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CURTIS BUILDING RAVENSCOURT PARK 26-28 Paddenswick Road London, W6 0UB Prominent Freehold Office Building in the heart of West London PROMINENT OFFICE BUILDING IN THE HEART OF WEST LONDON INVESTMENT SUMMARY • Prominent and characterful, West London, multi-let office • Office element multi-let to two tenants for £666,162 • Opportunity to secure vacant possession offers potential for situated directly opposite Ravenscourt Park. per annum, which reflects £40.48 psf. Residential element is owner-occupiers or change of use. sold off on long leases, with £850 per annum ground rent. • Excellent transport links, with convenient access to four • Seeking offers in excess of £10,500,000 (Ten Million, Underground lines, the M4 Motorway and Heathrow • Full vacant possession of the office element possible in Five Hundred Thousand Pounds) subject to contract and Airport. August 2023. exclusive of VAT. • The property totals 17,270 sq ft NIA (1,604.4 sq m) of office • Prime office rents in Hammersmith at £57.50 psf and • A purchase at this level reflects a Net Initial Yield of accommodation, arranged over ground and four upper Chiswick at £55.00 psf demonstrate strong reversionary 5.95%, and a capital value of £608 psf NIA, assuming full floors. potential in Ravenscourt Park that sits between them. purchaser’s costs. • Freehold. CURTIS BUILDING CENTRAL LONDON RAVENSCOURT PARK, LONDON HYDE PARK HOLLAND PARK EARLS COURT KENSINGTON OLYMPIA WHITE CITY WESTFIELD LONDON GOLDHAWK ROAD HAMMERSMITH KINGS MALL SHOPPING CENTRE CURTIS BUILDING RAVENSCOURT PARK HAMMERSMITH FLYOVER - A4 RAVENSCOURT PARK RIVER THAMES STAMFORD BROOK A A D Goldhawk Road S O K K R SHEPHERDS E W A W R D H O OL A G BUSH D CURTIS H A M D M O A R B E BUILDING K A W R R H S A L D D O C M G A K I T E O RAVENSCOURTHAMMERSMITH, PARK, LONDON LONDON H N R B G D U R H R A O EY AVE S ELLESL Y W O V U R R E B O G A CURTIS N S P I D A D L D D L BUILDING R ROAD D A A E E D H O N P R S A4 0.6 miles W E K RAVENSCOURT I H C S A40 1.2 miles W PARK K A R H HAMMERSMITH M4 J1 2 miles O D A L D M25 12 miles O G Central London 6 miles Stamford Brook G L E N T H O R N E R O A D Ravenscourt Park AIR R O A D I S W I C K H I G H C H Kings Mall London Heathrow 23 mins Airport K I N G S T R E E T Hammersmith RD GE ID BR ITH SM LONDON UNDERGROUND ER MM H A M HA M E R S Ravenscourt Park 5 min walk M I T H F V E R A 4 L Y O District Line Goldhawk Road 5 min walk Hammersmith RIVER THAMES PROMINENT AND CHARACTERFUL, & City Line WEST LONDON, MULTI-LET OFFICE SITUATED Hammersmith Station 10 min walk District, Piccadilly, DIRECTLY OPPOSITE RAVENSCOURT PARK Hammersmith & City and Circle Lines LOCATION KEY TIMES Ravenscourt Park Victoria Ravenscourt Park is positioned immediately to the west of Occupiers continue to be attracted to Hammersmith and 18 minutes Hammersmith, the western gateway into Central London. Ravenscourt Park due to its exceptional connectivity, rich amenity Hammersmith Green Park Hammersmith is a commercial hub for business activity, attracting provision and relatively low occupational costs compared to 14 minutes global blue-chip corporate occupiers, high-end restaurant Central London. Hammersmith Kings Cross operators, international retailers and independent start-ups. St Pancras Hammersmith and Ravenscourt Park boasts 4.5 miles of river 24 minutes Located 6 miles to the west of Central London and 9 miles to the frontage, a high-quality retail and restaurant offering in addition Hammersmith London Heathrow east of London Heathrow Airport and the M25 motorway. London to cultural attractions such as The Apollo & Lyric Theatre. 30 minutes Heathrow Airport handles approximately 80 million passengers a year and is the UK’s largest airport. RAIL Local occupiers include: London Paddington 4.1 miles London Victoria 5 miles King’s Cross St Pancras 6 miles SITUATION The Curtis Building is prominently positioned on the corner of Paddenswick Road and Wellesley Avenue, directly opposite Ravenscourt Park. Brackenbury Village is located immediately to the east of the property whilst Ravenscourt Park Underground station and King Street is a short walk south. The wider Hammersmith and Chiswick areas provide a broad range of amenities including public parks, bars, restaurants and hotels, as well as leisure attractions such as the Lyric Theatre, The Riverside Studios and the Hammersmith Apollo. Westfield London is approximately 1 mile to the east and boasts approximately 450 stores across 2.5 million sq ft of retail space and offers a unique retail experience for the west London population. CURTIS BUILDING RAVENSCOURTHAMMERSMITH, PARK, LONDON LONDON THE PROPERTY The Curtis Building is a beautiful and commanding self-contained warehouse style office building originally constructed in 1932 as the Curtis electronic factory. The property was converted to offices in 1977, refurbished in 2002 and then again in 2015. THE CURTIS BUILDING IS A BEAUTIFUL AND The property’s attractive façade is stone faced at ground floor level and brick built above with original large steel COMMANDING SELF-CONTAINED WAREHOUSE framed Crittall windows. The office accommodation STYLE OFFICE BUILDING has generous 3.3 metre floor to ceiling heights with excellent natural light to all floors, and views across Ravenscourt Park to the west. The three residential apartments on the top floor of the building were developed in 2015 and accessed via a separate entrance from Paddenswick Road and share a core with the office accommodation. The office specification includes: • Air Conditioning • Raised Floors • Excellent natural light • Male & female toilets on each floor • Recently refurbished reception • 8 Person passenger lift • Floor to ceiling heights of 3.3m • Shower facilities • Secure cycle storage CURTIS THE PROPERTY COMPRISES 17,270 SQ FT (1,604.4 SQ M) NIA, ARRANGED BUILDING OVER GROUND AND FOUR UPPER FLOORS RAVENSCOURTHAMMERSMITH, PARK, LONDON LONDON W ELLE SL EY AV ENU ACCOMMODATION FLOOR PLANS E The property has been measured by Sterling Temple in accordance with P ADDENSWICK ROA the RICS Code of Measuring Practice 6th Edition, Sept 2007, providing the following Net Internal Area (NIA) areas: W ELLE W ELL SL E EY SLE A Y VE A NU VENU E WC Floor Use Sq Ft Sq M E D WC 3rd Office 4,563 423.9 Access to P P 2nd Office 4,513 419.3 ADDENSWICK ROA car park ADDENSWICK 1st Office 4,376 406.5 W ELL ESLE Ground Office 3,004 279.1 Y R A VENU T ypical Upper Floor Plan WC OA E D WC Ground Reception 814 75.6 WC D WC Total 17,270 1,604.4 Access to P car park ADDENSWICK Overall, the office accommodation extends to 20,029 sq ft (1860.7 sq m) Gross Internal Area. These stated areas exclude the residential Entrance / Reception accommodation provided on 4th floor and sold off on long leases. R T ypical Upper Floor Plan OA Ground Floor Plan WC D WC Entrance / Reception Ground Floor Plan CURTIS BUILDING RAVENSCOURTHAMMERSMITH, PARK, LONDON LONDON TENURE The property is held Freehold under title number [NGL113855] THE OFFICE ACCOMMODATION IS MULTI-LET AND PROVIDES A TOTAL RENTAL INCOME OF £666,162 PER ANNUM TENANCY The office accommodation is multi-let and provides a total rental income of £666,162 per annum. The three residential apartments produce total grounds rents of £850 per annum, therefore the property provides a total income of £667,012 per annum. Floor Tenant Area (sq ft) NIA Passing rent £pa Passing rent £psf Break date Lease expiry Comments 4th. Apartments 1 - 3 Private Tenants - £850 - - 01/10/2140 - Ground, Ravenscourt 12,080 £497,760 £41.21 24/03/2023 The lease is guaranteed by Lion Television Ltd. 2nd & 3rd floors Services Ltd Outside the Act. 1st floor Vibe Teacher 4,376 £168,402 £38.48 31/08/2022 31/08/2023 Fixed rental uplift to £169,728 on 1st Sept 2021 then Recruitment £176,800 from 1st September 2022. Outside the Act. Reception 814 Total 17,270 £66 7,01 2 £40.48* * excluding reception area CURTIS BUILDING RAVENSCOURTHAMMERSMITH, PARK, LONDON LONDON COVENANTS Tenant: Ravenscourt Services Ltd Guarantor: Lion Television Ltd Ravenscourt Services Ltd was founded in 1998 and is a TV production company broadcasting programmes in the UK. Lion Television Ltd provide a parent company guarantee. Lion Television ltd were founded in 1997 and occupy offices in London, Glasgow, New York with a large presence in both Europe & Asia. We understand they have a Dun & Bradstreet rating of 1A2. Tenant: Vibe Teacher Recruitment Limited Vibe Teacher Recruitment Ltd is an Australian Educational recruitment business that was started in 2001 placing teachers, teaching assistants, nursery nurses & cover supervisors into Early Years, Primary, Secondary & SEN roles across London. Vibe Teaching was named in 2019 as one of the UK’s best workplaces, partially attributed to their working environment within the Curtis Building. We understand they have a Dun & Bradstreet rating of 2A1. CURTIS BUILDING RAVENSCOURTHAMMERSMITH, PARK, LONDON LONDON OCCUPATIONAL MARKET Supply constraints and a lack of affordable space in core West End markets has created stronger demand for office space within Hammersmith, Chiswick and Ravenscourt Park, with exceptional accessibility, affordable occupational costs and a rich amenity/F&B offering. A number of key recent transactions include: Date Tenant Property Sq Ft Lease term / Rent (£psf) Break Option (Yrs) Mar-21 FitFlop USA Assembly, 77 Fulham Palace Road 11,003 5 / 3 £56.00 Sept-20 United BioSource 26/28 Hammersmith Grove 7,234 Confidential £49.50 Corporation Jun-20 Sybarite Architects The Aircraft Factory, 3,782 11 £55.00 100 Cambridge
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