26 DEAN STREET

LONDON W1

Rare Long-Let Freehold Investment Opportunity INVESTMENT SUMMARY

• Freehold.

• Prominently positioned restaurant and ancillary building fronting Dean Street, one of Soho’s premier addresses.

• Soho is renowned for being London’s most vibrant and dynamic sub-market in the West End due to its unrivalled amenity provisions and evolutionary nature.

• Restaurant and ancillary accommodation totalling 2,325 sq ft (216.1 sq m) arranged over basement, ground and three uppers floors.

• Single let to Leoni’s Quo Vadis Limited until 25 December 2034 (14.1 years to expiry).

• Home to Quo Vadis, a historic Soho private members club and restaurant, founded almost a 100 years ago.

• Restaurant t/a Barrafina’s flagship London restaurant, which has retained its Michelin star since awarded in 2013.

• Total passing rent £77,100 per annum, which reflects an average rent of £33.16 per sq ft.

• Next open market rent review December 2020.

• No VAT applicable.

Offers are invited in excess of £2,325,000 (Two Million Three Hundred and Twenty-Five Thousand Pounds), subject to contract. Pricing at this level reflects a net initial yield of 3.12% (after allowing for purchaser’s costs of 6.35%) and a capital value of £1,000 per sq ft. Canary Wharf

The Shard The City

London Eye

South Bank

Covent Garden Charing Cross Holborn

Trafalgar Square

Leicester Square Tottenham Court Road 26 DEAN Leicester Square STREET

Soho Square Gardens

Tottenham Court Road Western Ticket Hall

Oxford Street London West End

LOCATION & SITUATION

Soho has long cemented its reputation as the excellent. Tottenham Court Road (Central most dynamic of London’s West End villages, and Northern lines), Oxford Street (Central, a contrast to its more traditional neighbours Victoria and Bakerloo lines), Covent Garden of Mayfair to the west, Fitzrovia to the north (Piccadilly line), Leicester Square (Northern and Covent Garden to the east. The unique and Piccadilly lines) and Piccadilly Circus cultural, retail and leisure characteristics (Bakerloo and Piccadilly lines) London of the location means Soho now attracts in Underground stations are all within a 10 excess of 40 million visitors annually. minute walk.

Renowned for its abundance of amenity, Soho Soho’s communications will improve further SUSSEX is home to an extensive array of artisan coffee when the Elizabeth line (Crossrail) opens RESTAURANT shops, lively music venues, boutique hotels, at Tottenham Court Road station, and there contemporary bars and iconic restaurants. will be a new ticket hall 150 metres from the Notable names include Ham Yard Hotel, property on Dean Street itself. Ronnie Scott’s and Bocca di Lupo. The property occupies a prominent position Soho’s vibrancy and creative flair notoriety on the eastern side of Dean Street, a has ensured the area is the destination of prestigious Soho address close Soho Square. choice of amongst the media, entertainment Dean Street is a key north-south axis of the and fashion industries. Soho’s transport sub-market connecting Oxford Street with communications across the capital are Shaftesbury Avenue.

FORNUS

VACANT

ARMA

DE MICHELLE PIZZERIA

Experian Goad Plan Created: 19/11/2019 50 metres Created By: Allsop Copyright and confidentiality Experian, 2019. © Crown copyright and For more information on our products and services: database rights 2019. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 DESCRIPTION

26 Dean Street was originally constructed The restaurant (t/a Barrafina) trading area in the 1730s forming part of the uniform is arranged over ground, with the floor group of buildings no. 26-28. Today no. 26 benefitting from full height glazed frontage to is a quarter of four consecutive buildings Dean Street and an outside seating area. (no. 26-29 Dean Street), which have been interlinked as a tenant improvement to The first and part second floors are member provide continuous accommodation for the only accommodation, the first floor being tenant’s operations under the Quo Vadis and a bar and private restaurant dining and the Barrafina brands. part second floor private member space. The basement, part second and third floors 26 Dean Street is the northern most property provide staff and ancillary facilities. of the four and totals 2,325 sq ft (216.1 sq m) of restaurant and ancillary accommodation arranged over the basement, ground and three upper floors, with a third floor roof terrace.

ACCOMMODATION

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition):

Floor Use GIA GIA (sq ft) (sq m)

Third Ancillary 450 41.8

Second Ancillary 453 42.1

First Private Dining 433 40.3

Ground Restaurant 535 49.7

Basement Storage 454 42.2

Total 2,325 216.1 TENANCY INVESTMENT SUMMARY

The property is single let to Leoni’s Quo Vadis Limited (t/a Barrafina & Quo Vadis) until 25 London’s West End commercial real estate market, despite the current geopolitical uncertainty December 2034 (14.1 years to expiry). and ongoing effects of the Covid-19 pandemic remains robust in an economic environment of low interest rates, weakened sterling and a fundamental shortage of available product. The lease is subject to five yearly upwards only open market rent reviews. The next rent review Combined these characteristics have ensured, whilst investment volumes have contracted, that will be 26 December 2020. pricing has remained stable.

The current passing rent totals £77,100 per annum, which reflects an average rent of Strong demand from investors (both domestic and overseas) combined with a limited number £33.16 per sq ft. of sellers, means long, secure, income in prime West End locations continue to be a particularly attractive investment opportunities in the market. Income opportunities in excess of 10 years are especially rare and sought after. QUO VADIS & BARRAFINA

Founded in 1926 by Pepion Leoni, who was inspired by a billboard in Leicester Square Date Address Tenant(s) Price NIY Cap Val advertising a film of the same name, Quo Vadis is an established Soho institution, the private (£PSF) members club and restaurant’s history spans almost 100 years. Quo Vadis has passed through a number of hands (including Marco Pierre-White and Damien Hirst), and today is in the hands

Plotted Scale - 1:1,250 Jun-20 37 Berwick Street, t/a Tommi’s Burger £3,750,000 2.07% £1,628 of the Hart brothers and chef Jeremy Lee. W1 t/a Gypsey Stables (part VP)

Sam and Eddie Hart founded London’s acclaimed Barrafina tapas restaurants in 2007 on Frith Street and in 2013 under executive chef Nieves Barragán Mohacho received its first star in the Jun-20 79 Wardour Multi-let £5,800,000 3.86% £1,387 Michelin Guide 2014. In 2016 the flagship Barrafina moved from Frith Street to Dean Street, Street, W1 and has retained its Michelin star to date. There are now four restaurants across the capital. Apr-20 199 Wardour t/a Tongue & Brisket £11,300,000 n/a £2,690 Street, W1

Mar-20 14 Broadwick t/a Crussh £3,300,000 3.75% £1,836 Street, W1 Offices - Timeline TV TENURE Soho

Freehold. Sep-19 27-28 Windmill Envy Post Production £10,000,000 3.19% £1,493 Street, W1 Ltd

Dec-18 3 Greek Street, W1 t/a Milroys £3,200,000 n/a £1,197

Aug-18 8-12 Broadwick Multi-let £14,250,000 3.22% £1,618 Street, W1 Leoni S Quo Vadis, 26 Dean Street, London, W1D 3LL

Not to scale. For identification purposes only. created on FURTHER INFORMATION

PLANNING

The building is situated in the London Borough of Westminster City Council and sits within the Soho conservation area. The property is Grade I listed.

VAT

The property is not elected for VAT and therefore VAT will not be chargeable on the purchase price.

EPC

Available in the data room.

DATA ROOM

Further information can be found at: https://datarooms.allsop.co.uk/register/26DeanStreet

VIRTUAL TOUR

Take a virtual tour at: www.tlgd-tours.co.uk/26-dean-street

PROPOSAL

Offers are invited in excess of £2,325,000 (Two Million Three Hundred and Twenty-Five Thousand Pounds), subject to contract. Pricing at this level reflects a net initial yield of 3.12% (after allowing for purchaser’s costs of 6.35%) and a capital value of £1,000 per sq ft.

CONTACT

Piers Glover Mark Ibbotson +44 (0)7802 609867 +44 (0)7765 976128 [email protected] [email protected]

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Any market statistics, rental and investment comparables have been supplied by third parties and their accuracy cannot be guaranteed. Allsop is the trading name of Allsop LLP. Designed and produced by www.tlgd.co.uk Nov 2020