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

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R A O EY AVE S ELLESL Y W O V U

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CURTIS N S

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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

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D M25 12 miles

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G Central London 6 miles

Stamford Brook

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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 D 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 WC 3rd Office 4,563 423.9

Access to P P 2nd Office 4,513 419.3 ADDENSWICK ROA D car park ADDENSWICK R 1st Office 4,376 406.5 W ELL ESLE Ground Office 3,004 279.1 Y A VENU T ypical Upper Floor Plan WC OA D E WC Ground Reception 814 75.6 WC WC Total 17,270 1,604.4 Access to

P car park ADDENSWICK R 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.

T ypical Upper Floor Plan OA D Ground Floor Plan WC 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 Grove Mar-20 Alvogen UK Ltd Kings House, 5,489 5 £56.00 174 Hammersmith Road Jan-20 Process Systems 26/28 Hammersmith Grove 11,546 10 / 5 £49.50

Nov-19 Yoobic inc Smiths Square, 3,678 3 £56.00 77 Fulham Palace Road Jul-19 Omorovicza Space One, 1 Beadon Road, 3,185 5 £52.50 Cosmetics Limited Hammersmith Broadway Mar-19 WeWork Avon House, 26,058 10 £55.00 Avonmore Road Feb-19 Hammersmith The Clockwork Building, 25,183 3 £65.40 & Fulham 40 Beavor Lane

HAMMERSMITH & CHISWICK HAVE EXCEPTIONAL ACCESSIBILITY, AFFORDABLE OCCUPATIONAL COSTS AND A RICH AMENITY/F&B OFFERING CURTIS INVESTMENT MARKET BUILDING

Hammersmith, Ravenscourt Park and Chiswick are widely classed as London’s most affordable Central London sub-markets, RAVENSCOURTHAMMERSMITH, PARK, LONDON LONDON with quality transport infrastructure, multi-million pound regeneration and strong occupational conditions drawing investors.

A number of recent key transactions include:

Date Address Size (Sq Ft) Price Capital Value (£psf) NIY WAULT (Yrs) Tenant Buyer Mar-20 145/155 King Street, 28,418 £18.75M £662 psf 5.00% 7.00 LBH&F Canada Life Hammersmith Feb-20 Power Road Studios, 57,164 £41.58M £727 psf 5.20% 4.00 Multi-Let Brunswick Property Chiswick Partners Jun-19 Clockwork Building, 39,626 £36.00M £908 psf 6.20% 3.50 Multi-Let CLS Holdings Plc Ravenscourt Park Apr-19 Kings House, 58,096 £50.10M £929 psf 5.70% 6.00 Multi-Let Catalyst Capital LLP Hammersmith Dec-18 202 Hammersmith Road, 14,746 £16.80M £1,139 psf 4.43% 9.30 Victoria Beckham SRG Limited Hammersmith Jul-17 Elms House, 85,672 £67.50M £788 psf 4.15% 8.41 Halcrow Group NEO Capital 43 Brook Green Limited CURTIS BUILDING

RAVENSCOURTHAMMERSMITH, PARK, LONDON LONDON

PROPOSAL

We have been instructed to seek offers in excess of £10,500,000 (Ten Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a Net Initial Yield of 5.95% and a capital value of £608 psf NIA, assuming full purchaser’s costs.

CONTACT DETAILS WE BELIEVE THE PROPERTY IS STRONGLY SUITED TO A RESIDENTIAL, LEISURE OR EDUCATIONAL USER For further information or to arrange an inspection, please contact: AS WELL AS OTHER FORMS OF INSTITUTIONAL USE Alasdair Collins Charlie Stoneham Tel: 0203 826 0608 Tel: 0207 409 8058 Mob: 07532 380 285 Mob: 07870 186 481 ALTERNATIVE USE EPC Email: [email protected] Email: [email protected] POTENTIAL...... Will Crouch-Smith Rob Pollock Available on request. Tel: 0203 995 0756 Tel: 0207 409 8114 Mob: 07870 802 273 Mob: 07968 550 326 The current owners secured planning Email: [email protected] Email: [email protected] permission to develop 3 residential apartments as part of a roof top extension in 2013, which they subsequently completed. VAT Given the property’s attractive physical characteristics, its historic industrial use, The property is elected for VAT and it is its high value residential surroundings, its anticipated that the sale will be treated as proximity to both Ravenscourt Park and a a Transfer of a Going Concern (TOGC). number of transport nodes, we are of the view that it has the potential for a number of alternative uses, in whole or part. Disclaimer 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 and Savills (UK) Limited in the particulars or by word of mouth or in writing (“information”) Subject to satisfying the requisite planning DATA ROOM as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP or Savills (UK) Limited has any authority to make any representations about the property, and accordingly any information given is entirely without policies and securing the necessary consents, 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. We believe the property is strongly suited to a Further technical and legal information Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, residential, leisure or educational user as well building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that relating to the property will be made these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property as other forms of institutional use. available in a secure data room, accessible may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. June 2021 on request. Designed and produced by Creativeworld Tel:01282 858200