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Soho Leisure Focus
2015
London’s Soho is a key representative of the leisure and entertainment scene, so much so that other cities around the world have named their most lively districts after it. Located at the very heart of the capital since the Middle Ages, it is no surprise that the area keeps on attracting visitors and tourists as well as investors and entrepreneurs in the leisure property sectors.
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When a man is tired of London, he is tired of life; for there is in London all that life can afford Samuel Johnson
Introduction Marylebone and Mayfair, Soho never The neighbourhood of Soho is became a fashionable area for the rich. representative of the leisure and Immigrants settled in the area, especially entertainment scene, so much so that other French Huguenots who poured in from cities around the world have named their 1688, after which the area became known most lively districts after it. From New York as London’s French quarter. By the mid-18th to Hong Kong, from Buenos Aires to Málaga century, the aristocrats who had been living in Spain, they just echo the lights and buzz of in Soho Square or Gerrard Street had their London sister. moved away.
Soho has an area of approximately one In the early 20th century, foreign nationals square mile and may be considered having opened cheap eating-houses and the the boundaries of Oxford Street to the neighbourhood became a fashionable north, Regent Street to the west, Leicester place to eat for intellectuals, writers and Square to the south and Charing Cross Road artists. From the 1930s to the early 1960s, to the east. In reality, Soho has never been Soho folklore states that the pubs of Soho an administrative unit, with formally defined were packed every night with drunken boundaries, but it is part of Westminster writers, poets and artists, many of whom Council and is well recognised as the heart of never stayed sober long enough to become London West End – an area which, alone, is successful; and it was also during this period also a synonym of leisure and entertainment. that the Soho pub landlords established It is vibrant, busy, touristy and conveniently themselves, giving birth to the busiest area located in the beating heart of London, half in Europe for the leisure property market. way from the most sophisticated west and the trendiest east.
Despite the best intentions of its original land owners to develop the land on the grand scale of its neighbors Bloomsbury,
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Hotels
As the area of London with most tourists Fleurets was instructed by LPA Reveivers Employment Academy at the heart of their and buzz any day of the week and time of to market the freehold hotel development not-for-profit private members’club. The the night, Soho offers an eclectic mix of opportunity which saw the site sold in the Academy participants embark on a program accommodation, from apartments, to bed- region of £30m. of accredited hospitality skills training and-breakfasts, to new and historical high- and on-the-job work experience in roles end hotels. The major hospitality companies February 2011 also saw the re-launch of throughout the club itself. have established themselves long ago in the Café Royal, a former private house and home district. No matter if tourists are looking to to Oscar Wilde’s favourite wine cellar. Now stay at a Premier Inn, a Radisson Blu or at the building hosts a luxury hotel with 160 the more modern - and lavishing – W Hotel, rooms, 49 suites, one Spa and plenty of at the very corner of Leicester Square. dining offers.
June 2014 saw the opening of Ham Yard Amongst the historical buildings in the area Hotel - Firmdale Hotels, which comprises a - and now running as a social enterprise fairly large area of Soho – the sources talk - a special mention needs to be made to about a three-quarter acre hotel centered on the beautiful Grade I listed House of St a courtyard. To realize the ambitious project Barnabas at 1 Greek Street. The House, at 1 Ham Yard, Firmdale secured £188m a charity supporting people affected by from Barclays Corporate back in 2011. homelessness since 1846, is now running an
4 Soho Leisure Focus 2015 London West End Hotels Performance Source: STR global
Year 2012 2013 2014 YTD 2015
Occupancy 81.2 % 82.4 % 82.1 % 73.3 %
ADR £212.87 £210.99 £216.43 £192.18
RevPAR £172.84 £173.85 £177.73 £140.95
% Change
Occupancy 1.1 1.5 -0.3 -0.4 1. House of St Barnabas ADR 6.2 -0.9 2.6 3.1 2. Ham Yard hotel RevPAR 7.4 0.6 2.2 2.7 3. Café Royal entrance
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Pubs & Bars
The offering of bars and pubs in Soho is truly attractive to overseas eyes. Moscow-based extensive. This is, historically, the area where hospitality group Table Talk has targeted most people meet for drinks and cocktails; the area for its first UK venture and is set to the profitability of the area is a real gold open a French-style coffee shop and wine mine for whoever steps into the business bar, Jean-Jacques. It plans to launch in the and just on rare occasions opportunities 3,554 sq ft former Spanish and Moroccan become available. restaurant El Cantara, split over three levels, at 45 Frith Street, W1. Jean-Jacques Amongst the latest new-kids-on-the block is is taking an assignment of the lease, which Bar Termini in Soho’s Old Compton Street expires in 2026, at a rent of £108,000 - echoing the traditional Bar Italia. Bar per year. Termini is founded by expert mixologist Tony Conigliaro, who also operates Islington’s bar Opportunity 69 Colebrooke Row. The daily newspaper Fleurets is marketing the leasehold Molly City AM stated: “The cocktail menu is Moggs for £275,000: a three-storey stripped down to a page – a lesson for building including accommodation on the bars everywhere. Following through with first and second floor. Please contact our (an) Italian theme, Bar Termini specialises London office at 020 7280 4700 for more in variations of Negronis. Bar Termini is information. the first place in the area to be granted an alcohol licence in nearly a decade. Let’s hope this is the first of many and Soho will be London’s playground once again.” As it has always been, Soho is still very
6 Soho Leisure Focus 2015 1. Archer Street Soho Bar
2. Cahoots in Kingly Court
3. Molly Moggs
4. Be at One in Great Windmill Street
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When it comes to the restaurant sector, Forrest Gump, opened in the Trocadero, in April. Ignite Group chief executive Matt both wealthy local operators and multiple while Spring 2014 saw the opening the first Hermer is joining forces with his wife brands are trying to get their feet in Soho, Soho Bikes, a coffee shop offering coffee and Marissa to launch the new venture, which sometimes with original concepts: Pizza accessories for bikes. will debut on the site at 48 Frith Street Express established its Jazz Club in Upper and will be chaired by Ewan Venters, chief James Street, for example. The area is also an Eldorado for inbound executive at Fortnum & Mason. The project investments: US burger specialist Five is also privately funded. But Soho is not just a place for big chains. Guys are planning to launch a new venue The Spanish Tapas concept Mas Que Menos in November 2015, while pizza experts NY found a spot in Wardour Street to open Fold, also from across the pond, are planning its second restaurant last October; the to launch the new brand which claims to be Ecuadorian Tostado launched the month “especially designed for the UK Market”. The before in St Anne’s Court and Vapiano made idea rises from Chef Bruno DiFabio, a US its debut in Wardour Street in June. pizza celebrity chef. Soho is, of course, on the list of primary London locations to Soho offers the perfect crowd for original watch out. and new concepts: October was also the month in which Bubba Gump Shrimps, the Also inspired by Northern America cuisine, shrimp restaurant inspired by cult movie the concept Top Dog is rumoured to open
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Deals 1. An external detail of Burger and Lobster in Dean Street In October 2014, acting on behalf of Schroders UK Property Fund, Fleurets has re-let the former Revolution Bar, 2 St Anne’s Court, Dean 2. Ed’s Diner Street, Soho. “Active management of this key central Soho unit has delivered strong rental and capital value growth” revealed Graeme 3. Bocca di Lupo Bunn, Director and Head of Professional Services at Fleurets. 4. Pizza Express Jazz Club in Dean Street Previously occupied by Inventive Leisure Limited at a rent of £212,500 per annum, Fleurets agreed terms for the surrender of the lease, and subsequently re-letting the 5,654 sq ft ground floor unit to Burger & Lobster Restaurant Group Ltd on a new 25 year lease at a commencing rental of £300,000 per annum. The property now trades as Rex & Mariano.
8 Soho Leisure Focus 2015 Leisure & Night Clubs
Soho is synonym of theatres: from musical to With such vibrant artistic crowd, it is not plays, every taste is taken into consideration with surprise that the private club Soho and a stroll down Shaftesbury Avenue House, dedicated to the creative industry, offers more option than most cities in choose to be named after the district Europe. Whether is it dancing to Michael and located its flagship member club on Jackson’s songs, assisting to the adaptation Greek Street. The property will undergo of the latest bestseller or clapping at an a refurbishment during this year and the Oscar Wilde’s classic, the theatre scene is future months will also see the opening of a competitive as one would expect for the Soho House II in Dean Street. artistic centre of London. Also dominating the leisure scene of Soho For decades, Soho has been the set where is the LGBT crowd, with its G-A-Y nightclub friendships in the creative industry just offering affordable drinks, young crowd happened. Wardour Street was the home of and plenty of Kylie (Minogue) & Britney the legendary Marquee Club (90 Wardour (Spears) every day of the week. The club is Street) which opened in 1958 and where the spread over three floors and is always busy. Rolling Stones first performed in July 1962. The same crowd, earlier in the evening, also hangs out at the beautiful pub Yard in Eric Clapton and Brian Jones both lived for Rupert Street, which is becoming one of the a time in Soho, sharing a flat with future rock place-to-be for warming up for a flamboyant publicist, Tony Brainsby. Soho was also home evening in the capital. to Trident Studios at 17 St Anne’s Court between 1968 and 1981 where some of There is truly, in Soho, all the life that one the world’s most famous artists of all time can afford, but what makes it truly special is recorded music including The Beatles, Elton that in a district that has seen it all, the best John, Queen and David Bowie. is yet to come.
1. The Yard in Rupert Street
2. Palace Theatre in Cambirdge Circus
3. Queen’s Theatre in Shaftesbury Avenue
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10 Soho Leisure Focus 2015 3 Our areas of expertise
> Buying & Selling – Our experienced > Landlord & Tenant – Fleurets is the market use at High Court, Lands Tribunal local teams together with our extensive leader in Rent Review negotiations across and Arbitration. database of buyers give you the best the hotels, restaurants, pubs and other chance of achieving a sale. leisure property sectors. > Taxation, CPO, Consultancy and Litigation – specialist advice if required. > Valuations – We can help if you are > Viability Studies – Considering a change purchasing a property, considering of use? We advise owners, developers Established for nearly 200 years, Fleurets is refinance or need an independent valuation and local authorities with regard to the largest firm of Chartered Surveyors to for other purposes. business viability. specialise nationally and exclusively in the sale and valuation of hotels, restaurants, pubs > Rating – Rates can be one of the highest > Expert Witness – Our Chartered and leisure property. outgoings of a business. Fleurets expert Surveyors are frequently appointed as rating team can let you know if you are Expert Witness in a range of disputes, paying too much. including the preparation of evidence for
Our team for London
Barry Gillham Elysia Wilson-Gunn Chairman Senior Surveyor T: 020 7280 4764 T: 020 7280 4747 M: 07768 398 083 M: 07810 541 579 E: [email protected] E: [email protected]
Martin Willis Rosie Hallam Managing Director Surveyor T: 020 7280 4736 T: 020 7280 4741 M: 07774 671 957 M: 07786 193 771 E: [email protected] E: [email protected]
Graeme Bunn Ed Sandall Director & Head of Professional Services Senior Associate T: 020 7280 4740 T: 020 7280 4743 M: 07776 208 085 M: 07786 193 772 E: [email protected] E: [email protected]
Paul Hardwick Will Thomas Director & Head of Hotels Senior Associate T: 020 7280 4749 T: 020 7280 4748 M: 07748 988 568 M: 07786 193 772 E: [email protected] E: [email protected]
Graham Campbell Simon Bland Head of Restaurants Associate T: 020 7280 4718 T: 020 7280 4706 M: 07795 415 435 M: 07471 953 022 E: [email protected] E: [email protected]
James Davies Philip Smith Divisional Director Senior Associate T: 020 7280 4711 T: 020 7280 4704 M: 07990 573 176 M: 07786 510 640 E: [email protected] E: [email protected]
Ben Peers Charlie Armour Surveyor Graduate Surveyor T: 020 7280 4738 T: 020 7280 4708 M: 07879 073 195 M: 07787 347 182 E: [email protected] E: [email protected]
Fleurets London North West 0161 683 5445 4 Roger Street North 0113 234 0304 London WC1N 2JX Midlands 0121 236 5252 T: 020 7280 4700 West & South Wales 0117 923 8090 F: 020 7280 4750 South 01273 429500 E: [email protected] www.fleurets.com East Anglia 01787 378050
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