16-19 Soho Square London, W1
16-19 Soho Square London, W1 Prime Freehold Development Opportunity
INVESTMENT SUMMARY o
Freehold
o
Prime development opportunity situated on the north eastern corner of Soho Square, directly adjacent to Tottenham Court Road Crossrail station.
o
The building totals 23,182 sq ft NIA (excluding the residential element). This comprises 21,568 sq ft of office accommodation,1,614 sq ft of retail across 3 ground floor units and Kings House, a residential apartment building.
o
Wide range of opportunities to add value including conversion to alternative uses (subject to the necessary planning consents).
o
A planning application has been submitted to Westminster City Council to provide 26,431 sq ft NIA of Grade A office accommodation and 2,766 sq ft NIA of bespoke retail/gallery space.
o
Offices currently let to MWB Business Exchange Centres Ltd on a lease expiring 24th March 2016 within the 1954 Act . A Section 25 notice has been served to expire on 17th May 2016.
o
One retail unit is let to EAT Ltd on a lease expiring 1st June 2017. The other two retail units are offered with vacant possession.
o
Total gross rental income of £1,119,187 pa.
o
We are instructed to seek offers in excess of £40,000,000 (Forty Million Pounds) for the freehold interest, subject to contract. A purchase at this level reflects a capital value of £1,324 per sq ft (based on the proposed NIA of 30,219 sq ft, excluding residential element).
ACCOMMODATION SCHEDULE Floor
Use
Area NIA (sq ft)
Area NIA (sq m)
6th Floor
Plant
-
-
5th Floor
Office
3,530
327.9
4th Floor
Office
3,562
330.9
3rd Floor
Office
3,562
330.9
2nd Floor
Office
3,573
331.9
1st Floor
Office
3,541
329.0
Mezzanine Floor
Office
1,960
182.1
Ground Floor
Office
1,840
170.9
Basement
Plant/Car Parking
-
-
21,568
2003.7
18 Soho Square
Office Sub – Total 16A Soho Square – Ground
Retail
517
48.0
17 Soho Square – Ground
Retail
505
46.9
19 Soho Square – Ground/Mezzanine
Retail
592
55.0
1,614
149.9
-
-
23,182
2,153.6
Retail Sub – Total
Kings House, 16/17 Soho Square
Residential
Total Floor areas have been supplied by third party and have not been verified for accuracy.
TENANCY SCHEDULE
Use
18 Soho Square
Office
Tenant
MWB Business Exchange Centres Ltd
Area (sq ft)
21,568
16A Soho Square
Retail
EAT Ltd
517
17 Soho Square
Retail
Vacant
505
19 Soho Square
Retail
Vacant
592
Kings House, 16 /17 Soho Square
Residential
Indra Prastha Limited
Total
23,182
Rent (per annum)
£1,075,837
£43,350
Rent (per sq ft)
£49.88
£83.85
Lease Start
Lease Expiry
Comments
24/03/2016
Inside the 1954 Landlord & Tenant Act. The landlord has served a Section 25 notice to terminate, expiring on 17/05/2016. Statutory compensation will be payable by the purchaser to secure vacant possession.
02/06/2007
01/06/2017
Inside the 1954 Landlord & Tenant Act. By side letter (dated 18/04/2013) the rent has been agreed at £43,350 pa on a monthly rent concession. If the Landlord terminates the current monthly rent concession, the rent will revert to £42,500 pa.
20/11/1974
19/11/2099
02/03/2001
£1,119,187
The property is also subject to two way leaves to Colt Telecommunications and Sohonet, expiring 01/03/2016 and 24/03/2016 and a sub-station lease to the London Electricity Board expiring 14/04/2034. Floor areas have been supplied by third party and have not been verified for accuracy.
DEVELOPMENT OPPORTUNITY The expiry of MWB’s lease term in May 2016 provides a purchaser with a wide range of opportunities to add value (subject to the necessary planning consents), including; • Full refurbishment of the building to provide 26,431 sq ft NIA of Grade A office accommodation to include a trophy 6th floor and 2,766 sq ft NIA of bespoke retail/gallery accommodation; • Redevelopment of the building to provide luxury residential apartments; • Redevelopment of the building to create a bespoke hotel.
WESTMINSTER PLANNING APPLICATION In April 2015 the vendor submitted a pre-application based on a Minifie Architects designed scheme to Westminster City Council. Following feedback, the design proposal was reviewed and evolved as a result of working with a large team and the planning and conservation officers. In December 2015 the vendor submitted a planning application to Westminster City Council in respect of the property (awaiting validation).
Office reception
Typical office floor
Basement retail/gallery
Office elevation and floor plates (Soho Square)
PROPOSED SCHEDULE OF AREAS Floor
Use
Area NIA (sq ft)
Area GIA (sq ft)
Area GEA (sq ft)
6th Floor
Office
3,498
4,316
4,650
5TH Floor
Office
3,971
4,790
5,145
4th Floor
Office
3,971
4,790
5,145
3rd Floor
Office
3,971
4,790
5,145
2nd Floor
Office
3,971
4,790
5,145
1st Floor
Office
3,971
4,790
5,145
Mezzanine Floor
Office
1,485
2,260
2,475
Ground Floor
Office
1,593
3,681
3,982
Basement
Ancillary/Plant
-
5,522
5,930
26,431
39,729
42,762
A1/D1
764
861
980
A1/D1
2,002
2,002
2,164
2,766
2,863
3,144
29,197
42,592
45,906
Sub - Total 19 Soho Sq - Ground 19 Soho Sq – Basement Sub - Total Total
The areas above exclude the retail units at 16A Soho Square (517 sq ft NIA) and 17 Soho Square (505 sq ft NIA), as well as the residential accommodation at Kings House, 16/17 Soho Square. Floor areas have been supplied by third party and have not been verified for accuracy.
PROPOSED TYPICAL FLOOR
OFFICE
LIGHTWELL
For Indicative purposes only
FURTHER INFORMATION VAT The property is elected for VAT. It is envisaged that the transaction will be treated as a Transfer of a Going Concern. EPC The EPC assessment for the property is available on request. PLANNING The property is not listed but lies within the Soho Conservation Area. PROPOSAL We are instructed to seek offers in excess of £40,000,000 (Forty Million Pounds) for the freehold interest, subject to contract. A purchase at this level reflects a capital value of £1,324 per sq ft (based on the proposed NIA of 30,219 sq ft excluding the residential element).
CONTACTS Anthony Barnard [email protected] +44 207 861 1216
Louise Fuller [email protected] +44 207 861 1218
Tim Hugill [email protected] +44 207 861 1748
Niall Scott-Underdown [email protected] +44 207 861 1231
DISCLAIMER: Knight Frank LLP for themselves and for the vendors or lessor of this property for whom they act, give notice that: i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; ii) Knight Frank LLP cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; iii) rents quoted in these particulars maybe subject to VAT in addition; iv) Knight Frank LLP will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and v) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to it’s state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements. vi) no employee of Knight Frank LLP (and its subsidiaries) has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. January 2016.
INVESTMENT SUMMARY o
Freehold
o
Prime development opportunity situated on the north eastern corner of Soho Square, directly adjacent to Tottenham Court Road Crossrail station.
o
The building totals 23,182 sq ft NIA (excluding the residential element). This comprises 21,568 sq ft of office accommodation,1,614 sq ft of retail across 3 ground floor units and Kings House, a residential apartment building.
o
Wide range of opportunities to add value including conversion to alternative uses (subject to the necessary planning consents).
o
A planning application has been submitted to Westminster City Council to provide 26,431 sq ft NIA of Grade A office accommodation and 2,766 sq ft NIA of bespoke retail/gallery space.
o
Offices currently let to MWB Business Exchange Centres Ltd on a lease expiring 24th March 2016 within the 1954 Act . A Section 25 notice has been served to expire on 17th May 2016.
o
One retail unit is let to EAT Ltd on a lease expiring 1st June 2017. The other two retail units are offered with vacant possession.
o
Total gross rental income of £1,119,187 pa.
o
We are instructed to seek offers in excess of £40,000,000 (Forty Million Pounds) for the freehold interest, subject to contract. A purchase at this level reflects a capital value of £1,324 per sq ft (based on the proposed NIA of 30,219 sq ft, excluding residential element).
ACCOMMODATION SCHEDULE Floor
Use
Area NIA (sq ft)
Area NIA (sq m)
6th Floor
Plant
-
-
5th Floor
Office
3,530
327.9
4th Floor
Office
3,562
330.9
3rd Floor
Office
3,562
330.9
2nd Floor
Office
3,573
331.9
1st Floor
Office
3,541
329.0
Mezzanine Floor
Office
1,960
182.1
Ground Floor
Office
1,840
170.9
Basement
Plant/Car Parking
-
-
21,568
2003.7
18 Soho Square
Office Sub – Total 16A Soho Square – Ground
Retail
517
48.0
17 Soho Square – Ground
Retail
505
46.9
19 Soho Square – Ground/Mezzanine
Retail
592
55.0
1,614
149.9
-
-
23,182
2,153.6
Retail Sub – Total
Kings House, 16/17 Soho Square
Residential
Total Floor areas have been supplied by third party and have not been verified for accuracy.
TENANCY SCHEDULE
Use
18 Soho Square
Office
Tenant
MWB Business Exchange Centres Ltd
Area (sq ft)
21,568
16A Soho Square
Retail
EAT Ltd
517
17 Soho Square
Retail
Vacant
505
19 Soho Square
Retail
Vacant
592
Kings House, 16 /17 Soho Square
Residential
Indra Prastha Limited
Total
23,182
Rent (per annum)
£1,075,837
£43,350
Rent (per sq ft)
£49.88
£83.85
Lease Start
Lease Expiry
Comments
24/03/2016
Inside the 1954 Landlord & Tenant Act. The landlord has served a Section 25 notice to terminate, expiring on 17/05/2016. Statutory compensation will be payable by the purchaser to secure vacant possession.
02/06/2007
01/06/2017
Inside the 1954 Landlord & Tenant Act. By side letter (dated 18/04/2013) the rent has been agreed at £43,350 pa on a monthly rent concession. If the Landlord terminates the current monthly rent concession, the rent will revert to £42,500 pa.
20/11/1974
19/11/2099
02/03/2001
£1,119,187
The property is also subject to two way leaves to Colt Telecommunications and Sohonet, expiring 01/03/2016 and 24/03/2016 and a sub-station lease to the London Electricity Board expiring 14/04/2034. Floor areas have been supplied by third party and have not been verified for accuracy.
DEVELOPMENT OPPORTUNITY The expiry of MWB’s lease term in May 2016 provides a purchaser with a wide range of opportunities to add value (subject to the necessary planning consents), including; • Full refurbishment of the building to provide 26,431 sq ft NIA of Grade A office accommodation to include a trophy 6th floor and 2,766 sq ft NIA of bespoke retail/gallery accommodation; • Redevelopment of the building to provide luxury residential apartments; • Redevelopment of the building to create a bespoke hotel.
WESTMINSTER PLANNING APPLICATION In April 2015 the vendor submitted a pre-application based on a Minifie Architects designed scheme to Westminster City Council. Following feedback, the design proposal was reviewed and evolved as a result of working with a large team and the planning and conservation officers. In December 2015 the vendor submitted a planning application to Westminster City Council in respect of the property (awaiting validation).
Office reception
Typical office floor
Basement retail/gallery
Office elevation and floor plates (Soho Square)
PROPOSED SCHEDULE OF AREAS Floor
Use
Area NIA (sq ft)
Area GIA (sq ft)
Area GEA (sq ft)
6th Floor
Office
3,498
4,316
4,650
5TH Floor
Office
3,971
4,790
5,145
4th Floor
Office
3,971
4,790
5,145
3rd Floor
Office
3,971
4,790
5,145
2nd Floor
Office
3,971
4,790
5,145
1st Floor
Office
3,971
4,790
5,145
Mezzanine Floor
Office
1,485
2,260
2,475
Ground Floor
Office
1,593
3,681
3,982
Basement
Ancillary/Plant
-
5,522
5,930
26,431
39,729
42,762
A1/D1
764
861
980
A1/D1
2,002
2,002
2,164
2,766
2,863
3,144
29,197
42,592
45,906
Sub - Total 19 Soho Sq - Ground 19 Soho Sq – Basement Sub - Total Total
The areas above exclude the retail units at 16A Soho Square (517 sq ft NIA) and 17 Soho Square (505 sq ft NIA), as well as the residential accommodation at Kings House, 16/17 Soho Square. Floor areas have been supplied by third party and have not been verified for accuracy.
PROPOSED TYPICAL FLOOR
OFFICE
LIGHTWELL
For Indicative purposes only
FURTHER INFORMATION VAT The property is elected for VAT. It is envisaged that the transaction will be treated as a Transfer of a Going Concern. EPC The EPC assessment for the property is available on request. PLANNING The property is not listed but lies within the Soho Conservation Area. PROPOSAL We are instructed to seek offers in excess of £40,000,000 (Forty Million Pounds) for the freehold interest, subject to contract. A purchase at this level reflects a capital value of £1,324 per sq ft (based on the proposed NIA of 30,219 sq ft excluding the residential element).
CONTACTS Anthony Barnard [email protected] +44 207 861 1216
Louise Fuller [email protected] +44 207 861 1218
Tim Hugill [email protected] +44 207 861 1748
Niall Scott-Underdown [email protected] +44 207 861 1231
DISCLAIMER: Knight Frank LLP for themselves and for the vendors or lessor of this property for whom they act, give notice that: i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; ii) Knight Frank LLP cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy; iii) rents quoted in these particulars maybe subject to VAT in addition; iv) Knight Frank LLP will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars; and v) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to it’s state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements. vi) no employee of Knight Frank LLP (and its subsidiaries) has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. January 2016.
