThird floor

BE

LL

YA

RD

COURTYARD

COURTYARD

BE

LL

YA

RD

BE

LL

YA

RD

COURTYARD

COURTYARD

BE

LL

YA

RD

2.14.1

3.1

XXIII

Residential Market Commentary

Residential Lettings

Following on from a strong Q2, the West End residential market continued to perform well in Q3. The macro economy in the UK remains robust with consumer confidence at record highs and interest rates remaining low for the foreseeable future. Overall sales activity in the West End market was up 78% on last quarter and 41% up on this period last year.

There has been a surge in sales activity to date in 2015, specifically for properties over £2m as the possibility of a mansion tax has now been abolished. The volatility in the Chinese stock market has also played an important role in the increased sales activity following the crash mid-June which saw shares drop and the Yuan become decreasingly devalued. In an attempt to avoid the volatility, Chinese investors have been concreting London’s reputation as a safe haven for investment accounting for 13% of sales over the quarter, the second highest West End market share.

In addition to the strong international presence in the market, we have also seen a resurgence of the domestic purchaser who now account for 50% of the sales completed in the West End market. Strong capital growth is forecast to continue for the area and the West End market is set to out-perform the more traditional prime areas of Central London as there is still opportunity in the value gap.

The quality of stock in the area has risen dramatically over the past few years with an average sales value now in excess of £1,800 per sq ft. Below is a selection of recent comparable transactions nearby to Bell Yard:

Sustained demand from the student market in the run up to the start of the academic year accounted for 49% of lettings agreed this quarter, with average weekly rent up 24% on the same time last year. The most popular units for student tenancies are one and two bedroom apartments, which accounted for 46% and 30% respectively of all student tenancies agreed.

The average rent in the West End has now reached £655 and demand from the student population is expected to continue its growth path as global middle classes become increasingly mobile. Bell Yard is well placed to benefit from the local student population with prestigious educational institutions such as London School of Economics and King’s College all in the nearby vicinity.


PROPERTY ADDRESS

POST CODE

SALE PRICE SQ FT

£ / SQ FT

NO OF BEDROOMS

FLOOR EXCHANGE DATE

Broad Court PH 6, 21

WC2B £3,250,000 1,483 £2,192 3 Third / fourth

Apr-15

Gatti House, Strand, Apt 1

WC2R £3,750,000 1,783 £2,103 2 First Sep-15

Gatti House, Strand, Apt 2

WC2R £3,650,000 1,744 £2,093 2 Second May-15

Hop House 12 WC2N £1,750,000 867 £2,017 2 First Sep-14

Gatti House, Apt 3

WC2R £2,750,000 1,363 £2,017 2 Third & Fourth

Aug-15

Aldwych Chambers, Apt 16

WC2R £2,350,000 1,168 £2,012 3 Fourth Apr-15


WC2R £1,075,000 538 £1,998 1 Fourth Apr-15


WC2R £2,232,500 1,163 £1,920 Sep-15

Buckingham Street, Apt 5, 6-7

WC2N £2,150,000 1,152 £1,866 3 Third Jun-15

Recent comparable transactions

Aldwych Chambers Gatti House, Strand Hop House 12

XXIV XXV

Office Market Commentary


Central London take-up decreased by 11% in Q3 2015 to reach 3.6 million sq ft. Despite the fall, take-up remained above the 10-year average of 3.2 million sq ft. Take-up in Midtown increased 32% on the previous quarter totalling 565,100 sq ft and is 56% up on the 10-year average of 362,800 sq ft. Leasing activity in the quarter was led by the acquisition of three units over 50,000 sq ft at Aldwych Quarter by King’s College London totalling 237,900 sq ft, the largest of which was at Bush House (104,100 sq ft). As a result of these lettings to King’s College, the public sector represented the largest portion of take-up in Midtown in Q3 accounting for 53% of the total.

The total availability in Midtown in Q3 2015 remains significantly below the 10 year average at 1.1 million sq ft, and is likely to fall further towards the end of 2015. Despite the sharp fall in availability, the volume of vacant space available for immediate occupation increased over the course of the quarter, causing the vacancy rate to rise marginally from 2.5% to 2.6%.

A total of 640,300 sq ft of development space has completed in Midtown so far in 2015, out of an anticipated full year total of 719,100 sq ft. Development completions are forecast to increase in the coming years to 1.3m sq ft in 2016 and 1.2m sq ft in 2017.

Prime rents in Midtown remained unchanged in Q3 2015 at £67.50 per sq ft.

Recent comparable transactions

DATE ADDRESS FLOOR TENANT AREA (SQ FT)

RENT (PER SQ FT)

June–15 1 Kingsway Second Svenska Hadelsbanken AB

13,950 sq ft £64.00

Oct–15 9 Kingsway Seventh Chartered Institute of Building

3,364 sq ft £64.50

August–15 Brettenham House, Lancaster Place

Part First Lyceum Capital 5,576 sq ft £57.50

August–15 95 Chancery Lane Ninth Fitzalan Partners Limited

2,820 sq ft £56.00

September–15 138 Fetter Lane Ground Nintex 7141 sq ft £56.00

September–15 Holborn Gate Fourth LaCoste 8548 sq ft £56.50

XXVI XXVII

Tenure

4–5 Bell Yard WC2A 2JR is held freehold and registered with the Land Registry under the

title number 304907.

—

Planning

The local planning authority is The City of Westminster and the property is located

in the Strand Conservation area.

—

EPC

The Energy Performance Certificate will be made available in the data room.

—

VAT

The Property is elected for VAT and as such, VAT will be payable on the purchase price.

—

Proposal

We are instructed to seek offers in excess of £5,500,000 (Five Million, Five Hundred

Thousand Pounds) for the Freehold interest, subject to contract and exclusive of VAT.

Proposal


XXVIII

For further information please contact:

DISCLAIMER: CBRE Limited CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that:

1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract.2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on

them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this

property. 4. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. November 2015.

siren | +44 (0)20 7478 8300 | sirendesign.co.uk | S07071

Charlie Philip [email protected]

+44(0)20 7182 2442

James [email protected]

+44(0)20 7420 3018

Kathryn Durrant [email protected]

+44(0)20 7182 2235

Ben [email protected]+44 (0)20 7420 3051

Charlie [email protected]

+44 (0)20 7420 3023

Lucy Dowling [email protected]

+44(0)20 3214 1861

Residential Enquiries

Commercial Enquiries

bell yard...located within the city of westminster, bell yard is situated to the north of temple,...

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