01 143 New Bond Street, London, W1
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01 143 New Bond Street, London, W1. 143 New Bond Street, London, W1. 02 INVESTMENT 143 New Bond Street is located in the heart of Mayfair on the west side of New Bond Street SUMMARY and opposite the world renowned Sotheby’s auction house. Attractive Grade II listed mixed use building comprising retail, gallery, office and residential accommodation providing a total of 11,857 sq ft (1,102 sq m). Long leasehold from The City of London for a term of 99 years (c.41 years remaining) at a fixed ground rent of £3,305 per annum. Multi-let producing a total rental income of £1,130,000 p.a. reflecting a low passing rent of £599 ITZA on the retail element. Asset management initiatives including re-gearing the headlease, enfranchising the residential apartment, extending the existing retail unit into the car park and extending the upper floors. Offers in excess of £30,000,000 for the benefit of our client’s leasehold interest reflecting a net initial yield of 3.56% after deducting purchaser’s costs of 5.8%. A purchase at this level represents a capital value of only £2,530 per sq ft. 03 143 New Bond Street, London, W1. 05 143 New Bond Street, London, W1. LOCATION 143 New Bond Street is located in the heart of Mayfair on the west side of New Bond Street and opposite the world renowned Sotheby’s auction house. The property occupies a mid-terraced position close to the junctions of Bruton Street and Conduit Street to the south and Grosvenor Street and Maddox Street to the north. MAYFAIR AND BOND STREET As the most connected retail and leisure location in the World, the West End attracts over 200 million shoppers annually spending in excess of £7.6bn. Consumer expenditure is predicted to increase to some £9.1bn per annum by 2016 with over 37% of shoppers coming from overseas and the remainder from either outside or across greater London. Running from Oxford Street through to Piccadilly, Bond Street is known as Europe’s premier retailing destination offering the most exclusive and prestigious brands. Luxury retailers include Prada, Cartier, Chanel, Hermes, Asprey, Tiffany & Co, Giorgio Armani, Burberry, Ralph Lauren, Patek Philippe and Louis Vuitton to name but a few. The West End, with Mayfair at the very heart, is ranked number one globally for international flagship designer stores with a world class mix of over 600 shops, 40 renowned theatres, 30 museums and galleries, 17 Michelin star restaurants and 7 green spaces. Mayfair hotels and restaurants include The Ritz, Claridge’s, Brown’s, The Connaught, Cecconis, Scott’s, Harry’s Bar, Nobu, Gordon Ramsey, The Wolseley, Hakkasan, The Art’s Club and La Petite Maison. 143 New Bond Street, London, W1. 06 THE RITZ OLD BOND STREET NEW BOND STREET DIOR CHANEL LOUIS VUITTON HERMES CONDUIT STREET 07 143 New Bond Street, London, W1. MOUNT STREET BERKELEY SQUARE BRUTON STREET 143 New Bond Street, London, W1. 08 Not to scale. Indicative only. The most connected retail and leisure location in the World, the West End attracts over 200 million shoppers annually, spending in excess of £7.6bn 143 New Bond Street, London, W1. 010 COMMUNICATIONS Oxford Circus Underground Station 0.3 miles away Mayfair benefits from excellent transport links Green Park with four key London Underground stations Underground 0.4 Station on its boundary. miles away Crossrail Bond Street Underground Station is currently undergoing a major transformation to become a key hub of the Crossrail network. At present Piccadilly Circus the station carries 155,000 passengers a day and once completed the Underground capacity and footfall will increase to 225,000 people daily with commuters Station being able to travel from Heathrow Airport to Bond Street in just 26 0.5 miles away minutes. Due for completion in 2018, Crossrail will provide a new high speed train service providing thousands of commuters quick access into and across London. Linking Maidenhead and Heathrow Airport in the West through central London and across to Shenfield & Abbey Wood in the East, Bond Street Crossrail will bring 1.5 million additional people within 60 minutes reach Underground of London’s key business districts and will carry more than 200 million 0.5 Station passengers a year. miles away 500 buses pass down Oxford Street every hour further interconnecting Oxford Street and Mayfair with the whole of the capital 011 143 New Bond Street, London, W1. STRATFORDSROMFORD HENFIELD Stansted HAYES & EALING TOTTENHAM LIVERPOOL HARLINGTON BROADWAYPADDINGTON COURT ROAD STREET CUSTOM MAIDENHEAD WEST EALING ACTON BOND STREET FARRINGDONWHITECHAPEL HOUSE ABBEY WOOD MAIN LINE Luton Gatwick HEATHROW AIRPORT CANARY WOOLWICH Heathrow WHARF Artist’s impressions of the proposed Eastern Crossrail entrance for Bond Street station at Hanover Square OXFORD STREET BOND STREET RETAIL 143 New Bond Street, London, W1. BROOK STREET 012 BRUTON STREET GRAFTON STREET A L B E M A N RL E W E S B T O R N E D E T S T R E E T BURLINGTON GARDENS ROYAL ACADEMY OF ARTS MUSEUM & ART GALLERY O STAFFORD STREET L D B O N D M R O U S Y S A E T L U R A M A C L E & A B A D E R E E T T M M G Y A A O L F R L E A L R R E Y T S S T R E E T PICCADILLY OXFORD STREET BROOK STREET 013 143 New Bond Street is located in the heart of Mayfair on the west side of New Bond Street and opposite the world renowned Sotheby’s auction house. BRUTON STREET GRAFTON STREET A L B E M A N RL E W E S B T O 143 New Bond Street, London, W1. R N E D E T S T R E E T BURLINGTON GARDENS ROYAL ACADEMY OF ARTS MUSEUM & ART GALLERY O STAFFORD STREET L D B O N D M R O U S Y S A E T L U R A M A C L E & A B A D E R E E T T M M G Y A A O L F R L E A L R R E Y T S S T R E E T PICCADILLY 143 New Bond Street, London, W1. 014 015 143 New Bond Street, London, W1. DESCRIPTION Originally built in the mid-18th Century, 143 New Bond Street was rebuilt behind a Grade II listed façade in 1957 and comprises a modern and attractive mixed use building providing retail, gallery, office and residential accommodation. Arranged over lower ground, ground and six upper floors the property provides a total of 11,857 sq ft (1,102 sq m). The retail unit is arranged over lower ground and ground floors totalling 3,261 sq ft (303 sq m) and benefitting from 9m of prime retail frontage to New Bond Street. The upper floors provide gallery/office accommodation at first floor level, self-contained offices over second to fifth floors and a residential apartment on 6th floor with balcony and stunning views over New Bond Street and the West End. The upper floors are accessed via a separate dedicated entrance also from New Bond Street. A car park affording 7 spaces and totalling 1,903 sq ft (176.8 sq m) is provided at basement level and is accessed from Bruton Place. 143 New Bond Street, London, W1. 016 017 143 New Bond Street, London, W1. 143 New Bond Street, London, W1. 018 019 143 New Bond Street, London, W1. 143 New Bond Street, London, W1. 020 First floor gallery 021 143 New Bond Street, London, W1. 143 New Bond Street, London, W1. 022 LOWER GROUND FLOOR Car Park New Bond Street Car Park Gate GROUND FLOOR t Retail W/C New Bond Stree Lift W/C TYPICAL UPPER FLOOR (2nd) Office New Bond Street Lift W/C W/C Not to scale. Indicative only. 023 143 New Bond Street, London, W1. ACCOMMODATION FLOOR USE AREA (SQ FT) AREA (SQ M) Sixth Residential 882 82.0 Fifth Offices 864 80.2 Fourth Offices 960 89.1 Third Offices 965 89.7 Second Offices 983 91.3 First Offices/Art Gallery 2,039 189.4 Ground Retail 2,691 250 Zone A Retail 642 59.6 Zone B Retail 737 68.5 Zone C Retail 869 80.7 Zone D Retail 443 41.2 (ITZA) (Retail) (1,283) (119.2) Basement Storage 570 53.0 Basement Car Space (7) 1,903 176.8 TOTAL 11,857 1,101.6 143 New Bond Street, London, W1. 024 TENANCIES Multi-let in accordance with the tenancy schedule below producing a total rental income of £1,130,000 p.a. TENANT FLOORS USE AREA AREA LEASE RENT RENT PA COMMENTS SQ FT SQ M TERM REVIEW (PSF) (BREAK) Molyneux Rose LLP Sixth Residential 882 82 25/03/2011 - N/A £139,000 – Lease guaranteed by MJ Gillies, 24/03/2016 (£51.36) MR Little, JR Lochrane and Fifth Offices 864 80 CM Tippets. – 6th floor sublet to Molyneux Fourth Offices 960 89 Investments Ltd. Basement Car Spaces 1,903 177 – 5th floor sublet to Pelican (7) Partners (Peterborough) LLP. – Rent psf does not include car parking. Whitebox Advisors Third Offices 965 90 14/07/2011- £50,000 – Outside the Security of Tenure London LLP 13/07/2016 (£51.81) provisions of the Landlord & Tenant Act 1954. – Rent deposit of £36,000 held. – Service charge cap of £10,000 pa subject to RPI linked uplifts. – Break subject to penalty of £8,333 paid 6 months prior.