47 Conduit Street London W1
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47 CONDUIT STREET LONDON W1 Flagship Retail Investment Opportunity 47 CONDUIT STREET W1 INVESTMENT SUMMARY • Flagship prime retail investment opportunity in the heart of Mayfair, one of the world’s most exclusive retail locations • Situated on the south side of Conduit Street, close to the junction with Savile Row and New Bond Street • Ground floor and basement retail unit with three upper floors comprising office accommodation, totalling a net internal area of 4,323 sq ft • Potential for additional fourth floor subject to planning and opportunity to open up basement to create extra retail accommodation • The whole property is let to Lalique Limited for a term of 15 years from 4 August 2008 (approximately 8 years unexpired), there is an upwards only rent review on 4 August 2018 • The current passing rent is £290,000 per annum, reflecting £293 Zone A and £70.00 per sq ft on the self-contained offices • Virtual Freehold from the City of London for a term of 2,000 years from 25 December 1889 at a fixed ground rent of £7.88 per annum • Offers in excess of £14,000,000 (Fourteen Million Pounds), subject to contract and exclusive of VAT reflecting anet initial yield of 2.03% and a reversionary yield of 2.98% after purchaser’s costs of 1.80% and a capital value of £3,238 per sq ft. Founded over a century ago, in 1888, Lalique has endured as the ultimate symbol of French luxury. 1 47 CONDUIT STREET W1 Regent Street Oxford Street Conduit Street Bond Street St James’s Park Berkeley Square Buckingham Palace Grosvenor Square I 2 47 CONDUIT STREET W1 LOCATION Conduit Street is located in the heart of Mayfair in London’s West End, which is renowned as one of the world’s most exclusive retail locations. Mayfair is characterised by a blend of exclusive retailers, high quality office buildings and luxury residential accommodation. Mayfair boasts a wide selection of high end international restaurants including Sketch, Novikov, Scotts, Nobu, Hakkasan and hotels including The Westbury, The Ritz, Claridge’s and The Connaught. SITUATION Conduit Street links Regent Street to the east, New Bond Street to the west and Savile Row to the south. Conduit Street runs east-west between Regent Street and New Bond Street. The subject property is situated on the south side of the street and abuts Donna Karen and Crombie, immediately west of the junction with Savile Row. Conduit Street has become an important retailing link between the luxury Bond Street retail and the high end Regent Street market. It remains a prestigious office location being situated within the core Mayfair district. 3 Shenfield T. RY S entwood SBU old OM od BLO Br . Har Wo T S M A H L R ST M A A R TI E N ’S L A. Gidea Park CH ST M CHARING CROSS RD. ARIN ART G C IN’S PL. SOR D S D RT R RD COU . N HAM A EN R . OTT T T . E S T Romford V S A T. REEK S G N Y Leicester Square Tottenham Court Rd . O R T . T U T S P S B . D T M T S E R S E S O T. L A S T H A C Soho FRIT S R . I F L R NE P E U Square BO Square L D A ATH R Leicester R L P L E . H . L TE ST S T O Heath S LO G CHAR A K C Chadwell M ST. EAN O D . L B ST C M L WHITCO A P HORSE GUARDS RD. T ST. D ST ER R AN RUP Goodmayes EWM . N . T T E T RT S Y K PE E AR U S R R M V . Y T A I T S A H R I OU ARD W Y N S R E E U . V L . B S ST D. L O P NER S R O E O R L B E NS ER T A T B A A . C RS ST F AL W Seven NE A T BE S H d Kings H C S Park . T. T . S S L T ELL S St. James’s W S T E EGEN O R R Ilfor . E N T . Y T E S N W . S E T T E L S T U E K P S R S T L A L C E B L I R T L E T G od W W S L E D L A L A R A A . C M A O T T M R G E Abbey S S B Wo L R H A H L Piccadilly Circus T A OXFORD STREET E A G . M P . T U T Manor Park S O S GREAT TITCHFIELD ST. Golden est Square N R T Square Y O T. N S E St James’s BY ST. M B L A G RN ICK E R R A C RW R E For Gate J A WA M T GREAT PORTLAND ST. A T. olwich E S ILLE R V ACK G S Y L d . L Wo T ST I N D EGE R A REGENT ST. C . C . H Custom House . T T I S P T S I S Maryland S D T . R ROW T S S N E . LE ’S . E I S E T V PORTLAND PL E Oxford Circus E R SA M V A S J V C A ST Stratfor O A T N I G I N C U R . R T A D D S A P H N D BON M O OL CHANDOS ST. C 47 CONDUIT STREET W1 . E ST ST. RL ON Canary Wharf HOLLES ST. ST GEORGE ST. EMA INGT ALB ARL Square Square Hanover ST. Cavendish ER HARLEY ST. DOV T. D S L . N O L B I . L EW ST N H P Y LE Y A RKE OXFORD STREET . A T BE T T H S E WIMPOLE ST. I R . Green Park O T NR S E N E H K V Whitechapel O S O O R R . T Green Park et B WELBECK ST. G S N O . Z T Square Berkeley R S U Stre E C R DAVIES ST. Y Liverpool L O L I . M T D S A G I S C W E C I L P Bond Street R S A Farringdon W H E . C T eet . M S T S S ’ L L Y I M A H R CARLOS PL. H DUKE ST. DUKE ST. A F ttenham . T To T S S Court Road T N Y ON U L Z L O I R Square D M 4 U Grosvenor A C C C I P SOUTH AUDLEY ST. Bond Str . T HAMILTON PL. S H . UT LA RK Paddington O PA S PARK LA. Acton Hyde Park Main Line Ealing oadway Br st We Ealing Hanwell Southall Hayes & ow Harlington st Airport Heathr We Drayton Iver Langley COMMUNICATIONS Slough Conduit Street benefits from excellent public transport and is served by Oxford Circus (Central, Bakerloo and Victoria lines), Bond Street (Central and Jubilee lines) and Green Park (Piccadilly, Jubilee and Victoria lines) Underground stations. ham London’s International airports are accessed via the Heathrow Express departing from Paddington and the Piccadilly line as well as the Gatwick Express departing from Burn Victoria Station. The opening of the Crossrail station in Hanover Square (2 aplow minutes walk) in 2018 will have a significant impact on both T retail and office lettings in Mayfair. The new rail link will provide access to Heathrow (29 minutes) and Canary Wharf (13 minutes). l CROSSRAIL ROUTE MAP g Surface line unne Maidenhead T Portal (tunnel entrance and exit) Readin MENSLADIES WEARDIOR & UNDER OFFER RETAILING ON CONDUIT STREET Luxury retailers who are unable to secure representation on New and Old Bond Street are now acquiring space on Conduit Street, being a prime but comparatively affordable trading location. Conduit Street has recently been enhanced by the completion of a number of flagship retail lettings as shown on the map: 5 47 CONDUIT STREET W1 DESCRIPTION The property provides an attractive 18th Century Grade II listed building with prominent frontage to Conduit Street 20’ 7 ft (6.27 m). The property is arranged over basement, ground and three upper floors providing a total net internal floor area of 4,323 sq ft (401.59 sq m) of retail and office accommodation. The building provides retail on the ground floor with ancillary storage at basement level. The ground floor retail unit comprises a rectangular floor plate which benefits from a large sky light in the trading area. This could easily be amalgamated to create a fashion maison with retailer owner occupation potential. Office accommodation is located on the first, second and third floors which is accessed through the shared main entrance off Conduit Street. The first floor office accommodation benefits from full height French windows and cast iron balconies overlooking Conduit Street. 6 47 CONDUIT STREET W1 7 47 CONDUIT STREET W1 ACCOMMODATION The property provides the following Net Internal Areas: Net Internal Floor Area Floor Use (sq ft) (sq m) Basement Retail 799 74.22 Storage Ground Sales Retail 1,798 167.03 Ground ITZA Retail 658 Retail Total 2,597 241.25 First Office 596 55.37 Second Office 610 56.67 Third Office 520 48.30 Office Total 1,726 160.34 Total 4,323 401.59 8 47 CONDUIT STREET W1 12 61 Regent TENURE 13 199 Mill Street 14 Street 60 ash The property is held by way of a Virtual Freehold interest from the City of LondonN 2 House 15 56 4 9 for a term of 2,000 years from 25 December 1889, providing approximately 1,874 17 3 12 18 years unexpired, at a fixed ground rent of £7.88 per annum.