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Charlotte Street Fitzrovia W1 CHARLOTTE STREET FITZROVIA W1 PRIME WEST END FREEHOLD INVESTMENT 02 | 03 Exceptional mixed-use asset in the heart of London’s West End Executive Summary • Freehold • Super prime position on Charlotte Street, Fitzrovia’s most sought-after corporate and leisure address • Excellent transport connectivity, within 500m of imminent Crossrail services at Tottenham Court Road • Prominent corner building comprising 16,749 sq ft of Grade A offices and 7,867 sq ft of prime restaurant accommodation • Fully let to one office tenant and two restaurants for a weighted unexpired term of 10.2 years • The office element (73% of income) is let on an unprotected lease to Knotel until October 2029, at a reversionary rent of £75 per sq ft • The offices benefit from exceptional natural light, efficient floorplate configuration and outdoor terracing on first and fifth floors • The prominent restaurant units (27% of income) are occupied by ‘1947 London’ and ‘Six by Nico’ until June 2027 and June 2037 respectively • Offers are invited in excess of £36,500,000, subject to contract and exclusive of VAT • This reflects a net initial yield of 4.43%, assuming full purchaser’s costs, and a capital value of £1,483 per sq ft 33-41 CHARLOTTE STREET | FITZROVIA W1 04 | 05 hyde park mayfair st james’s bond street SOHO Oxford Circus marylebone COVENT GARDEN TOTTENHAM COURT ROAD TOTTENHAM COURT ROAD FITZROVIA GOODGE STREET bloomsbury 33-41 CHARLOTTE STREET | FITZROVIA W1 06 | 07 Charlotte Street The property is prominently located in the heart of London’s West End, within the energetic and characterful submarket of Fitzrovia. Populated by an abundance of Charlotte Street’s proximity to cobbled side-alleys, wide streets Oxford Street, the cultural hub of and open squares, Fitzrovia is heavily Soho and the desirable residential influenced by its bohemian past, areas surrounding Regent’s Park has boasting an attractive blend of seen it evolve from its aristocratic modern and historic architecture. origins into one of London’s most desirable destinations for restaurant Notable landmarks include Regent’s / bar operators, office occupiers and Park, the British Museum and the tourists alike. iconic BT Tower, while more recent developments include Fitzroy Place and Rathbone Place, headquarters to Estée Lauder and Facebook respectively. 33-41 CHARLOTTE STREET | FITZROVIA W1 08 | 09 Description The property comprises the freehold interest in 33-37, 39 & 41 Charlotte S t r e e t . Occupying a prominent corner position, The offices benefit from exceptional the property features two restaurant units levels of natural light throughout, efficient at basement / ground floor level (7,867 sq configuration and are well suited to both ft) and 16,749 sq ft of office space on the single and multiple tenancy. first to fifth floors. The freehold interest also includes the The offices, which are accessed via a corner retail unit at 33-37 Charlotte Street reception off Rathbone Street, are linked (Roka) and four self-contained flats at 41 by 1 x 8-person passenger lift and two Charlotte Street, albeit these have been staircases. sold off on long leasehold interests. Title & Tenure 46 4 2 ET E 4 R 0 ST E 43 G OD 3 13 GO PH 8 5 4 3 6 1 4 9 3 1 5 7 3 o t 3 3 C h a rl o t te Pl a c e 9 7 51 to 9 4 Bank PH 47 3 0 to 3 0m 5m 10m15m 5 4 4 Note: Reproduced from the Ordnance Survey Map with the Freehold permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. Residential sold off until 2126 Note: Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Restaurant (ROKA) sold off until 2998 33-41 CHARLOTTE STREET | FITZROVIA W1 10 | 11 THE OFFICES BENEFIT FROM EXCEPTIONAL NATURAL LIGHT AND EFFICIENT CONFIGURATION 33-41 CHARLOTTE STREET | FITZROVIA W1 12 | 13 Accommodation The property provides the following net internal areas: Offices Floor Use NIA (Sq Ft) NIA (Sq M) 5 2,001 185.9 4 2,987 277.5 3 Office 2,468 229.2 2 3,033 281.8 1 6,260 581.5 Sub-total 16,749 1,555.9 Six By Nico Floor Use NIA (Sq Ft) NIA (Sq M) G Trading 2,366 219.8 G Ancillary 429 39.9 G Outside Seating 111 10.3 LG Ancillary 961 89.3 Sub-total 3,867 359.3 1947 London Floor Use NIA (Sq Ft) NIA (Sq M) G Ancillary 84 7.8 LG Main Trading 3,681 342.0 LG Additional Stores 235 21.8 Subtotal 4,000 371.6 TOTAL* 24,616 2,286.9 * In addition, the freehold title includes four residential flats and a restaurant, all of which have been sold off on long leasehold interests (see Tenancy Schedule) 33-41 CHARLOTTE STREET | FITZROVIA W1 14 | 15 Lower ground Ground floor T EE ET RE ROKA (Sold Off) CHARLOTTE STR ROKA (Sold Off) CHARLOTTE ST SERVICE YARD RATHBONE STREET RATHBONE STREET 1947 LONDON SIX BY NICO OFFICE ENTRANCE 33-41 CHARLOTTE STREET | FITZROVIA W1 16 | 17 first floor typical upper floor TERRACE OFFICES RESIDENTIAL (SOLD OFF) 33-41 CHARLOTTE STREET | FITZROVIA W1 18 | 19 FITZROVIA’S VACANCY RATE TENANCIES stands at only 3.1%, well below the long-term Rent PA Demise Sq Ft Tenant Review Expiry Comments (PSF) average of 4.8% - Outside 1954 L&T Act - Open Market Rent Review 33 Camcorder Ldn £1,256,175 - 12 months’ rent guarantee provided by Office 16,749 25.10.2024 24.10.2029 Limited: t/a Knotel (£75) Knotel Inc - Rent deposit of £251,235 held until 14.10.2021, or earliest assignment or determination of lease - Lease held on assignment from Azzurri Restaurants Ltd (with AGA) Six by Nico £298,000 - Rent deposit of £89,400 Retail A 3,867 07.06.2022 06.06.2037 (Fitzrovia) (£77.06) - 10 year reversionary lease from 07.06.2027 with an upward only day one rent review - Lease held on assignment from Hart Samarkand £170,000 Bros Ltd (with AGA) Retail B 4,000 Restaurant Ltd t/a 30.01.2018 06.06.2027 (£42.50) - Rent deposit of £153,000 1947 London - 2018 rent review outstanding Tavola Calda - Sub-let to Robata Restaurants Ltd (t/a Retail C - Peppercorn - 31.05.2998 Limited ROKA) until 01/10/2028 4 x Private Residential - £1,000 24.09.2026 23.09.2126 - Rent doubles every 25 years Individuals Transformer London Power - £0 - 07.11.2100 - Chamber Networks Plc Occupiers TOTAL 24,616 - £1,725,175 33 Camcorder Ldn Limited Six by Nico Samarkand Restaurants Ltd (trading as Knotel) (Fitzrovia) (trading as 1947 London) Knotel’s business strategy of leasing Six by Nico was established by award- 1947 London is an award winning on a floor-by-floor basis positions it winning Scottish chef Nico Simeone restaurant focussed on high-end well to prosper in current times, in 2017, and now operates across Indian cuisine, operated by the where security and self-control are the UK. owners of the renowned Chai highly valued. Thali group. The business revolves around a fixed With over 4 million sq ft across over ‘six course’ tasting menu concept, Chef Krishna Negi, the protégé of 200 locations in London, the USA, which changes every six weeks. Michelin-starred Vineet Bhatia, has Berlin, Paris, São Paolo and Rio de created a menu which nods to recipes Janeiro, Knotel is established on a Fitzrovia is the latest opening of the that evolved out of the 1947 Partition. global scale. widely acclaimed concept, following an extreme success with their other www.1947london.com Knotel now operates in 10 countries, restaurants. with international markets comprising 40% of its revenue and growing. www.sixbynico.co.uk London has been a particular success story for the business, which currently operates out of 27 buildings within the Capital (over 500,000 sq ft). www.knotel.com 33-41 CHARLOTTE STREET | FITZROVIA W1 20 | 21 OFFICE OCCUPATIONAL MARKET The West End’s geographically constrained boundaries, Competition for Grade A accommodation within the coupled with a scarcity of available space, continue to submarket has remained robust, as was evidenced in May drive the occupational market and this imbalance has 2020, with Exane pre-letting the 5th to 7th floors at Oxford manifested itself in low vacancy levels and historically House, 1 Newman Street for £100 per sq ft, and Netflix’s strong rental performance. recent decision to occupy 87,150 sq ft on Berners Street at £87.50 per sq ft. Fitzrovia provides a particularly acute illustration of this dynamic; the vacancy rate stands at only 3.1%, well below The imminent arrival of Crossrail, a severely constrained the long-term average of 4.8% and down from 3.3% a year development pipeline and the area’s continued attraction earlier. to the buoyant TMT sector is expected to further fuel the Fiztrovia occupational market’s outperformance of other West End submarkets. Date Address Tenant Sq Ft Floor Rent psf Term Q4-20 Copyright Building, Berners Street, W1 Netflix 87,150 Whole £87.5 17 Q2-20 Oxford House, 1 Newman Street, W1 Exane 38,064 5 - 7 £100 15 Q2-20 25 Golden Square, W1 Roxor Games 66,000 Entire c.£90 Confidential Q1-20 42 Great Marlborough Street, W1 Mediaforce 7,354 1 - 4 £90 10 Apollo Global RESTAURANT OCCUPATIONAL MARKET Q4-19 1 Soho Place, W1 89,017 1 - 4 £93 15 Management Home to over 65 Michelin starred restaurants, London has Over recent years, operators have competed to capitalise Q4-19 19-22 Rathbone Place, W1 Be Spoke 12,041 3 - 4 £79 10 (5) become one of the food capitals of the world and Fitzrovia on the area’s rich heritage and rare level of exposure has been a leading growth area within the sector.
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