Hammersmith, London W6
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HAMMERSMITH, LONDON W6 3 NEWLY REFURBISHED HQ OFFICE INVESTMENT SUMMARY BUILDING WITH 19.5 YEARS − Landmark trophy headquarters office building SECURE INCOME − Located in the heart of Hammersmith opposite Hammersmith Underground Station − Hammersmith is West London’s best-connected office sub-market − Virtual Freehold − Lying within the wider ‘King’s Quarter’, an area undergoing a multi-million pound repositioning project, making it the epicentre of Hammersmith’s retail, restaurant and leisure provisions − Exceptional Stiff + Trevillion designed refurbishment at a cost of £42 million − 103,374 sq ft NIA (9,603.6 sq m) arranged over ground and thirteen upper floors − Let in its entirety to The Office Group (majority owned by Blackstone) with 19.5 years unexpired without break − Highly secure institutional grade covenant with a Dun & Bradstreet rating of 5 A1 − Total passing rent of £5,355,579.62 p.a (£51.80 per sq ft) − Rare opportunity to acquire secure long dated income − Attractive debt terms available providing strong geared cash- on-cash returns − Extremely valuable capital allowances of approximately £14.1 million available to a purchaser − Offers in excess of£105,500,000 − Net initial yield - 4.75% (assuming purchaser’s costs of 6.8%). − Capital value - £1,021 per sq ft − The property is held in a ‘Luxco’ which can be made available by separate negotiation, thus creating a potential SDLT saving of c.£5m for a purchaser 5 WESTFIELD OLYMPIA A LANDMARK TOWER DIRECTLY OPPOSITE HAMMERSMITH UNDERGROUND STATION HAMMERSMITH ROAD LYRIC THEATRE HAMMERSMITH BROADWAY KING’S MALL SHOPPING CENTRE KINGS QUARTER KING STREET EVENTIM APOLLO A4 HOUSEHOLD INCOME THE LOCATION 64% SUBSTANSTIAL ABOVE GREATER LONDON AVERAGE REGENERATION HAMMERSMITH IS WEST LOW OFFICE BLUE CHIP VACANCY RATE LONDON’S BEST-CONNECTED OCCUPIERS CATCHMENT OFFICE MARKET SPEND IS 10.6BN Located on an attractive public square opposite the EXCELLENT Underground Station, Hammersmith acts as the western gateway to the core West End. Hammersmith boasts CONNECTIVITY LINKS exceptional connectivity with direct access to the A4 10 MILES FROM which links Heathrow Airport (just 10 miles west) to Central London and is further complemented by four London Underground lines. HEATHROW The rate of business growth in the area between 2011- 2018 was 28% higher than the London average with new occupiers including blue-chip corporates, high-end restauranteurs, international retailers and independent start-up companies. Occupiers remain attracted to Hammersmith by its exceptional connectivity, relatively low occupational costs and rich amenity provision including 4.5 miles of river frontage and excellent retail / restaurant / OUTSTANDING theatre offerings. LOCAL AMENITIES 9 OCCUPIERS / MAJOR BUILDING OWNERS OCCUPIERS (SQ FT) FITNESS 1 L’Oreal – 110,000 10 Deutsche Telekom – 26,000 1 BOOM Cycle 2 Dunnhumby – 150,000 11 A+E Networks – 20,000 2 Virgin Active 2 3 Betfair – 51,000 12 Walt Disney – 142,000 3 Fitness First 4 4 Winton Capital – 60,000 13 Neptune Fund Management – 16,000 4 Pure Gym 16 8 4 5 Philip Morris – 34,000 14 Immediate Media – 54,000 5 Frame Gym 3 9 6 Fox International Channels – 22,800 15 GE Capital – 155,000 d a Accor Hotels – 25,000 o R 16 Deltek – 13,000 6 h UKTV – 29,000 s 1 u B 5 4 s 17 d 7 Western Union – 15,000 Virgin Media – 90,000 r Glenthorne Road e 1 h p e 8 Shazam Entertainment – 31,000 18 Harrods – 120,000 h 2 3 S 9 Chivas – 30,000 5 5 12 10 1 8 7 14 18 5 3 7 4 6 Hammersmith Road AMENITIES HOTELS King Street 1 2 17 13 1 Lyric Square 7 Wasabi 1 Luma Hotel 11 2 2 Bill’s Cafe 8 La Petite Bretagne 2 Novotel West 12 3 Byron Burger 9 The Dartmouth Castle 3 Best Western A4 (TO M4) A4 4 Pret A Manger 10 Wagamama 4 Brook Green Hotel 11 15 5 Amoret Specialty Coffee 11 Apollo Theatre 5 Holiday Inn 6 Tortilla 12 Lyric Theatre MAJOR BUILDING OWNERS SQ FT e Aberdeen Asset Management – Rockspring – 110,000 Royal London Asset g d ri B 10 170,000 Managment – 66,000 h Land Securites – 250,000 it m rs 9 Legal and General/Mitsubish – National Bank of Kuwait – 90,000 e m Hermes Asset Management – m a 247,000 H 204,500 EPF (Malaysian Sovereign Tai United – 110,000 Wealth Fund) – 68,000 Aviva – 165,000 AXA – 220,000 Alduwaliya – 166,000 Schroders – 340,000 Kier/Investec – 59,500 Tilad – 83,000 Standard Life – 15,000 Westbrook – 78,000 3 11 KINGS QUARTER KING STREET FOOTFALL THE MULTI-MILLION POUND REGENERATION OF KING’S c.20M MALL LIES AT THE HEART OF THE NEW KINGS QUARTER ANNUALLY Kings Quarter is at the epicentre of BEADON ROAD the new movement reinvigorating traditional retail. It has become home to some of the biggest and latest AFFLUENT SHOPPERS brands who are pushing themselves to KINGS MALL SHOPPING CENTRE become more original in the ways they PROPORTIONS OF ACORN engage with shoppers and service LYRIC RISING PROSPERITY ARE their needs. LEAMORE STREET SQUARE 80% ABOVE Kings Quarter is shaking up THE GREATER LONDON AVERAGE West London’s retail landscape transforming the shopping centre into a home for retail incubators, innovative outlets and experimental pop-ups. KING STREET RECENT SUCCESSES INCLUDE: Frame gym brings a fun and unique H&M has invested £5 million in a approach to fitness and wellbeing. colourful concept store to combat The first of its kind in west London, its usual look of long lines and Frame offers class-based exercise cluttered clothing by capitalising with 4 studios, supported by an on retail tech and click and on-site café and fitness-wear store. collect services. KINGS QUARTER WILL BE THE EPICENTER OF THE LATEST INNOVATIONS IN RETAIL 13 Baker Street 17 King’s Cross St. Pancras UNRIVALLED CONNECTIVITY 24 TO CENTRAL LONDON AND 12 Paddington 16 HEATHROW AIRPORT M25 Junction 14 Green Piccadilly 13 Park Circus White City 11 14 M4 Junction 1 (Via A4) 2 Hammersmith is one of only eight National and International rail Hammersmith Broadway bus underground stations that is services are available from station is one of the largest and served by four or more lines. Kensington Olympia, and King’s busiest interchanges in London, Cross St Pancras (24 minutes), with 20 bus routes passing Convenient access to Heathrow Paddington (12 minutes) and through it - seven of which run HAMMERSMITH Airport (30 minutes), Mayfair (14 Victoria (14 minutes) via the 24 hours a day. Piccadilly Line minutes), the City (28 minutes) Hammersmith & City lines. and Eurostar links at King’s Cross District Line St Pancras (24 minutes). Hammersmith & City Line Circle Line Victoria Line Heathrow Terminal 1-5 10 Immediate proximity to the Heathrow Airport, which caters 4 Earls Court Hammersmith Ring Road and for approximately 72 million A4 / M4, one of London’s main passengers per year, is located 30 arterial routes which in turn 11 miles to the west and can provide access to the wider be easily accessed via London national motorway network. Underground (Piccadilly line) or the adjacent A4 / M4 motorway. Victoria 17 Wimbledon 26 Journey time 17 in minutes 15 THE BUILDING − Stiff + Trevillion designed scheme comprehensively refurbished and completed in Summer 2018 − Total landlord refurbishment costs of £35 million with an additional £7 million spent by The Office Group on the internal fit out − 103,374 sq ft (9,603.6 sq m) NIA of striking, modern Grade A office accommodation − Originally constructed in the mid 1970’s of reinforced concrete frame, the façade has been extensively refurbished and re-clad − An imposing architectural presence in Hammersmith occupying a virtual island site with excellent levels of natural light and large fenestration to all elevations. − Arranged over ground and thirteen upper floors with regular, rectangular floorplates of c.7,800 sq ft − Top floor has been remodelled providing 4m ceiling heights, full height glazing and spectacular views over London 17 AN EXCEPTIONAL NEWLY REFURBISHED GRADE A OFFICE BUILDING WITH EXCELLENT AMENITIES AND PANORAMIC VIEWS OVER LONDON 19 SPECIFICATION − Newly remodelled top floor with 4m ceiling height and full height glazing − Fully accessible metal tiled raised floors with void ranges from 75mm to 100 mm − New double-glazed fenestration − Typical cleared floor to ceiling heights of 2.6m − VRV air conditioning with fan coil units − Fully refurbished feature double height reception with feature central atrium and roof light − Four 16-person passenger lifts with full disabled access operating a ‘Destination Hall Call System’ − Dedicated male and female WCs on each floor − 93 secure bike stores at basement level − 10 showers plus further DDA shower & WC with changing facilities providing 93 lockers − Building management system − Dedicated service entrance and bike storage from Beadon Road − BREEAM ‘Very Good’ 21 STRIKING REMODELLED RECEPTION 23 ‘£35 MILLION HAS BEEN SPENT BY SCHRODERS AND A FURTHER £7 MILLION SPENT BY THE OFFICE GROUP TRANSFORMING ONE LYRIC SQUARE’ 25 GROUND ACCOMMODATION BEADON ROAD FLOOR NIA SQ FT NIA SQ M KING’S MALL (NOT PART OF DEMISE) 13 8,725 810.6 13 12 7,833 727.7 12 11 7,846 728.9 11 10 7,848 729.1 10 KING STREET 9 7,845 728.8 9 8 7,854 729.7 8 FIRST 7 7,846 728.9 7 6 7,836 728.0 6 5 7,838 728.2 5 4 7,829 727.3 4 TERRACE 3 7,818 726.3 3 2 7,830 727.4 2 1 6,671 619.7 1 TYPICAL UPPER FLOOR Ground Reception 1,755 163.0 G TOTAL 103,374 9,603.6 Not to scale and for indicative purposes only 27 29 TENURE Virtual Freehold – 991 years and 10 months remaining at a fixed peppercorn rent.