Seventysix Wardour Soho / London Seventysix Wardour Soho / London
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SEVENTYSIX WARDOUR SOHO / LONDON SEVENTYSIX WARDOUR SOHO / LONDON THE OPPORTUNITY 2 SOHO – THE LOCATION 4 SOHO – THE CENTRAL VILLAGE 10 SOHO – NEIGHBOURS 12 EVOLVING SOHO 14 SOHO – COMMUNICATIONS & CROSSRAIL 16 THE BUILDING 18 THE BUILDING – OFFICE 22 THE BUILDING – RETAIL & RESTAURANTS 24 ACCOMMODATION & FLOORPLANS 26 SUMMARY SPECIFICATION 30 TENURE & TENANCY 32 COVENANTS 34 MARKET COMMENTARY 36 MORE INFORMATION 38 THE OPPORTUNITY INVESTMENT HIGHLIGHTS – HIGHLY REVERSIONARY MIXED-USE MULTI-LET INVESTMENT – HIGHLY VALUABLE A3 LATE LICENSE IN CENTRAL LONDON OPPORTUNITY – BREEAM RATING ‘VERY GOOD’ – FREEHOLD – FULLY LET TO A DIVERSE TENANT BASE PRODUCING A RENTAL – PROMINENT CORNER BUILDING FRONTING WARDOUR STREET INCOME OF £3,346,405 PER ANNUM (INCLUDING A VENDOR TOP AND MEARD STREET IN THE HEART OF SOHO UP OF THE FIXED UPLIFT ON SECOND FLOOR) – LESS THAN FIVE MINUTES WALK FROM THE NEW ELIZABETH – 68% OF INCOME FROM OFFICE ACCOMMODATION, 32% FROM LINE (CROSSRAIL) WESTERN TICKET HALL ON DEAN STREET RESTAURANT AND RETAIL UNITS – SOHO HAS THE FINEST AMENITY PROVISION IN CENTRAL LONDON – GRADE A OFFICE RENTS IN SOHO HAVE RECENTLY ACHIEVED £102.50 PSF COMPARED WITH THE AVERAGE PASSING RENT ACROSS – AREA SET TO FURTHER BENEFIT UPON THE DELIVERY OF THE WEST THE OFFICE SPACE OF £69.59 PSF (BASED ON VENDOR TOP-UP) END PROJECT – OPPORTUNITY TO REALISE A SIGNIFICANT INCREASE IN RENTAL – PROPERTY PROVIDES A TOTAL OF 51,136 SQ FT (4,750.6 SQ M) OF INCOME ACROSS THE GROUND FLOOR A3 UNITS WITH CURRENT OFFICE, RETAIL AND RESTAURANT ACCOMMODATION LET TO FOUR RENTS PASSING AT BETWEEN £90 - £100 PSF ON BEST SPACE. OFFICE TENANTS AND THREE RETAIL / RESTAURANT TENANTS A3 RENTS IN SOHO ARE CURRENTLY IN EXCESS OF £150 PSF ON BEST SPACE – OFFICES COMPREHENSIVELY REFURBISHED IN 2013 TO GRADE A SPECIFICATION – RENT REVIEWS WELL TIMED TO CAPTURE FORECAST RENTAL GROWTH BETWEEN 2017-2019 – HIGH QUALITY OFFICE ACCOMMODATION TOTALLING 33,585 SQ FT (3,120.1 SQ M) OVER GROUND AND FIVE UPPER FLOORS WITH – ALL OFFICE RENT REVIEWS IN 2019 COINCIDE NEATLY WITH THE TERRACES AT EACH UPPER LEVEL DELIVERY OF CROSSRAIL – ONE RETAIL UNIT OVER GROUND FLOOR AND TWO RESTAURANT – WAULT OF 9.93 YEARS TO TERM CERTAIN UNITS OVER LOWER GROUND AND GROUND FLOORS TOTALLING 17,551 SQ FT (1,630.5 SQ M) – OFFERS ARE INVITED FOR THE FREEHOLD INTEREST 2 SOHO – THE LOCATION CÔTE BRASSERIE, WARDOUR STREET SOHO – THE LOCATION SEVENTYSIX WARDOUR WARDOUR STREET, THE HEART OF THE WEST END AND ONE OF CENTRAL LONDON’S PREMIER ADDRESSES Wardour Street is located in the heart of Soho, one of London’s premier business and entertainment addresses, characterised by its high quality office, retail and leisure provisions. Soho has traditionally been the epicentre of London’s media industry, attracting major occupiers such as M&C Saatchi, Bartle Bogle Hegarty, Twentieth Century Fox, NBC Universal, Twitter, Warner Music, Spotify 1 2 and Snapchat. The creative industries are fast growing and increasingly corporate and finance occupiers are seeking a presence in Soho as an alternative base to St James’s and Mayfair, attracted by the array of amenities and highly appealing working environment for a younger more dynamic workforce. Corporate and financial occupiers include Diageo, Och-Ziff, Telefonica, Carval Investors, Sony Computer Entertainment and Zebedee Capital. 3 4 1 5 6 4 5 2 1. KINGLY COURT 2. WOOLRICH, BREWER STREET 7 3. LIBERTY, GREAT MARLBOROUGH STREET 4. SOHO SQUARE 5. PRINCI, WARDOUR STREET 1. BLACKS PRIVATE MEMBERS CLUB, DEAN STREET 2. L’ESCARGOT, GREEK STREET 3. FERNANDEZ & WELLS, BEAK STREET 4. CARNABY STREET 3 5. ALBAM, BEAK STREET 6. RAPHA, BREWER STREET 7. PAUL SMITH, BEAK STREET 6 7 SOHO – THE LOCATION SEVENTYSIX WARDOUR 2 2 3 1 4 1 3 5 6 8 1. NUDIE JEANS, D’ARBLAY STREET 1. SOHO HOTEL, FLAXMAN COURT 2. BREWER STREET RETAIL 2. OLIVER SPENCER, BERWICK/LIVONIA STREET 4 3. THE HOUSE OF ST BARNABAS, GREEK STREET 3. THE GROUCHO CLUB, DEAN STREET 4. APC, LEXINGTON STREET 4. WAHACA, WARDOUR STREET 5. HAM YARD HOTEL 5. COPITA, D’ARBLAY STREET 6. THE UNION CLUB, GREEK STREET 6 7 6. GOLDEN SQUARE 5 7. MEARD STREET 8. SOHO HOUSE, DEAN STREET 8 9 SOHO – THE CENTRAL VILLAGE SEVENTYSIX WARDOUR SEVENTYSIX WARDOUR TOTTENHAM COURT ROAD STATION Tottenham Court Road station is undergoing a major transformation ahead of the arrival of the Elizabeth Line (Crossrail) in 2018 which will OXFORD make it one of London’s busiest transport hubs. CIRCUS MAYFAIR FITZROVIA BLOOMSBURY OXFORD STREET REGENT STREET WESTERN TICKET HALL Situated at the junction between Dean Street and Oxford Street to provide a direct gateway into Soho from Tottenham Court Road underground station. SOHO SQUARE TOTTENHAM COURT RD EASTERN TICKET HALL WARDOUR STREET Situated at the crossroad between Oxford Street, New Oxford Street, Tottenham Court Road and Charing Cross Road, the eastern ticket hall will be six times larger than its original size. Bright glazed entrances together with station lighting reinforce the station’s prominence alongside Centre Point and the new public plaza. CHARING CROSS ROAD SHAFTESBURY AVENUE COVENT GARDEN ST JAMES’S LEICESTER SQUARE 11 SOHO – NEIGHBOURS SEVENTYSIX WARDOUR RESTAURANTS & BARS LOCAL OCCUPIERS 1 ANDREW EDMUNDS 1 BANK OF EAST ASIA 2 ARBUTUS 2 BETGENIUS 3 3 COPITA CINESITE SOHO STREET 4 DUCK AND RICE 4 TWITTER 5 BARRAFINA 5 GENERATION INVESTMENT MANAGEMENT OXFORD STREET 6 LA BODEGA NEGRA 6 GHD 7 BOB BOB RICARD 7 ZEBEDEE CAPITAL 8 BOCCA DI LUPO 8 HKS ARCHITECTS 9 BONE DADDIES 9 INGENIOUS MEDIA HOLLEN STREET SOHO 10 10 BURGER & LOBSTER KAO BRANDS HILLS PLACE SQUARE 21 2 11 JACKSON & RYE 11 M&C SAATCHI 3 12 CEVICHE 12 NATIONAL MAGAZINE COMPANY RAMILLIES STREET NOEL STREET 16 6 13 THE FRENCH HOUSE 13 NIKE RAMILLIES PLACE CARLISLE STREET 14 MILK AND HONEY 14 PALANTIR TECHNOLOGIES SHERATON STREET 14 13 15 DEAN STREET TOWNHOUSE 15 SALAMANDER ENERGY WARDOUR MEWS 8 MANETTE STREET 22 16 DUCKSOUP 16 SONY 16 D’ARBLAY STREET 13 BERWICK STREET CHARING CROSS ROAD 17 FERNANDEZ & WELLS 17 SPOTIFY ARGYLL STREET 1 2 GREAT MARLBOROUGH STREET 3 17 6 18 GAUTHIER SOHO 18 TAG WORLDWIDE 19 19 23 HIX TECHNICOLOUR CREATIVE SERVICES POLAND STREET 6 14 20 HONEST BURGER 20 TELEFÓNICA 17 21 21 22 RICHMOND MEWS 4 L’ESCARGOT WASSERMAN MEDIA GROUP SOHO 17 GREEK STREET 2 2 DEAN STREET 28 22 22 21 BLIND PIG 20TH CENTURY FOX 14 27 BATEMAN STREET 11 23 NOPI 23 OCH-ZIFF DUCK LANE 15 5 12 24 24 YAUATCHA BARTLE BOGLE HEGARTY 30 18 FRITH STREET WARDOUR STREET 25 TAPAS BRINDISI 24 6 25 BROADWICK STREET 15 26 POLPETTO 20 16 MOOR STREET FOUBERT’S PLACE 4 RETAIL 10 27 PRINCI 5 INGESTRE PLACE 10 1 26 3 28 QUO VADIS 1 NUDIE JEANS MEARD STREET 29 RANDALL & AUBIN 1 2 HOPKINS STREET OLD COMPTON STREET HUGO BOSS 9 SEVENTYSIX WARDOUR 30 SOCIAL EATING HOUSE 3 MARSHALL STREET 17 CAMISA & SON 12 2 4 RAPHA GANTON STREET CARNABY STREET 26 17 19 18 10 11 ROMILLY STREET PRIVATE MEMBERS CLUBS 5 DIESEL PETER STREET 13 9 7 6 OLIVER SPENCER 24 KINGLY STREET BEAK STREET 29 1 THE GROUCHO CLUB 7 WOOLRICH 19 7 LEXINGTON STREET 1 15 12 3 2 SOHO HOUSE 8 WOLSEY UPPER JAMES STREET 7 3 9 GREAT PULTENEY STREET BLACKS A.P.C. REGENT STREET 15 RUPERT STREET 4 THE UNION CLUB 10 JOHN PEARSE BRIDLE LANE 5 5 11 LIBERTY UPPER JOHN STREET CENTURY CLUB 11 SHAFTESBURY AVENUE 6 THE HOUSE OF ST BARNABAS 12 LINA STORES 13 MILROYS OF SOHO 23 14 PAUL A YOUNG FINE CHOCOLATES GREAT WINDMILL 8 GOLDEN LOWER JAMES STREET HOTELS 15 ALBAM SQUARE BREWER STREET 16 SIR TOM BAKER ARCHER STREET 1 HAM YARD HOTEL 17 SPACE NK STREET WARWICK STREET 2 SOHO HOTEL 9 18 LOWER JOHN STREET WHOLE FOODS 19 19 PAUL SMITH 1 8 7 20 4 4 5 18 LEICESTER SQUARE 13 EVOLVING SOHO SEVENTYSIX WARDOUR MAJOR NEW WEST END DEVELOPMENTS 1 2 3 BLOOMSBURY FITZROVIA 1 OXFORD STREET, W1 NIMAX, CHARING CROSS ROAD, W1 ST GILES CIRCUS, W1 8 6 Developer: Derwent / Crossrail Developer: Derwent Developer: Consolidated Developments 1 2 7 3 Use: Office / Retail Use: Office / Retail / Theatre Use: Retail / Hotel / Leisure / Residential Area: 241,000 sq ft Area: 86,000 sq ft commercial space Area: 103,500 sq ft (commercial element) Completion: 2020 and a new 350 seat theatre Completion: 2020 EASTERN TOTTENHAM TICKET HALL COURT RD Completion: 2019 4 (2018) WESTERN TICKET HALL (2018) 4 5 6 OXFORD CIRCUS 5 SOHO 73-93 OXFORD STREET AND SOHO WORKS, ORIANA, 18-24 OXFORD STREET, W1 9 1 DEAN STREET, W1 54 GREAT MARLBOROUGH STREET, W1 – PHASE 2 Developer: Great Portland Estates Developer: Amazon Properties Developer: Land Securities / Frogmore Use: Office / Retail Use: Offices / Retail / Residential / Hotel Use: Retail / Residential Area: 91,000 sq ft Area: 80,500 sq ft Area: 76,500 sq ft (commercial element) Completion: 2017 Completion: 2017 Completion: 2020 SEVENTYSIX WARDOUR 7 8 9 LEICESTER SQUARE COVENT ONE RATHBONE PLACE, W1 ST LAWRENCE HOUSE, Developer: Great Portland Estates 26-30 BROADWICK STREET, W1 MAYFAIR GARDEN Use: Offices / Retail / Residential Developer: Great Portland Estates Area: 412,000 sq ft Use: Offices / Retail / Residential Tenant: 227,000 sq ft pre-let to Area: 84,000 sq ft Facebook on a 20 year lease Completion: 2016 Completion: 2017 PICCADILLY CIRCUS CENTRE POINT, WC1 Developer: Almacantar Use: Luxury Residential / Retail Area: 292,500 sq ft ST JAMES’S Completion: 2017 10 MINUTE WALK TIME 15 SOHO – COMMUNICATIONS & CROSSRAIL A PRIME OFFICE, RETAIL AND LEISURE DESTINATION WITH UNRIVALLED CONNECTIVITY TO CENTRAL LONDON AND THE SOUTH EAST Soho benefits from excellent transport connectivity both within central Crossrail is Europe’s largest infrastructure project and is set to provide a London and further afield.