41 Kingsway London Wc2 41 Kingsway a Unique Mixed Use Investment Opportunity
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41 KINGSWAY LONDON WC2 41 KINGSWAY A UNIQUE MIXED USE INVESTMENT OPPORTUNITY Executive Summary n Freehold mixed-use investment / development opportunity. n Prominently located on the corner of Kingsway and Kemble Street. n Mixed-use property providing 11,153 sq ft of net internal area of existing B1 office use and 3,773 sq ft of retail on the ground and basement with return frontage on Kingsway and Kemble Street. n Fully let with total passing rent of £480,665 per annum equating to £34.44 per sq ft overall on the office accommodation and £93.68 per sq ft ITZA on the retail element. n Detailed planning consent for the provision of 14 residential apartments (C3) comprising 12,648 sq ft (1175 sq m) of net saleable area with a mix of one, two and three bedroom apartments, and a new A3 ground end basement unit. n Reversionary income with well-timed lease events to capitalise on strong rental growth forecasts. n Offers are sought in excess of £12,750,000 subject to contract and exclusive of VAT. 02 03 41 KINGSWAY A UNIQUE MIXED USE INVESTMENT OPPORTUNITY london eye RIVER THAMES SOMERSET HOUSE ALDWYCH piccadilly LINCOLN’S INN FIELDS green park covent garden royal OpERA HOUSE HOLBORN cENTRE POINT OXFORD CIRCUS 04 05 41 KINGSWAY A UNIQUE MIXED USE INVESTMENT OPPORTUNITY Location Situation Situated in the city of Westminster, Kingsway is To the east of the property lies London’s most famous Waterman House occupies a noticeable end of terrace considered one of the major thoroughfares in the West legal district playing home to the Royal Courts of Justice corner plot at the junction of Kingsway and Kemble End, linking High Holborn in the north to Aldwych and and the Inns of Court. The local area has therefore been Street on the western side of the Strand Underpass. The Strand in the south. The property itself occupies a prime a synonymous as an office location with many named local area is predominantly distinguished by commercial location on the street and is centrally located between law firms and financial institutions occupying properties occupiers and the property sits directly opposite the Covent Garden, Holborn, Aldwych and the City as well nearby. In addition to this, there are many prestigious London School of Economics. Other notable commercial as being in close to proximity to the River Thames. education establishments which have their main occupiers include Goldman Sachs, Deloitte, Google, campuses in the area, including the London School of Tishman Speyer and the UK Government. Bordering the property to the West, Covent Garden Economics, Kings College London and the Royal College is one of London’s most popular districts offering an of Surgeons. array of acclaimed shopping, restaurant and leisure facilities as well as world renowned historic and cultural Due to improvements to the retail and leisure landscape establishments, such as the Royal Opera House. in recent years, the local area has increasingly become a popular residential location. Local residents and commercial occupiers also have the benefit of being close by to the green open space of Lincoln’s Inn Fields, the largest open public square in London. Y TO EUSTON KINGS CROSS A ST PANCRAS (PARIS & BRUSSELS) W Y UR HOLBORN B SB L OM O BLO O M N TOTTENHAM S R COURT ROAD B O U B R L Y O LINCOLN’S H H S G INN FIELDS T HI D T R E U E R R Y T S K L N A E I C E N E N N E H U G E D Q A E U T S R L L A W I N E N S E T R A G G V Y C A NEAL ST R LSE O Y R S U S E B N T GARDENS D R S D R E U O E L R A T L Y F SHOR S L D A A T N E H T S EE E R R SOHO T C S NEAL ST A N O G T N ROYAL OPERA EL O E MERCER L B D H O T R N S WHOUSE E U A S E RY L R T L R T A H S E N C ’ STREET E S E Y N T E W I L D T T B L R E COVENT M A E A R E GARDEN T K M S L T A S E R ALDWYCH THEATRE R C O R L A F E G P N W P O L EL U L D COVENT GARDEN IN N G RA TO T T PIAZZA N S G EE A R S ONE ALDWYCH RR T B T IC S U K G R STR IN L EE K T E T E IG LEICESTER RE H ST S SQUARE BEDFORD T L A IETTA R D N EN N C H E A AN R AS SOMERSET HOUSE STR L ST EN T ID A E E E M R T M E P I A E L R AC O PL T S I C O THE SAVOY HOTEL V D PICCADILLY N HA CIRCUS C TO WATERLOO TRAFALGAR SQUARE D N A R T S CHARING CROSS 06 07 TO CHARING CROSS 41 KINGSWAY A UNIQUE MIXED USE INVESTMENT OPPORTUNITY Communications Communications in the area are excellent and the site is centrally located to benefit from close proximity to both the City and the West End. Nearby underground stations include Holborn (Piccadilly and Central lines), Temple (District and Circle lines) and Covent Garden (Piccadilly Line). National Rail services are accessible via Charing Cross station which is situated 0.6 miles to the south west of the site and operates services to destinations outside of central London. In addition, the area is well serviced by a large number of bus routes with Aldwych being a central terminus for many routes. By road, Waterman is easily accessible by the Kingsway (A4200) and Strand Underpass, which lead directly to High Holborn to the north and Waterloo Bridge in the south. Crossrail In addition to the existing transport links, accessibility to the site will be further improved when the major Crossrail Hub opens at Tottenham Court road station in 2018. Crossrail will directly connect London’s main business centres, linking Heathrow with Paddington, the West End, the City and Canary Wharf with up to 24 trains per hour. Route Map Forest Harold Tottenham Stratford Gate Ilford Goodmayes Romford Wood Shenfield Court Road Hayes & Ealing Maryland Manor Seven Chadwell Gidea Brentwood Taplow Slough Iver Harlington Hanwell Broadway Paddington Farringdon Whitechapel Park Kings Heath Park Custom Maidenhead Burnham LangleyWest Southall West Acton Bond Liverpool Abbey House Drayton Ealing Main Line Street Street Wood Surface line Heathrow Canary Woolwich Tunnel Airport Wharf Portal (tunnel entrance and exit) 08 09 41 KINGSWAY A UNIQUE MIXED USE INVESTMENT OPPORTUNITY Building Overview Existing Floor Plans Waterman House is an attractive corner building of a Victorian neo-classical design and provides 14,926 sq ft net internal area of modern office and retail accommodation arranged over lower ground, ground and seven upper floors. The existing B1 office accommodation is arranged over part lower ground, part ground and seven upper floors totalling 11,153 sq ft net internal area. The property is accessed from the main entrance on Kemble Street with a passenger lift serving all floors. All floors benefit from dual aspect views of Kingsway and Kemble Street and boast good natural light. The office floors are fully occupied by two tenants and the specifications includes: A four passenger lift servings all floors Plastered and painted walls with suspended ceiling Kemble Street Carpet flooring Perimeter trunking RETAIL RETAIL OFFICE OFFICE OFFICE Male and female WCs Kitchen facilities Bicycle storage and garage (one vehicle) on ground floor access on Kemble Street KINGSWAY The existing retail element occupies a prominent corner position at the junction of Kingsway and Kemble Street. The unit is let to Leeds Building Society with the ground floor dedicated to retail use and the ancillary basement accommodation accessed via bASEMENT GROUND FIRST SECOND THIRD a staircase situated in the centre rear of the ground floor. Existing Area Schedule Floor Use Existing NIA (SQ FT) Existing GIA (SQ FT) Basement Retail 1,848 4,000 Ground Retail 1,925 2,541 First Office 1,878 2,408 OFFICE OFFICE OFFICE OFFICE Second Office 1,816 2,344 Third Office 1,895 2,386 Fourth Office 1,858 2,378 Fifth Office 1,825 2,327 Sixth Office 1,486 2,129 FOURTH FIFTH SIXTH SEVENTH Seventh Office 395 593 14,926 21,106 *Floor areas provided by client 10 11 41 KINGSWAY A UNIQUE MIXED USE INVESTMENT OPPORTUNITY Tenancies The Opportunity FLOOR RENT TERM LEASE OUTSIDE Residential Opportunity FLOORS TENANT USE LEASE START AREA PASSING (YEARS) EXPIRY 1954 ACT (SQ FT) PA Planning consent was granted on 4th August 2015 for C3 residential conversion (ref: 15/03597/FULL) for use Leeds Building Society Retail 25 years 24/06/1991 23/06/2016 NO 3,773 £96,500 of part basement and part ground floor as a restaurant 4 years (Class A3) and use of part ground and first to seventh First & ICSA Software Office 10 months 06/02/2012 24/12/2016 YES 2,273 £77,500 floors to provide 14 residential flats (Class C3). External Seventh International Limited 19 days alterations including extension and new dormer windows 5 years at roof level; installation of mechanical plant within the Second ICSA Software Office 1 month 31/10/2011 24/12/2016 YES 1,816 £72,640 Floor International Limited rear lightwell and at seventh floor level; and installation 24 days of an extract duct to the rear elevation.