Harley Street London W1g 7Jd

104 HARLEY STREET LONDON W1G 7JD

AN ATTRACTIVE GRADE II LISTED INVESTMENT OPPORTUNITY ON ONE OF LONDON’S MOST FAMOUS STREETS 2. 3.

“An attractive Grade II listed building arranged over lower ground, ground and four upper floors.”

104 HARLEY ST LONDON W1G 7JD 4. 5.

INVESTMENT SUMMARY

• Harley Street is one of the West End’s most famous internationally recognised streets.

• An attractive Grade II listed building arranged over lower ground, ground and four upper floors.

• 999 year long leasehold interest at a peppercorn from Howard de Walden Estate.

• Multi let to dental and medical practices and a residential AST.

• 3 Bedroom maisonette over 3rd and 4th floors currently let on an AST.

• Current income of £438,094 pa.

• Low base rent with prospects for rental growth immediately.

• Conservative ERV of £90 psf on ground and upper floors, equates to an ERV of the whole building of £529,230 pa

• Offers in excess of£13.4M subject to contract and exclusive of VAT

• Reversionary yield of 3.7% that can be achieved this year.

• Capital value of £1,872 psf on net accommodation and £1,206 psf on gross accommodation.

• Vacant possession is possible.

104 HARLEY ST LONDON W1G 7JD 6. 7.

REGENT’S PARK

DEVONSHIRE ST HARLEY 104 STREET

MANCHESTER SQ CAVENDISH SQ

LOCATION

Harley Street is one of the West Ends most famous as the BBC, Wigmore Street, Margaret Street and Portman internationally recognised streets. The properties in this area Square along with the current developments in Portland date back to the 18th Century when the area was developed Place. These developments provide a mix of office, retail and by Cavendish – Harley Family. Today properties in Harley residential accommodation with the local appeal of shops in Street comprise a range of medical and clinical services, offices Oxford Street, Regent Street and all the facilities the West End and residential dwellings. has to offer. The property itself is located towards the northern end of Harley Street is highly accessible by public transport, being Harley Street on it’s eastern side, between the junctions situated a short distance from Oxford Circus (Bakerloo, of Devonshire Street to the North and Weymouth Street Central and Victoria Lines) to the south east and Bond Street “One of the immediately to the South. (Central and Jubilee Lines) to the south west. West End’s The surrounding area has been subject to dramatic The Crossrail Network will also significantly improve development in recent years with improvements to St communication links in the area, as well as providing frequent most famous Christopher’s Place as well as Howard de Walden’s creative and direct access to Heathrow in the west and Canary Wharf vision for Marylebone Village. In the more immediate area in the east, reducing the journey times from Bond Street and internationally there have been further improvements in developments such Paddington to a few minutes. recognised streets.”

104 HARLEY ST LONDON W1G 7JD 8. 9.

REGENT’S PARK

EUSTON ROAD

GREAT PORTLAND ST PARK SQUARE

REGENT’S PARK FITZROVIA

GREAT PORTLAND STREET

MARYLEBONE ROAD

HARLEY STREET DEVONSHIRE STREET HARLEY 104 STREET

PORTLAND PLACE

WEYMOUTH STREET

NEW CAVENDISH STREET MARYLEBONE HARLEY STREET

104 HARLEY ST LONDON W1G 7JD 10. 11.

DESCRIPTION

The property is a five storey Georgian mid- The property is in excellent condition terrace, 18th century former town house, which throughout and has a lift that serves the ground, is of traditional brick construction beneath a first and second floors. slate roof and a two storey extension to the rear. The property has a combination of residential The building is arranged to provide a mixture and commercial uses with the main bulk of the of commercial / medical accommodation, with property being occupied by dental practices third and fourth floors providing a 3 bedroom and consultants. The maisonette on the upper maisonette, accessed from the second floor. The floors is currently let on an AST to tenants who first and second floors provide office / medical have been in occupation in excess of 5 years. accommodation and the ground floor provides a reception area and four office / medical suites arranged over ground and basement areas with one suite arranged over both floors via an internal staircase. There is anOS additional Plan flat B&in W the basement.

52860 0 52870 0

181900 181900

181800 181800

104 HARLEY ST LONDON W1G 7JD 52860 0 52870 0

Metre s 0 5 10 20 30 40 50 Scale: 1:1250

90 Harley Street London Supplied by: National Map Centre W1G 7HS Plot centre co-ordinates: 528620,181828 License number: Hert10003196s 1 Download file: lewispart_90harleyst.zip Produced: 07/02/2019 Project name: lewispart_90harleyst Serial number: 2078118

ACCOMMODATION

The property provides the below internal areas:-

Area Use Sq Ft (NIA) Sq M (NIA) Sq Ft (GIA) Sq M (GIA)

Lower Ground Floor Residential / Offices 2,122 197.10 3,557 330.43

Ground Floor Offices / Surgery 1,837 170.72 2,965 275.49

First Floor Offices / Surgery 1,092 101.47 1,417 131.68

Second Floor Surgery 919 85.37 1,424 132.34

Third Floor Residential 784 72.94 1,162 107.96

Fourth Floor Residential 405 37.61 582 54.09

Total 7,159 665.21 11,107 1,031.99

104 HARLEY ST LONDON W1G 7JD 14. 15.

“Multi let to dental practices and a residential AST.”

104 HARLEY ST LONDON W1G 7JD 16. 17.

104 HARLEY ST LONDON W1G 7JD 18. 19.

TENURE TENANCY ERV

Our client will be disposing of their 999 year long leasehold The property is multi let in accordance with the attached We consider the property to be highly reversionary and have interest at a peppercorn from 11th October 1918 from tenancy schedule and produces a current income of £438,094 put a conservative ERV of £85 psf on the lower ground and £90 Howard de Walden Estate. per annum. psf on the remainder of the property. Please see the below table of comparable evidence that confirms our conservative ERV. With the leases either expiring this year or about to start there is a possibility of providing the purchaser the building vacant possession. Further information can be provided. Property Date Area Tenant Rent Rent Comments (Sq Ft) (£pa) (£psf)

Tenant Floor Area Area Lease Rent Rent Rent ERV ERV Comments 2 Harley Street Sept-19 1,614 Harley Street £190,000 £118 • 2nd floor (Sq M) (Sq Ft) Review (£pa) (£psf) (£pa) (£psf) Hearing • 10-year term (Break) • Rent review 2024 2 Harley Street Jan-19 1,702 Lasercare Clinics £165,000 £96.94 • 7-year term AST 3rd and 4th Floors 110.46 1,189 Nov 2018 £72,000 - £72,000 - Tenant holding over. (SK-N) • Third floor To • Break 2022 June 2020 • Rent review 2022

Harley Street 2nd Floor 85.38 919 Sept 2018 £50,274 54.71 £82,710 £90 4 Harley Street Apr-19 1,099 London £98,910 £90.00 • 1st floor Heathcare Ltd Units J / K/ L / M To Aesthetic / N / O Aug 2020 Medicine Limited

Dr M Atkinson 1st Floor 101.45 1,092 10 years (5 year £98,280 85.00 £98,280 £90 Vacant possession is 4 Harley Street Feb-18 1,995 The Hale Clinic £185,136 £92.80 • 4th floor Units F / G / H / I Completion TOB) available if required. • Let on a 10-year lease To • Break at year 3 2030 • Sublease

Dr Norton Ground Front 84.36 908 10 years (5 year £81,720 85.00 £81,720 £90 Vacant possession is 41 Harley Street Nov-18 799 Dr Sam's £73,500 £92.00 • Extensive refurbishment has been Units A / D / F1 Completion TOB) available if required. undertaken therefore finished to a high To standard throughout 2030 • Third floor unit • Let on a 15-year lease • 3 months rent free Dr Danapal Ground Rear 65.50 705 Oct 2017 £43,000 60.99 £63,450 £90 Tenant holding over. Units B / C / E / X To 46 Harley Street Jun - 19 497 Gynaecology £44,998 £90.54 • 2nd Floor Nov 2019 Solutions Ltd & Medical Health Trevor Brooker Lower Ground 57.13 615 Oct 2018 £28,200 45.85 £52,275 £85 Alliance Middle To Units G1 / H1 / I1 Sept 2020 22 Harley Street Nov - 17 550 Unknown £46,750 £85.00 • First Floor / L1 55 Harley Street Jun-19 362 Unknown £33,000 £91.16 • New 10 year sub-lease to medical Mark Stevens / Lower Ground Rear 51.56 555 Oct 2017 £33,000 59.46 £47,175 £85 provider. Fourth floor accommodation W1 Tech Units A1 / B1 To in fair condition, with undisclosed Sept 2020 premium attached to sub-lease. No rent free. Dr Norton / Lower Ground 109.25 1,176 10 years (5 year £31,620 85.00 £31,620 £85 Vacant possession is 55 Harley Street Aug - 18 495 Unknown £68,176 £137.73 • Fifth Floor Dr Atkinson Middle & Front & Completion TOB) available if required. Ground Floor Front To 804 sq ft not rentalised 128 Harley Street Jan - 19 759 The Harley Street £66,996 £88.27 • Second Floor Units C1 / D1 / E1 2030 due to waiting room Smile Clinic / J1 / K1 / V / W and vaults 128 Harley Street Feb - 19 201 London Laser Hair £18,100 £90.05 • Ground Floor Total 665.09 7,159 £438,094 £529,930 Removal Ltd

* All leases are outside the 1954 L & T Act.

104 HARLEY ST LONDON W1G 7JD 20. 21.

LISTED BUILDING VAT PROPOSAL

The building is Grade II listed and the property is also in The property is not registered for VAT. We are seeking offers in excess of £13.4M (Thirteen Million From our conservative ERV at £85 / £90 psf this will show conservation area. Four Hundred Thousand Pounds) subject to contract and a purchaser a reversionary yield of 3.7%. This reversion is exclusive of VAT for our client’s long leasehold interest in the possible to achieve imminently. above. A purchase at this level shows a net initial yield of USE EPC 3.1% after allowance for unadjusted purchaser’s costs of 6.8%. There is the possibility of purchasing the property vacant possession. Medical / Residential. The property has an EPC rating of C (66) This reflects a capital value of£1,872 psf on net accommodation and £1,206 psf on gross accommodation.

104 HARLEY ST LONDON W1G 7JD FURTHER INFORMATION

For further information contact sale agents:

Steven Lewis [email protected] 07785 236 209

Stephen Raingold [email protected] 07775 647 499

15/19 Cavendish Place, London W1G 0QE

Tel: 0207 580 4333

SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT

LEWIS & PARTNERS LLP FOR THEMSELVES AND FOR THE VENDORS OF THIS PROPERTY WHOSE AGENT THEY ARE GIVE NOTICE THAT:-

1. These particulars do not constitute any part of the offer for sale or contract for sale. 7. Any properties or drawings of the relevant property or part thereof or the neighbouring 2. All statements contained in these particulars as to this property are made without areas may not depict the property or the neighbouring areas at the date a prospective responsibility on the part of Lewis & Partners LLPor the vendors or lessors. purchaser or tenant inspects the property. Prospective purchasers are strongly advised 3. None of the statements contained in these particulars as to this property are to be relied on to inspect the property and neighbouring areas. as statements or representations of fact. 8. Lewis & Partners LLP have not measured the property and have relied upon clients 4. Any intending purchasers must satisfy themselves by inspection or otherwise as to the information. Therefore Lewis & Partners LLP give no warranty as to their correctness or correctness of each of the statements contained in these particulars. otherwise and the purchasers must rely on their own measurements. 5. Any plans or photographs or drawings shown in these particulars are to enable prospective 9. All terms quoted are exclusive of value added tax unless otherwise stated. purchasers or tenants to locate the property. The plans are photographically reproduced and 10. The vendors do not make nor do Lewis & Partners LLP any person(s) in their employment therefore not to scale except where expressly stated. The plans, photographs or drawings are give any warranty whatsoever in relation to this property. for identification purposes only. 11. These details are believed to be correct at the time of compilation but may be subject to 6. No warranty or undertaking is given in respect of the repair or condition of the properties or subsequent amendment. any items expressed to be included in the sale. 12. These details were prepared as of SEPTEMBER 2020

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