sovereignhouse · 2018. 6. 19. · princes circus proposals: key change proposed in response to...
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SOVEREIGNHOUSE2 1 0 - 2 2 6 S H A F T E S B U R Y A V E N U E
L O N D O N W C 2
F R E E H O L D I N V E S T M E N T O P P O RT U N I T Y
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INVESTMENT SUMMARY
• AFreeholdperiodbuilding
• A0.21 acrevirtualislandsitelocatedinoneofLondon’smostdynamicsubmarkets,CoventGarden
• Under200mfromTottenhamCourtRoad’snewElizabethLinestation(formerlyknownasCrossrail)
• ShaftesburyAvenuetobecomepedestrianiseddirectlyoutsidethepropertyaspartofCamden’sWestEndProject
• Letto13commercialtenantsunder15leaseswithatotalpassingrentof£931,433 per annumreflectinganaveragepassingrentofjust£34.74 per sq ftontheoffices
• WAULTof4.52yearstoexpiryand4.09yearstobreaks
• ThePropertyalsoincludes13residentialflatsarrangedoverfirsttofifthfloors
• Thereisasinkingfundofc.£250,000availablefortheexternalpartsoftheproperty
• Totals23,007 sq ft andcomprises17,254sqftofofficeaccommodationarrangedoverbasement,groundandfiveupperfloorswith115sqftofstorage
• Therearesevengroundfloorretailunitsandabasementbartotalling5,638sqftwithahighlydesirable43mfrontagetoShaftesburyAvenue
• TheretailunitsarepassingoffZoneArentsrangingfromjust£57persqftto£150persqft
• Weareinstructedtoseekoffersinexcessof£23,000,000 (Twenty Three Million Pounds),reflectinganet initial yield of 3.80%andalowcapitalvalueof£999persqft(assumingfullassetcosts).
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British Museum
Holborn
Central Saint Giles
Kingsway
Seven Dials
Shaftesbury Avenue
Regent Street
Strand
Centre Point
Tottenham Court Road
Soho Square
Piccadilly Circus
St James’s Park
SOVEREIGNHOUSEL O N D O N W C 2
BLOOMSBURY
COVENT GARDEN
SOHO
ST JAMES’S
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LOCATION
SovereignHouseissituatedwithinoneoftheWestEnd’smostvibrantsubmarkets,CoventGarden.ThesubmarkethostssomeofLondon’smostdynamicretailprovisionaswellassomeofthecity’smostrecognisedoccupiersincludingRedbull,Twitter,GoogleandNBCUniversal.ItalsoprovidessomeofLondon’stoptouristattractionsincludingtheRoyalOperaHouse,TrafalgarSquareandCoventGardenPiazza.
ThebuildingisprominentlysituatedonShaftesburyAvenueclosetoitsjunctionwithNewOxfordStreetandbenefittingfromreturnfrontageontoGrapeStreet.SovereignHouseisstrategicallyplacedwithincloseproximitytomultipletransporthubsincludingHolbornUndergroundStationandTottenhamCourtRoadUndergroundStation,wherethenewElizabethLinewillopenlaterintheyear.
Coventry St
reet
Drury Lane
Bloom
sbury
Way
Charing C
ross Road
Charing C
ross Road
Endell Street
Pall M
all
Chand
os Pla
ce
Hill S
treet
Charl
es St
reet
Berkeley Street
Curzon Street
Kingsw
ay
High Holborn
Jermy
n Stree
t
Picca
dilly
Regent Street
Duke Street
Cockspur Street Northumberland Avenue
Waterloo Bridge
Ald
wyc
h Stran
d
Grea
t Que
en S
treet
Wild Street
Russ
el S
treet
Frith Street
Greek Street
Rathbone Place
Charlotte Street
Cleveland Street
Gower Street
Bloomsbury Street
Store
Stree
t
Percy
Stree
t
New
man Street
Berners Street
Wells Street
Eastcastle
Street
Shafte
sbury A
ven
ue
Haym
arket
Great M
arlborou
gh Stree
t
Dean Street
Whitcom
b Street
Great Portland Street
Cond
uit S
treet
Piccad
illy
Henrietta
Place
Wigmore S
treet
Brook Stre
et
Albany S
treet
Outer Circle Warren
Street
New Cave
ndish Stre
et
Bruto
n Stre
et
New Bond Street
The M
all
Strand
Stran
d
Long
Acre
Harley Street
Outer Circ
le
Devonshir
e Street
Fitzroy Street
Ham
pstead Road
Wigmore S
treet
Harley Street
Devonshir
e St. Ros
eber
y Av
enue
Hunter Street
Bedfored Way
Coram St
reet
Marchm
ont Street
Grays Inn R
oad
Bernard S
treet
Guildfor
d Street
Great O
rmond
Street
Bedford R
ow
Doughy Street
Kings M
ews
Jockey’s FieldsG
rays Inn Road
John Street
SevenDials
Euston R
oad
Euston
Road
Euston Road
Marylebon
e Road
Marylebon
e Road
Great Titchfield Street
Great Ru
ssell Stre
et
Wardour Street
Brew
er Str
eet
Mortim
er Str
eet
Good
ge St
reet
Chandos Street
NationalGallery
TrafalgarSquare
BedfordSquare
RussellSquare
SohoSquare
HanoverSquare
BerkeleySquare
GoldenSquare
CavendishSquare
BritishMuseum
CentralSaint Giles
FitzroySquare
Regent S
treet
Portland Place
Oxford Street
New Oxford S
treet
Oxford Street
LeicesterSquare
RegentsPark Tottenham
Court Road
Tottenham Court Road
TOTTENHAMCOURT ROAD
PICCADILLYCIRCUS
GOODGESTREET
LEICESTERSQUARE
COVENTGARDEN
CHARINGCROSS
OXFORDCIRCUS
HOLBORN
TOTTENHAMCOURT ROAD
PICCADILLYCIRCUS
GREENPARK
GOODGESTREET
LEICESTERSQUARE
COVENTGARDEN
EMBANKMENT
CHARINGCROSS
OXFORDCIRCUS
HOLBORN
RUSSELLSQUARE
7 mins
SOVEREIGNHOUSEL O N D O N W C 2
7 mins
4 mins
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COMMUNICATIONS
SovereignHouseisstrategicallypositionedtobenefitfrommultipletransportlinksallwithineasywalkingdistance.TheseincludeTottenhamCourtRoad,Holborn,CoventGardenandOxfordCircuswhichallprovideundergroundservices,andtheareaisalsoservicedbymultiplebusroutes.
ELIZABETH LINE
SovereignHouseislocated200mfromTottenhamCourtRoadStation,whichwillhavetheElizabethLineopeningtowardstheendof2018.
TheElizabethLineisthemostsignificanttransportinfrastructureprogrammeforCentralLondon,estimatedtocarry200millionpassengersperyear.TheElizabethLinenetworkwillincreaseLondon’sexistingundergroundcapacityby10%andprovideupto24trainsperhourduringpeaktimesfromMaidenheadandHeathrowinthewesttoShenfieldandAbbeyWoodintheeast,viaFarringdonandMoorgateintheCity.
TottenhamCourtRoadStationhashada£1billionrefurbishmentbyTfLwhichwillincreasepassengercapacitybyover30%withtheopeningofthestationexpectedtobeDecember2018.
TottenhamCourtRoadwillbetheonlystationtohaveboththeElizabethLineandtheproposedCrossrailIIlineintersecting.
Reading
Twyford
Maidenhead
Brentwood
Harold Wood
Taplow Romford
Burnham
Slough
Langley
West Hayes & Drayton
Ealing
Bond Street
LiverpoolStreet
CourtTottenham
Road Farringdon Whitechapel Forest Gate
Chadwell
Goodmayes
Seven Kings
Ilford Iver Southall West
Acton
Main Line
Park
Wharf
Custom House for ExCeL
Terminal
Harlington
Ealing
Hanwell Broadway Paddington
Canary
Woolwich
Abbey Wood
Maryland
Stratford
Manor
Heath
Gidea Park
Shenfield
4
Terminals 2,3Heathrow
Heathrow
Tottenham Court Road London Underground / Crossrail scheme designed by Stanton Williams Architects
ROUTE MAP
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Shaftesbury Avenue closed at
High Holborn.
Proposed taxi rankrelocated from
outside theShaftesbury Theatre
Remove two pay anddisplay parking spaces
Make High Holborntwo-way between
Drury Lane and Shaftesbury Avenue
Loading bay
Make Shaftesbury Avenue for all
traffic two-Way.
NOT TO SCALE
NMU
SEU
M STR
EE
T
MU
SEU
M STR
EE
T
CO
PTIC
STRE
ET
HIGH HOLB
ORN
DR
UR
Y
LAN
E
WE
ST CE
NTR
AL STR
EE
T
GR
AP
E STR
EE
T
BLO
OM
SBU
RY
STRE
ETNEW OXFORD STREET
BUCKNALL STR
EET
DY
OTT STR
EE
T
SHAF
TESB
URY
AVEN
UE
SHAF
TESB
URY
AVEN
UE
EN
DE
LL S
TRE
ET
OASIS SPORTSCENTRE
PUB
PUB
SHAFTESBURYTHEATRE
CENTRAL ST GILESDEVELOPMENT
PUB
DIP BAY
BLOOMSBURYCENTRAL BAPTIST CHURCH
Direct pedestrian crossings with cycle access.
Make Endell Streettwo-way for cycling
New cycle crossing at Coptic Street
Stepped cycle track
Improved cycle accessto and from
Endell Street.
Stepped cycle track
New trees
Existing trees
Pavements laid with granite
Princes Circus proposals: Key
Change proposed in response to consultation
Shaftesbury Avenueclosed off
New Oxford Street
Loading bay8:30am - 6:30pm
Monday - Saturday
Public space with new seats and planting.
Princes Circus ProposalsNew public space with trees and seats
THE WEST END PROJECT
InlinewiththeopeningoftheElizabethLinelaterthisyearCamdenCouncilisundertakinganinfrastructureimprovementprojectcalledtheWestEndProject.
TheWestEndProject(WEP)isthelargestpublicrealmprojecttheCouncilhaseverundertaken,investing£35mtoimprovetheTottenhamCourtRoadarea.Muchofthismoneyisexternallyfunded.WorksonthisprojectcommencedinMarchthisyearandwillfocusonimprovingtheroadnetworkandexpandingpedestrianwalkways.
Part of the West End Project will be upgrading the traffic flow surrounding Sovereign House and the Princes Circus area. This will include closing off Shaftesbury Avenue from New Oxford Street, and pedestrianising the road directly outside the retail units.
Details of this can be found by following the link below;
SOVEREIGNHOUSEL O N D O N W C 2
SOURCE
https://consultations.wearecamden.org/culture-environment/wep/results/appendix-f--vi--princes-circus-proposals.pdf
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https://www.camden.gov.uk/ccm/navigation/transport-and-streets/transport-strategies-and-plans/west-end-project/;jsessionid=DE2A7E4F70D90236F45570099C5023F9https://www.camden.gov.uk/ccm/navigation/transport-and-streets/transport-strategies-and-plans/west-end-project/;jsessionid=DE2A7E4F70D90236F45570099C5023F9
-
Coventry St
reet
Drury Lane
Bloom
sbury
Way
Charing C
ross Road
Ch
Endell Street
Sackville Street
Pall M
all
Chand
os Pla
ce
Hill S
treet
Charl
es St
reet
Berkeley Street
Curzon Street
Kingsw
ay
High Holborn
Jermy
n Stree
t
Picca
dilly
Regent Street
Duke Street
Cockspur Street Northumberland Avenue
Lancaster Place
Waterloo Bridge
Ald
wyc
h Stran
d
Whitehall
Horse Guards R
oad
Grea
t
Wild Street
Russ
el S
treet
Frith Street
Greek Street
Rathbone Place
Charlotte Street
Cleveland Street
Gower Street
Bloomsbury Street
Store
Stree
t
Percy
Stree
t
New
man Street
Berners Street
Wells Street
Eastcastle
Street
Shafte
sbury A
ven
ue
Haym
arket
Great M
arlborou
gh Stree
t
Dean Street
Great Portland Street
Cond
uit S
treet
Piccad
illy
Henrietta
Place
Wigmore S
treet
Brook Stre
et
Albany S
treet
Outer Circle
Out
er C
ircle
Warren
Street
New Cave
ndish Stre
et
Bruto
n Stre
et
New Bond Street
Vict
oria
Emba
nk
ment
John
Adam
Stree
t
Savoy Street
Villiers Street
The M
all
The M
all
Strand
Stran
d
Long
Acre
Harley Street
Outer Circ
le
Devonshir
e Street
Fitzroy Street
Ham
pstead Road
Wigmore S
treet
Harley Street
Devonshir
e St.
Par
limen
t Str
eet
Shepherd St
reet
Queens W
alk
Rose
bery
Ave
nue
Hunter Street
Bedfored Way
Coram St
reet
Marchm
ont Street
Grays Inn R
oad
Bernard S
treet
Guildfor
d Street
Great O
rmond
Street
Bedford R
ow
Doughy Street
Kings M
ews
Jockey’s FieldsG
rays Inn Road
John Street
SevenDials
Euston R
oad
Euston
Road
Euston Road
Marylebon
e Road
Marylebon
e Road
Longford St.
Great Titchfield Street
Great Ru
ssell Stre
et
Wardour Street
Brew
er Str
eet
Albemarle Street
Dover Street
Mortim
er Str
eet
Good
ge St
reet
Chandos Street
NationalGallery
TrafalgarSquare
BedfordSquare
RussellSquare
SohoSquare
HanoverSquare
BerkeleySquare
GoldenSquare
St James’sSquare
CavendishSquare
BritishMuseum
CentralSaint Giles
FitzroySquare
GordonSquare
TavistockSquare
Regent S
treet
Portland Place
Oxford Street
New Oxford S
treet
Oxford Street
LeicesterSquare
RegentsPark
Great PortlandStreet
WarrenStreet
Tottenham Court Road
Tottenham Court Road
TOTTENHAMCOURT ROAD
PICCADILLYCIRCUS
GREENPARK
GOODGESTREET
LEICESTERSQUARE
COVENTGARDEN
EMBANKMENT
CHARINGCROSS
OXFORDCIRCUS
HOLBORN
RUSSELLSQUARE
LOCAL DEVELOPMENTS
The Post Building, Museum StreetBrocktonCapital/OxfordProperties300,000sqftofofficesandretailCompletionQ42018
Castlewood House, New Oxford StreetRoyalLondonAssetManagementPlanningfora230,000sqftofficedevelopmentplusaffordablehousing.Potentialdelivery2021/2022
St Giles CircusConsolidatedDevelopments200,000sqft,comprisinganartgallery,musicauditoriumandoffice,residentialandhotelaccommodation.CompletionQ42018
Centre PointAlmacantar82luxuryresidentialapartments41,780sqftofretailandnewpublicsquareCompletionQ42018
1 Oxford StreetDerwentLondon275,000sqftofficeandretailplusa350seattheatre.Completion2020/2021
73–89 Oxford Street and 1 Dean StreetGreatPortlandEstates-nowownedbyNBIM90,000sqftofficeandretail.PotentialDelivery2020
76 Oxford StreetGreatPortlandEstates55,000sqftofofficesandretailconsentedCompletionexpected2020
Crossrail Tottenham Court Road WesternTicketHallCrossrail71,000sqftofresidentialand10,000sqftofretailPotentialdelivery2020
127-143 Oxford StreetFreshwater85,000sqftofofficesandretailPotentialdelivery2020
Ilona Rose House, Charing Cross RoadSohoEstates300,000sqftmixedusedevelopmentincludingoffices,retail,restaurants,residentialandpublicrealmPotentialDeliveryQ12020
1
4
8
3
2
1
5
69
10
6
2 7
73 8
4 9
5 10
The new Elizabeth Line is acting as a catalyst for significant transformation in the surrounding area.
SOVEREIGNHOUSEL O N D O N W C 2
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50 metres
Copyright and confidentiality Experian, 2017. © Crown copyright and databaserights 2017. OS 100019885
PRET A
MANGER
GODIVA
VAPIANO
BLACK
SHEEP
RHUBAR
DIN TAI
FUNG
SUSHI
SAMBA
CASTLEWO
OD
HOUSE
WHICH
WHICH
FUSHAN
JAPANESE
GOAD PLAN
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DESCRIPTION
SovereignHouseisanattractiveperiodbuildingona0.21acreislandsite.Thepropertytotals23,007sqftandprovides17,254sqftofofficeaccommodationarrangedoverbasement,groundandfiveupperfloors,sevengroundfloorretailunitsandabasementbartotalling5,638sqft.Thereisafurther115sqftofstorage.ThePropertyalsoincludes13residentialflatsinKingEdwardMansionsaccessedfromGrapeStreetthathavebeensoldoffonasinglelongleaseholdexpiringDecember2076.
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OFFICE ACCOMMODATION
SovereignHousecomprises17,254sqftofofficeaccommodationarrangedoverbasement,groundandfiveupperfloors.ThemajorityoftheofficesareaccessedviaareceptiononShaftesburyAvenue,howevertherearealsotwoself-containedgroundandmezzaninelevelunitsaccessedfromtheGrapeStreetfrontage.TheofficesprovideuniquespacewhichisideallysuitedtoCoventGardenTMToccupiers.Thereisafurther115sqftofstoragewhichisnotlet,butisusedasacleaner’scupboard.
S H A
F T E S B U R Y A
V E N U
E
G R A P E S T R E E T
S H A
F T E S B U R Y A
V E N U
E
G R A P E S T R E E T
2 4
RETAIL ACCOMMODATION
Thepropertyincludesthreesingleretailunits,twodoublefrontageretailunitsandalowergroundfloorbar.
RESIDENTIAL
KingEdwardMansionscomprise13residentialflatsarrangedoverfivefloorsaccessedviaacommunalstaircasefromGrapeStreet.
The1stfloorcontainsfourflats.UnitsA,B,andCare1-bedandUnitDis2-bed.
The2nd,3rdand5thfloorscontaintwoflats.UnitAis4-bedandUnitBis3-bed.
The4thfloorcontainsthreeflats.UnitAis3-bed,andUnitsBandCare1-bed.
Tenant Mezzanine28.2 sq m304 sq ft
Stairs
Toilets
Tenant Mezzanine11.9 sq m128 sq ft
G R A P E S T R E E T
Stairs
Pipe
Stairs
Toilets
Stairs
G R A P E S T R E E T
Stairs
Stairs
G LG
MID FLOOR
GROUND FLOOR LOWER GROUND FLOOR
UPPER FLOOR
FLOOR sq ft sq m
Fifth 1,822 169.3
Fourth 2,987 277.5
Third 3,028 281.3
Second 2,997 278.4
First 3,130 290.9
Ground 1,828 169.9
LowerGround 1,462 135.89
Storage 115 10.7
TOTAL 17,369 1,613.6
UNIT sq ftZone A
sq ft
210ShaftesburyAvenue
Ground 480 441
LowerGround 490
Subtotal 970
214ShaftesburyAvenue
Ground 385 314
LowerGround 267
subtotal 652
216ShaftesburyAvenue
Ground 374 297
LowerGround 222
Subtotal 596
220ShaftesburyAvenue
Ground 739 677
LowerGround 753
Subtotal 1,492
222ShaftesburyAvenue Ground 259 239
224ShaftesburyAvenue&4/6GrapeStreet
Ground 618 434
226ShaftesburyAvenue
Ground 85
LowerGround 966
Subtotal 1,051
TOTAL 5,638
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TENURE
ThepropertyisheldFreeholdundertitlenumber;61629.
PLANNING
ThepropertylieswithintheBoroughofCamden,aswellastheBloomsburyConservationArea.
ThebuildingisGradeIIlisted.
TENANCY
Thecommercialpartofthepropertyismulti-letto13tenantswithatotalpassingrentof£931,433perannumreflectinganaveragepassingrentofjust£34.74persqftontheofficesand£58.09persqftontheretail.
Thereareatotalof13residentialunits.Eightflatshavebeensublet,sixofwhichsubleaseshavebeenextendeduntil20.12.2166.Therearetwoflats(3Band4B)heldonleasesexpiringon20.12.2076whichhaveyettobeextended.
Theremaining5flatsremainheldundertheoriginalCamdenheadleaseexpiringon24.12.2076.
INCOME BREAKDOWN
(% total passing rent)
BREAKDOWN OF OFFICE INCOME
(Passing rent per sq ft)
Swimming Pool
25.4m
TCB
TCBs
D Fn
LBD Fn
TCBs
Turntable
SHAF
TESB
URY
AVEN
UE
BLOO
MSBU
RY
WEST CENTRAL
STRE
ET
COPTIC STREET
NEW
BUCKNA
LL STRE
ET
DYOTT STREET
RY STREET
OXFORD
MUSEUM
STREET
STREET
STEDHAM PLACE
Princes Circus
GRAPE STREET
WAY
ST GILES
204
3
7
41 to 4658 to 63
13
5
239
167
PH
14
Theatre
49
16b241
PH
6 to
18BaptistChurch
2 to 8
243
16
17
53 249
166
202
43
41
3
52 to 56
200
45
18
41
234
5
222
178
31
27
33
76 to 78
79
91 to 93
PH
54 to 56
235
83
6 to
22
BloomsburyCentral
10
Inst
12
44 to 50
233
9
Dudley
s Club
51
Court
38
Hotel
42
Shaftesbury
168 to 173
10
1081
65
214
PH
237
220
39
22824
219
to 2
29
36
11
34 to 3
0
232
245
11
210
Berkshire
House
2 to
5
40
47
House
174 to 177
25
1
Sove
reig
n Ho
use
16a
The Place
0m 10m 20m 30m
This plan is published for the convenience of identification only and although believed to be correct is not guaranteed and it does not form any part of any contract. © Crown Copyright. All rights reserved. Licence Number LIG0074.
Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
0.1%Residential
Office
Retail
35.3%
64.5%62%
8.50%
29.50%
£25.00-£30.00
£30.00-£35.00
£35.00-£40.00
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Tenant Use Demise Net Internal Area (sq ft) ITZALease Start
DateLease End
DateTerm
Inside / Outside the 1954 Act
Next Review Break ClauseAnnual Rent
(pa)Rent
(psf) / ITZAComments
EMGMediaandMarketingLimited Office Suite5.1,5thFloor,212ShaftesburyAvenue 1,822 03-Sep-11 02-Sep-21 10yrs Outside £50,750 £27.85AssignmentfromnamedequitypartersofOHParsons.
ToasterLtd Office Suite4.2,4thFloor,212ShaftesburyAvenue 828 15-Sep-16 14-Sep-19 3yrs Outside £30,400 £36.71
Vacant Office Suite4.1,4thFloor,212ShaftesburyAvenue 2,159 £80,963 £37.50 Vendorrentaltopupfor12months.
PJMWatts/MSBrooks/DBMatkins/DPWheeler(t/aBournerBullockCharteredAccountants)
Office Suite3.2,3rdFloor,212ShaftesburyAvenue 812 20-Jan-12 19-Jan-22 10yrs Inside £30,850 £37.98
InternationalHouseTrustLtd Office Suite3.1,3rdFloor,212ShaftesburyAvenue 2,216 06-Feb-12 05-Feb-22 10yrs Inside £81,000 £36.55AssignmentfromnamedequitypartnersofOHParsons
ToasterLtd Office Suite2.2,2ndFloor,212ShaftesburyAvenue 985 15-Sep-16 14-Sep-19 3yrs Outside £38,900 £39.49
TamocoLtd Office Suite2.1,2ndFloor,212ShaftesburyAvenue 2,012 03-Apr-18 02-Apr-21 3yrs Outside 03-Apr-20 £70,420 £35.00 RentFreeuntil03/09/2018
PJMWatts/MSBrooks/DBMatkins/DPWheeler(t/aBournerBullockCharteredAccountants)
Office Suite1,1stFloor,212ShaftesburyAvenue 3,130 20-Jan-12 19-Jan-22 10yrs Inside £112,650 £35.99
4FrontDesignLtd Office 10/18GrapeStreet
Ground 1,828
03-Feb-12 02-Feb-27 15yrs Inside 03-Feb-22 £107,500 £32.67 Unithasbeensub-lettoToasterLtdLowerGround 1,462
Sub-Total 3,290
Vacant Storage 115 £0 £0.00
Office Sub-total 17,369 £603,433 £34.74
TheLondonPrintCorporationLtd Retail 210-212ShaftesburyAvenue
Ground 480
441 29-Sep-08 28-Sep-18 10yrs Inside £35,000 £57.14LowerGround 490
Sub-Total 970
EatFreshEnterprisesLtd(t/aSubway)
Retail 214ShaftesburyAvenue
Ground 385
314 14-Oct-17 13-Oct-27 10yrs Inside 14-Oct-2225-Mar-2014-Oct-22
£44,500 £126.31
Thesedetailsshownewleasewhichisclosetocompletion.Rentsyears1+2tobe£44,500pa[Vendortopupavailable].Tenantcurrentlyholdingoveratpassingrentof£28,000pa
LowerGround 267
Sub-Total 652
PrimeGelatoLtd Retail 216ShaftesburyAvenue
Ground 374
297 05-Jul-17 04-Jul-27 10yrs Outside 05-Jul-22 £50,000 £156.64LowerGround 222
Sub-Total 596
FaustoBirri&SandraBirri(t/aSilvia’sSandwiches)
Retail 218-220ShaftesburyAvenue
Ground 739
677 22-Jun-11 21-Jun-21 10yrs Inside £72,000 £84.11LowerGround 753
Sub-Total 1,492
GelateriaDanieliLtd(t/aCoffeeTree)
Retail 222ShaftesburyAvenue Ground 259 239 16-Mar-12 15-Mar-22 10yrs Outside £29,500 £129.60Tenanthasrequesteda5yearextensionwhichisbeingnegotiated.
GustoHairLimited Retail 224ShaftesburyAvenue&4/6GrapeStreet Ground 618 434 19-Dec-16 18-Dec-26 10yrs Outside 19-Dec-21 £55,000 £133.06
TheLondonCocktailClubLtd Bar BasementUnit,226ShaftesburyAvenue
Ground 85
18-Nov-11 17-Nov-26 15yrs Inside 18-Nov-21 £41,000 £39.01LowerGround 966
Sub-Total 1,051
RetailSub-total 5,638 £327,000 £58.00
LondonBoroughofCamden Residential KingEdwardMansions,8GrapeStreet 25-Dec-77 24-Dec-76 99yrs 25-Dec-27 £1,000 - GroundRentdoublesevery25years.
TOTAL 23,007 £931,433 £40.44
TENANCY SCHEDULE
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OCCUPIER MARKET
SovereignHouseislocatedintheheartofCentralLondonunder200mawayfromTottenhamCourtRoadStation,withtheElizabethLineopeninginDecember2018.ItisalsostrategicallyplacedatthecentreoffouroftheWestEnd’skeysubmarkets–Soho,Bloomsbury,CoventGardenandFitzrovia.ThesesubmarketshaveaccountedforthevastmajorityofleasingactivitywithinCentralLondonin2017&2018.
Highlightsinclude;
In2017theWestEndsawoneofthehighestlevelsoftake-uponrecordat4.4millionsqft(33%higherthan10yearaverageof3.3millionsqft).
VerylowsupplypipelineandaGradeAvacancyrateofjust2.9%acrossSoho,CoventGarden,FitzroviaandBloomsbury,(withtheWestEndoverallvacancyrateof4.4%).
OCCUPATIONAL EVIDENCE
Date Address Size (sq ft) Tenant Rent (psf)
Q22018 9Kingsway,WC2-5thFloor 3,800 U/O-Intermusical £50.00
Q22018 SovereignHouse,WC2-2ndfloor 2,012 Tamoco £35.00
Q12017 77Kingsway,WC2 1,855 BeaufortShipping £67.50
INVESTMENT MARKET
LondonisthesecondmostvisitedcityintheworldandhasthelargestGDPforanyEuropeancity.Ithasseenconsistentlevelsofinvestmentinthepastfewyearswith£18.1billioninvestedin2017acrossthecapital,withtheWestEndaccountingfor£6.7billion.Internationalinvestorsremainactivewithapproximately68%oftheWestEnd’stotalinvestmentcomingfromoverseasbuyersfor2017.
Yeartodateinvestmentvolumesin2018,£1.31billion,havecontinuedthistrendwithinternationalbuyersaccountingfor56%oftransactions.
Date Address Price NIYCapital Value
(psf)Tenure Purchaser
Q12018 41Kingsway,WC2 £19.50m VP £1,270 Freehold PrivateInvestor
Q42017 55DruryLane,WC2 £36.00m 4.81% £1,264 Freehold KasamarHoldings
Q4 2017 25-26 Poland Street, W1 £13.00m 3.21% £1,369 Freehold Crown Properties
Q4 2017 9 Poland Street, W1 £14.00m 3.16% £2,014 Freehold Private Investor
Q32017 41-44GreatQueenStreet,WC2 £24.90m 3.62% £1,339 Freehold Artmax
Q12017 CravenHouse,WC2 £23.00m 3.54% £1,054 Freehold PrivateInvestor
Q12017 110TottenhamCourtRoad,W1 £24.57m 4.00% £1,503 Freehold PrivateInvestor
Q42016 160-162DruryLane,WC2 £11.10m 4.66% £1,176 Freehold PrivateInvestor
SovereignHouseisprominentlysituatedwitha43mfrontagetoShaftesburyAvenue.Thelocalretailprovisioniscontinuallyimprovingwitharangeofdevelopmentscurrentlyunderwayorrecentlycompleted.CentrePointislocated150mawayfromSovereignHousewhichwillprovide44,000sqftofretailandrestaurantspaceincludingabrandnewpiazzaopeninginthesummerof2018.
Address Landlord Total retail space (sq ft) Timing Stage
CentralCross,CharingCrossRoad
Shaftesbury32,000retail13,500restaurant
Developmentcomplete
Leasing
1BedfordAvenue,TottenhamCourtRoad
Exemplar/AshbyCapitalBedfordEstates
14,000retailDevelopment
complete
LeasingundertakentoOle&Steen,CathKidson,Samsonite,Hema
ThePostOfficeBuilding,MuseumStreet
BrocktonCapital&OxfordProperties
25,000retailandrestaurant Late2018 Construction
1OxfordStreet DerwentLondon 40,000retailand350seattheatre Late2020 Construction
IonaRoseHouse,113-119CharingCrossRoad
SohoEstates49,400retail,12,160restaurantalongwithnightclubandartgalleryfacility
Late2020 Construction
CentralStGilesCircusConsolidatedDevelopments
Digitalmarketing,Galleryandflagshipspace Late2020 Planningapproved
RETAIL OCCUPATIONAL EVIDENCE
Date Address Size (sq ft) Tenant Rent (ITZA)
Q32017 SovereignHouse,WC2 596 PrimeGelatoLtd £157
Q42016 SovereignHouse,WC2 618 GustoHair £133
OFFICE MARKET OVERVIEW RETAIL MARKET OVERVIEW
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FURTHER INFORMATION
TENURE
Freehold.
VAT
ThepropertyiselectedforVAT.ThetransactionwillbetreatedasaTransferofaGoingConcern.
EPC
ThebuildinghasanEPCratingofD(93).
PROPOSAL
Offersareinvitedinexcessof£23,000,000 (Twenty Three Million Pounds),exclusiveofVAT,forthefreeholdinterest–SubjecttoContract.
Apurchaseatthislevelwillreflectanet initial yield of 3.80%andacapital value of £999 per sq ft(assumingpurchaser’scostsof6.80%).
OpportunitytoacquirethesharesintheholdingSPV.Detailsuponrequest.
CONTACT
Forfurtherinformationandtoarrangeaninspectionpleasecontact;
Francesca Spiller
+44(0)2070875569
Oscar Matthews
+44(0)2070875907
Jones Lang LaSalle 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 Jones Lang LaSalle has any authority to make or give any representation or warranty whatever in relation to this property. June 2018. Design by Tayler Reid.
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