hobart - Montagu Evans
HOBART SW1 PLACE London, Prime Central London office building of interest to owner occupiers & investors. www.12hobartplace.co.uk
A UNIQUE OPPORTUNITY TO ACQUIRE A PRIME LONDON OFFICE BUILDING.
EXECUTIVE SUMMARY • Rare opportunity to acquire a prime Central London office building. • Attractive period style property comprising 4,679 sq ft / 434.8 sq m (NIA) and 7,076 sq ft / 657.3 sq m (GIA) of office accommodation over lower ground, ground and four upper floors. • Let to First Belgravia Properties Limited on a full repairing and insuring lease expiring on 27th October 2022 (contracted outside of the 1954 Landlord & Tenant Act). • Vacant possession of the whole building can be obtained on 24th December 2016 subject to exercising a mutual option to break the lease. • Long leasehold interest from Grosvenor West End Properties expiring on 24th March 2133 (approximately 118 years unexpired). • Total gross current rent of £214,000 pax (reflecting a low rent of £45.74 per sq ft overall). • After the deduction of current head rent, the net rent received is £192,600 pax. • Of interest to Owner Occupiers and Investors. PROPOSAL Offers are invited for the long leasehold interest, subject to contract and exclusive of VAT.
HYDE PARK CORNER
E D G R I B S T I G H K N
KNIGHTSBRIDGE
G
R
O
S
GREEN PARK
V
E
BUCKINGHAM PALACE GARDENS
N O
R
P LA
A
C
R
U
RD
E
E
P
CE
P E
H
A
O
PA GH IN CK
E
A
T
O
N
BU
S
Q
U
A
R
L
T
P
S
E
E
E
V
V
A
IA
R
R
L RT P
AM
G
G
BA
TO R
L
L
VIC
E
HA M CHES
L BE
B
ST
REET
P
LA
R
ET
PONT
R
U
G
E
Q
TRE NE S
L
V
S
SLOA B
E
A
LOCATION
COMMUNICATIONS
12 Hobart Place occupies a mid-terrace location in the heart of Belgravia, one of London’s most exclusive addresses. Hobart Place runs between Eaton Square and Grosvenor Place. This is an established West End office location near Victoria Station with nearby occupiers including Jimmy Choo, Giorgio Armani, BlueCrest Capital International, EDF and The Telegraph Group.
Hobart Place benefits from excellent transport communications with the transport hub of Victoria located nearby. Access by public transport is excellent, via Hyde Park Corner Underground Station (Piccadilly Line) and Victoria Underground Station (Victoria, Circle and District Lines). Victoria Station is well served by mainline and commuter services to the south and south east, including the Gatwick Express with provides direct trains to Gatwick Airport every 15 minutes through the day, a journey time of 30 minutes.
The property is also surrounded by a wide selection of local amenities including luxury hotels, such as The Halkin, The Goring and The Lanesborough Hotel, as well as a range of fashionable bars and restaurants. The area also benefits from a number of large open spaces including Hyde Park, Green Park and St. James’s Park, all within short walking distance.
SITUATION The property is situated on the northern side of Hobart Place, which runs between Eaton Square (to the west), and Grosvenor Place (to the east) and to the south of Buckingham Palace Gardens. The property has direct views to the south across Grosvenor Gardens.
Regular bus services providing access across the West End are located nearby on Grosvenor Place, Hyde Park Corner and Victoria bus station.
DESCRIPTION
ACCOMMODATION
12 Hobart Place is a period property originally constructed in the 1900s and substantially refurbished in 2007. The property comprises approximately 4,679 sq ft (434.8 sq m) of office accommodation on a NIA basis or 7,076 sq ft (657.3 sq m) on a GIA basis, arranged over lower ground, ground and four upper floors. This boutique property provides well specified self-contained office space behind an attractive Portland stone and brick facade.
The property has been independently measured, in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following approximate net internal areas (NIA) and gross internal areas (GIA).
With an impressive entrance hall, imposing staircase and passenger lift, 12 Hobart Place enjoys all the benefits of a modern office building combined with carefully preserved historic character. The building provides two fully fitted kitchens and air conditioning to all office areas. The property enjoys pleasant open views to the south over Grosvenor Gardens, as well as two spacious terraces to the rear of the property, on the ground and second floors.
NIA
GIA
FLOORS
sq ft
sq m
sq ft
sq m
Fourth
701
65.1
855
79.4
Third
729
67.7
883
82.0
Second
682
63.4
884
82.1
First
920
85.5
1,372
127.5
Ground
849
78.9
1,422
132.1
Lower Ground
798
74.2
1,660
154.2
4,679
434.8
7,076
657.3
Total
FLOOR PLANS * Lightwell
Terrace
Kitchenette
Lift
WC
Office
Second Floor
WC
Lightwell
Lift Reception
Terrace
Board room
Ground Floor
WC
Lightwell
Lift
Office
* Full plans available on request.
Kitchen
Office
Lower Ground Floor
Garden store
TENURE
TENANCY
The Property is held by way of a long leasehold interest from Grosvenor West End Properties for a term of 125 years from 25th March 2008 (approximately 118 years unexpired). The head rent is based on 10% of:
Or
12 Hobart Place is let in its entirety by way of a 10 year lease from and including 28th October 2012 to First Belgravia Properties Limited. The lease expires on 27th October 2022 and is subject to mutual options to break the lease every two years, the next option occurring on 24th December 2016 exercisable upon six months’ prior written notice by either party.
Open Market Rent where there is an owner occupier, subject to five yearly review.
The current gross rent is £214,000 pax, which reflects an overall rent of £45.74 per sq ft.
The current head rent is £21,400 pax.
After the deduction of headrent, the net rent is £192,600 pax.
Rents received each year;
The lease is contracted outside of the 1954 Landlord and Tenant Act.
COVENANT INFORMATION First Belgravia Properties Limited are a subsidary of the Libra Group who specialise in shipping and commercial leasing. First Belgravia Properties Limited has an Experian score of 80, which represents a ‘Below Average Risk’.
PLANNING The building is not listed but does lie within the Belgravia Conservation area.
VAT The property has been elected for VAT. It is intended that the sale will be treated as a TOGC.
CORPORATE SALE The property is held within a British Virgin Islands based SPV providing the purchaser with an option to purchase the SPV.
EPC Available on request.
PROPOSAL Offers are invited for the long leasehold interest, subject to contract and exclusive of VAT. The vendor will consider offers for either the asset or the SPV.
FURTHER INFORMATION Further information available on request or to arrange an inspection, please contact Joint Selling Agents listed below:
Dan Drury [email protected] +44 (0)20 7152 5374
Richard Webster [email protected] +44 (0)20 7312 7422
Claire Davidson [email protected] +44 (0)20 7152 5821
Angus Marlow-Thomas [email protected] +44 (0)20 7866 8612
IMPORTANT NOTICE: Montagu Evans and Cushman & Wakefield LLP on their own behalf and for vendors or lessors of this property, whose agents they are, give notice that: 1. The particulars are produced in good faith, but are a general guide only and do not constitute any part of a contract. 2. 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. 3. The property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. 4. 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. 5. 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. May 2015
A UNIQUE OPPORTUNITY TO ACQUIRE A PRIME LONDON OFFICE BUILDING.
EXECUTIVE SUMMARY • Rare opportunity to acquire a prime Central London office building. • Attractive period style property comprising 4,679 sq ft / 434.8 sq m (NIA) and 7,076 sq ft / 657.3 sq m (GIA) of office accommodation over lower ground, ground and four upper floors. • Let to First Belgravia Properties Limited on a full repairing and insuring lease expiring on 27th October 2022 (contracted outside of the 1954 Landlord & Tenant Act). • Vacant possession of the whole building can be obtained on 24th December 2016 subject to exercising a mutual option to break the lease. • Long leasehold interest from Grosvenor West End Properties expiring on 24th March 2133 (approximately 118 years unexpired). • Total gross current rent of £214,000 pax (reflecting a low rent of £45.74 per sq ft overall). • After the deduction of current head rent, the net rent received is £192,600 pax. • Of interest to Owner Occupiers and Investors. PROPOSAL Offers are invited for the long leasehold interest, subject to contract and exclusive of VAT.
HYDE PARK CORNER
E D G R I B S T I G H K N
KNIGHTSBRIDGE
G
R
O
S
GREEN PARK
V
E
BUCKINGHAM PALACE GARDENS
N O
R
P LA
A
C
R
U
RD
E
E
P
CE
P E
H
A
O
PA GH IN CK
E
A
T
O
N
BU
S
Q
U
A
R
L
T
P
S
E
E
E
V
V
A
IA
R
R
L RT P
AM
G
G
BA
TO R
L
L
VIC
E
HA M CHES
L BE
B
ST
REET
P
LA
R
ET
PONT
R
U
G
E
Q
TRE NE S
L
V
S
SLOA B
E
A
LOCATION
COMMUNICATIONS
12 Hobart Place occupies a mid-terrace location in the heart of Belgravia, one of London’s most exclusive addresses. Hobart Place runs between Eaton Square and Grosvenor Place. This is an established West End office location near Victoria Station with nearby occupiers including Jimmy Choo, Giorgio Armani, BlueCrest Capital International, EDF and The Telegraph Group.
Hobart Place benefits from excellent transport communications with the transport hub of Victoria located nearby. Access by public transport is excellent, via Hyde Park Corner Underground Station (Piccadilly Line) and Victoria Underground Station (Victoria, Circle and District Lines). Victoria Station is well served by mainline and commuter services to the south and south east, including the Gatwick Express with provides direct trains to Gatwick Airport every 15 minutes through the day, a journey time of 30 minutes.
The property is also surrounded by a wide selection of local amenities including luxury hotels, such as The Halkin, The Goring and The Lanesborough Hotel, as well as a range of fashionable bars and restaurants. The area also benefits from a number of large open spaces including Hyde Park, Green Park and St. James’s Park, all within short walking distance.
SITUATION The property is situated on the northern side of Hobart Place, which runs between Eaton Square (to the west), and Grosvenor Place (to the east) and to the south of Buckingham Palace Gardens. The property has direct views to the south across Grosvenor Gardens.
Regular bus services providing access across the West End are located nearby on Grosvenor Place, Hyde Park Corner and Victoria bus station.
DESCRIPTION
ACCOMMODATION
12 Hobart Place is a period property originally constructed in the 1900s and substantially refurbished in 2007. The property comprises approximately 4,679 sq ft (434.8 sq m) of office accommodation on a NIA basis or 7,076 sq ft (657.3 sq m) on a GIA basis, arranged over lower ground, ground and four upper floors. This boutique property provides well specified self-contained office space behind an attractive Portland stone and brick facade.
The property has been independently measured, in accordance with the RICS Code of Measuring Practice (6th Edition) and comprises the following approximate net internal areas (NIA) and gross internal areas (GIA).
With an impressive entrance hall, imposing staircase and passenger lift, 12 Hobart Place enjoys all the benefits of a modern office building combined with carefully preserved historic character. The building provides two fully fitted kitchens and air conditioning to all office areas. The property enjoys pleasant open views to the south over Grosvenor Gardens, as well as two spacious terraces to the rear of the property, on the ground and second floors.
NIA
GIA
FLOORS
sq ft
sq m
sq ft
sq m
Fourth
701
65.1
855
79.4
Third
729
67.7
883
82.0
Second
682
63.4
884
82.1
First
920
85.5
1,372
127.5
Ground
849
78.9
1,422
132.1
Lower Ground
798
74.2
1,660
154.2
4,679
434.8
7,076
657.3
Total
FLOOR PLANS * Lightwell
Terrace
Kitchenette
Lift
WC
Office
Second Floor
WC
Lightwell
Lift Reception
Terrace
Board room
Ground Floor
WC
Lightwell
Lift
Office
* Full plans available on request.
Kitchen
Office
Lower Ground Floor
Garden store
TENURE
TENANCY
The Property is held by way of a long leasehold interest from Grosvenor West End Properties for a term of 125 years from 25th March 2008 (approximately 118 years unexpired). The head rent is based on 10% of:
Or
12 Hobart Place is let in its entirety by way of a 10 year lease from and including 28th October 2012 to First Belgravia Properties Limited. The lease expires on 27th October 2022 and is subject to mutual options to break the lease every two years, the next option occurring on 24th December 2016 exercisable upon six months’ prior written notice by either party.
Open Market Rent where there is an owner occupier, subject to five yearly review.
The current gross rent is £214,000 pax, which reflects an overall rent of £45.74 per sq ft.
The current head rent is £21,400 pax.
After the deduction of headrent, the net rent is £192,600 pax.
Rents received each year;
The lease is contracted outside of the 1954 Landlord and Tenant Act.
COVENANT INFORMATION First Belgravia Properties Limited are a subsidary of the Libra Group who specialise in shipping and commercial leasing. First Belgravia Properties Limited has an Experian score of 80, which represents a ‘Below Average Risk’.
PLANNING The building is not listed but does lie within the Belgravia Conservation area.
VAT The property has been elected for VAT. It is intended that the sale will be treated as a TOGC.
CORPORATE SALE The property is held within a British Virgin Islands based SPV providing the purchaser with an option to purchase the SPV.
EPC Available on request.
PROPOSAL Offers are invited for the long leasehold interest, subject to contract and exclusive of VAT. The vendor will consider offers for either the asset or the SPV.
FURTHER INFORMATION Further information available on request or to arrange an inspection, please contact Joint Selling Agents listed below:
Dan Drury [email protected] +44 (0)20 7152 5374
Richard Webster [email protected] +44 (0)20 7312 7422
Claire Davidson [email protected] +44 (0)20 7152 5821
Angus Marlow-Thomas [email protected] +44 (0)20 7866 8612
IMPORTANT NOTICE: Montagu Evans and Cushman & Wakefield LLP on their own behalf and for vendors or lessors of this property, whose agents they are, give notice that: 1. The particulars are produced in good faith, but are a general guide only and do not constitute any part of a contract. 2. 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. 3. The property is offered subject to contract and unless otherwise stated all rents are quoted exclusive of VAT. 4. 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. 5. 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. May 2015
