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90 Harley Street London W1 90 HARLEY STREET LONDON W1 AN ATTRACTIVE GRADE II LISTED INVESTMENT OPPORTUNITY ON ONE OF LONDON’S MOST FAMOUS WEST END STREETS 2. 3. “An attractive Grade II listed building arranged over lower ground, ground and four upper floors.” 90 HARLEY ST LONDON W1 4. 5. INVESTMENT SUMMARY • Harley Street is one of the West End’s most famous internationally recognised streets. • An attractive Grade II listed building arranged over lower ground, ground and four upper floors. • 999 year long leasehold interest at a fixed rent of £60 from Howard de Walden Estate. • Single let to dentists until 2026. • Rent review every 3 years with the next one being in September 2020. • Low base rent of £72.19 psf with prospects for rental growth. • Offers in excess of£6.32M subject to contract and exclusive of VAT. • Attractive net initial yield of 4%. • Potential to convert the whole to residential subject to the relevant planning consents. • Potential to create value by extending the leasehold interest of one of the flats which has 62 years unexpired. 90 HARLEY ST LONDON W1 6. 7. LOCATION REGENT’S PARK HARLEY REGENT’S PARK Harley Street is one of the West Ends most famous These developments provide a mix of office, retail and STREET LONDON W1 internationally recognised streets. The properties in this area residential accommodation with the local appeal of shops in 90 date back to the 18th Century when the area was developed Oxford Street, Regent Street and all the facilities the West End by Cavendish – Harley Family. Today properties in Harley has to offer. Street comprise a range of medical and clinical services, offices and residential dwellings. Harley Street is highly accessible by public transport, being situated a short distance from Oxford Circus (Bakerloo, The property itself is located towards the northern end Central and Victoria Lines) to the south east and Bond Street of Harley Street on its eastern side, with the junction of (Central and Jubilee Lines) to the south west. “One of the Weymouth Street. The Crossrail Network will also significantly improve West End’s MANCHESTER SQ The surrounding area has been subject to dramatic communication links in the area, as well as providing frequent CAVENDISH SQ development in recent years with improvements to St and direct access to Heathrow in the west and Canary Wharf most famous Christopher’s Place as well as Howard de Walden’s creative in the east, reducing the journey times from Bond Street and vision for Marylebone Village. In the more immediate area Paddington to a few minutes. internationally there have been further improvements in developments such as the BBC, Wigmore Street, Margaret Street and Portman recognised Square along with the current developments in Portland streets.” Place. 90 HARLEY ST LONDON W1 8. 9. REGENT’S PARK EUSTON ROAD REGENT’S PARK GREAT PORTLAND ST PARK SQUARE REGENT’S PARK FITZROVIA GREAT PORTLAND STREET MARYLEBONE ROAD HARLEY STREET PORTLAND PLACE HARLEY STREET WEYMOUTH STREET 90 LONDON W1 NEW CAVENDISH STREET HARLEY STREET MARYLEBONE 90 HARLEY ST LONDON W1 10. 11. PROPERTY DESCRIPTIONOS Plan B&W 90 Harley Street is an imposing period house The third and fourth floors comprise of 528700 reconstructed around 1910528600 with attractive residential accommodation to include a 2 decorated Portland stone elevations. bedroom flat on each floor. Additionally the lower ground floor has a flat which is sublet The property is now the subject of combined on an AST, by the current tenants. residential and commercial uses with the main bulk of the property being occupied The property is in excellent condition by a leading practice of dental surgeons and throughout and has a lift that serves all floors consultants on the lower ground, ground, first up to the third floor. 181900 181900 and second floors. 181800 181800 528700 528600 Metres 0 5 10 20 30 40 50 Scale: 1:1250 90 Harley Street 90 HARLEY ST London LONDON W1 Supplied by: National Map Centre W1G 7HS Plot centre co-ordinates: 528620,181828 License number: Herts100031961 Download file: lewispart_90harleyst.zip Produced: 07/02/2019 Project name: lewispart_90harleyst Serial number: 2078118 © Crown copyright and database rights 2018. OS 100031961 12. 13. ACCOMMODATION For rent review purposes and in line with the usual format when reviewing for medical use the following net internal areas were agreed: Area Sq Ft Sq M Lower Ground Floor Labs 395 36 Changing 113 10 Ground Floor Medical 1,027 95 First Floor Medical 1,233 114 Kitchen 98 9 Second Floor Medical 874 81 Third Floor Residential Flat Fourth Floor Residential Flat Total 3,740 345 The last review was settled at £72.19 psf and we believe that this offers excellent prospects for rental growth at the September 2020 rent review. The property has a gross internal area of 7,259 sq ft (674 sq m). 90 HARLEY ST LONDON W1 14. 15. “The property is in excellent condition throughout and has a lift that serves all floors up to the third floor.” 90 HARLEY ST LONDON W1 16. 17. FLOOR PLANS TENURE COVENANT Our clients will be disposing of their 999 year long leasehold The partners of the dental practice (who have sub-let to interest from 6th July 1936 at a fixed rent of £60 pa from Portman Healthcare Limited) have now sold out to Portman Howard de Walden Estate. Healthcare Limited who are building a national group of dental practises and for the year ending 30th September 2017 reported a turnover of £48.968M and have 563 employees. TENANCY LISTED BUILDING The property is let on FRI terms to Ali Parvisi, James Invest and Stuart Harry Jacobs with a current rent of £270,000 per The building is Grade II listed and the property is also in annum on a 15 year lease from 29th September 2011, expiring conservation area. on the 28th September 2026. Rent reviews are 3 yearly, with the next review being in 29th September 2020. The property has been sub-let to Portman Healthcare Limited USE with a guarantee from Gloucester House Dental Practice Ltd. The third floor has a 99 year lease from September 1981 (61 Under the headlease use for the property is residential, years unexpired) and the 4th floor flat has a lease which was however the freeholder has permitted the use for medical extended in 2017 for a term expiring September 2170 at a purposes and granted licences for medical use for in excess of peppercorn. forty years. LOWER GROUND FLOOR GROUND FLOOR FIRST FLOOR SECOND FLOOR 90 HARLEY ST LONDON W1 18. 19. VAT Value added tax will not be applicable on the sale of this property. EPC The property has an EPC rating of D (98) PROPOSAL We are seeking offers in excess of£6.32M (Six Million Three Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT for our client’s long leasehold interest in the above. A purchase at this level shows a net initial yield of 4% after allowance for unadjusted purchaser’s costs of 6.8%. 90 HARLEY ST LONDON W1 FURTHER INFORMATION For further information contact sale agents: Steven Lewis [email protected] Stephen Raingold [email protected] 15/19 Cavendish Place, London W1G 0QE Tel: 0207 580 4333 SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:- 1. These particulars do not constitute any part of the offer for sale or contract for sale. 7. Any properties or drawings of the relevant property or part thereof or the neighbouring 2. All statements contained in these particulars as to this property are made without areas may not depict the property or the neighbouring areas at the date a prospective responsibility on the part of Lewis & Partners LLPor the vendors or lessors. purchaser or tenant inspects the property. Prospective purchasers are strongly advised 3. None of the statements contained in these particulars as to this property are to be relied on to inspect the property and neighbouring areas. as statements or representations of fact. 8. Lewis & Partners LLP have not measured the property and have relied upon clients 4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the information. Therefore Lewis & Partners LLP give no warranty as to their correctness or correctness of each of the statements contained in these particulars. otherwise and the purchasers must rely on their own measurements. 5. Any plans or photographs or drawings shown in these particulars are to enable prospective 9. All terms quoted are exclusive of value added tax unless otherwise stated. purchasers or tenants to locate the property. The plans are photographically reproduced and 10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment therefore not to scale except where expressly stated. The plans, photographs or drawings are give any warranty whatsoever in relation to this property. for identification purposes only. 11. These details are believed to be correct at the time of compilation but may be subject to 6. No warranty or undertaking is given in respect of the repair or condition of the properties or subsequent amendment. any items expressed to be included in the sale. 12. These details were prepared as of FEBRUARY 2019 Adrian Gates Photography & Design 07710 316 991.
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