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THE MINT PORTFOLIO 16 PRIME LICENSED LEISURE INVESTMENTS FOR SALE IN LONDON CONTENTS Executive Summary 3 Property Schedule 4 Locations 6 The Market 7 The Properties 8 The Process & Contacts 86 EXECUTIVE SUMMARY A portfolio of 16 prime licensed leisure investments in some of London’s most exclusive locations including the West End, the City, South Bank, Chelsea, South Kensington, Notting Hill, Holland Park and Maida Vale. + Each property is let to an experienced + Long unexpired terms with 14 out of the + The total passing rent for the portfolio is multiple operator with tenants including 16 properties having an unexpired term £2,626,185 per annum. Spirit Pub Company (Greene King), of 10 years or greater and a weighted + Our client’s preference is to complete Mitchells and Butlers, Baker & Spice, average unexpired lease term across the the sale of the Mint Portfolio in a single Ei Group Plc (formerly Enterprise portfolio of 16.3 years. transaction, either by the sale of the assets Inns), Fuller’s, Young’s, Patara and + Excellent potential for rental growth with or the sale of the shares of the single Santa Cruz Co. upward only rent reviews due at 14 of the purpose vehicle which owns each of the + The units are typically in long established properties within the next three years. assets. They may, however be prepared licensed and leisure pitches where to consider the sale of certain assets + Guaranteed rental growth at 2 of the occupier demand and underlying values individually or in smaller groups. properties with either fixed uplifts or RPI have always been strong. + We are instructed to invite offers in excess linked reviews. of £69,550,000 for the entire portfolio. + Full repairing and insuring leases. + Attractive lot sizes which provide excellent After making an allowance for purchasers’ liquidity and appeal to a broad variety of costs, an asset purchase at this level would potential buyers. reflect a Net Initial Yield of 3.54%. PROPERTY SCHEDULE Assumed Next Rent Ref Property Address Tenure Current Rent Lease Expiry Total Area Guide NIY Purchasers Review Costs Admiral 17 Mossop Street, 482 sq m 1 Freehold £162,000 07/10/2026 01/02/2020 £4,750,000 3.21% 6.58% Codrington London SW3 2LY (5,189 sq ft) 47 Denyer Street, 266 sq m 2 Baker & Spice Freehold £117,590 28/09/2027 29/09/2017 £2,760,000 4.00% 6.40% London SW3 2LX (2,859 sq ft) 26 Shad Thames, Long 1,368 sq m 3 Browns £335,000 28/09/2028 29/09/2018 £6,950,000 4.52% 6.65% London SE1 2AS Leasehold (14,724 sq ft) 13 Britten Street, 436 sq m 4 Builders Arms Freehold £150,000 16/08/2045 17/08/2020 £4,300,000 3.27% 6.56% London SW3 3TY (4,688 sq ft) 123a Clarendon Road, 306 sq m 5 Casa Cruz Freehold £85,200 19/08/2034 20/08/2019 £1,890,000 4.25% 6.24% London W11 4JG (3,293 sq ft) 124-127 The Minories, 816 sq m 6 Dirty Martini Freehold £185,000 26/03/2033 24/06/2018 £4,630,000 3.75% 6.57% London EC3N 1NT (8,787 sq ft) 148 Old Brompton Road, 294 sq m 7 Duke of Clarence Freehold £109,860 28/09/2037 29/09/2017 £2,870,000 3.60% 6.43% London SW5 0BE (3,167 sq ft) 255 Elgin Street, 557 sq m 8 Elgin Bar & Grill Freehold £105,000 29/11/2045 30/11/2020 £2,900,000 3.40% 6.44% London W9 1NJ (5,992 sq ft) 43 & 39A Elystan Street, 491 sq m 9 Elystan Street Freehold £255,000* 29/10/2027** 30/10/2017** £8,000,000* 2.99%* 6.67%* London SW3 3NT (5,281 sq ft)* PROPERTY SCHEDULE Assumed Next Rent Ref Property Address Tenure Current Rent Lease Expiry Total Area Guide NIY Purchasers Review Costs 35 Spital Square, Freehold/Long 594 sq m 10 Galvin £305,000 16/08/2034 17/08/2019 £9,375,000 3.05% 6.69% London E1 6DY Leasehold (6,388 sq ft) 71-73 Palace Gardens, 512 sq m 11 Mall Tavern Freehold £110,000 29/11/2045 30/11/2020 £3,200,000 3.23% 6.47% London W8 4RU (5,510 sq ft) 181 Fulham Road, 131 sq m 12 Patara Freehold £84,600 24/12/2021 25/12/2017 £1,875,000 4.25% 6.24% London SW3 6JN (1,414 sq ft) 150 Drury Lane, 754 sq m 13 Prince of Wales Freehold £281,435 23/06/2034 25/12/2017 £8,500,000 3.10% 6.68% London WC2B 5TD (8,112 sq ft) 23 Crown Passage, 200 sq m 14 Red Lion Freehold £90,000 13/01/2045 14/01/2020 £2,600,000 3.25% 6.40% London SW1Y 6PP (2,151 sq ft) 13 Uxbridge Street, 235 sq m 15 Uxbridge Arms Freehold £100,000 13/01/2045 14/01/2020 £2,600,000 3.61% 6.40% London W8 7TQ (2,528 sq ft) Waterfront Unit 3, St Georges Wharf, Long 438 sq m 16 £150,000 25/03/2028 26/03/2018 £2,350,000 6.00% 6.35% Brasserie London SW8 2AX Leasehold (4,713 sq ft) 7,880 sq m £2,626,185 £69,550,000 3.54% 6.78% (84,796 sq ft) * Including residential apartment ** Restaurant only LOCATIONS Primrose Hill CAMDEN TOWN KENSAL GREEN Regent’s Park 8 MAIDA VALE CLERKENWELL LONDON 10 COVENT GARDEN WHITECHAPEL PADDINGTON TREET OXFORD S SOHO 13 THE CITY WHITE CITY 5 6 TRAFALGAR SQUARE 11 15 Hyde Park NOTTING HILL 14 Holland SOUTHWARK Park 3 KENSINGTON Green Park WESTMINSTER 2 9 7 12 1 PIMLICO HAMMERSMITH 4 CHELSEA 16 VAUXHALL Battersea Park FULHAM 1 Admiral Codrington, Chelsea SW3 5 Casa Cruz, Holland Park W11 9 Elystan Street, Chelsea SW3 13 Prince of Wales, Covent Garden WC2B 2 Baker & Spice, Chelsea SW3 6 Dirty Martini, The City EC3N 10 Galvin, The City E1 14 Red Lion, St James’s SW1 3 Browns, South Bank SE1 7 Duke of Clarence, Chelsea SW5 11 Mall Tavern, Notting Hill W8 15 Uxbridge Arms, Notting Hill W8 4 Builders Arms, Chelsea SW3 8 Elgin Bar & Grill, Maida Vale W9 12 Patara, Chelsea SW3 16 Waterfront Brasserie, Vauxhall SW8 THE MARKET London continues to be recognised as one of the worlds Property Price Yield (NIY) Date safe havens for property investors. Its status as a leading global financial centre and as one of the most visited cities Queens Arms, Pimlico SW1 £3.56m 3.30% June 2017 by tourists continues to drive investor and occupier demand. Pizza Express, Soho W1 £4.7m 3.50% April 2017 The most recent research released by the Office for National Statistics indicated that the number of international visits Culpeper, Shoreditch E1 £2.55m 3.00% December 2016 to London increased by 20% between 2010 and 2015 to 18.6 million with separate research by Oxford Economics Nellie Dean, Soho W1 £4.95m 2.94% December 2016 predicting that the capital will welcome 35.6 million visitors Bedford, Balham SW12 c.£7m 3.95% September 2016 by 2020. Visitor spend in London has also increased significantly with £15 billion spent on hotels, restaurants and Wagamama, Soho W1 £14.5m 3.88% September 2016 attractions, an increase of 35% when compared with 2010. Fifty Five, Camden NW1 £2.6m 3.09% September 2016 Investor demand for London assets remains incredibly strong particularly for buildings which are let to strong Walmer Castle, Notting Hill W11 £5.6m 3.35% August 2016 covenants on long leases. Occupier demand for premises in prime London locations continues to push rental growth Roebuck, Chiswick W4 £6.8m 3.85% August 2016 in the capital with no shortage of demand for vacant accommodation and where tenants do decide to dispose Goat, Kensington W8 £8.22m 3.50% June 2016 of their interest then substantial premiums are often paid. Two Chairmen, St James Park SW1 £5.28m 3.50% June 2016 The strength of demand has led to investment yields sharpening in recent years as can be seen from the schedule Regent, Islington N1 £2.8m 3.25% May 2016 of comparable transactions below. THE PROPERTIES 1. ADMIRAL CODRINGTON 17 MOSSOP STREET, LONDON SW3 2LY Hyde Park Royal Albert Corner BROMPTON ROAD Underground Hall A315 G R A315 O S V Knightbridge Harrods Q Knightsbridge U E E X B Belgravia E H E N’ A I B U C S I H T A G Nautural History I M O A P P ET B N E T R LA NT ST E E O C P L Museum R E G O R AV A D E L P CH Y A L B L E L R SHA S S E O T R LO R E A OAD M Admiral E U L R M WEL A T Q ROM P S C N S T T N E R O O E Codrington S T E A N T T E R E R E O T A D South INVESTMENT SUMMARY Kensington D R SL N O O A E T NE C P AV A T M L E O E P R N T Saatchi E + B U T Sloane R Prime Chelsea location D E T L O S O C Y Gallery Square Y A R U DR B O D + E Close to Marlborough Primary School and Brompton Road N S L O OAD W O R LIC G PIM + A Let to 333 Estates Limited R D D E A N S O R + M Current rent £162,000 per annum HA D L A U C F RO H S E G L + O N S Next review in February 2020 L I E K D A B C R H D U IG E R + Lease expiry October 2026 C R D O H A A S O D T R L R A E IT + E P Entire building GIA - 482.1 sq m (5,189 sq ft) T S O H O L A A K Y L O + We are seeking offers in excess of £4,750,000 (3.21% NIY) EY R S T R E E T B NT E ME A ANK River U Chelsea EMB F EA O ELS Thames R CH T S T R 1.