FREEHOLD INVESTMENT WITH DEVELOPMENT POTENTIAL 194 SHAFTESBURY AVENUE, WC2H 8JP 194 SHAFTESBURY AVENUE LONDON WC2

INVESTMENT SUMMARY Rare central London freehold Located in the heart of and , opposite Google’s HQ office 5 minutes’ walk from both Covent Garden and tube stations The property provides a NIA of 1,621 sq ft over 4 storeys of class E accommodation Let to Arthur Beale Ltd on a 6 month lease, outside of the 1954 Act at a rent of £45,000 pa Vacant possession achievable within 6 months Potential to convert the upper floors to residential (subject to planning) Unconditional offers are invited for the freehold interest, subject to contract

2 194 SHAFTESBURY AVENUE LONDON WC2

Tottenham Court Road Underground Station Covent Garden Underground Station Seven Dials Google HQ

Location & Situation BL T OOMSB Shaftesbury Avenue is a major street in the West End O TTENHAM C BRITISH of London, running north easterly from Circus MUSEUM TREET UR SELL S to New . The property is located in the Y S T RUS AY at the easterly end of TREET GREA Y W Shaftesbury Avenue, close to the major intersection OUR UR with High Holborn. The street serves as a north-south T R OOMSB O BL arterial road through St Giles and Soho, just west of High AD TOTTENHAM HIGH HOLBORN Holborn and north of the junction with Neal Street and COURT ROAD TREET HOLBORN Monmouth Street. XFORD S NEW O XFORD STREET O . KING The property has excellent transport links being located THE PROPERTY T between Tottenham Court Road and Covent Garden SW ...... underground stations, on the Central DRUR SOHO T QUEENS S A SQUARE ENDELL Y L Y ...... Central and Northern lines and ...... T GILES VE. GREA GARDENS S A ANE . NEAL S T S ...... 5 minute walk Piccadilly line, respectively, both Y T CHARING CR . UR ...... approximately a 5 minute walk away. TREET ...... There are also bus services available CRE 1 minute walk TREET DRUR ONG A ...... from St Giles High Street bus stop TON S L Y L MONMOUTH S ANE SHAFTESB located 1 minute away on High Holborn. SEVEN SHEL O DIALS S London’s West End features prime shopping streets and S R MONMOUTH S COVENT GARDEN tourist attractions in the immediate area such as Covent VE. O CRE Y A AD ONG A COVENT Garden, Seven Dials, and . Opposite UR L GARDEN the property is Google’s HQ office at Central St Giles MARKET

SHAFTESB T (www.centralsaintgiles.com), a colourful mixed used . development designed by Renzo Piano, providing LEICESTER SQUARE TRAND 408,000 sq ft of offices, a piazza providing eight THE S restaurants and with 109 apartments above. Not to scale. For indicative purposes only. 3 194 SHAFTESBURY AVENUE LONDON WC2

Existing Floor Plans

Basement Ground Floor

First Floor Second and Third Floors

OFFICE/STORAGE OFFICE/STORAGE

Description The property provides accommodation on ground, basement and three upper Floor Use Sq M Sq Ft floors with red brickwork façade and decorative render window banding Basement Storage 30.0 323 surrounding upper level sash windows, under a pitched slate roof. The rear Ground Retail 34.9 376 façade comprises London stock brickwork. First Retail 30.6 329 Internally, the property features retail use across the ground and first floors, Second Offices 30.0 323 with stock rooms and offices across basement, second and third floors. Third Storage 25.1 270 The property provides a net internal floor area, as measured by the VOA, in Total 150.6 1,621 accordance with the table opposite:-

4 194 SHAFTESBURY AVENUE LONDON WC2

Tenure Freehold.

Tenancy THE PROPERTY The property is let to Arthur Beale Ltd, which has renewed its lease for a new 6 month term from 12th March 2021 at a rent of £45,000 per annum. The lease is

VENUE

contracted outside of the Landlord & Y A Tenant Act 1954. Under the terms of the lease the tenant is not required to

return the property to the Freeholder in SHAFTESBUR a better condition than currently exists.

Arthur Beale Ltd, ‘established for 400 years’, NEAL S

is a yacht chandler that according to their TREET TREET website has been selling yacht related items to the industry from the shop for many decades - see: www.arthurbeale.co.uk MONMOUTH S Not to scale. For indicative purposes only.

35 194 SHAFTESBURY AVENUE LONDON WC2

Proposed Floor Plans Basement Ground Second

Planning R esidential Redevelopment We believe that the property falls under use class E following the The property would lend itself well to residential use Town and Country Planning (Use Classes) (Amendment) (England) through conversion of the upper floors, subject to Regulations 2020. Under Class E it may be used for a variety of uses the necessary consents. that fall within class E including shop, financial and professional services Architects have drawn up plans in accordance with (not medical), offices, clinics, health centres. Prospective buyers should the images above to provide retail over basement + make their own enquiries. ground and 3x 1 bed flats over the upper floors, It is situated within Camden Council’s Local Planning Authority, with the following gross internal floor areas: within the Camden Central Activities Zone (CAZ) and the Seven Dials Conservation Area. It is not listed but has a Secondary Protected Floor Use Sq M Sq Ft Frontage. Policy TC2 of the Local Plan states that Camden seeks to Basement Retail 55.7 600 protect secondary frontages for uses such as shops and supports Ground Retail 36.5 393 the development of housing both above and below shops. First Residential 1x One Bed Flat 31.1 335 The Camden CAZ is within an Article 4 Direction area and as such Second Residential 1x One Bed Flat 31.1 335 permitted development rights to convert from B1a offices to C3 Third Residential 1x One Bed Flat 31.1 335 residential have been removed and a full planning permission would Total 185.5 1,997 be required.

6 194 SHAFTESBURY AVENUE LONDON WC2

Covent Garden

Residential Market Dat e Property Size Beds Sold Price P rice ...... (sq ft) per sq ft Shaftesbury Avenue is located in the affluent area of the 24/02/2021 9 Fielding Court (2nd Floor), 598 1 £850,000 £1,421 Covent Garden, a highly desirable residential location...... 28 Earlham Street, WC2 The average property price in Covent Garden is 18/01/2021 Newport House (3rd Floor), 557 2 £699,000 £1,255 £1,284,903 putting it 107% above the London ..... 16 Great Newport Street, WC2 Average. The average price per unit type is broken 24/12/2020 Flat 2 (2nd Floor), 567 1 £725,000 £1,279 down as follows: ..... 78a Neal Street, WC2 • Studio £581,667 • 1 Bed £831,154 • 2 bed £1,902,500 04/11/2020 1a Leader House (1st Floor), 1,002 2 £1,150,000 £1,148 .... 166-170 Shaftesbury Avenue, WC2 Source: Crown Copyright Land Registry data for November 2020 (Foxtons) 28/10/2020 The Coyler (4th Floor), 1,496 3 £2,299,000 £1,537 A number of recent residential transactions in the area ...... 10-11 Great Newport Street, WC2 indicate capital values in the range of £1,000 - £1,500 20/10/2020 Flat 23, Stirling Court, 493 1 £516,000 £1,046 per sq ft as indicated in the table opposite: ..... Tavistock St, WC2

37 194 SHAFTESBURY AVENUE LONDON WC2

VAT F ur ther Inf ormation The property is not elected for VAT. Should you have any queries or wish to make a site inspection, please contact: Proposal We are instructed to seek Richard Walden unconditional offers for our client’s M: 07967 831 970 freehold interest in the property, [email protected] subject to contract. Darryl Stevenson M: 07500 171 292 KYC/AML [email protected] The prospective purchasers will be asked to produce identification of the intended Purchaser and other Bidwells documentation in order to support 25 Old Burlington Street any offers submitted to the vendors. London W1S 3AN Bidwells LLP accepts no liability of Tel: 020 7493 3043 any type arising from your delay or other lack of co-operation. April 2021

8 194 SHAFTESBURY AVENUE LONDON WC2

Inspection Dates Inspection Dates Arrangements will be made for open inspection days; dates to be Arrangements will be made for open inspection days; dates to be confirmed. confirmed. Method of Sale / Bid Details Method of Sale / Bid Details The freehold interest is offered for sale by way of informal tender. The freehold interest is offered for sale by way of informal tender. The deadline for receipt of bids will be confirmed.

The deadline for receipt of bids will be confirmed. Offers should be submitted electronically to:

Offers should be submitted electronically to: Richard Walden [email protected] Richard Walden: [email protected] Darryl Stevenson [email protected] Darryl Stevenson Bids should be clearly marked: ‘Bid – 194 Shaftesbury Avenue, Wc2’. [email protected] Interested parties should note that the vendor reserves the right not to select the highest or any bidder. Bids should be clearly marked: ‘Bid – 194 Shaftesbury Avenue WC2’. Bidders are asked to explicitly state the following in their offer: Interested parties should note that the vendor reserves the right not to select the highest or any bidder. 1. Purchaser: Clear identity and track record of the purchaser

Bidders are asked to explicitly state the following in their offer:- 2. Purchase Price: Price to be provided in words and figures

1. Purchaser: Clear identity and track record of the purchaser 3. Due Diligence: Confirmation of what due diligence has been undertaken including inspections 2. Purchase Price: Price to be provided in words and figures 4. Approvals: Confirmation the offer has all necessary approvals or 3. Due Diligence: Confirmation of what due diligence has been details of the timing and process to obtain these approvals (if undertaken including inspections required)

4. Approvals: Confirmation the offer has all necessary approvals or 5. Conditions: Any conditions attached to the offer to be clearly set out details of the timing and process to obtain these approvals (if required) 6. Timescales: The purchaser's best timescales for exchange and completion 5. Conditions: Any conditions attached to the offer to be clearly set out 7. Proof of funds: Proof of funding for the purchase

6. Timescales: The purchaser's best timescales for exchange and 8. Professional Team: Confirmation of the purchaser’s legal and professional team completion

7. Proof of funds: Proof of funding for the purchase

8. Professional Team: Confirmation of the purchaser’s legal and professional team

9 Bidwells 25 Old Burlington Street London W1S 3AN Tel: 020 7493 3043 bidwells.co.uk

IMPORTANT NOTICE

Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that:

Nothing contained in these particulars or their contents or actions, both verbally or in writing, by Bidwells LLP form any offer or contract, liability or implied obligation to any applicants, viewing parties or prospective purchasers of the property to the fullest extent permitted by law and should not be relied upon as statements or representative of fact. No person in the employment of Bidwells LLP or any joint agents has authority to make or give any representation or warranty whatever in relation to this property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only, may not be to scale and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP has not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. All rentals and prices are quoted exclusive of VAT unless otherwise stated.

Prospective purchasers will be asked to produce identification of the intended Purchaser and other documentation in order to support any conditional offers submitted to the vendors. Bidwells LLP accepts no liability of any type arising from your delay or other lack of co-operation. We may hold your name on our database unless you instruct us otherwise.

OS licence no. ES 100017734. © Copyright Bidwells LLP 2017. Bidwells LLP is a limited liability partnership registered in England and Wales (registered number OC 344553). Registered office is Bidwell House, Trumpington Road, Cambridge CB2 9LD where a list of members is available for inspection. Your statutory rights are not affected by this notice.