SIX
ST. JAMES’S SQUARE LONDON
6 ST. JAMES’S SQUARE
2
SIX
ST. JAMES’S SQUARE LONDON
Extremely rare opportunity to acquire one of the finest freehold office buildings in the heart of St. James’s.
SIX ST. JAMES’S SQUARE
INVESTMENT HIGHLIGHTS Six St. James’s Square offers an exceptional investment opportunity with the following key characteristics: • Rare trophy freehold St. James’s property. • Prominent position on St. James’s Square, arguably the most prestigious location in London. • Striking, brand new, highly-specified Grade A headquarters office building comprising 121,795 sq ft (11,315 sq m) of
accommodation over lower ground, ground and six upper floors with six secure car parking spaces.
• Approximately 70% will be let to Rio Tinto London Limited, guaranteed by Rio Tinto European Holdings Limited, as Rio
Tinto’s global headquarters on a new 15 year lease. The rent will be subject to five yearly compound CPI increases, with a floor
and cap of 1% and 3% per annum respectively.
• The remaining accommodation will be vacant but offered subject to a rent, rates and service charge top-up, providing an
investor with a superb opportunity to drive the performance of the investment and capture strong forecast rental growth.
• Total income of £10,717,035 pax, reflecting £87.99 per sq ft overall, assuming a vendor top-up on the vacant accommodation. • Offers are invited, subject to contract and exclusive of VAT.
Prominent position on St. James’s Square, arguably the most prestigious location in London.
3
REGENT STREET
PICCADILLY LEICESTER CIRCUS SQUARE
COVENT GARDEN
THE CITY
SIX
ST. JAMES’S SQUARE
CHARING TRAFALGAR CROSS STATION SQUARE
HORSE GUARDS PARADE
THE MALL
ST. JAMES’S PARK
HOUSES OF PARLIAMENT
Six St. James’s Square is located in the heart of London’s West End, in the exclusive St. James’s district.
SIX ST. JAMES’S SQUARE
LOCATION Six St. James’s Square, one of the most prestigious addresses in London, is located in the heart of the exclusive and historic St. James’s district, in London’s West End. St. James’s was first developed in the 1660s by Henry Jermyn, 1st Earl of St. Albans after he was granted a freehold by King Charles II to build on the area. Jermyn’s design transformed St. James’s from what was originally parkland into a grand residential neighbourhood with a grid system of streets centred around St. James’s Square. The area is internationally recognised as one of London’s premier office destinations and is regarded as the West End’s most esteemed and strategic business location. It is also synonymous with luxury retailing and highly sought after residential addresses. The immediate vicinity provides some of the capital’s key headquarters buildings and has attracted high calibre tenants including BP plc, Chatham House, The Economist Group, HSBC and McKinsey & Company. This location appeals to occupiers due to the quality and exclusivity of the location and its immediate access to some of the finest amenities in London. Six St. James’s Square is situated only moments away from Jermyn Street and Piccadilly, and within easy walking distance of the world-renowned retailing of Bond Street and Regent Street. Jermyn Street holds a worldwide reputation for high quality British artistry and craftsmanship while Piccadilly and Regent Street offer
an extensive mix of well-known high street names and international brands. World famous retail brands in close proximity include Fortnum & Mason, Beretta, Berry Bros & Rudd and Turnbull & Asser. A number of hotels, including The Ritz and Dukes, as well as restaurants such as The Avenue, Le Caprice and The Wolseley are situated nearby. The area also has a long standing history as the home to many of London’s famous and exclusive private members clubs including White’s, The Royal Automobile Club, Oxford & Cambridge Club, The East India Club and The In & Out Club. St. James’s boasts proximity to a number of London’s top tourist attractions including Buckingham Palace, St. James’s Palace, The National Gallery, Houses of Parliament and the Royal Academy. The Crown Estate has extensive freehold ownership in St. James’s managing a 4 million square foot portfolio which comprises nearly 50% of the buildings in the area and is valued at in excess of £1 billion. St. James’s is currently the focus of a major ten year £500 million investment programme by The Crown Estate. Their aim is to further enhance and refine the area while maintaining its unique and distinct nature. This strategy includes an enhancement and re-profiling of the retail offering; strategic portfolio management; and repositioning and improving the buildings in the area toward high-end business users. The investment will also build on the area’s residential character and improve the public realm by redressing the balance between pedestrians and motorists.
Right: St. James's Square 6
SIX ST. JAMES’S SQUARE
00
SIX ST. JAMES’S SQUARE
SITUATION & COMMUNICATIONS Six St. James’s Square commands a highly prominent position in the north-eastern corner of the square with frontages onto both St. James’s Square and Babmaes Street.
St. Pancras International station, which operates the Eurostar service to continental Europe, is only a short journey away.
The Property benefits from excellent transport links with Piccadilly Circus (Piccadilly and Bakerloo lines), Charing Cross (Northern and Bakerloo Lines) and Green Park (Victoria, Piccadilly and Jubilee lines) Underground stations all within close proximity. These stations provide fast and direct access to all of London’s mainline railway stations including Paddington, King’s Cross, Euston, Waterloo and Victoria. Heathrow Airport is only 40 minutes away via the Heathrow Express from Paddington while direct access to Gatwick Airport is provided via an express link from Victoria Station.
Piccadilly Circus is the fourth busiest station on the London Underground network, with an average annual footfall of 42 million people. There are 16 bus routes which serve the St. James’s area along Regent Street and Piccadilly.
The Property benefits from excellent transport links with Piccadilly Circus, Charing Cross and Green Park all within close proximity.
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ST JAMES’S PA R K
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L L H A T E H I
RESTAURANTS
1.
Alliance Bernstein
25. Bentley’s Oyster Bar & Grill
2.
Axa Private Equity
26. Brasserie Roux
3. Blackstone
27. Green’s
4. BP
28. Nobu
5. Decura
29. Quaglino’s
6.
HSBC Private Bank
30. Rowley’s
7.
Jo Hambro
31. The Wolseley
8.
Kohlberg Kravis Roberts & Co
32. Wiltons
9.
Lazard & Co
10. McKinsey & Co
PRIVATE CLUBS
11. Norges Bank
33. The Athenaeum
12. Permal Investment Management
34. Boodle’s
13. Rathbones
35. Institute of Directors
14. The Carlyle Group
36. The In & Out
15. The Economist Group
37. Reform Club
16. Tristan Capital Partners
38. The Carlton Club
17. Westbrook Partners
39. The East India Club
E
HOTELS
41. The Travellers Club
18. Brown’s
42. White’s
19. Dukes
CHARING CROSS
N
OFFICES
40. The Royal Automobile Club E
EMBANKMENT
49
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RETAIL
21. The Cavendish
43. De Beers
22. The May Fair
44. Fortnum & Mason
23. The Ritz
45. Hatchards
24. The Stafford
46. Turnbull & Asser THEATRE & ARTS
E M B A N K M E N T
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47. BAFTA 48. Her Majesty’s Theatre 49. Institute of Contemporary Arts 50. Royal Academy
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11
SIX ST. JAMES’S SQUARE
THE PROPERTY Six St. James’s Square is a brand new development comprising a prominent, highly-specified office building. As the global headquarters of Rio Tinto the building reflects Rio Tinto’s position as a global leader in the mining and metals sector and a company committed to innovation and sustainable development. The new building, designed by Dixon Jones and GMW and developed by Exemplar, was completed in March 2014.
The main entrance on St. James’s Square leads through to the dramatic four metre high reception area with a feature space for large format artwork. This provides access to all floors via three passenger lifts. The Babmaes Street entrance, decorated with a cast solid aluminium and silicon bronze ‘espalier’ arrangement by the artist Jonathan Clarke, leads to a reception area that provides access to all floors via three further passenger lifts.
Rio Tinto first had an interest in Six St. James’s Square in 1960 when the Consolidated Zinc Corporation Limited (later known as RTZ Australian Holdings Limited) took a long lease of the newly constructed office building. It has served as Rio Tinto’s global headquarters for the majority of the time since, until 2007 when the decision was made to redesign and redevelop the property.
The open plan floorplates offer an efficient working environment designed for today’s modern business needs. They benefit from excellent natural light and multiple terraces and enable flexibility for a single occupier, floor-by-floor occupation or further sub-division into part floors if required.
Behind the Property’s classically styled Portland Stone façade to St. James’s Square, the highly-specified modern office accommodation is arranged over lower ground, ground and six upper floors around a substantial central garden courtyard. The Babmaes Street frontage comprises a striking and graceful full height glass curtain wall, providing a strong visual identity. The building benefits from two impressive receptions and high quality finishes have been applied to all elements of the building.
Six St. James’s Square has been designed to meet key sustainability targets and has a BREEAM rating of excellent. The Property is ‘slated’ for LEED and is expected to achieve a Platinum rating. Access to the bicycle racks and shower facilities is via a bespoke entrance on Babmaes Street. At the rear of the Property, on Appletree Yard, there is a service entrance. The Property benefits from six car parking spaces on ground floor level, reached via a car lift from Babmaes Street.
Right: Central garden courtyard 12
SIX ST. JAMES’S SQUARE
14
SIX ST. JAMES’S SQUARE
THE OFFICES • Four pipe fan coil air-conditioning • Fully accessible raised floors • Metal tiled suspended ceiling • 2.75m floor to ceiling height • 24 hour access and security • Male, female and disabled WCs on each floor • High quality fit out • Two striking receptions • Stunning central courtyard • Six passenger lifts • Terraces • Six car parking spaces • Bicycle storage for approximately 90 bicycles • Shower facilities
Six St. James’s Square is a brand new development comprising a prominent, highly-specified office building. CGI of St. James’s Square reception. (Source: Hassell)
15
SIX ST. JAMES’S SQUARE
00
ST. JAMES’S SQUARE 121,795 sq ft (11,315 sq m) of Grade ASIXaccommodation over lower ground, ground and six upper floors
THE PROPERTY The Property has been measured by Plowman Craven Associates in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following approximate net internal areas: Office Accommodation Net Internal Area
Floor
Description
sq m
sq ft
Sixth floor west
Offices
291.7
3,140
Sixth floor east
Offices
338.1
3,639
Fifth floor
Offices
1,183.5
12,739
Fourth floor
Offices
1,579.7
17,004
Third floor west
Offices
1,157.4
12,458
Third floor east
Offices
786.2
8,463
Third floor
Storage
1.5
16
Second floor west
Offices
1,072.4
11,543
Second floor east
Offices
785.4
8,454
First floor west
Offices
840.9
9,051
First floor east
Offices
427.9
4,606
First floor
Reception – Babmaes Street
159.2
1,714
First floor
Storage
52.9
569
Ground floor
Offices
1,276.5
13,740
Ground floor
Reception – St. James’s Square
266.9
2,873
Ground floor
Storage
12.9
139
Ground floor
Building management
10.8
116
Lower ground floor
Offices
861.6
9,274
Lower ground floor
Storage
132.7
1,428
Lower ground floor
Ancillary
34.0
366
Lower ground floor
Building management
43.0
463
11,315.2
121,795
Total
A full copy of the measured survey is available and can be assigned to a purchaser. Fifth floor offices 00
SIX ST. JAMES’S SQUARE
FLOOR PLANS Office - Rio Tinto
B A B M A E S
S T R E E T
Office - Vacant Reception Storage/Ancillary Terraces and Courtyards
S T .
J A M E S ’ S
S Q U A R E
Lower Ground
B A B M A E S
Not to scale, indicative only.
18
S T .
J A M E S ’ S
S Q U A R E
S T R E E T
Ground Floor
SIX ST. JAMES’S SQUARE
B A B M A E S
S T .
J A M E S ’ S
First Floor
S Q U A R E
B A B M A E S
S T .
J A M E S ’ S
S Q U A R E
S T R E E T
S T R E E T
Second Floor 19
SIX ST. JAMES’S SQUARE
Office - Rio Tinto Office - Vacant Reception
B A B M A E S
S T R E E T
Storage/Ancillary Terraces and Courtyards
S T .
J A M E S ’ S
Third Floor
S Q U A R E
B A B M A E S
Not to scale, indicative only.
20
S T .
J A M E S ’ S
S Q U A R E
S T R E E T
Fourth Floor
SIX ST. JAMES’S SQUARE
B A B M A E S
S T .
J A M E S ’ S
Fifth Floor
S Q U A R E
B A B M A E S
S T .
J A M E S ’ S
S Q U A R E
S T R E E T
S T R E E T
Sixth Floor 21
Sixteen Babmaes Street elevation
SIX ST. JAMES’S SQUARE
Six St James's Square, London
22
2
TENURE
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18 19
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Retail
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yn rm Je
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The Property is held freehold with the exception of the car parking on the ground floor (edged blue on the plan) which is held on a long lease for 999 years from 18th March 2014 at a peppercorn rent. There is a right of access from Babmaes Street via the car lift.
117
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34
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7 10 8 10
110
109
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The Property comprises a site area of approximately 0.271 hectares (0.67 acres).
105
1
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13
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3 10 4 10
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Retail
112
11
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Recreation Site
For indicative purposes only. Not to scale.
0m 16
24
10m
20m
33
32
Recreation Site
30m
31
St James
© UKMap Copyright The GeoInformation Group 2014 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250
Recreation Site
This plan is published for convenience of identification. Any site boundaries shown are indicative only and should be checked against Title Deeds. ES753998
SIX ST. JAMES’S SQUARE
00
SIX ST. JAMES’S SQUARE 6 5 4 3 2 180
1 G
BADMAES ENTRANCE
SQUARE ENTRANCE C O U R T YA R D
LG
TENANCY
RIO TINTO
TENANT
The remainder of the accommodation, approximately 30% of the area, is vacant. The vendor will provide a cover for rents, rates and service charge as detailed in the tenancy schedule.
The majority of the Property will be let to Rio Tinto London Limited on a new 15 year lease, on effective full repairing and insuring terms upon completion of the sale. The initial rent payable under the proposed lease will be £7,420,000. The rent will be subject to five yearly compound CPI increases, with a floor and cap of 1% and 3% per annum respectively.
The cross section below illustrates the occupation profile of the Property. The total day one income, including rental top-up, will be £10,717,035 pax (£87.99 per sq ft overall).
6
5
4
3
2 BABMAES STREET ENTRANCE
1 S T. J A M E S ’ S S Q U A R E ENTRANCE
G
LG
C O U R T YA R D
RIO TINTO
The majority of the Property will be let to Rio Tinto London Limited on a new lease.
26
VACANT
SIX ST. JAMES’S SQUARE
TENANCY SCHEDULE Description
Floor
Area (sq ft)
Offices
Sixth floor west
3,140
Offices
Fourth floor
17,004
Offices
Third floor west
12,458
Offices
Second floor west
11,543
First floor west
9,051
Offices / Reception
Ground (offices) Ground (reception)
13,740 2,873
Offices
Lower Ground
9,274
Car Parking
Ground floor car parking
Six car spaces
Offices
Tenant
Rio Tinto London Limited
Offices
Vacant
Sixth floor east
3,639
Offices
Vacant
Fifth floor
12,739
Offices
Vacant
Third floor east
8,463
Offices
Vacant
Second floor east
8,454
Offices
Vacant
First floor east
4,606
Car Park Access
Radior LLP
Lower ground floor
Plant
Lutier LLP
Roof
116,984
28
SIX ST. JAMES’S SQUARE
Rent (Per Annum Exclusive)
Rent (Per Sq Ft)
Comments
£7,420,000
£93.45
New 15 year lease from completion. Two car parking spaces sub-let to the In & Out Club. Car parking rent of £5,000 per space.
£345,705
£95.00
Rio Tinto will provide an 18 month rental guarantee and a 9 month rates and service charge top-up.
£1,210,205
£95.00
Rio Tinto will provide an 18 month rental guarantee and a 9 month rates and service charge top-up.
£719,355
£85.00
Rio Tinto will provide an 18 month rental guarantee and a 9 month rates and service charge top-up.
£676,320
£80.00
Rio Tinto will provide an 18 month rental guarantee and a 9 month rates and service charge top-up.
£345,450
£75.00
Rio Tinto will provide an 18 month rental guarantee and a 9 month rates and service charge top-up.
Peppercorn
Lease providing access to car park from 5 St. James’s Square. Let for 999 years from 18/03/2014.
Peppercorn
Solar heating plant which provides power to the residential ventilation system at 5 St. James’s Square. Let for 60 years from 18/03/2014.
£10,717,035
£91.35 overall
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SIX ST. JAMES’S SQUARE
TENANT COVENANT Rio Tinto is a leading global mining and metals company. Incorporated in 1873, Rio Tinto today employs 66,000 people in more than 40 countries across six continents. Rio Tinto’s focus is on finding, mining and processing the Earth’s mineral resources. The company’s major products - aluminium, copper, diamonds, gold, industrial minerals, iron ore, thermal and metallurgical coal and uranium - are used in numerous applications by diverse industries, including construction, communication, energy, transport and healthcare. Rio Tinto takes a long-term approach, with operations often lasting for many decades. The Group’s businesses include open pit and underground mines, mills, refineries, smelters and power stations - including a significant hydropower portfolio - as well as a number of research and service facilities. Rio Tinto also owns and operates infrastructure that takes its products to its customers, such as railways, ports and ships. Headquartered in the UK, the Rio Tinto Group comprises Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange. Rio Tinto has total assets of approximately $112,591,000,000 and recently announced a 21% increase in first half underlying earnings to $5.1 billion. (Source: Rio Tinto half year results 2014). Standard and Poors give Rio Tinto plc a long term rating of A-. Further information is available at www.riotinto.com. Rio Tinto London Limited Rio Tinto London Limited, the tenant, is a fully owned subsidiary of Rio Tinto plc. Dun & Bradstreet have allocated Rio Tinto London Limited a 5A 1 rating (‘minimum risk of business failure’). Rio Tinto European Holdings Limited The lease will be guaranteed by Rio Tinto European Holdings Limited. Dun & Bradstreet have allocated Rio Tinto European Holdings Limited a 5A 1 rating (‘minimum risk of business failure’). Further information can be provided upon application.
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SIX ST. JAMES’S SQUARE
WEST END OCCUPIER MARKET London is a leading global city and one of the most important financial cities in the world with many global financial institutions choosing London as their European headquarters location. St. James’s commands some of the highest office rents in the world, with a range of tenants attracted by the high quality office space, the prestigious addresses and the unique range of local amenities. Historically the limited supply of new Grade A office accommodation has resulted in an extremely resilient occupational market and a number of letting transactions in recently completed developments are now setting new benchmark headline rents for this cycle of up to £130.00 per sq ft. The Mayfair & St. James’s office market is characterised by diminishing supply and increasing demand with an overall vacancy rate of 3.84% and a Grade A vacancy rate of 3.06%. Overall occupier demand in Mayfair & St. James’s now stands at 4.9 million sq ft, 16% higher than the 10 year average. Of the 252,000 sq ft of space under construction and due to complete in the next 12 months, 49% is already pre-let or under offer. This imbalance between supply and demand is anticipated to continue to drive future rental growth and Cushman & Wakefield is forecasting strong rental growth, with prime rents in the core West End market predicted to be £140 per sq ft by 2018. Illustrated below are some recent lettings: Date
Address
Tenant
Floor
Area (sq ft)
Rent (per sq ft)
Jun 2014
5 Hanover Square, W1
Heritage Oil
1st
7,983
£107.50
Jun 2014
3-5 Burlington Gardens, W1
CL & Co Management Services
2nd
6,503
£97.50
Jun 2014
15 Sackville Street, W1
RAHMS Ltd
4th
6,069
£97.00
May 2014
20 Grosvenor Street, W1
KPMG
LG - 4th
36,909
£125.00
3rd & 4th
38,270
£100.00
4th
5,998
£115.00
Apr 2014
10 New Burlington Street, W1
Tudor Capital
Mar 2014
33 Davies Street, W1
Golden Tree Asset Management
Dec 2013
23 Savile Row, W1
Rokos Investment
Part 2nd
8,120
£110.00
Oct 2013
23 King Street, SW1
Temasek
5th & 6th
8,416
£130.00
Jun 2013
Devonshire House, W1
Noble Energy
Part 2nd
9,700
£120.00
The above information has been provided by third parties and is subject to verification.
The pipeline for future development over 25,000 sq ft in St. James’s is highly restricted, with 90,000 sq ft of new space due to complete by the end of the year across two schemes. Only one of these is over 50,000 sq ft, Green Property’s development at 8 St. James’s Square (63,000 sq ft). There is then a further 89,000 sq ft under construction due to complete in 2015. This lack of development is likely to place further upward pressure on rental values. Scheme
34
Area (sq ft)
Status
Expected Completion
Developer
8 St. James’s Square
63,000
Under construction
Q3 2014
Green Property
British Columbia House, 1-3 Regent Street
26,500
Under construction
Q3 2014
The Crown Estate
Haig House, 48-49 Pall Mall
39,000
Proposed
Q3 2015
Private
3 St. James’s Square
50,000
Proposed
Q4 2015
Quintain
2 St. James’s Market
68,000
Under construction
Q1 2016
The Crown Estate/Oxford Properties
1 St. James’s Market
147,000
Under construction
Q1 2016
The Crown Estate/Oxford Properties
SIX ST. JAMES’S SQUARE
West End prime headline rents
£140.00
£120.00
£100.00
per sq ft
£80.00
£60.00
£40.00
£20.00
£0.00 Q2 2014
Q1 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010
Q3 2010
Q2 2010
Q1 2010
Q4 2009
Q3 2009
Q2 2009
Q1 2009
Q4 2008
Q3 2008
Q2 2008
Q1 2008
Q4 2007
Q3 2007
Q2 2007
Q1 2007
Q4 2006
Q3 2006
Q2 2006
Q1 2006
Q4 2005
Q3 2005
Q2 2005
Q1 2005
Q4 2004
Q3 2004
Q2 2004
Q1 2004
Prime Rent
Inflation It is proposed that the Rio Tinto rent is indexed on a five yearly annually compounded basis to increase in line with the UK Consumer Price Index (CPI) between a floor and cap of 1% and 3% per annum respectively. The CPI is a UK measure of inflation based upon the rate at which the prices of a basket of about 700 goods and services rise or fall. UK CPI has shown the following performance: Period
Average Growth Per Annum
Since 1998
2.16%
Last 10 years
2.70%
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SIX ST. JAMES’S SQUARE
WEST END INVESTMENT MARKET London is one of the most traded cities globally, last year representing the largest office and cross-border investment market in the world, and in 2013 the West End investment market experienced the highest turnover on record. West End real estate continues to attract a wide range of investors, both domestic and overseas, who are looking to capitalise on a number of factors including the liquidity and transparency of the London property market, the strength of the occupational market and the wealth preservation characteristics of prime assets within the area. This demand, combined with a shortage of good quality investment stock, has maintained prime yields and reinforced London’s position as a relative safe haven. St. James’s has long been a premium location for global investors and with such large areas of Mayfair and St. James’s controlled by landed estates and investors with little appetite to trade, as well as the loss of stock to residential, there is an acute scarcity of freehold investment opportunities. This has led to further upward pressure on pricing and a rebasing of long term yields in the West End. Illustrated below are some recent investment transactions: Date
Address
Area (sq ft)
Tenure
Price
Net Initial Yield
Capital Value per sq ft
Available
Queensberry House, Old Burlington St, W1
205,073
FH
Quoting £190m
4.08%
£2,185 (excl. car park)
15 Sackville Street, W1
34,500
FH
> £80m
< 3.90%
£2,319
Under offer Sept 2014
10 Grosvenor Street, W1 (50% stake)
39,500
LLH
£54m
3.90%
£1,367
Aug 2014
440 Strand, WC2
180,480
LLH
c. £175m
4.34%
£970
Dec 2013
Devonshire House, W1
186,472
FH
£413m
3.95%
£2,215
Dec 2013
50 Pall Mall, SW1
35,145
FH
£62m
3.86%
£1,764
May 2013
48 Dover Street, W1
51,783
FH
£83.5m
4.32%
£1,613
Feb 2013
1 Grafton Street, W1
37,422
FH
£70m
4.54%
£1,871
Dec 2012
78 St. James’s Street, SW1
118,596
LLH
£177.35m
4.50%
£1,495
The above information has been provided by third parties and is subject to verification.
The West End investment market continues to attract a wide range of investors, both domestic and overseas.
Left: Entrance to Sixteen Babmaes Street 37
SIX ST. JAMES’S SQUARE
PLANNING
VAT
Six St. James’s Square is situated within the London Borough of Westminster. We understand from Westminster City Council that the Property is not listed, but lies within the St. James’s Conservation Area.
The Property has been elected for VAT and therefore VAT will be payable on the purchase price.
EPC The Property has an Energy Performance Asset Rating of B. The full EPC is available on the website.
WEBSITE A dedicated website, www.sixstjamesssquare.co.uk, provides further information on the Property. Access can be granted upon application.
Left: View from the Property onto St. James’s Square 39
SIX ST. JAMES’S SQUARE
PROPOSAL
CONTACT DETAILS
Offers are invited, subject to contract and exclusive of VAT.
For further information, or to arrange an inspection of the Property, please contact:
INVESTMENT RATIONALE
Andrew Thomas T: +44(0) 207 152 5181 E: andrew.thomas@eur.cushwake.com
• Rare St. James’s trophy freehold investment opportunity. • Brand new, highly-specified and striking Grade A headquarters office building. • 0.271 hectares (0.67 acres) site in a prominent position on St. James’s Square, arguably the most prestigious location in London. •
Approximately 70% will be let to Rio Tinto London Limited, guaranteed by Rio Tinto European Holdings Limited, on a new 15 year lease. The rent will be subject to five yearly compound CPI increases, with a floor and cap of 1% and 3% per annum respectively.
• Opportunity to drive the performance of the investment and capture strong forecast rental growth through letting the vacant office accommodation.
Sophie Willson T: +44(0) 207 152 5617 E: sophie.willson@eur.cushwake.com
Toby Croft T: +44(0) 207 152 5604 E: toby.croft@eur.cushwake.com
Abbi Grace T: +44(0) 207 152 5170 E: abbi.grace@eur.cushwake.com
Cushman & Wakefield LLP (and any joint agent appointed) on its own behalf and for vendors or lessors of this property, whose agent it is, gives notice that: (i). The particulars are produced in good faith, but are a general guide only and do not constitute any part of a contract. (ii). No person in the employment of the agent(s) has any authority to make or give any representation or warranty whatsoever in relation to this property. (iii). The property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. (iv). Nothing in these particulars should be deemed a statement that the property is in good condition, or that any services or facilities are in working order. (v). Unless otherwise stated, no investigations have been made regarding pollution, or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required. September 2014. Designed and produced by Creativeworld. 01282 858200.
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SIX ST. JAMES’S SQUARE
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