19-30 Alfred Place WC1
Prime West End Office Investment
CONTENTS 01 02 03 04 05 06 07 08 09
02
Investment Summary Location Description Accommodation Tenure & Tenancies Tenants’ Covenants The Market Proposition Contact
03
01
INVESTMENT SUMMARY – Located in core Noho/Bloomsbury, a dynamic area of change and the focus of intensive regeneration activity – Occupying a highly prominent corner position with a xxm frontage to Alfred Place a wide tree-lined avenue – Striking Richard Seifert-designed building of 72,306 sq ft over basement, ground and seven upper floors significantly refurbished in 2004, with superb natural light and views east and west from upper floors – Leased to five tenants at an average office rent of just £37.33 per sq ft overall with the most recent letting in the building (June 2010) reflecting £48 per sq ft – Held long leasehold from the City of London Corporation for an unexpired term of 117 years at a gearing of 10% of rents receivable – Plentiful opportunities to significantly increase the rental tone with the 4th to 7th floors representing 51% of the office area, leased at rents in the low to mid £30’s per sq ft and all with lease expiries in April 2014 – Current vacancy rates for Noho and Bloomsbury less than 2% – Significant asset management potential exists through lease renewals, new lettings, extension & conversion of the 7th floor & storage plant area and part change of use of the ground floor subject to planning – Under utilised 34 space basement car park – Gross passing rent of £2,768,848 – Net passing rent of £2,491,963 – Offers are sought in excess of £44 million (Forty-four Million Pounds) reflecting a net initial yield of 5.35%, a reversionary yield of 6.66% and a capital value of £609 per sq ft. A sale of the corporate vehicle in which the property is held will also be considered.
04 I Investment Summary
05
02
location Located in a core West End location, a short distance from Tottenham Court Road, St Giles Circus and Oxford Street, Alfred Place is part of the popular Noho and Bloomsbury office market. The immediate area is a highly desirable location for office occupiers and is complimented by its international reputation for its wealth of restaurants, bars and clubs, making it an amenity rich environment.
06 I Location
07
The location’s desirability to office occupiers is enhanced by the high quality retail and restaurant provision on nearby Tottenham Court Road, Charlotte Street and Oxford Street.
07 10 03 06 01 02
Central St Giles
03
Centre Point
13
04
British Museum
02 11
19 08
04
Tottenham Court Road Crossrail Site
05
Bedford Square
06
Oxford Street
07
Soho Square
08
Central Cross
09
Skype
10
Crossrail Dean Street Ticket Hall
11
Sony
12
The Met Building
13
Royal Mail Sorting Office
14
Tottenham Court Road
15
Charlotte Street
09
12
18 14
05
17
0?
01
08 I Location
16
Omnicom
17
Goodge Street London Underground Station
18
60 Charlotte Street
19
Fitzroy Palace Development Site
15
16
09
Located in core Noho/Bloomsbury, a dynamic area of change and the focus of intensive regeneration activity
Euston Street Tavistock Square Warren Street Gordon Square
Location Alfred Place is located within the Bloomsbury sub-market but several years of strong rental growth in the West End and severely limited supply has blurred the traditional boundaries and now this location is more closely aligned with the Noho sub-market. In recent years, Noho has gained a reputation as a core location for offices due to its geographical location in the heart of London’s West End. The immediate area is particularly popular with TMT (technology, media and telecommunications) occupiers and has increasingly attracted major corporate occupiers including Sony, Google, Omnicom, Mindshare and NBC Universal, all of whom are located nearby. The location’s desirability to office occupiers is enhanced by the high quality retail and restaurant provision on nearby Tottenham Court Road, Charlotte Street and Oxford Street whilst the world renowned leisure facilities in Covent Garden and Soho are within close proximity.
Situation Alfred Place is a wide tree-lined avenue situated close to Tottenham Court Road, just 50 metres to the west, running between a north and south crescent of buildings. The property occupies a prominent position on the corner of Alfred Place and Chenies Street.
Local Occupiers 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
British Telecom Double Negative ARUP Dennis Publishing EDF Energy Saatchi & Saatchi Freud Communications Arcadia Group Gray & Osbourn Badoo/Cinesite Sony Omnicom GML International/ Digital UK Converse Gardiner Theobold Skype Freemantle Media 20th Century Fox GDR Creative Intelligence The Imagination Group Ltd Time Out Aminex Plc CBI Bloomsbury Publishing Google/NBC Universal/ Mindshare Media/ Young & Rubicam
Fitzroy Square 05
19
Russell Square 01
03
09 I
06
12
Goodge Street
B D 04
22 J
C
15
G
E F 07
Sanderson Hotel Jamie’s Pescatori Gaucho Grill Roka Fino/Zizzi L’Etoile Charlotte Street Hotel Heal’s Crazy Bear Chez Gerard
Bedford Square
13 H
24
K
16 21
02
17
11
A
14
Local Amenities A B C D E F G H I J K
20
Tottenham Court Road Cavendish Square
08 23
25
Soho Square
Oxford Circus 10
18
Hanover Square
10 I Location
11
Local Development Activity
The major catalyst has been the development of Crossrail
01 Fitzroy Place, W1
This area is the focus of intensive development and regeneration activity which is set to transform this part of the West End. The major catalyst has been the development of Crossrail which will enhance the connectivity of the area immensely and has prompted a frenzy of development activity. A host of well-known Tavistock domestic and international Squaresignificant financial firepower to investors have committed the area. This huge investment is unprecedented in the West End and will provide the area with a host of top quality Gordon Square retail and residential developments. commercial,
Euston Street
Warren Street
reet
Aviva & Exemplar - 3 acre mixed-use redevelopment site, 210,000 sq ft of offices, 21,000 sq ft of retail & restaurants, 237 apartments & 54 affordable homes - Under construction - 2014 completion
02 80 Charlotte Street, W1 Derwent London - 400,000 sq ft mixed-use redevelopment - Planning permission granted - 2015 completion
03 180 Wardour Street, W1 Resolution - c.100,000 sq ft mixed use redevelopment - Completion due in 2016 - Planning application submitted
The financial importance is demonstrated by the commitment of the following well-known developers and investors:
04 35-50 Rathbone Place, London, W1 (Royal Mail sorting office)
Fitzroy Square
Great Portland Estates - 2.3 acre site - 400,000 sq ft mixed-use redevelopment - Planning application not yet submitted
Russell Square
05 73/89 Oxford Street, W1 Great Portland Estates - Redevelopment to provide c. 70,000 sq ft of offices - Completion expected to be in 2016 - Planning application not yet submitted
02
Goodge Street
06 Central Cross, 18-30 Tottenham Court Road, W1
07
Derwent London - 237,000 sq ft office and retail building - 40,000 sq ft office refurbishment due to complete in Q4 2013 - Planning permission granted for extension of retail frontages
Bedford Square
01
07 31-34 Alfred Place, WC1 Wainbridge - 50-60,000 sq ft of office refurbishment/redevelopment - Planning application not yet submitted
09
06
08 Oriana, Oxford Street W1
04
Land Securities & Frogmore - 220,000 sq ft redevelopment - Under construction - Primark have taken a pre-let of 141,000 sq ft, with the intention of taking a further 40,000 sq ft
Tottenham Court Road
08
12
Regular express train services from Paddington and Victoria provide rapid access to Heathrow and Gatwick airports respectively, with regular services every 15 minutes.
Crossrail The development of Crossrail will enhance the surrounding transport infrastructure dramatically by providing a new high frequency, convenient and accessible east/west railway link for London and the South East. Crossrail will run from Maidenhead in the west to Shenfield in the east. Alfred Place is within close proximity of St Giles Circus, the location of a ÂŁ1 billion redevelopment of Tottenham Court Road which will be the biggest transport investment in the West End for decades, providing congestion relief, delivering a bigger ticket hall, additional escalators, step-free access, and interchange with Crossrail services. The new Crossrail station, due to open in 2018, will provide the following: - 24 trains per hour service at peak times in each direction - 260m length of platform tunnels - 25m platform depth - 102,000 passengers are estimated to use Crossrail station each day - 500,000 square feet of premium retail, office and residential accommodation created at the eastern end of Oxford Street and Tottenham Court Road
Exemplar & Bedford Estates - 85,000 sq ft mixed-use redevelopment - Planning application to be submitted in 2013 - Completion expected in 2016
05 10
Soho Square
Oxford Circus
Communications are excellent with London Underground services available nearby at Goodge Street (Northern Line) to the west, Tottenham Court Road (Central and Northern lines) to the south and Euston (Northern and Victoria lines) to the north which provide direct access to the City and other areas of Central London.
09 1 Bedford Avenue, WC1
11 03
Communications
10 1 Oxford Street, W1 Derwent London - Mixed-use development to include over 200,000 sq ft of offices and 37,000 sq ft of retail - Due to commence from 2016 to 2018
Crossrail Route Connections
er e
District Central
Taplow
Slough
Hayes & Harlington
Iver
Hanwell
Ealing Broadway
Jubilee Central
Bond Street
Luton Gatwick Thameslink Metropolitan Hammersmith & City Circle
Eurostar DLR Jubilee Central Hammersmith Overground & City District Stratford Overground
Farringdon Whitechapel
11 Tottenham Court Road Underground Station and Crossrail Ticket Hall Forest Gate
Maryland
Manor Park
Ilford
Goodmayes Romford Seven Kings
DLR
Maidenhead BurnhamLangleyWest
Drayton
Southall
West Ealing
Heathrow Piccadilly
Existing station Tunnel
12 I Location
New station
Golden Square Surface line
Portal (tunnel entrance and exit)
Key interchange
Custom House
Acton Paddington Tottenham Liverpool Main Line Court Road Street Northern Circle Central Bakerloo District Hammersmith & City
Circle Metropolitan Northern Central Hammersmith & City Stansted
Canary Wharf Jubilee DLR
Woolwich
Abbey Wood
Chadwell Heath
Harold Wood
Gidea Park
Shenfield
Brentwood
Transport for London - ÂŁ1 billion redevelopment including new Crossrail Station, London Underground and associated public relation works - Due to complete in 2018
12 Centrepoint, WC1 Almacantar & Frogmore - 34 storey tower purchased in 2011 - Planning consent sought for residential conversion incorporating a new public square
Tottenham Court Road London Underground Improvement Works
13
03
DESCRIPTION Whittington House is a striking self-contained office building with ground floor showroom designed by the acclaimed architect, Richard Seifert, and constructed in 1972, and significantly refurbished in 2004. Located on the east side of Alfred Place at its junction with Chenies Street and west facing, the property is arranged over basement, ground and seven upper floors, providing 72,306 sq ft (6,717.5 sq m) of accommodation. The property has large, rectangular office floorplates of c. 9,000 sq ft with excellent natural light from the front and rear and superb views looking east and west. The building is of concrete frame construction with the front elevations clad in polished black marble panels with flush double glazed aluminium windows under a flat roof. The ground level elevations have a striking angular brushed steel design which marks this out as a Richard Seifert building. The property provides Grade A specified offices with a showroom on the ground floor and a large basement car park. The offices are accessed via a large corner ground floor reception area.
14 I Description
15
SpECification The 2004 refurbishment provided the following specification: – Three 13-person passenger lifts serving ground to sixth floors and one additional goods lift serving all floors – Raised access floors throughout – Metal tiled suspended ceilings – Double glazed windows throughout – VRF fan coil air-conditioning dedicated to each floor (plant housed on the 7th floor) – Excellent floor to ceiling heights throughout - c.2.7m finish to finish – Male and female WCs on each floor – 24-hour access and security – Full DDA compliance.
16 I Specification
17
04 Accommodation The ground floor contains a substantial open plan showroom with superb internal visibility from Alfred Place and Chenies Street. The building’s plant is enclosed within a brickwork building on the 7th floor which we estimate extends to XX sq ft and has the potential subject to planning to be converted or replaced by high quality offices/ residential. The basement provides 34 secure car parking spaces accessed via a ramp on Chenies Street. Additional facilities including large secure communal bike stores and shower/changing facilities.
The property has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition) on a Net Internal basis and these areas are set out below. A copy of their report can be made available on request.
Floor
Area
Area
(sq ft)
(sq m)
7th
Office
1,139
105.8
7th
Storage
2,222
206.5
6th
Office
9,101
845.5
5th
Office
9,066
842.2
4th
Office
9,074
843.0
3rd
Office
9,076
843.2
2nd
Office
9,073
842.9
1st
Office
8,975
833.8
Ground
Retail
12,657
1,175.9
Ground
Storage
335
31.2
Ground
Ancillary
239
22.2
Ground
Reception
1,186
110.2
163
15.1
72,306
6,717.5
Basement TOTAL
18 I Accommodation
Use
Storage
Awaiting floor plans
19
05
Tenure & Tenancies Tenure
Tenancy
The property is held by way of a long lease from The Mayor and Commonalty and Citizens of the City of London with approximately 117 years unexpired subject to a gearing of 10% of the Gross Rents Receivable. The head-lease terms are summarised below and a copy of the head-lease can be made available on request:
The property is let to five tenants on effectively full repairing and insuring terms in accordance with the tenancy schedule and produces a total gross income of £2,768,848 per annum (£2,491,963 per annum net after deduction of the head rent). The upper floor office rents range from £33.78 per sq ft to £54.16 per sq ft with the most recently agreed letting being the 2nd floor leased in June 2010 at £48 per sq ft, 27 months ago.
Freeholder
The Mayor and Commonalty and Citizens of the City of London
Lease Commencement
23 December 2004
Lease Expiry
22 December 2129
Term
125 years (117 years unexpired)
Headrent Gearing
Based on 10% of Gross Rents Receivable*
Current Headrent Payable
£276,885 per annum
Minimum Annual Headrent £178,000 per annum *
20 I Tenure & Tenancies
Gross Rents Receivable are effectively 10% of the passing rents and/or 10% of the rental value of any vacant accommodation
The large ground floor unit, which is raised above ground level, of 12,657 sq ft currently has a showroom use and is let at £25.68 psf.
Demise
Tenant
Lease start date
Rent review date
Lease end date
7th Floor
3,361*
6th Floor
Jay Soneji, Howard Jones, Michael Thomas and Russell Roberts t/a Sheridan’s
5
23-Apr-04
-
22-Apr-14
£382,000
£33.43**
5th Floor
Gloucester Research Ltd
9,066
5
08-Apr-04
-
07-Apr-14
£340,820
£35.66
On assignment from De Putron Fund Management Limited
4th Floor
Gloucester Research Ltd
9,074
1
23-Apr-04
-
02-Apr-14
£310,000
£33.78
On assignment from The General Teaching Council for England
3rd Floor
Gardiner & Theobold LLP
9,076
10
25-Jun-07
-
24-Jun-17
£526,600
£54.16
Rent review outstanding TBC
2nd Floor
Gloucester Research Ltd
9,073
3
23-Jun-10
-
07-Apr-14
£446,836
£48.09
1st Floor
The Football Foundation
8,975
0
17-Aug-09 17-Aug-14 16-Aug-19
£386,538
£43.07
Tenant break option 16-Aug-13
Ground Floor
Ergonom Ltd
13,231
4
19-Sep-02 19-Sep-12 18-Sep-17
£353,750
£25.68
Rent review outstanding TBC
Basement
Gloucester Research Ltd
163
0
23-Apr-04
£1,304
£8.00
Car Parking
Gardiner & Theobold LLP
1
£3,500
£3,500
Car Parking
Gardiner & Theobold LLP
1
£3,500
£3,500
Car Parking
Jay Soneji, Howard Jones, Michael Thomas and Russell Roberts t/a Sheridan’s Jay Soneji, Howard Jones, Michael Thomas and Russell Roberts t/a Sheridan’s PEF Whittington House Current Investment SARL
1
£3,500
£3,500
1
£3,500
£3,500
2
£7,000
£3,500
34
£2,768,848
£37.49**
(Retail & ancillary) (Storage)
Car Parking
Bike Cage Total
Net Car Internal Area Spaces (sq ft)
Rent per annum
Rent per sq ft*
Comments
9,101
72,306
-
22-Apr-14
On assignment from The General Teaching Council for England
Total NIA includes 1,186 sq ft of reception
* Includes 2,222 sq ft of storage ** Rent devalued on office space with storage at £10 per sq ft and car parking at £3,500 per space.
21
06
Asset Management
Service Charge
Whittington House benefits from a number of identifiable asset management angles that can be explored by a purchaser including the following:-
The property is managed through a service charge allowing for recovery of the costs of maintenance and repair. There are indexed caps on 4 of the leases set at levels well above the 2011 and 2012 (budgeted) service charges. Effectively therefore there is currently provision for 100% recovery.
- Lease expiries on the 4th to 7th floors provide opportunities to significantly enhance the rental tone in the building through lease regears and new lettings - Engineering a block date in 2014 to carry out a comprehensive redevelopment and/or extension – the ground level floor plate extends beyond the building line of the upper floors to the rear and is significantly larger (by c.5,000 sq ft)
TENANTS’ Covenant
Rear view showing ground floor roof
- Potential to negotiate a part-surrender and change of use to offices on the ground floor and significantly increase the current passing rent of £25 per sq ft
In addition there is provision in the leases for collection of an annual sinking fund. This fund currently totals approximately £250,000 and is to be utilised for XXX. Further information on the service charge is located on the marketing web site.
- Conversion of large 7th floor plant and storage area into high quality offices with plant being relocated to under-utilised basement car parking area
Covenant Information Tenant
% of Income
Business Activities
GR Software & Research ltd (04267560)
40% 2nd, 4th & 5th Floors
G-Research was founded in August 2001 and produces quantitative investment research, software and IT systems for use in investment management. Their systems software and trade settlement services are used for trading on a global platform.
71
19% 3rd Floor
Gardiner Theobald are an independent global consultancy offering a range of services to the construction and property industry. They can be traced back 1835 and now have almost 100 employees specialising in cost and construction management.
79
Jay Soneji, Howard 14% 6th & 7th Jones, Michael Thomas & Russell Floor Roberts t/a Sheridan’s
Sheridans is a leading media law firm founded in 1956, employing 48 lawyers. They specialise in leisure, media and entertainment in addition to their corporate finance, employment real estate and dispute resolution services.
-
The Football Foundation is the UK’s largest sports’ charity. Funded by the Premier League, The Football Association and the Government, the Foundation directs £30m every year into grass roots sport. The Foundation receives money from the very top of the professional game and also from the Department of Culture, Media and Sport through Sport England.
84
www.gresearch.co.uk
Gardiner & Theobald LLP (OC307124) www.gardiner.com
ICC Risk Financial Score* Information Date
Dec 2010
Dec 2009
Oct 2008
Turnover: Pre-tax Profit: Net Assets:
£14.7 million £-4.1 million £-5.2 million
£15.8 million £-3.8 million £-1.8 million
£16.5 million £1.7 million £0.5 million
Date
April 2011
April 2010
April 2009
Turnover: Pre-tax Profit: Net Assets:
£109.6 million £18.1 million £14.9 million
£110.6 million £19.1 million £12.0 million
£136.2 million £21.1 million £22.3 million
Date
N/A
N/A
N/A
Date
May 2011
May 2010
May 2009
Turnover: Pre-tax Profit: Net Assets:
£35.8 million £13.5 million £12.2 million
£46.9 million £5.7 million £-1.3 million
£53.4 million £-2.2 million £9.3 million
Date
Dec 2011
Dec 2010
Dec 2009
Turnover: Pre-tax Profit: Net Assets:
£19.1 million £0.7 million £1.1 million
£11.0 million £0.02 million £1.2 million
£10.3 million £-0.01 million £1.2 million
Turnover: Pre-tax Profit: Net Assets:
www.sheridans.co.uk
The Football Foundation (03876305) www. footballfoundation. org.uk
Ergonom Ltd (00963271) www.ergonom.com
14% 1st Floor
Ergonom was founded in 1969 and 13% is a market leader in office planning Ground Floor and design, contract furnishing and furniture design. Ergonom was purchased by long-term supply partner Molteni Group in 2004.
79
Source: ICC
view from the rear showing large ground floor roof and building footplate
* An ICC risk score of 70+ represents a very low risk and favourable terms can be offered to such accounts.
22 I Tenants’ Covenants
23
07
THE MARKET The West End Office Market
Noho/Fitzrovia Vacancy Rates
Rental Level & ERV
Occupier sentiment within the West End office market remains strong. As at June 2012, the overall West End vacancy stood at 4.0%, a decrease from 4.6% in the prior year. Grade A vacancy stands at 2.6%, below the 10 year average of 3.1% and is expected to remain low for 2013-14 as a result of limited speculative development.
In the Noho/Fitzrovia sub-market, the lack of supply is even more pronounced with a current vacancy rate of 1.8% and a Grade A vacancy rate of just 0.6%.
Rents in the building range from £33.43 per sq ft to £54.16 per sq ft with the most recent letting of £48 per sq ft dating from June 2010, now 27 months ago. Office rents on the upper floors average £41.19 per sq ft and £37.49 per sq ft overall including the ground floor (taking into account parking spaces at £3,500 per annum per space). These rental levels are now historic.
Just over 500,000 sq ft was let across 39 transactions during Q2 2012 whilst 1.3 million sq ft has been transacted so far in 2012. Overall demand at the end of Q2 stands at 4.5 million sq ft, 3% up on the same quarter last year.
IPD estimates West End rental growth over 2010 and 2011 was 4.8% and 7.9% indicating that rental values will now have increased significantly since the date of the last letting as shown in the graph below. The 4th to 7th floor accommodation is let at an average office rent of just £34.25 psf with expiries in April 2014. This presents opportunities in the short term to significantly enhance rental income.
The 4th to 7th floors were subject to reviews in April 2009 and therefore reflect rents at the low-point in the last cycle. The recovery from these levels is seen in the lettings of the 1st and 2nd floors at £43 per sq ft and £48 per sq ft in August 2009 and June 2010 respectively. The 3rd floor was leased in June 2007 prior to the last peak at £54.16 per sq ft.
Jones Lang LaSalle’s opinion of ERV reflects mid £50’s psf on best accommodation. This can also be justified with reference to recent IPD data as demonstrated on the graph below.
Noho/Fitzrovia Vacancy Rates 9.0%
£60.00 IPD West End Rental Growth
8.0% £55.00
3rd Floor Letting
Headline Rent per sq ft
7.0% 6.0% 5.0% 4.0% 3.0%
£50.00
2nd Floor Letting
£45.00
1st Floor Letting
£40.00 5th Floor Rent Review
2.0% £35.00 1.0%
5th Floor Rent Reviews 0.0%
£30.00 1998
1999
2000
Overall
24 I The Market
2001
2002 Grade A
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012 Q2
Dec 2006
Dec 2007
Dec 2008
Dec 2009
Dec 2010
Dec 2011
Dec 2012
Date
25
MARKET ACTIVITY Occupational Market
Investment Market
A number of recent lettings in the vicinity confirm the strength of the local market and these are highlighted below.
The West End investment market has experienced continued strong demand for high quality assets in core locations. Multi-let assets offer strong rental growth prospects and asset management opportunities. Both domestic and overseas investors have been keen to invest in this highly liquid and transparent market with lack of prime supply increasing pent-up demand for the best investment product.
Date
Address
Under Offer
20 Rathbone Place, London W1
Under Offer
Under Offer
July 2012
May 2012
27 Soho Square, London W1
Castlewood House, 85 New Oxford Street, WC1
1-5 Poland Street, W1
Medius, 2 Sheraton Street, London W1
Size (sq ft)
Tenant
Rent (£ per sq ft)
c. 5,000 5th floor
Havas
£67.50
8,265 3rd & 4th floors
28,000
TBC
22,881 Lower Ground 4th floors
TAG Group
7,433 4th floor
Badoo
£50.00
£65.00 (1st - 4th) £57.50 overall
£72.50
10 year lease
10 year lease with a break in the 5th year 10 months rent free
The most relevant comparable transactions are detailed below: Date
Property
Tenure
Gearing (%)
Area (sq ft)
Price
NIY
Capital Value (sq ft)
Purchaser
Available
Burdett House, 15-16 Buckingham Street, WC1
Freehold
N/A
28,058
£27,500,000
5.55%
£980
N/A
Sep 2012
28-34 Wigmore Street, London W1
Long Leasehold
3.5%
21,855
£16,100,000
5.15%
£737
Howard de Walden
Aug 2012
49-51 Bedford Square, London WC1
Freehold
N/A
23,477
£14,750,000
4.04%
£628
Private Investor
Feb 2012
51/53 Great Marlborough Street, London W1
Freehold
N/A
38,278
£28,980,000
4.85%
£757
Blackrock
Nov 2011
141 Wardour Street, London W1
Freehold/ Long Leasehold
N/A
33,717
£30,000,000
5.68%
£890
Roebuck (Private Indian Investor)
Sep 2011
76-88 Wardour Street, London W1
Freehold
N/A
47,913
£32,800,000
4.75% (on the restaurant accommodation)
£685
Legal & General
Sep 2011
1-4 Connaught Place, London W2
Long Leasehold
Peppercorn
30,695
£22,850,000
5.17%
£744
LaSalle Investment Management
TBC
15 year lease with a break in the 10th year 18 months rent free
10 year lease regear with a break in the 5th year 9 months rent free
March 2012
Central Cross, 1-2 Stephen Street, London W1
15,400 Lower ground & Ground floors
Brand Opus
£52.50
10 year lease 18 months rent free
December 2011
20 Rathbone Place, London W1
19,502 Lower ground to 2nd floors
Sony DADC
£55.00
10 year lease 24 months rent free (2nd) and 18 months rent free (lower floors)
May 2011
Central St Giles, London WC2
157,462 3rd to 6th floors
£65.00
10 year lease with an option to break in the 5th year
*The information shown above has been provided by third parties and its accuracy cannot be guaranteed
26 I The Market
£61.00
Lease Term
*The information shown above has been provided by third parties and its accuracy cannot be guaranteed
27
08
Proposition Planning
Corporate Structure
Whittington House is not listed and lies within the Bloomsbury Conservation Area.
The property is held in a special purpose vehicle, further details can be provided on request.
Value Added Tax
Capital Allowances
The property has been elected for VAT purposes and it is intended to treat the transaction as a transfer of a going concern (TOGC) - TBC.
Capital Allowances are available by separate negotiation.
Energy Performance Certificate
Proposal Website Further information is available at XXXX. Please contact the agents for password controlled access.
28 I Proposition
We have been instructed by our client to seek offers for the long leasehold interest in excess of £44.44 million (Forty-four Million Two Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT reflecting a net initial yield of 5.32%, assuming full purchaser’s costs of 5.80% and a capital value of £673 per sq ft. A sale of the corporate vehicle in which the property is held will also be considered.
29
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Contact For further information please contact: Simon Beckett ddi +44 (0) 20 7087 5777 e simon.beckett@eu.jll.com Chris Gore ddi +44 (0) 20 7399 5643 e christian.gore@eu.jll.com James Buckey ddi +44 (0) 20 7087 5782 e james.buckey@eu.jll.com Matthew Fellows ddi +44 (0) 20 7399 5451 e matthew.fellows@eu.jll.com
Misrepresentation Act 1967 and Declaration Jones Lang LaSalle Limited 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 purchasers should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. c. no person in the employment of Jones Lang LaSalle Limited has any authority to make or give any representation or warranty whatever in relation to these properties. Jones Lang LaSalle is not responsible for the content of external internet sites. October 2012
30 I Proposition
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