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Home , Leicester Square, Piccadilly, Piccadilly Circus, Tottenham Court Road

63-66 ST MARTIN’S LANE

A long income freehold investment INVESTMENT SUMMARY

Freehold

Prominent Covent Garden location with excellent footfall, between the cultural hotspots of , , Covent Garden &

Prime position on St Martin’s Lane just below St Martin’s Cross, the main pedestrian route between Leicester Square and Covent Garden

Restaurant and bar totalling 6,728 sq ft of flexible, well arranged space over ground and basement

Single let to The Alchemist Bar & Restaurant Limited for 24.1 years unexpired (14.1 years to break)

Rental income of £480,000 per annum reflecting £119 per sq ft on a weighted area basis offering growth potential

Market leading and award winning tenant at the forefront of the mixology field

We are seeking offers in excess of £11,250,000 (Eleven Million, Two Hundred and Fifty Thousand Pounds), exclusive of VAT and subject to contract. This reflects a net initial yield of 4.00% and a low value of £1,672 per sq ft, allowing for acquisition costs of 6.71%

2

THE COURT ROAD

REGENT STREET

PICCADILLY CIRCUS 63-66 ST MARTIN’S SEVEN DIALS LANE COVENT GARDEN LEICESTER SQUARE LEICESTER SQUARE

COVENT GARDEN

ENGLISH NATIONAL OPERA

TRAFALGAR SQUARE

CHARING CROSS

HORSE GUARDS PARADE

EMBANKMENT

4 5

Tottenham Court Road

C KINGSW OXFORD STREET HA DRURY LA LOCATION RI N

G A N Y C

ST E

Covent Garden, situated in the of London’s , is a hugely popular RO

MARTIN tourist destination. The area is renowned for its world class cultural and leisure S

S offer, attracting 44 million visitors a year. RD Seven SOHO Dials Covent Garden

Covent Garden is London’s premier and The high numbers of visitors, local residents and COVENT ’ E S cultural district and is home to the Royal Opera office workers attracts internationally renowned V A L GARDEN House, Theatre Royal and Covent Garden Piazza. restaurateurs and ensures a thriving restaurant Y A 63-66

R NE U ST MARTIN’S B No other district in the world is home to two artistic scene. S LANE E T companies – The Royal Opera and The Royal F Leicester Square Temple A B Ballet – in addition to more than twenty renowned H ED S Noël Coward D . R F E Theatre OR Somerset G E Leicester Duke of TRAN House NT S Square York Theatre D S TREET Garrick Covent Garden is regarded as one of London’s S Theatre T Circus WA major retail destinations, and has attracted many T N of the world’s leading retail brands including: Apple, E TE M K R Reiss, Aspinal, Ted Baker, Calvin Klein and H&M. N L A OO B M B E Trafalgar RI A Square I DG ST JAMES’S R O E Embankment T C I V

ALL MALL P THE MALL

6 7 COMMUNICATIONS

The property benefits from excellent access to transport connections across London, with stations at Covent Garden, Leicester Square, and Charing Cross all within walking distance.

TRAVEL TIMES FROM DOOR TO DESTINATION: OXFORD CIRCUS HOLBORN 8 mins 4 mins OXFORD TOTTENHAM HOLBORN Central 8 minsCOURT ROAD 4 mins Northern 3 mins GREEN COVENT Piccadilly Bakerloo PARK TOTTENHAM GARDEN Central COURT ROAD 2 mins Circle 5 mins Northern 3 mins GREEN COVENT District LEICESTER Bakerloo PARK GARDEN PICCADILLY SQUARE Jubilee 5 mins 2 mins Circle CIRCUS 1 min Victoria 3 mins LEICESTER District 63-66 Waterloo & City PICCADILLY SQUARE Jubilee CHARING ST MARTIN’S CIRCUS 1 min Elizabeth () LANE Victoria 3CROSS mins 2 mins NationalWaterlo Railo & City CHARING Elizabeth (Crossrail) CROSS 2 mins National Rail VICTORIA WESTMINSTER EMBANKMENT 12 mins 9 mins 3 mins

VICTORIA WESTMINSTER EMBANKMENT 12 mins 3 mins 9 mins WATERLOO 5 mins

WATERLOO 5 mins

ST MARTIN’S LANE TfL travel times

63-66 St Martin’s Lane occupies a prominent position just below St Martin’s Cross, the The opening of Crossrail at Tottenham Court Road is expected to intersection of Cranbourn Street, St Martin’s substantially increase pedestrian flow along St Martin's Lane. Lane, Long Acre and Garrick Street, where there is substantial pedestrian flow between Covent Garden and Leicester Square.

There are several theatres located on St Martin’s Lane, including The Duke of York’s Theatre, the Noel Coward Theatre and the English National Opera. These theatres naturally encourage footfall along the street and are therefore a huge draw for restaurants and bars.

8 9 THE PROPERTY

63-66 St Martin’s Lane comprises a seven storey building with commercial accommodation on the ground and basement floors and private residential accommodation on the upper floors sold off on a long lease.

63-66 St Martin’s Lane is currently arranged to provide a 72-cover restaurant and bar on ground with storage and ancillary use at basement level. The unit is well configured and provides flexibility that would suit a variety of occupiers.

The property benefits from a licence which allows for trading until midnight Monday through and 11:30 pm on Sundays.

10 11 ACCOMMODATION

The property comprises the following Gross Internal Areas (GIA):

Floor Use GIA (Sq Ft)

Ground Sales 3,219

Basement Ancillary 3,014

Storage 495

TOTAL 6,728

MAIN LOBBY

DDA WC + BABYCHANGE

EMERGENCY EXIT

REAR YARD

ST MARTIN’S LANE

BAR EMERGENCY EXIT

RESTAURANT

HVAC & PLANT GROUND FLOOR

ANCILLARY ANCILLARY ANCILLARY

COMMS BIN STORE BIN STORE

STORE

OFFICE

VOID FEMALE MALE CELLAR & STORE BAR STORE STAFF STAFF

FEMALE WC BAR STORE

KITCHEN STORAGE / BOILER ANCILLARY

INCOMING ANCILLARY MALE WC SERVICES WC LOBBY

& ELEC BOARD

VOID

BASEMENT

12 13 Floor plans not to scale, for indicative purposes only TENANCY

• The commercial premises are single let to The • The lease is subject to a tenant break option Alchemist Bar & Restaurant Limited on the 13th August 2033, providing 14.1 years • The lease is from 13th August 2018 until the to break 12th August 2043, providing 24.1 years • There are upwards only open market rent unexpired on a lease inside the protections of reviews every five years, with the next rent the Landlord & Tenant Act 1954 review on the 13th August 2023 • The use is for bar and restaurant within A3/A4 • The passing rent of £480,000 per annum with ancillary offices reflects £119.34 per sq ft on a weighted area • The rent commencement date is 13th August basis 2019, the vendor will top up any outstanding rent free

TENURE

Freehold.

The upper parts of the property, which comprise private residential accommodation, and the dedicated ground floor entrance are let on a 999 year fully repairing and insuring lease at a peppercorn rent from the 25th December 1996.

6

h e o

12 r d e A Offices

at r 5

t

s 11 10 8 e TENANT COVENANT 48a r 24 1 27a 23 ral Flo Long Acre 14 The Alchemist is an award winning, innovative and exciting bar

25 and restaurant group. Their vision is to serve up a theatrical, L

20-18 a C z

o e

15 n 16 u

27 r b t y cocktail and casual dining experience, that combines molecular G arri 22 ck S tree 10 Stree mixology with great service and knowledge from its creative team. 27 t Rose 25 t 70 e 77-78 8 tre 23 6 S rn S u t The Alchemist is set to undergo an international expansion. It currently has sixteen venues 20 o 17 b M n 69 ra a C 79 r Ga t rric i k with a further four in the pipeline. n C lub '

s

L 13 Leicester 34 80-81 a n

Square e 7 It has seen impressive growth over the last five years with compounded average growth in 35 revenue of 39% a year. The total revenue in 2018 was £34.5m. 10-11 82-84

16 17 18 60-62 20 23 The Alchemist Bar & Restaurant Limited has a Dun & Bradsheet Rating of 2A 2, which

23a 24 25 represents a lower than average risk of business failure. 27 28 85-88 59 Noël S 12 Wyndham’s t w w Ro M Ne 9 10 Theatre Coward 8 a 7 Theatre 6 r www.thealchemist.uk.com t 5 2 i 4 10 n 2 3 24 ' 11 s 12 58 B L Tgc 23 a e

t L d our n C i tins f St Mar e e 57 f o wn Da r ch 56 Sedgwi d b

2 89-90 34 37 30 36 u 8 55 27 r y

2028m30m 54 Title plan not to scale, for indicative9 2purposes only 26 93 39K 55K

14 15 OCCUPATIONAL MARKET INVESTMENT MARKET

Covent Garden is the premier cultural and retail destination in London, with There has been strong demand for restaurant investments over recent years, with over 44 million visitors per year. record pricing being achieved. Investors are attracted to the asset class by the long lease terms and potential for rental growth. The scarcity of new late licences being Occupiers in Covent Garden benefit from a strong St Martin’s Lane is anticipated to see a significant granted by local authorities means premises with existing licences like 63-66 St tenant mix and high footfall. Continued growth increase in footfall thanks to Crossrail at Martin’s Lane attract significant occupier and investor demand. in visitors has been accelerated by the ongoing Tottenham Court Road. Pedestrians will naturally place making being undertaken by local estates, flow up and down St Martin’s Lane en route to the including Shaftesbury, CapCo and Soho Estates. attractions around Covent Garden and Trafalgar DATE ADDRESS TENURE TENANT AREA WAULT PRICE NIY CAPITAL Square. VALUE £PSF Covent Garden and the wider West End is at the forefront of the UK dining scene and is home to This expected increase in footfall and the positive Under 30/32 Neal FH Schuh 8,045 10.1 Q.£18.75m Q.3.25% Q.£2,331 some of London’s most exciting restaurants and effects of local estates’ place making, coupled with Offer Street, WC2 bars. The abundance of occupiers and chains the comparatively low passing rent should ensure competing for the best sites are being faced with St Martin’s Lane sees rental growth surpassing that Q4 29 Great FH Spirit Pub 5,244 25.5 £17.55m 3.64% £3,347 a lack of supply of suitable A3/A4 units which of the wider area in the next five years. 2018 Marlborough Company continues to put upwards pressure on rents. Street, W1 Holborn

Q2 28 Maiden FH Cinnamon 2,802 9.5 £6.00m 3.05% £2,141 Tottenham Court Road 2018 Lane, WC2 Bazaar Increased pedestrian flow

Areas of estate influence Q1 62-65 VFH Pret A 3,783 15.0 £6.05m 3.49% £1,599 Rent £psf 2018 Trafalgar Manger

Oxford Circus 63-66 St Martin’s Lane rent £psf Square, WC2

£180 Q4 6 Neal VFH David 1,504 6.2 £7.15m 3.15% £4,754 2017 Street, WC2 Clulow

SHAFTESBURY

S S SOHO ESTATES LN MARTIN’S ST

T Q4 38-42 VFH Bills & Paul 5,603 9.6 £7.50m 3.78% £1,339 M

A Covent GardenGard 2017 Kingsway, R

T WC2

I I N £230 £170

CAPCO

£119 Temple Leicester Square £16£160

Piccadilly Circus £160

Charing Cross 17 Trafalgar Square

Embankment PLANNING EPC

The property is not listed but sits within the Covent A copy of the Energy Performance Certificate is Garden Conservation Area. available in the data room.

VAT DATA ROOM

The property is elected for VAT. The sale will be Please contact the sole agents for access to the treated as a Transfer of Going Concern (TOGC). data room.

PROPOSAL

We are seeking offers in excess of £11,250,000 (Eleven Million, Two Hundred and Fifty Thousand Pounds), exclusive of VAT and subject to contract. This reflects a net initial yield of 4.00% and a low capital value of £1,672 per sq ft, allowing for acquisition costs of 6.71%.

CONTACT

To arrange an inspection or for further information, please contact the sole agents Cushman & Wakefield:

PAUL GUMMER GRAHAM HARDING Direct: +44 (0) 20 7152 5479 Direct: +44 (0) 20 7152 5756 Mobile: +44 (0) 7966 784 972 Mobile: +44 (0) 7841 804 770 [email protected] [email protected]

Important Notice Cushman & Wakefield gives notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4 The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. Subject to Contract. Designed and produced by TLGD.co.uk. July 2019.

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