Great Portland Street

Home , Great Portland Street, Marketplace, Marylebone Road, West End (ward)

GREAT PORTLAND STREET

LONDON W1

1 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET Prime freehold mixed use asset Investment with development potential. summary

Prominently located on Great Portland Street with dual frontage to Market Place/Margaret Court just 300 ft from Oxford Street, Europe’s busiest retail street.

Attractive mixed use retail and office building.

13,042 sq ft (1,211.59 sq m) NIA and 17,715 sq ft (1,645.63 sq m) GIA arranged over lower ground, ground and 5 upper floors.

Freehold.

Multi-let with vacant possession of the offices in January 2017 and the whole by June 2017.

Range of asset management, refurbishment and development opportunities.

Suitable for owner occupiers.

Full planning permission to reposition the property as a Grade A office and retail building with extended areas and improved amenities.

The consented scheme will deliver a total of 5,167 sq ft of A1 retail and 11,044 sq ft of B1 offices with 1,227 sq ft of terracing across multiple floors.

Prime office ERVs are c.£85 psf.

Further potential to convert part of the A1 retail unit to valuable A3 restaurant use (STPP).

Price - £21,000,000.

Capital value: £1,295 psf on the consented NIA.

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Carnaby Street Soho Noho Oxford Street Market Place

Margaret Street

Oxford Circus

Great Portland Street Regent Street

Mayfair

4 5 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET Location The area is brimming with restaurants, designer hotels Prominently located on Great and luxury boutiques and whilst traditionally associated Portland Street with dual with the fashion industry, Noho has recently become heavily associated with the TMT sector attracting office frontage to Market Place/ occupiers including Sony, Facebook, MTV, Lionsgate Margaret Court just 300 ft Films and The British Film Industry. Market Place, located to the rear, has become a popular from Oxford Street, Europe’s bar and restaurant destination in addition to being an busiest retail street. established retail location benefitting from enlarged deep pavements which provide tenants with rare and valuable

outside seating. Local occupiers now include Côte Situated in the heart of London’s West End, Great Brasserie, Coppa Club, Carluccio’s, Yoobi, Honest Burger Portland Street forms one of the main thoroughfares & Market Place Bar. linking Oxford Street in the south to Marylebone Road in the north and benefits from a highly varied occupier base Oxford Street, one of the most visited retail destinations with office, retail, residential, bar and restaurant occupiers in the world is located just 300ft south of the property providing a diverse and captivating mix synonymous with linking directly onto Great Portland Street. Oxford Street Noho/Fitzrovia. is one of the world’s most famous shopping streets and Noho, one of the main West End office sub-markets, Europe’s busiest, attracting over 193 million people every has witnessed sustained growth and regeneration over year of which over 50% are overseas visitors. Acting as the past few years including landmark schemes such as the principal location for department stores in London, The BBC HQ, Fitzroy Place and Great Portland Estate’s Oxford Street is home to Selfridges, John Lewis, House of redevelopment of the former Post Office site at Rathbone Fraser and Debenhams as well as an unprecedented and Place. diverse mix of retailers.

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Oxford Street, located just 300ft south of the property linking directly onto Great Portland Street, is home to major retailers uncluding Selfridges, John Lewis, House of Fraser and Debenhams. 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET

Oxford Street is one of the world’s most famous shopping streets and Europe’s busiest, attracting over 193 million visitors every year.

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Benefitting from excellent transport links with 10 London Underground Stations located within less than a mile of Communications the property providing an unrivalled access across London.

11 9 10 GREAT PORTLAND WARREN STREET STREET 0.8 MILES REGENT’S PARK GREA 0.5 MILES 0.4 MILES TO TT 8 GOODGE EN T POT 7 6 STREET HAM C 1 0.5 MILES 5 OUR R T 3 T ROA Mylebe LA 13

T NDSTREE 21 D WIGMORE STREE CAVENDISH 20 12 SQUARE Noho TOTTENHAM ET 16 19 OX FORD STRE COURT ROAD T 0.5 MILES 14 18 17 SOHO OXFORD CIRCUS T SQUARE 0.1 MILES T OROUGH STREE 4 OX FORD STREE T MARLB BOND STREET GREA WARDOUR STRE 0.4 MILES NEWB HANOVER 15 SQUARE

REGE

ONDSTRE NT STRE Soho E T T

E T E T Mayfa

S STREE T VE NOR STREE GROSVONOR VIE GR OS 2 SQUARE DA UE EN AV 1 LANGHAM HOTEL 12 THE ROYAL SOCIETY OF MEDICINE 2 THE WESTBURY 13 UNIVERSITY OF WESTMINSTER

3 CHANDOS HOUSE 14 JOHN LEWIS URY B 4 SOHO HOUSE 15 LIBERTY LONDON LEICESTER SQUARE ES 0.8 MILES 5 THE SANDERSON ET 16 NIKE TOWN FT 6 RIDING HOUSE CAFÉ 17 ZARA 7 CHARLOTTE STREET HOTELUTON STRE 18 HOUSE OF FRASER SHA BR 8 BBC 19 TOPSHOP/TOPMAN 9 BT 20 CENTREPOINT 10 ROYAL INSTITUTE OF BRITISH ARCHITECTS 21 LONDON EDITION HOTEL/BERNERS TAVERN PICCADILLY CIRCUS 11 CHINESE EMBASSY 0.7 MILES 12 13 BERKELEY SQUARE Y LL DI

PICCA 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET Crossrail / Elizabeth Line

Located just minutes from the new Hanover Street STRATFORD

Crossrail ticket hall and Dean Street Crossrail ticket hall. STANSTED IVERPOOL STREET L PADDINGTO N TOTTENHAM COURT ROAD 14 Due for completion in 2018, Crossrail will provide a Both Bond Street & Tottenham Court Road Underground new high speed train service providing thousands of Stations are currently undergoing major transformations commuters quick access into and across London. This to become two of the key transport hubs of the Crossrail 26 4 4 6 9 £16 billion infrastructure enhancement is the largest network and increase capacity at one of the largest in Europe and will provide London and the south east shopping districts in the UK. At present Bond Street with a world leading inner-city railway. Once completed, Station carries 155,000 passengers per day and once 12 the nearby Bond Street Station will have two new ticket completed the station’s capacity and footfall is forecast halls and two new platform tunnels. The new line will link to increase to 225,000 people daily with commuters LUTO N ATWIC K 37 stations and 2 London airports (Heathrow and City being able to travel from Heathrow Airport to Bond Street F G

Airports) with journey times reduced by up to half. 200 in just 26 minutes. AIRPORT HEATHRO W million passengers are forecast to travel on Crossrail each FARRINGDO N WHITECHAPEL BOND STREET year resulting in a 10% increase in London’s rail capacity and bringing 1.5 million additional people within 60 minutes reach of the capital’s key business districts. 0 JOURNEY TIME (MINUTES) CANARY WHAR

TOTTENHAM BOND STREET COURT ROAD (Hanover Square) (Dean Street) Crossrail ticket hall Crossrail ticket hall

0.4 miles 0.2 miles

14 15 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET Description Originally constructed in 1914, the Great Portland Street The offices, arranged over 1st-5th floors, are accessed Comprising a prominent, attractive mixed use retail and elevation benefits from an attractive and robust Portland via a dedicated private entrance on Great Portland Street office building benefitting from large frontages to both Stone façade with large arch windows at first floor level whilst the retail element, arranged over lower ground and a highly detailed decorative arch over the office and ground floors, benefit from access from both Great Great Portland Street and Margaret Court/Market Place. entrance. The office floor plates comprise open plan Portland Street to the front & Margaret Court/ Market column free area benefitting from excellent levels of Place to the rear. natural light throughout. The rear façade is comprised of Totalling 13,042 sq ft NIA (1,211.59 sq m) and 17,715 sq ft white glazed bricks with large windows. 14-16 Great Portland Street benefits from generous floor to ceiling heights throughout, a passenger lift serving (1,645.63 sq m) GIA, the building is arranged over lower ground and all upper floors and a large, grand entrance ground, ground and 5 upper floors. hall. The building is not listed.

1st Floor 1st Floor

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FLOOR AREA GIA AREA NIA SQ FT SQ M SQ FT SQ M 5th 955 88.72 722 67.07 4th 1,361 126.44 857 79.62 3rd 2,589 240.42 2,135 198.34 2nd 2,767 257.05 2,210 205.31 2nd half landing 73 6. 78 - - 1st 2,952 274.24 2,148 199.55 Ground 3,747 348.10 2,465 228.99 Lower Ground 3,271 303.88 2,505 232.71 Total 17, 7 15 1,645.63 13,042 1,211.59

2nd Floor

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1st Floor

20 21 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET Tenure Tenancies Freehold. Multi-let in accordance with the schedule below providing the opportunity to have vacant possession of the upper floors by 29 January 2017 and vacant possession of the whole by June 2017:

PREMISES TENANT RENT TERM BREAK OPTION NIA AREA COMMENTS (PER SQ FT) (SQ FT)

R E Fifth Creative Design £26,000 29.06.2016- MB anytime on 722 Outside Act. AT

P Industries Ltd (£36.01) 25.12.2016 2 months’ notice O

LA T Fourth Directors Cut £27,000 05.07.2016- MB anytime on 857 Outside Act. N RKE D MA S ACE Sound Ltd (£31.51) 14.07.2017 1 months’ notice T PL R

E T Third Creative Design £60,000 29.06.2016- MB anytime on 2,135 Outside Act. Industries Ltd (£28.10) 25.12.2016 2 months’ notice R

o x b Kent House u M Second Vacant £0.00 2,210 r g A

h R e K

H E T o First LOLA Post £0.00 27.10.2016 – 2,148 Outside Act. u ET P s TRE L e LE S A AST C Productions Ltd 29.01.2017 C E EAT Ground £154,000 24.06.2002- 2,465 Outside Act. (£30.99) 23.06.2017 CE Ryman Ltd PLA KET MAR Lower Ground 2,505

TOTAL £267,000 13,042 M

r k e

r t

OXFORD STREET

OXFORD CIRCUS

Not to scale. For identification purposes only. This plan is based upon an ordnance survey map with sanction of the Controller of the HM Stationery Office. Crown copyright reserved.

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Consented floor plans: Development Opportunity TYPICAL FLOOR (1/2/3) FLOOR 4 Office Extension / Refurbishment

Full planning permission was granted on 28th July 2016 to reposition the property as a Grade A modern mixed use building with extended office floors and improved amenities. The scheme will deliver a total of 5,167 sq ft of A1 retail and 11,044 sq ft of B1 offices with 1,227 sq ft of terracing across multiple floors.

In summary the planning consent will provide:

Erection of an additional storey at fourth floor level at the rear Refurbishment to provide Category A offices Widening of the link within the central lightwell at 1st-4th floors External alterations including the creation of terraces at 2nd, 3rd, 4th and roof levels Installation of screened plant at new roof level Removal of secondary stair core to Margaret Court to provide additional office (B1) area Creation of a new frontage and pedestrian access onto Margaret Court Creation of shower facilities and bike storage at lower ground FLOOR 5

Further information can be found online via the Westminster Council Planning Portal with the reference 16/00879/FULL.

PLANT

New Floor New Terrace

Not to scale, indicative only

Consented floor areas:

Widening of the link FLOOR GIA USE CLASS AMENITY/TERRACE SPACE A1 B1 NIA SQ M SQ FT SQ FT SQ FT SQ FT SQ FT SQ FT SQ FT Roof Garden 5 89 958 0 0 59 635 83 893 4 215 2,314 0 0 174 1,873 16 172 3 268 2,885 0 0 227 2,443 10 108 2 284 3,057 0 0 245 2,637 5 54 1 297 3,197 0 0 248 2,669 0 0 G 309 3,326 249 2,680 26 280 0 0 LG 376 4,047 231 2,486 47 506 0 0 View of 4th floor rear TOTAL 1,838 19,784 480 5,166 1,026 11,043 114 1,227 24 25 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET

Below are floor plans providing optionality on potential splits: Development Opportunity Change of use to provide A3 use at part ground and lower ground floors GROUND FLOOR

Potential exists (STPP) for change of use of part ground and lower ground floors from A1 retail to A3 restaurant use. The new A3 unit would be accessed from a dedicated entrance at Margaret Court/Market Place and would be a welcome further addition to the growing restaurant micro-destination that currently exists. Initial discussions with Westminster City Council have taken place and feedback has been positive with Westminster indicating they would support a change of use on the basis of a 50/50 split between A1/A3. Below is a table with projected ERV’s for the proposed A1/A3 split:

FLOOR USE ERV Ground A1 £155,000 (£225 ZA) Ground A3 £280,000 Lower Ground TOTAL £435,000

Proposed Margaret Court frontage

LOWER GROUND FLOOR

Not to scale, indicative only

26 27 GREAT PORTLAND STREET WARREN REGENTS PARK 0.5 MILES STREET 0.4 MILES 0.8 MILES

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GOODGE Local Developments STREET 0.5 MILES

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A ET GR E T N STRE T H E R I E 3 AT A T IM M C RT PO HF C MO O

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D LA ST R O 1 - TASMAN HOUSE, 59/63 WELLS STREET, W1 2 - 1 OXFORD STREET, W1 3 - THE COPYRIGHT BUILDING, W1 N D A R 1 D S E Developer: Great Portland Estates Developer: Derwent London Developer: Derwent London TREE E Under construction: 37,300 sq ft of retail/ Planning permitted: 275,000 sq ft, comprising Under construction: 107,150 sq ft, T restaurant and office accommodation 204,000 sq ft of office space, 37,000 sq ft of comprising 87,150 sq ft of offices and 20,000 T Completion: H2 2017 retail and a 350 seat theatre above the new sq ft of retail space. Offices pre-let in entirety ET RE 5 Crossrail station to Capital Business Services Limited for ET ST TOTTENHAM GAR Target start: 2018 and completion in 2020 20 years from 2017 at an average rent of MAR COURT ROAD 0.5 MILES approximately £86 per sq ft 9 Completion: H2 2017 CAVENDISH 4 SQUARE 6 2 12

E T STRE XFOR D O 7

SOHO

SQUARE OXFORD CIRCUS

0.1 MILES

T EE TR S G 4 - CENTRE POINT 5 - ONE RATHBONE SQUARE, W1 6 - OXFORD HOUSE, 76 OXFORD STREET, W1 WA UGH BE RE BOND STREET RO DE F O R R R B E 0.4 MILES L A R W DO I K Developer: Almacantar Developer: Great Portland Estates Developer: Great Portland Estates A T M N T IC H A S Private Units: 82 apartments Under construction: 412,000 sq ft, including Potential: 90,000 sq ft development U S E K R TR GR STRE T ST Average £PSF: £3,500 reported achieved 227,300 sq ft of office space and 142 comprising 55,000 sq ft of office space R ST E HANOVER E R E Completion: 2017 residential units. 227,300 sq ft pre-let to and 35,000 sq ft of retail space E E SQUARE R T T E E E Facebook for 15 years at an average rent of Target completion: H1 2019 E T T T £74.35 per sq ft (£83 per sq ft average for the six floors above ground)

Completion: H1 2017

R E G E N T

S E U T N R E V E A E Y T R U 7 - 73-89 OXFORD STREET, W1 8 - ONE BEDFORD AVENUE, WC1 9 - ORIANA - PHASE II, 34-38 OXFORD ST, W1 10 - 80 CHARLOTTE STREET, W1 11 - 50-57 NEWMAN STREET, W1 12 - TIN PAN ALLEY,B DENMARK ST, WC2 S E T Developer: Great Portland Estates Developer: Exemplar/Ashby Capital/ Developer: Frogmore & Land Securities Developer: Derwent London Currently being marketed. Developer: ConsolidatedF Developments A Planning permitted: 88,000 sq ft of retail and The Bedford Estates Under construction: 72,000 sq ft of Under construction: 380,000 sq ft, comprising Planning consent for a 59,675 sq ft Planning permitted:H 210,000 sq ft of mixed S office accommodation above the new Cross Under construction: 115,000 sq ft, retail space 321,000 sq ft of offices, 45,000 sq ft of 100 bedroom hotel use development; 100,000 sq ft of urban rail station. Pre-let 31,800 sq ft of retail space comprising 70,000 sq ft of offices and Completion: 2017 residential and 14,000 sq ft of retail space gallery space and an 800 capacity basement to New Look and 15,300 sq ft of retail space to 45,000 sq ft of retail space Completion: H1 2019 music venue

Benetton Group for 20 years from 2017 Completion: H1 2017 Target Completion: 2018 Target start: 2016 with completion in H1 2017 28 29

LLY A DI CC PI 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET Market Commentary Investment / Development Retail Investment

Despite the UK’s decision to exit the EU in June 2016, the Central London investment market remains robust, in London continues to be one of the world’s leading retail destinations alongside New York, Paris, Milan and particular to value add/asset management opportunities where growth can be extracted. Supply for prime West Shanghai. The Capital offers global retail appeal and as a result the London retail economy continues to End assets remains extremely scarce with investors competing in a market characterised by tight supply. experience considerable growth.

In September, the West End saw volumes of £869m across 13 transactions, the second largest monthly figure of Retail sales on Britain’s high streets rose by 5.9% year on- year (July 2016) and 1.4% month-on-month (June the year. Annual turnover at the end of Q3 reached £5.44bn over 114 transactions. Although this is down 11% on 2016 – source ONS). According to Visit Britain (the UK tourist agency), the number of tourists coming to the UK previous year, current turnover levels remain the fourth highest on record, only 3% down on 2014 which was the is set to rise by 3.8% in 2016 to 36.7m with spending forecast to increase by 4.2% resulting in a strengthening of West End’s record year. occupational demand, low vacancy rates and strong rental growth.

London remains a safe haven for overseas investors due to a transparent and competitive market, established The perceived current weakness in the sterling is boosting retail sales as increased numbers of overseas tourists legal system and political stability. Investors remain keen to secure London assets offering a return on their cash visit London looking to take advantage of the currency. resources as well as excellent growth prospects. Set out below are some retail investment transactions: Today’s environment of record low interest rates, a weakening Sterling; which is at a 35 year low against the dollar and a low return of 1.08% for UK government 10 year bond yields reinforce UK real estate as a global asset DATE ADDRESS TENANT TENURE PRICE NIY CAPITAL class. Across the world government bond yields have continued to compress as economists forecast low global VALUE growth and greater stimulus from central banks in spite of years of monetary easing. The UK’s low gilt yields, U/O 140 Great Portland Street Boots VFH £5,550,000 3.37% £1,067 favourable lending conditions and weak currency make UK real estate an attractive proposition for the global investor. Q3 2016 81 Dean Street, W1 Wagamama VFH £14,500,000 3.88% £2,565

Set out below are some comparable investment transactions: Q3 2016 6-8 Maddox Street, W1 Holland & Barrett VFH £8,400,000 3.35% £2,194

Q2 2016 57 Victoria Street, SW1 Natwest VFH £2,850,000 2.93% £534 DATE ADDRESS NIA TENURE TENANCIES PRICE NIY CAP VALUE (SQ FT) (SQ FT) Q2 2016 45-47 Parsons Green Lane, SW6 Cote Brasserie FH £3,750,000 3.22% £610 Q2, 2016 1 Bentinck Mews 3,011 VFH VP £5.10m N/A £1,694 Q1 2016 50 Dean Street, W1 Le Relais de FH £8,000,000 3.66% £2,204 Q2, 2016 19 Golden Square, W1 5,061 FH EAT, vacant £10.50m N/A £2,075 Venise uppers Q1 2016 Embassy Gardens, SW8 Waitrose VFH £22,140,000 3.50% £843 Q2, 2016 Frith and Dean Street 25,190 FH Multi let & part £34.06m 1.90% £1,352 Buildings, W1 vacant Q4 2015 498-504 Fulham Road, SW1 Nationwide VFH £2,130,000 3.99% £838 Q2, 2016 12 Golden Square, W1 27,090 FH Multi-let with £51.54 4.25% £1,903 part vacant Q4 2015 5-7 Blandford Street, W1 L’Autre P ied FH £4,000,000 2.50% £1,855 Q1, 2016 20-24 Broadwick Street, W1 22,249 FH VP £33.50m N/A £1,505 The above information has been provided by 3rd parties and is subject to verification. Q4, 2015 60 Great Portland Street, W1 79,552 FH Engine Group £103.00m 3.88% £1,295

Q2, 2015 33 Great Portland Street, W1 15,000 FH VP £25.00m N/A £1,667

Q2, 2015 1-3 Charlotte Street, W1 4,033 FH Multi-let £7.60m 1.67% £1,884

The above information has been provided by 3rd parties and is subject to verification.

30 31 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET Market Commentary Occupational Market

The impact of Brexit has yet to be seen on the leasing market as we are still seeing remnants of pre-Brexit agreed deals happening. Rental values throughout the UK office sector remained relatively stable in September, however take-up fell across Central London Offices over the course of August. Current availability increased in August by 1%, the third consecutive month of increasing availability, however despite the increases this figure still remains significantly below the 10 year average.

Marylebone and Fitzrovia are currently experiencing low vacancy rates due to a limited office development pipeline in an area that has witnessed a large loss of offices to residential. Noho remains a destination where demand comfortably outstrips supply with the area popular for companies in the media, fashion and TMT sectors who seek a discount to rents in neighbouring Mayfair and the benefits of upcoming infrastructure improvements and high quality transport links.

Below we set out details of some recent local leasing transactions:

ADDRESS AREA TENANT RENT DATE (SQ FT) (PSF) 33 Welbeck Street, W1 1,468 Strategic Land Group £95.34 Q4, 2016

33 Welbeck Street, W1 1,551 Ashby Capital £95.00 Q3, 2016

83-84 Wimpole Street, W1 7, 7 16 IVI UK Ltd £88.12 Q2, 2016

75 Wells Street, W1 1,938 Lola VFX Limited £85.00 Q1, 2016

25-29 Berners Street, W1 87,150 Capita Business Services £86.00 Q1, 2016

28-30 Market Place, W1 3,181 Thomas St John Ltd £92.50 Q1, 2016

28-30 Market Place, W1 4,023 Ncrypt Ltd £92.50 Q4, 2015

2 Fitzroy Place, Mortimer Street, W1 12,867 Bakkavor Group Ltd £87.50 Q4, 2015

Heals Building, 4,879 Alteration Services Ltd £92.50 Q4, 2015 191-199 Tottenham Court Road, W1 28-30 Market Place, W1 4,452 Joint London Ltd £92.50 Q4, 2015

The above information has been provided by 3rd parties and is subject to verification

32 33 14/16 GREAT PORTLAND STREET 14/16 GREAT PORTLAND STREET Further Information VAT

14-16 Great Portland Street is VAT elected and it is intended that the transaction will be conducted as a TOGC (Transfer of Going Concern).

EPC

14-16 Great Portland Street has an EPC rating of D(86).

PROPOSAL Offers in excess of £21,000,000 for the benefit of our client’s freehold interest reflecting a capital value of £1,295 psf on the consented areas.

CONTACT

For further information or to arrange an inspection, please contact:

Scott Lister Direct Line: +44 (0)20 7529 5704 Email: [email protected]

Richard Goldstein Direct Line: +44 (0)20 7529 5713 Email: [email protected]

Peter Ng Direct Line: +65 6733 3212 Email: [email protected]

Misrepresentations Act 1967 & Declaration: Michael Elliott for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott has any authority to make or give any representations or warranty whatever in relation to this property. November 2016 www.cube-design.co.uk (Q3615)

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