181-185 Wardour Street London W1 INVESTMENT SUMMARY
Situated on one of Soho’s most iconic streets and one of London’s prime leisure, retail and office addresses. Mixed use building Prominent corner restaurant (A3) with a return frontage onto Noel Street. Upcoming restaurant rent review due in 2018. September 2013 rent review still under negotiation. Offices let to Blink Productions (currently holding over on low reversionary passing rents). Residential penthouse apartment on 4th floor let on an Assured Shorthold Tenancy. Planning Permission granted to create 7 residential apartments and increasing the overall massing by extending the 4th floor and building a further th5 floor extension. The building is set to benefit from the increased footfall of the new Crossrail entrance to Tottenham Court Road Station opening in 2018 which is moments away. Total current NIA of 977.52 sq m, 10,522 sq ft. Entrances to offices onardour W Street & Noel Street.
Property Consultants CITY TOTTENHAM SOHO SOUTH BANK COURT ROAD SQUARE CROSSRAIL
181-185 Wardour Street London W1
WARDOUR STREET
OXFORD STREET PORTLAND PLACE REGENT STREET
GOODGE STREET
G GT PORTLAND STREET R E A T
T I THE BRITISH T C H MUSEUM F ORD EET I F STR E M H DIS L BED CAVEN D T BLOOMSBURY A OTTENHAM COUR NEW HARLEY STREET S SQUARE T R GO S ROAD T W RUSSELLSTREET D STREE Y GARDENS E I L GL M A EA L W PO E GREAT B E R E EO L EET B QUA R TREE E TR S H D S T O T FOR ST LAND S S B N W R N REET T E E ELBECK STREET REET E MA IM W RY T M H L R E A BA B MO BE N I O G ET N RN S T RE T
ST E KER E H RG E R ROA GEO L E R E A STREETS E G S AC N
N PL T OR T E B L DISH D HOL O S R GH HOLBORN TR AVEN HI U E C
C E EET T T EE E D STR S FOR S T W OX O E NE U R T T CAVENDISH N H P E TREES SQUARE R L OR BO A LINCOLN’S INN A WIGM TOTTENHAM L M FIELDS C O P E H RD STREET COURT RD G H T T OXFO HI EE O PORTLAND G TR N R S SQUARE E N A O E R CAT H E SO U O Q T W HP E A C N E D R E H EL G OXFORD L L D S R A ST U T E R UAR R S Y CIRCUS SQ G I N L N E A R D N E R E E G A K G W ET S RE A D T C ST R EET E R RD R D R FO ST A E S OX H B O N F E O T UG E U R T R RO R R S I S O BO W T T H L S R H S S MARBLE HANOVER AR I T C M E S DR T K R E SQUARE G E T R UR S T R Y BOND E O T T E LANE ARCH R E B E T A O E W C T D S STREET A T R H RE N OP E A T B K Y L I T S E N E X S COVENT E T I R R N ST T CH E G ST S Y E T R T L T O TE S A W R N E COMPTON STREETLY GARDEN R D E P D IL LO L ET S R OL M F A RE G T U O N ST R R REE E E P G E E E N T R R T AC T S G T N T S RE LO COVENT EE T E TR ET R G T E GARDEN S E O U K TR E LDE N C S E E MARKET O ET T V ST TRE I T N A VI R S U SQ ST A ENO D REET Y LEICESTER T OSV N UARE ST R ING GR O U K C R T PARK STREET S B E TEMPLE A WE RE E S ST VI R E ST SQUARE LE R B LE T M F LIS A
O A R W H T
I S N E
’ S G N A LA T L E R E A EN R R ID T N S IC A E M N LEICESTER K TO S T RU SQUARE R B E E BERKEL T PICCADILLY PL S E O ET Y D STRE AN NT CIRCUS H W OU S C M Q B EET U E R STR A A R D NGE R K O EG RA T P P E E V A O E A LE E L R A R Y R BEMARLE EN R S S HAYMARKET L K K ET T T O E RE R T S L R E O L ST E E A A L T T N L ST B N HI T E E RE R R ET E I TREET ET D LY NS G IL Y TRAFALGAR E AD JERM ICC SQUARE P ND EMBANKMENT RA CHARING S’S ST ST JAME CROSS GREEN S ST T J R NORT AM SPU HUM PARK CK BERL CL ES’S S CO AND A AV R E ENU GES AR E QU ET STREE S N STRE T CURZO REET T ACE LY E L W AC IL SE TERR L PL D MAL OU AL HYDE PARK A H H ITEH C ON I WH IC PALL RLT T P CA E ET H TRE T S A RD N FO L RT E HE L M 181-185 H K O N R Wardour Street A SE HORSE London W1 L B L GUARDS M A G M PARADE E D E U A TH A O S RDS R T K ABLE R
D O Y R JUBILEE A A Y R HYDE PARK D GARDENS O D R E R CORNER E D E V L GREEN PARK E RICHMOND TERRACE B WATERLOO E ST JAMES’S PARK SBRIDG CONSTITUTION HILL KNIGHT KI NG CHARLES ST
G WESTMINSTER RO V SV EN STREET O BUCKINGHAM
SLOANE R P PALACE WESTMINSTER BRIDGE LA C E BIRDCAGE WALK D R ET CE RE E LA ST V A BROADWAY TOTHILL STREET A A P RI GR M E O L A ANC ST JAMES’S T E H Y FR IC B G PETT V IN PARK K C U ET RE B ST E ALKIN R WEST H UA SQ
VICTORIA Location
PORTLAND PLACE REGENT STREET
This mixed use building is located in the lively heart of Soho, London’s world – famous food, retail and creative industry district. As well as the traditional TMT (technology, media and telecommunications) office occupiers such as Nike, Twitter, Sony, 20th Century Fox and M&C Saatchi, there has been a steady influx of financial occupiers looking to take advantage of Soho’s well located and vibrant amenities.
With the world famous retail locations of Carnaby Street, Oxford Street and Regent Street within close walking distance, the area is also known for its trendy restaurantsGOODGE and bar scene as well as a thriving nightlife. Prominent occupiers in the area include the Dean Street Townhouse,STREET Soho House, Barofino, Quo Vadis, Polpo and
Burger & Lobster. G GT PORTLAND STREET R E A T
T I THE BRITISH T C H MUSEUM As a residential location Soho is oneF of the most fashionable addresses in London withORD current residents following EET I F STR E M H DIS L BED CAVEN D T BLOOMSBURY A OTTENHAM COUR NEW HARLEY STREET S the footsteps of Karl Marx, Mozart, EricT Clapton and Simon Pegg among others. Additionally famous institutions SQUARE R GO S ROAD T W RUSSELLSTREET D STREE Y GARDENS E I L GL M A EA L W PO E GREAT B E such as the Groucho Club, Ronnie Scott’s and the Colony Club have been a major draw forR pastE and present EO L EET B QUA R TREE E TR S H D S T O T FOR ST LAND S S B N W R N SohoREET residents. T E E ELBECK STREET REET E MA IM W RY T M H L R E A BA B MO BE N I O G ET N RN S T RE T
ST E KER E H RG E R ROA GEO L E R E A STREETS E G S AC N
N PL T OR T E B L DISH D HOL O S R GH HOLBORN TR AVEN HI U E C C E EET T T EE E D STR S FOR S T W OX O E NE U R T T CAVENDISH N H P E STREE SQUARE R L OR BO A LINCOLN’S INN A IGM TOTTENHAM L M FIELDS C W O P E H RD STREET COURT RD G H T T OXFO HI EE O PORTLAND G TR N R S SQUARE E N A O E R T CA H E SO U O Q T W HP E A C N E D R 181-185 E H EL G OXFORD L L D
S A ST R T U RE R R Wardour Street UA S Y CIRCUS SQ G I N L N E A R D N London W1 E R E E G A K G W ET S RE A D T C ST R R EET E RD R D R FO ST A E S OX H B O N F E O G E T U U R T R RO R R S I S O BO W T T H L S R H S S MARBLE HANOVER AR I T C DR M E S T K R E SQUARE G E T R UR S T R Y BOND E O T T E LANE ARCH R E B E T A O E W C T D S STREET T A R R H E N OP E A T B K Y L I T S E N E X S COVENT E T I R R N ST T CH E G ST S Y E T R T L T O TE S A W R N E COMPTON STREETLY GARDEN R D P D IL LO L ET E S R OL M F A RE G T U O N ST R R REE E E P G E E E N T R R T AC T S G T N T S RE LO COVENT EE T E TR ET R G T E GARDEN S E O U K TR E LDE N MARKET OC S E E ET T V ST TRE I T N A VI R S U SQ ST A ENO D REET Y LEICESTER T OSV N UARE ST R ING GR O U K C R T PARK STREET S B E TEMPLE A WE RE E S T ST SQUARE VI BR E E S LE R L T M F LIS A
O A R W H T
I S N E
’ S G N A LA T L E R E A EN R R ID T N S IC A N E K M TO LEICESTER S T RU SQUARE R B E E BERKEL T
PICCADILLY PL S E O ET Y D STRE AN NT CIRCUS H W MOU S C Q B REET A U E R ST A R D NGE R K O EG RA T P P E E V A O E A LE E L R A R Y R BEMARLE EN R S S HAYMARKET L K K ET T T O E RE R T S L R E O L ST E E A A L T T N L ST B N HI T E E RE R R ET E I Y TREET ET D LL YN S G DI RM TRAFALGAR E CCA JE PI SQUARE D EMBANKMENT AN S TR CHARING S’ S ST JAME S CROSS GREEN T J ST N R ORTH AM KSPU UMBE PARK C RL CL ES’S CO AND A AV R E ENU GES AR E QU ET STREE S S N STRE T CURZO REET T ACE LY E L W AC IL SE TERR L PL D OU AL A MAL H H ITEH HYDE PARK C ON I H LT T W IC PALL AR P C E ET H TRE T S A RD N FO L RT E HE L M H K O N R A SE HORSE L B L GUARDS M A G M PARADE E D E U A TH A O S RDS R T K ABLE R
D O Y R JUBILEE A A Y R HYDE PARK D GARDENS O D R E R CORNER E D E V L GREEN PARK E RICHMOND TERRACE B WATERLOO E ST JAMES’S PARK SBRIDG CONSTITUTION HILL KNIGHT KI NG CHARLES ST
G WESTMINSTER RO V SV EN ESTREETE O BUCKINGHAM
SLOAN R P PALACE WESTMINSTER BRIDGE LA C E BIRDCAGE WALK D R ET CE RE E LA ST V A BROADWAY TOTHILL STREET A A P RI GR M E O L A ANC ST JAMES’S T E H Y FR IC B G PETT V IN PARK K C U ET RE B ST E ALKIN R WEST H UA SQ
VICTORIA Situation
The property is situated on a highly visible corner position at the junction of Wardour Street and Noel Street.
Wardour Street is home to a number of notable food and drink operators such as Starbucks, Wasabi, Wahaca, and Pret a Manger with a mix of independent favourites such as 100 Wardour Street, The Breakfast Club and TAP Coffee contributing to the lively tenant profile mix. Crossrail
The building is very well connected with Oxford Circus, Piccadilly Circus, Tottenham Court Road and Leicester Square underground stations within close walking distance.
In 2018, Tottenham Court Road Station will be served by Crossrail, to be known as the ‘Elizabeth Line’ which will dramatically increase access and visitor numbers to the area, serving circa 200 million people annually. The new entrance to the Crossrail Station on Dean Street will be moments from 181-185 Wardour Street, which should directly expose the restaurant to the passing foot flow from the station.
CROSSRAIL
HEATHROW PADDINGTON BOND TOTTENHAM FARRINGDON LIVERPOOL AIRPORT STREET COURT ROAD STREET
Junction of Oxford Street & Wardour Street Property Consultants 181-185 Wardour181-185 Street WardourLondon Street W1 London W1 The Property
181-185 Wardour Street occupies a prominent corner site with a restaurant (with A3 use) on Ground Floor and Basement, offices above onst 1 -3rd floors and a residential apartment on the th4 floor. Access to upper floors via entrances on Wardour Street and Noel Street. All floors have lift access. The restaurant space comprises a prime retail corner unit with A3 (restaurant) use, let to JD Wetherspoon who have in turn sublet to Chipotle Mexican Grill. Accommodation
Floor/Unit Use Size (Sq M) Size (Sq Ft) Ground Restaurant (A3) 178.5 1,921
Basement Restaurant (A3) 206.8 2,225
Restaurant Total: 385.3 4,146
1st Office 178.8 1,924
2nd Office 168.5 1,813
3rd Office 71.8 773
3rd Mezz Office 105.4 1,135
Office Total: 524.45 5,645
4th Residential 68.7 739
Total: 977.52 10,522
Shop Dimensions Metres Feet
Gross Frontage 22.59 74
Net Frontage 10.46 34
Shop Depth 18.03 59
Shop Width 14.45 47
Floor plans available on request. Development Potential and Planning
The property is situated within the London Borough of Westminster. Planning Permission was granted in December 2015 for the use of the first to fifth floors as seven residential units. This included the permission to increase the massing with the erection of a roof extension (at fifth floor level) and the creation of terraces on the upper levels and cycle storage and plant in the basement.
Proposed plans and information available on request.
Property Consultants Tenancy Information
Floor/Unit Tenant Use Start Date Expiry Date Term Rent (£ pa) Rent (£ psf)
Ground & JD Wetherspoon Restaurant 23/11/93 27/09/23 30 yrs £195,000* Basement (Sub-let to Chipotle (A3) Mexican Grill Inc)
* 2013 rent review still under negotiation. Next rent review due 2018 1st & 2nd Blink Productions Ltd Office 24/08/04 31/08/14 Holding Over £114,000
3rd /181 Blink Productions Ltd Office 22/09/06 16/09/11 Holding Over £20,500
3rd /185 Blink Productions Ltd Office 10/12/09 08/01/13 Holding Over £40,000
4th Assured Shorthold Residential Holding Over £16,800 Tenancy (AST) £386,300
Tenants Covenants
The lease on the restaurant is held by JD Wetherspoon Plc and sub-let to Chipotle Mexican Grill UK Limited (guaranteed by Chipotle Mexican Grill Incorporated).
JD Wetherspoon: Creditsafe score 84 A This is based upon the company’s latest industry classification, todays rating of 84 places the company in the upper 25% of 13,246 companies sampled from the same industry. This score means that JD Wetherspoon have a Very Low Risk rating. This is also the case on the International score which is A = Very Low Risk.
Key Financials
Year to Date Turnover Pre Tax Profit Shareholder’s Employees Funds
26/07/2015 £1,513,923,000 £58,732,000 £222,893,000 34731
27/07/2014 £1,409,333,000 £78,365,000 £227,168,000 32635
27/07/2013 £1,280,929,000 £57,143,000 £214,915,000 29471
Chipotle Mexican Grill UK Limited Creditsafe score 26 D This is based upon the company’s latest industry classification, todays rating of 26 places the company in the lower 29% of 13,246 companies sampled from the same industry. This score means that Chipotle Mexican Grill UK Limited have a High Risk rating. This is also the case on the International score which is D = High Risk. Key Financials
Year to Date Turnover Pre Tax Profit Shareholder’s Employees Funds
31/12/2015 £8,192,487 -£4,767,925 £1,230,755 149
31/12/2014 £7,330,857 -£3,435,305 £5,910,331 134
31/12/2013 £5,992,391 -£3,275,090 £5,341,297 128 Chipotle Mexican Grill Incorporated Creditsafe score 90 A This is based upon the company’s latest industry classification, todays rating of 90 places the company in the highest 10% of 13,246 companies sampled from the same industry. This score means that Chipotle Mexican Grill Incorporated have a Very Low Risk rating. This is also the case on the International score which is A = Very Low Risk.
Key Financials
12/31/2015 12/31/2014 12/31/2013
Net Revenue/Sales $4,501,223,000 $4,108,269,000 $3,214,591,000
EBITDA $907,151,000 $828,250,000 $635,525,000
Net income $475,602,000 $445,374,000 $327,438,000
Fixed Assets $1,217,220,000 $1,106,984,000 $963,238,000
Long Term $622,939,000 $496,106,000 $313,863,000 Investments
Cash $248,005,000 $419,465,000 $323,203,000
Total Shareholders $2,127,974,000 $2,012,369,000 $1,538,288,000 Equity
Blink Productions Limited Creditsafe score 61 B Based upon the company’s latest industry classification, todays rating of 61 places the company in the middle to upper 25% of 8,711 companies sampled from the same industry. This score means that Blink Productions Limited have a Low Risk rating. This is also the case on the International score which is B = Low Risk.
Key Financials
Year to Date Turnover Pre Tax Profit Shareholder’s Employees Funds
31/05/2015 £19,446,467 £781,064 £1,081,022 34
31/05/2014 £20,052,615 £698,507 £1,060,041 24
31/05/2013 £14,446,765 £191,002 £1,084,262 22
181-185 Wardour Street London W1
Title Plan a a t n C S h t re Retail a 129 127 p e e t 1 l 1 3 4 9 1 S 1 137 S 3 3 4 9 a t 3 i n r C t e 143 20 o P e l l a 20 e 1 t t g r 147 3 i e c k 149 s 145 15 55 51 W -54 199 53 a r d 16 5 o 8 19 u 1 7 Sr 5 B 19 5 8 e 8 t a rwi r e 193 e 22 c 52 t et k Retail tre S S 2 95 191 21 t en 3 ree oll 59 50 H 94 Retail t 51 189 20 G 60 21 re 93 187 49 a 9 t C 1 3 h 1 0 1 2 61 48 a p Retail 2 e 4 l 47 St t 5 n 5a u mo r ra e Pa se 46 u e 24 6 Ho 185 t 6a s va 45 27 No p e a ou s 45 Gr Hou 26 183 ley aver W 24 12 181 7- 25 23 1 179 1 3 22 3 2 G a 21 20 44 r 177 e a B t 175 C e 43 t 19 r e h t w e a 1 e tr 1 4 re 21a S 5 t ic n p S 42 1 o e el k at o 68 er l N S h S t S r 41 tr e 9 a e 1 -40 21 69 e 40 0 t e 2 5 t 70 39a 7 t 18 ee 71 Str 7 ay 31 rbl 142 72 D'A 171 15 W 8 a 9 8 r P d 7 o 14 1 16 o u l 9 69 a 10 1 r n S d 18 12 tr S e t 12 e re t 45 13 36 2 e 13 t 29 28 17 140 21 46 14 et 35 re 27 3 11 St y 73 16 159 bla 25 34 47 16 Ar 4 D' 157 136 23 33 15 17 5 10 75 22 14 W 6 48 21 32 76 Tenure a 132 0m 10m 20m 30m r d 9 7 B 1 o 1 7 3 13 16 2 11 7a e 1a u 130 7 r 3 r 8 w 4 M Freehold C 9 9 i 30 15 © UKMap Copyright The GeoInformation Group 2017 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250 VAT The building is elected for VAT.
Price On Application
Property Consultants Property Consultants
For further information or to arrange an inspection, please contact:
Damien Field Ben Blausten T 0207 927 0620 T 0207 927 6331 E [email protected] E [email protected]
Please note that all floor areas have been recorded by Plowman Craven. Purchasers are advised to verify all floor areas and satisfy themselves in that respect. Misrepresentation Act 1967. These particulars are intended only to give a fair description of the property and do not form the basis of a contract or any part thereof. These descriptions and all other information are believed to be correct but their accuracy is in no way guaranteed (January 2017).
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