21 Romilly Street London W1
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Romilly Street 21 Prime Freehold London W1 Investment Opportunity INVESTMENT SUMMARY ▪ Attractive self-contained freehold building ▪ The property provides 2,698 sq ft (NIA) and 3,802 sq ft (GIA) arranged over lower ground, ground and three upper floors ▪ Located in the heart of Soho, London’s most dynamic sub-market ▪ Excellent transport links with Leicester Square, Piccadilly Circus and Tottenham Court Road underground stations in close proximity ▪ Set to benefit from the opening of the Elizabeth Line at Tottenham Court Road underground station in 2021 ▪ Single let to APJ Gauthier Limited until 31st March 2035 (Inside the Act) ▪ Passing rent of £92,500 per annum with an outstanding rent review from 1st April 2020 ▪ Potential to negotiate an early surrender with the tenant and obtain vacant possession to facilitate conversion to alternative uses, subject to gaining the necessary consents. Offers in excess of £2,500,000, subject to contract and exclusive of VAT. This reflects a net initial yield of 3.46% and a very low capital value of £926 per sq ft. LOCATION 21 Romilly Street is located to the north of Shaftesbury Avenue on the northern side of Romilly Street, in the heart of Soho. Located between Oxford Street to the north, Shaftesbury Avenue to the south, Regent Street to the west and Charing Cross Road to the east, Soho is London’s most vibrant sub-market and widely renowned as a world-class district for business, tourism and leisure. COMMUNICATIONS The property benefits from excellent transport links. In addition to the underground network, there are numerous bus routes running down Shaftesbury Avenue, Piccadilly and Charing Cross Road, Source: Time Out England 2018. providing excellent connectivity between Romilly Street and the rest of London. Station Underground Line Distance Leicester Square Northern, Piccadilly 0.2 miles 2021 will see the introduction of the Elizabeth Line at Tottenham Court Road underground station, a short walk from Romilly Street, which will transform Soho into the epicentre of the West End. Piccadilly Circus Bakerloo, Piccadilly 0.3 miles Tottenham Court Road underground station is expected to service more than 170,000 passengers Tottenham Court Central, Northern, 0.3 miles per day and is nearing completion of a £1bn transformation that will deliver a new underground Road Elizabeth ticket hall at Dean Street and a second integrated ticket hall below St Giles Circus on Oxford Covent Garden Piccadilly 0.4 miles Street, to help cater for the increase in passenger numbers. PROPERTY DESCRIPTION 21 Romilly Street is a period style mid-terraced restaurant building dating back to the late 18th century. The property is arranged over lower ground, ground and three upper floors, comprising 2,698 sq ft of accommodation (net internal area). The basement contains a state of the art kitchen, with storage vaults. The ground floor comprises a manager’s office along with a dining room and bar. The first and second floors comprise further dining accommodation along with kitchenettes and some storage and the third floor is currently configured as an office and staff changing rooms. TENANCY The property is single let to APJ Gauthier Limited, trading as Gauthier Soho, until 31st March 2035 (with 5 yearly upward only rent reviews) at a passing rent of £92,500 per annum with an outstanding rent review on 1st April 2020. The lease is inside the provisions of the Landlord and Tenant 1954 Act. Gauthier has been in occupation since 2010 and the lease is guaranteed by Alexis Gauthier. ACCOMMODATION SCHEDULE The property has been measured by Lane & Frankham in accordance with the 6th Edition of the RICS Code of Measuring Practice. This report is available in the data room and assignable. Floor Net Internal Area Net Internal Area (sq m) (sq ft) Third 42.1 453 Second 42.9 461 First 61.8 664 Ground & 49.0 528 Mezzanine Basement 55.0 592 Total 250.8 2,698 Ground Floor Second Floor TENURE Title Plan The property is held freehold under title number 182782. PLANNING The property is Grade II Listed and is located within the Soho Conservation Area. While the property is occupied as a restaurant (now use class E) it lends itself well to more valuable alternative uses, such as office or residential, subject to gaining the necessary consents. © Crown Copyright. Not to scale. For indicative purposes only. In the blue highlighted area, only the vaults under the pavement are included. MARKET COMMENTARY Capital Value Historically low interest rates, weak Sterling and a continually supply Address Date Price NIY constrained market have ensured that pricing has remained resilient (psf) in the face of considerable global headwinds in Central London. 37 Berwick Street, W1 Q3 2020 £3.75m 2.15% £1,629 79 Wardour Street, W1 Q3 2020 £5.80m 3.85% £1,380 21-22 Poland Street, W1 Q2 2019 £14.38m 4.17% £1,662 37-38 Golden Square, W1 Q2 2019 £16.00m 4.60% £2,235 Shakespeare’s Head, 29 Great Q1 2019 £17.55m 3.64% £3,347 Marlborough Street, W1 3 Greek Street, W1 Q4 2018 £3.20m - £1,313 6 Poland Street, W1 Q2 2018 £8.85m 3.26% £1,565 Pizza Express, 10 Dean Street, W1 Q2 2018 £4.50m 2.40% £2,263 L’Etoile, 30 Charlotte Street, W1 Q3 2017 £5.90m 2.11% £1,471 The Nellie Dean, 89 Dean Street, W1 Q4 2016 £4.95m 2.91% £1,503 FURTHER INFORMATION Proposal Offers in excess of £2,500,000, subject to contract and exclusive of VAT. This reflects a net initial yield of 3.46% and a very low capital value of £926 per sq ft. EPC The property has an EPC rating of D. A copy of which can be found in the data room. VAT The property is not elected for VAT. Data Room Data Room access to be provided on request. Further Information For further information or to arrange an inspection, please contact: Important Notice 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP Christian Capocci Tim Pierce in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is 020 3826 0666 020 7861 1676 entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to [email protected] [email protected] alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. September 2020.