Portland & Riding Estate
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PORTLAND & RIDING ESTATE LONDON W1 PORTLAND & RIDING ESTATE LONDON W1 PORTLAND & RIDING ESTATE LONDON W1 INVESTMENT SUMMARY • Rare opportunity to purchase an unbroken mixed use Estate totalling circa 0.45 acres • Three freehold titles in Fitzrovia, one of the West End’s most vibrant and dynamic submarkets • Prominent corner site at the junction of Great Portland Street and Riding House Street • Developed by Great Portland Estates plc to create a self-contained highly specified Grade A office, a parade of seven new retail units and residential apartments • Offices totalling 18,121 sq ft arranged across lower ground, ground, first and second floors are single let for a remaining 9.3 years at a current passing rent of £1,200,000 per annum (£66.22 per sq ft) • Seven retail units totalling 11,404 sq ft, arranged across lower ground and ground floors; four have frontages to Great Portland Street and three to Riding House Street • Four retail units are let and three are under offer, providing a combined topped-up rental income of £461,500 per annum • Eight newly developed residential units totalling 6,885 sq ft; two are let on assured shorthold tenancies (ASTs) and the remaining six are vacant • Low office and retail rents offer excellent prospects for future income growth • Total annual passing rent of the Estate is £2,071,120 per annum • Offers are invited in excess of £50,000,000, subject to contract. This reflects a net initial yield of 3.88%, assuming purchaser’s costs of 6.78%, and a capital value of £1,373 per sq ft overall 6 7 Outline for indicative purposes only. PORTLAND & RIDING ESTATE PORTLAND & RIDING ESTATE LONDON W1 LONDON W1 90 - 92 88 86 Outline for indicative purposes only. 8 ESTATE OVERVIEW 4 A rare opportunity to acquire a substantial holding in a newly redeveloped mixed use estate which has created a perfect blend of 8 modern architecture and historical elegance 2 within the heart of Fitzrovia. The asset provides: • Grade A offices totalling 18,121 sq ft across lower 7 23 ground, ground, first and second floors at 84-86 8-8 21- Great Portland Street • Retail parade of seven units totalling 11,404 sq ft; 8 0 -19 four fronting Great Portland Street and three 15 fronting Riding House Street • Eight luxury apartments; two within 90-92 Great Portland Street and six at 86 Great Portland Street • Opportunity to control an extensive frontage of over 90 metres to Great Portland Street and Riding House Street, and a site area totalling circa 0.45 acres oard Of on B sic ciati ss o ls Of Mu he A hoo T al Sc Roy The reet s S t he s Duc Fo Fole treet ea S Gild ouse ting H d cas Broa Bbc LANGHAM PLACE MIDDLETON PLACE GREAT PORTLAND STREET P o r tl a n d P l a ce Place ouls All S ce a l P ' 9 s l u RIDING HOUSE STREET o S l l Not to scale. For indicative purposes only. A t ee r t S m ha g n a L Broad ca sting Hou se H La e n n r y g 4 4 ha W 8 8 4 46 a 6 m o o a P d la H c o e u s e Retail 60 0m 25m 50m 75m Retail reet r S t time Retail Mor 7 69 7 1 5 PORTLAND & RIDING ESTATE PORTLAND & RIDING ESTATE LONDON W1 LONDON W1 FITZROVIA Fitzrovia is situated in the heart of the West End, bordered by Euston Road to the north, Tottenham Court Road to the east, Oxford Street to the south and Portland Place to the west. The area is a vibrant hub for restaurants, bars and hotels with destinations such as Roka, Gaucho and the Charlotte Street Hotel creating an attractive and dynamic area to work and live. Traditionally associated with the fashion industry, in recent years the area has become a business location of choice for all sectors. This is evidenced by the recent acquisitions by Estée Lauder, Arup, Boston Consulting Group and Facebook. The internationally renowned retail destinations of Oxford Street, Regent Street, Carnaby Street and Bond Street are within a short walk of Great Portland Street, providing a world-class retail offering. The buildings are prominently located on the corner of Great Portland Street and Riding House Street, just 300 metres north of Oxford Circus and a few minutes’ walk from Regent Street. The buildings benefit from over 90 metres of frontage to both Great Portland Street and Riding House Street. FITZROVIA IS FULL OF AMENITY, VIBRANCY AND POCKETS OF TRANQUILITY, MAKING IT AN ATTRACTIVE PLACE TO LIVE AND WORK 10 PORTLAND & RIDING ESTATE PORTLAND & RIDING ESTATE LONDON W1 LONDON W1 EXCELLENT TRANSPORT LINKS COMPLEMENT CONNECTIVITY THE NEEDS OF FITZROVIA’S OCCUPIERS AND The buildings benefit from excellent transport links with seven Underground stations within walking distance. ARE BEFITTING OF THE AREA’S AMENITY Oxford Circus (Bakerloo, Victoria and Central lines) lies 310 metres to the south and Goodge Street station (Northern line) 670 metres EUSTON REGENT’S PARK SQUARE to the east. These provide links with all of London’s mainline stations including Paddington (Heathrow Express), King’s Cross St Pancras (Eurostar), Victoria (Gatwick Express), Euston and Waterloo. In addition, there are numerous bus routes serving the immediate area. MARYLEBONE ROAD WARREN STREET G O W E R S T GREAT PORTLAND STREET CROSSRAIL REGENT’S CLEVELAND ST TOTTENHAM COURT ROAD PARK FITZROY H A R L E Y S T SQUARE DEVONSHIRE PL BLOOMSBURY BAKER STREET MARYLEBONE ROAD As the largest current infrastructure project in Europe, Crossrail will have a significant effect on the interaction between BOLSOVER ST London’s commercial centres. It will deliver a high-speed, high-frequency train service across London’s east-west axis. PORTLAND PLACE G O W E R S T DEVONSHIRE ST CHARLOTTE ST • Scheduled for completion in 2018 • At Bond Street, the new station will have two new entrances CLEVELAND ST at Davies Street and Hanover Square, a short walk from Great H A R L E Y S T • Access to the West End will be transformed, with journey times WEYMOUTH ST GREAT TITCHFIELD ST GOODGE Portland Street W I M P O L E S T STREET GREAT PORTLAND STREET of 5 minutes from Liverpool Street, 12 minutes from Canary PADDINGTON STREET NEW CAVENDISH ST GARDENS TOTTENHAM COURT ROAD T H A Y E R S T Wharf and 30 minutes from Heathrow • These stations will directly improve the accessibility of Fitzrovia, CHARLOTTE ST providing 24 trains per hour and serving an estimated 220,000 NEW CAVENDISH ST • Two new Crossrail stations will be less than 1 kilometre from passengers daily Great Portland Street MORTIMER ST GLOUCESTER PLACE MARYLEBONE B E R N E R S S T N E W M A N S T H A R L E Y S T RATHBONE PLACE • At Tottenham Court Road, Crossrail brings a £1 billion MORTIMER ST transformation of the station providing an additional entrance at REGENT STREET W I G M O R E S T FITZROVIA the junction of Dean Street and Oxford Street MANCHESTER SQUARE CAVENDISH SQUARE W I G M O R E S T MARGARET ST TOTTENHAM COURT ROAD (EAST ENTRANCE) M A R K E T P L OXFORD STREET TOTTENHAM COURT ROAD PORTMAN (WEST ENTRANCE) SQUARE W A R D O U R S T W I G M O R E S T SOHO SQUARE OXFORD BOND STREET OXFORD STREET CIRCUS (DAVIES STREET ENTRANCE) GREAT MARLBOROUGHSOHO ST HANOVER REGENT STREET SQUARE OXFORD STREET BOND STREET C A R N A B Y S T (HANOVER SQUARE ENTRANCE) STRATFORD MARBLE ARCH Not to scale - for indicative purposes only. B R O O K S T TOTTENHAM MAYFAIR PADDINGTON COURT ROAD LIVERPOOL STREET GOLDEN SQUARE Local Occupiers GROSVENOR ST Restaurants & Bars Hotels & Members’ Clubs GROSVENOR Estée LauderSQUARE Riding House Café The Langham Boston Consulting Group Berners Tavern Charlotte Street Hotel BOND STREET FARRINGDON WHITECHAPEL CANARY WHARF The Engine Group Roux at The Landau The London EDITION Facebook Roka Sanderson Hotel HEATHROW Sony DADC Hakkasan The Mandrake Hotel Lionsgate Films Gaucho Maslow’s Mortimer House BBC Portland Heineken Salt Yard Fitness New Look Pied à Terre Psycle Make Architects Brasserie Blanc Barrecore Arcadia Group The Ninth Good Vibes Fitness Freud Communications Meraki Frame Capita Picture Studio - Detox Kitchen KEY Crossrail (Elizabeth Line) Underground Overground DLR Mainline Rail 12 13 PORTLAND & RIDING ESTATE LONDON W1 THE ESTATE 88-92 GREAT PORTLAND STREET 84-86 GREAT PORTLAND STREET & 21-23 RIDING HOUSE STREET 78-82 GREAT PORTLAND STREET & 15-19 RIDING HOUSE STREET 15 PORTLAND & RIDING ESTATE LONDON W1 o F le Fo 88-92 GREAT PORTLAND STREET • Freehold • Attractive period properties with a red brick façade and MIDDLETON PLACE Portland stone to the first floor • Prominent fully glazed retail frontages to Great Portland Street ANGHAM PLACE of approximately 13.5 metres L t e re Two retail units totalling 4,987 sq ft NIA arranged tacross • S a 88- e ground and lower ground floors d Gil • Two residential units totalling 2,138 sq ft NSA at fourth and fifth GREAT PORTLAND STREET floors tof 90/92 Great Portland Street e re t 46 S 46 s a s 4 e 8 • Residentialh units at first to fifth floors within 88 Great Portland RIDING HOUSE STREET 48 c a u ic s D rd Of a Street and at first to third floors within 90-92 Great Portland o B n o ls Of Mu ti a oo ci h o s s l Sc A a e se h Street are let to A2 Dominion on 125 year leases T Roy u e h T o H g n ti s 69 t • Retail has been leta by way of an agreement for lease to specialist 0 c 6 7 d ree 1 a t 75 o Not to scale.