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2Devonshire Street DEVONSHIRE STREET 2LONDON W1 A SUBSTANTIAL INVESTMENT BUILDING, BETWEEN REGENTS PARK, MARYLEBONE AND THE WEST END 2 DEVONSHIRE STREET, LONDON W1 2 INVESTMENT SUMMARY • Configured to provide 56 self contained studio units, and 7 communal rooms/kitchens • Total floor area 2,366.1 sq m (25,470 sq ft) • Average unit size 23.2 sq m (250 sq ft) • Currently operated as student accommodation and short term lets • Income: ° Contracted student income – £825,521 ° Projected summer revenue – £577,000 ° Total – £1,400,000 • Projected reversionary income – circa £1,750,000 per annum • Planning use: Sui Generis • Held on a Headlease for a term of 999 years from April 1932 • Possible value add through redevelopment subject to obtaining the necessary consents • Located in Marylebone, between Regent’s Park and Oxford Circus • Within close proximity to University College London and the University of Westminster 3 2 DEVONSHIRE STREET, LONDON W1 Great Portland Street Regent’s Park DEVONSHIRE STREET University City of The British College London London Museum 2 DEVONSHIRE STREET University of Soho Southbank Oxford Circus Mayfair 2 Westminster 2 DEVONSHIRE STREET, LONDON W1 6 PH) ( KING’S CROSS ST PANCRAS G O W E R S T i a 38 F p 38 A 7 5 50 C ycle Hire S tation BOLSOVE R S TR E ET 7 5 o t 4 5 7 0 5 6 6 8 6 3 6 7 6 4 6 6 6 2 5 9 to 6 1 5 24 3 G O W E R S T 24 8 6 d l n i 24 a l EUSTON n 4 B o EUSTON SQUARE 1 to 8 i t SQUARE e a h t PCs N r l 224 o S eaford a f y e e o to t H a u Court 204 R P t 196 i t 228 e s TOTTENHAM COURT ROADh 190 24 n 202 198 I 0 234 232 230 T 222 220 218 216 214 212 210 208 206 204 B L G R E AT POR TLAN D S TRE ET GOODGE STREET Shelter SOHO SQUARE 7 2 2 Ten Devon House o t 5 1 2 7 7 1 1 9 5 5 18 o t 1 9 7 9 9 7 1 2 0 1 9 9 1 5 0 2 7 0 2 1 7 1 3 9 1 o t se u o H sy 7 8 1 o g r HAMPSTEAD RD A RATHBONE PLACE 9 0 2 1 9 22 n d l n TOTTENHAM COURT ROAD e n a r t i a d l l t p i r ome s h o o W C P 5 H r 8 1 d e CHARLOTTE5 ST o n f h a T t 2 ion Weymouth House al H S P tu 1 106 to 110 84 to 94 de 2 WARREN nts STREET 1 to Ho 6 use T 4 7 EAS 1 N E W M A N S T 1 S 1 W 0 E M CHARLOTTE ST 7 8 7 5 0 1 T N E C 14 to 45 3 Hallam C ourt S 4 6 o t W A R D O U R S T 1 E 6 d R o t C University College London (0.5 miles to the east) and the University t oo 3 r K w u of Westminster (0.6 miles to the west) are within the vicinity. R MARYLEBONE ROAD d o A o Communications are excellent with both Regents Park (Bakerloo line 1 P C 0 o – Zone 1) and Great Portland Street (Hammersmith & City, Circle and B E R N E R S S T G 1 t o 1 o Metropolitan – Zone 1) station under a five minute walk. In addition 2 2 to 5 8 there are various accessible bus routes that connect the property to wider London. The Westway (A40) 1.2 miles to the west, links the West End CLEVELAND ST DEVONS HIR E R OW BR IDFOR D ME WS to the M4 and Heathrow Airport. MEWS 2 3 9 1 1 2 7 6 SQUARE FITZROY MORTIMER ST 9 s d l i n u e t G u t i d t n s Londo a n f I y o t i C CLEVELAND ST 30m 76 78 88 86 82 SOHO 20m GREAT TITCHFIELD ST OXFORD STREET FITZROVIA 10m STREET LONDON W1 m DEVONSHIRE BOLSOVER ST 2 0 GREAT PORTLAND STREET W I G M O R E S T GREAT MARLBOROUGH ST OXFORD CIRCUS NEW CAVENDISH ST REGENT STREET REGENT STREET PORTLAND PLACE REGENT’S PARK W I G M O R E S T MARGARET ST DEVONSHIRE ST SQUARE SQUARE HANOVER CAVENDISH OXFORD STREET WEYMOUTH ST NEW CAVENDISH ST DEVONSHIRE PL W I M P O L E S T NEW BOND ST MARYLEBONE LOCATION AND SITUATION REGENT’S PARK W I G M O R E S T The property is located within the City of Westminster. BOND Devonshire street runs east/west/ connecting Marylebone High Street STREET with Great Portland Street. The property sits to the east of Devonshire Street at its junction with Hallam Street. Royal Regent’s Park is approximately (0.4 miles to the north) and Oxford Street (0.6 miles to the south). Marylebone Village is less than half a mile T H A Y E R S T to the West. STREET SQUARE GARDENS MARYLEBONE ROAD PADDINGTON MANCHESTER W I G M O R E S T GLOUCESTER PLACE OXFORD STREET SQUARE PORTMAN NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. 7 2 DEVONSHIRE STREET, LONDON W1 HISTORY Marylebone traces its history back to the Domesday book. The eastern This impressive corner building with generous and flexible floorplates half of Marylebone was developed by the Duke of Portland in the 18th appeals to a variety of occupiers and is situated in an enviable position and 19th Centuries. In the late 19th and early 20th century following the close to London’s West End. Immediate neighbours include: prestigious expiration of individual building leases, much of the area was redeveloped hotels such as The Langham, The Sanderson and The Edition; world class and many of the area’s original Georgian houses were replaced by large universities such as University College London; and major employers such mansions and office blocks. as the BBC. Constructed in 1925, 2 Devonshire Street was originally laid out as residential apartments. In 1964 the property was acquired by the YMCA for use a high class women’s hostel and since 2007 it has been used as student accommodation and serviced apartments. The property sits on land currently owned by the Langham Estate. 2 DEVONSHIRE STREET, LONDON W1 8 FLOOR PLANS Gross Internal Area 2,188.07 sq m (23,553 sq ft) Plant Room and Vaults 178.09 sq m (1,917 sq ft) Overall Gross Internal Area 2,366.1 sq m (25,470 sq ft) Basement Ground Floor 1st – 5th Floor 6th Floor Bedrooms Communal Area’s For identification purposes only. Not to scale. 9 2 DEVONSHIRE STREET, LONDON W1 TENANCY SCHEDULE Projected Revenue Summer 2016 Contracted Student Income 2015/16 (Assuming Full Occupancy) Tenancy Tenancy Room Rent Per Contracted End of Rent Per Summer Flat Start Date End Date Weeks Type Week Rent Summer Stay Days Night Rent LG1 20/09/2015 10/07/2016 42 Classic £309 £12,978 15/09/2016 67 £165 £11,055 LG2 14/09/2015 06/06/2016 38 Classic £309 £11,742 16/09/2016 101 £165 £16,665 LG3 20/09/2015 10/07/2016 42 Premium £339 £14,238 17/09/2016 67 £175 £11,725 1 05/09/2015 27/08/2016 42 Family £375 £15,750 18/09/2016 19 £185 £3,515 2 15/09/2015 05/07/2016 42 Premium £339 £14,238 19/09/2016 72 £175 £12,600 3 11/08/2015 09/08/2016 52 Family £375 £19,500 20/09/2016 37 £185 £6,845 4 Staff Occupied Classic £0 21/09/2016 168 £165 £27,720 5 10/09/2015 01/09/2016 51 Classic £309 £15,759 22/09/2016 14 £165 £2,310 6 14/09/2015 04/07/2016 42 Classic £309 £12,978 23/09/2016 73 £165 £12,045 11 01/09/2015 21/06/2016 42 Family £375 £15,750 24/09/2016 86 £185 £15,910 12 14/09/2015 05/09/2016 50 Premium £339 £16,950 25/09/2016 10 £175 £1,750 13 21/09/2015 11/07/2016 51 Premium £339 £17,289 26/09/2016 66 £175 £11,550 14 10/09/2015 08/09/2016 52 Classic £319 £16,588 27/09/2016 7 £165 £1,155 15 21/09/2015 11/07/2016 42 Classic £309 £12,978 28/09/2016 66 £165 £10,890 16 10/09/2015 02/06/2016 38 Premium £339 £12,882 29/09/2016 105 £175 £18,375 18 13/09/2015 03/07/2016 42 Classic £309 £12,978 30/09/2016 74 £165 £12,210 19 14/09/2015 04/07/2016 42 Premium £339 £14,238 01/10/2016 73 £175 £12,775 21 11/09/2015 01/07/2016 42 Family £420 £17,640 02/10/2016 76 £185 £14,060 22 18/09/2015 09/09/2016 51 Premium £372.90 £19,017.90 03/10/2016 6 £175 £1,050 23 04/05/2015 04/05/2006 52 Premium £330 £17,160 04/10/2016 134 £175 £23,450 24 31/08/2015 22/08/2016 51 Classic £309 £15,759 05/10/2016 24 £165 £3,960 25 14/09/2015 03/09/2016 51 Classic £309 £15,759 06/10/2016 12 £165 £1,980 26 12/09/2015 02/07/2016 42 Premium £339 £14,238 07/10/2016 75 £175 £13,125 28 20/09/2015 10/07/2016 42 Classic £309 £12,978 08/10/2016 67 £165 £11,055 29 14/09/2015 05/09/2016 51 Premium £339 £17,289 09/10/2016 10 £175 £1,750 31 14/09/2015 04/07/2016 42 Family £420 £17,640 10/10/2016 73 £185 £13,505 32 20/09/2015 12/06/2016 38 Premium £339 £12,882 11/10/2016 95 £175 £16,625 33 27/09/2015 17/07/2016 42 Premium £339 £14,238 12/10/2016 60 £175 £10,500 34 13/09/2015 03/07/2016 42 Classic £309 £12,978 13/10/2016 74 £165 £12,210 35 18/09/2015 10/05/2016 38 Classic £309 £11,742 14/10/2016 128 £165 £21,120 36 21/09/2015 11/07/2016 42 Premium £339 £14,238 15/10/2016 66 £175 £11,550 38 26/09/2015 18/06/2016 38 Classic £309 £11,742 16/10/2016 89 £165 £14,685 39 05/09/2015 25/06/2016 42 Premium £339 £14,238 17/10/2016 82 £175 £14,350 41 08/09/2015 28/06/2016 42 Family £412.50 £17,325 18/10/2016 79 £185 £14,615 42 12/09/2015 02/07/2016 42 Premium £339 £14,238 19/10/2016 75 £175 £13,125 43 14/09/2015 03/09/2016 51 Premium £339 £17,289 20/10/2016 12 £175 £2,100 44 01/09/2015 23/08/2016 51 Classic £309 £15,759 21/10/2016 23 £165 £3,795 45 19/09/2015 17/09/2016 52 Classic £339.90 £17,674.80 22/10/2016 -2 £165 -£330 46 01/09/2015 23/08/2016 51 Premium £372.50 £18,997.50 23/10/2016 23 £175 £4,025 48 22/08/2015 20/08/2016 52 Classic £309 £16,068 24/10/2016 26 £165 £4,290 49 18/09/2015 02/07/2016 42 Premium £339 £14,238 25/10/2016 75 £175 £13,125 51 13/09/2015 14/06/2016 39 Family £403.79 £15,747.81 26/10/2016 93 £185 £17,205 52 14/09/2015 05/09/2016 51 Premium £339 £17,289 27/10/2016 10 £175 £1,750 53 04/09/2015 24/06/2016 42 Premium £339 £14,238 28/10/2016 83 £175 £14,525 54 25/09/2015 15/07/2016 42 Classic £309 £12,978 29/10/2016 62 £165 £10,230 55 08/08/2015 27/08/2016 51 Classic £309 £15,759 30/10/2016 19 £165 £3,135 56 12/09/2015 03/09/2016 51 Premium £372.90 £19,017.90 31/10/2016 12 £175 £2,100 58
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