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14 Albemarle Street London W1 Summary

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14 Albemarle Street London W1 Summary 14 Albemarle Street London W1 Summary Summary Rare Freehold Mixed-Use Investment Opportunity • Attractive period building comprising a retail unit arranged over ground and lower ground floors and eight self- contained apartments over the 1st to 5th floors. • Exceptionally located in the heart of the West End’s luxury retail quarter with excellent transport connections, being only a short walk from Bond Street, Green Park and Piccadilly tube stations. • Retail let to Gismondi Jewellery 1763 Ltd until 9th February 2024 inside the 1954 Landlord and Tenant Act, with a rent review on 10th February 2019. There is a tenant only break option on 10th February 2020. • The current passing rent on the retail element is £155,000 per annum, which reflects a very low rate of £316 per sq ft ITZA. The most recent lettings on Albemarle Street reflect £600 per sq ft ITZA, a substantial reversion. • The residential upper parts comprise eight flats, all let on ASTs producing a total gross income of £275,496 per annum. • The property comprises 1,134 sq ft of retail and 5,223 sq ft of residential and there is significant potential to extend the existing accommodation subject to the usual consents. • Total gross rent of £430,496 per annum. • Offers are invited for the freehold interest. Aerial KENSINGTON NOTTING HILL CHELSEA KNIGHTSBRIDGE HYDE PARK BELGRAVIA HYDE PARK CORNER GROSVENOR SQUARE BUCKINGHAM PALACE BERKELEY SQUARE GARDENS GREEN PARK ALBEMARLE STREET BOND STREET SOHO REGENT STREET ST JAMES’S SQUARE PICCADILLY CIRCUS Location Location Location Plan Goad Plan London West End • Albemarle Street is located in the heart of Mayfair in the City of Westminster. The property is located north of Piccadilly and adjacent to the heritage and international brands on Bond Street. • The Ritz Hotel, Fortnum & Mason and Burlington Arcade are all within 350m of the property whilst Albemarle Street has emerged as a location of choice as illustrated by the luxury retailers on the street including Amanda Wakeley, Alexander Wang, Paul Smith, Globe-Trotters, Tiffany & Co, Boodles and the Graff Global Headquarters. • The property is in the immediate vicinity of world renowned restaurants, hotels, bars and shops as well as London’s West End theatre scene, St James’s upmarket art and antique dealerships and the open spaces of Green Park to the south and Hyde Park to the west. • The area benefits from excellent transport connections with Green Park (Jubilee, Piccadilly and Victoria lines), Piccadilly Circus (Piccadilly and Bakerloo lines) and Oxford Circus (Central, Victoria and Bakerloo lines) underground stations all within walking distance. There are also numerous bus services which run along Piccadilly and Regent Street. Experian Goad Plan Created: 11/03/2016 50 metres Created By: Knight Frank Copyright and confidentiality Experian, 2016. © Crown For more information on our products and services: copyright and database rights 2016. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 Location Description Description • The property comprises an attractive mid-terraced Georgian building with brick façade, large timber sash windows on the upper floors and glass fronted retail unit at ground floor. • The 1,134 sq ft (NIA) retail unit is arranged over ground and lower ground floors, with the lower ground floor accessible via an internal staircase at the rear of the unit. The unit has a high quality fit out and is accessed directly from Albemarle Street. • The eight apartments, which total 5,223 sq ft (NSA), are currently let on Assured Shorthold Tenancies. There is also an additional 136 sq ft of storage in Apartments 2 and 4 allowing for a more spacious living area. • The apartments are in good condition but present the opportunity to modernise and upgrade the specification and in turn increase the rental return and capital values. • The apartments offer good size studio and one bedroom accommodation, perfect for the central London rental market. • There is potential to extend the existing accommodation by two storeys, aligning the roofline with No.13 Albemarle Street (subject to usual consents). Please to view the ongoing consultation regarding roof extensions. • Provision has been made to incorporate a lift to enable appropriate access to any additional storeys added (subject to usual consents). Gallery Gallery Gallery Gallery Gallery Gallery Gallery Gallery Accommodation & Tenancies Retail Rent Rent per sq ft Lease Expiry Use Tenant Area (NIA) Lease Start Rent Review Comments per annum ITZA (Break) Inside the 1954 Ground: Landlord and 578 sq ft Tenant Act. Ground and Gismondi Jewellery (444 sq ft ITZA) 09/02/2024 Retail £155,000 £316 10/02/2014 10/02/2019 A rent Lower Ground Floors 1763 Ltd (10/02/2020) deposit Lower Ground: of £77,500 556 sq ft is held Total 1,134 sq ft £155,000 The tenant has set back the shop front as part of their fit out. The area stated above assumes that the shop front is positioned in accordance with the occupational lease. It is assumed these areas will be adopted for rent review purposes. Residential Rent Rent Flat Floor Bedrooms Area (NSA) Tenancy Lease Expiry per annum per week Flat 2 1 Studio/1 Bed 473* £30,420 £585 AST 24/01/2017 Flat 3 1 1 Bed 795 £34,840 £670 AST 30/06/2016 Flat 4 2 Studio/1 Bed 480* £29,900 £575 AST 26/05/2016 Flat 5 2 1 Bed 842 £39,416 £758 AST 27/03/2017 Flat 6 3 Studio/1 Bed 529 £29,120 £560 AST 01/08/2016 Flat 7 3 1 Bed 590 £40,040 £770 AST 06/03/2017 Flat 8 4/5 1 Bed (duplex) 831 £36,400 £700 AST 09/05/2016 Flat 9 4 1 Bed 683 £35,360 £680 AST 14/04/2017 Total (excuding additional storage) 5,223 sq ft £275,496 *Additional 68 sq ft of storage underneath the bedroom platform *The property has been measured by BKR Floorplans in accordance with the 6th Edition of RICS Code of Measuring Practice. The measured survey is assignable. ALBERMARLE STREET W1S APPROX. GROSS INTERNAL AREA * 8017 Ft ² - 744.78 M ² N 8153 Ft ² - 757.44 M ² (Including under bedroom storage) Illustration For Identification Only, Not to Scale All Calculations include Any/All Areas Under 1.5m Head Height. * As Defined by RICS - Code of Measuring Practice Demised under retail Lease Potential to include within retail Lease Fire Fire Exit Fire Fire Fire Exit Escape Exit Exit Bedroom Bedroom 12'3'' x 11'9'' 12' x 10'3'' 3.66 x 3.12m 3.73 x 3.58m Bedroom 10'9'' x 10'3'' 3.28 x 3.12m 12'6'' x 10'6'' Sitting 3.81 x 3.20m Room 17'6'' x 15'6'' 5.33 x 4.72m Bedroom 17'6'' x 10' Kitchen/ 5.33 x 3.05m Dining/ 10'6'' x 7'3'' Sitting 3.20 x 2.21m Room 29'6'' x 15'6'' Kitchen/ 8.99 x 4.72m Reception Fire Kitchen/ Room Kitchen/ Exit Dining/ 35' x 15'6'' Sitting Store Sitting ALBERMAR10L.67Ex 4.S72mTREET W1S Room 15'3'' x 13'9'' Room APPROX. GROSS INTERNAL AREA * 24'6'' x 13'9'' Terrace 4.65 x 4.19m 15'6'' x 15'6'' 7.47 x 4.19m 4.72 x 4.72m 8017 Ft ² - 744.78 M ² N 7 8153 Ft ² - 757.44 M ² (Including under bedroom storage) 5 9 3 Illustration For Identification Only, Not to Scale All Calculations include Any/All Areas Under 1.5m Head Height. Floor Plans * As Defined by RICS - Code of Measuring Practice Bedroom Retail Bedroom 14'6'' x 14'6'' 2 4 6 12'6'' x 6'3'' 8 4.42 x 4.42m 33' x 16'9'' Demised under retail Lease 10.06 x 5.11m 3.81 x 1.90m Bedroom Under Bedroom Under 9' x 8'6'' Bedroom P9o'txen8't6ia'' l to include withinBreedtraooil mLease Kitchen/ Kitchen/ Kitchen/ Kitchen/ Store 2.74 x 2.59m Storage 2.74 x 2.59m Storage Sitting Sitting Sitting Sitting 18'9'' x 18'6'' 68 sq ft 68 sq ft Room Room Room Room 5.71 x 5.64m 24'9'' x 13' 24' x 19'9'' 24' x 19'9'' 24' x 15'6'' 7.54 x 3.96m 7.32 x 6.02m 7.32 x 6.02m 7.32 x 4.72m Floor Plans Key Fire Fire Exit Fire Demised within retail lease Fire Fire Exit Escape 12'6'' x 11' Exit Exit Not3.8 1currentlyx 3.35m demised within occupational lease Bedroom Bedroom 12'3'' x 11'9'' 12' x 10'3'' 3.66 x 3.12m 3.73 x 3.58m Bedroom SECOND FLOOR 10'9'' x 10'3'' BASEMENT GROUND FLOOR FIRST FLOOR MEZZANINE SECOND FLOOR HALF LANDING THIRD FLOOR 3.28 x 3.12m FOURTH FLOOR FIFTH FLOOR 12'6'' x 10'6'' Sitting 3.81 x 3.20m Room 17'6'' x 15'6'' B K R Bedroom 5.33 x 4.72m www.bkrfloorplans.co.uk T: 0845 257 2023 17'6'' x 10' C BKR 2016 Kitchen/ 5.33 x 3.05m Dining/ 10'6'' x 7'3'' Sitting 3.20 x 2.21m Room 29'6'' x 15'6'' Kitchen/ 8.99 x 4.72m Reception Fire Kitchen/ Room Kitchen/ Exit Dining/ 35' x 15'6'' Sitting Store Sitting 10.67 x 4.72m Room 15'3'' x 13'9'' Room 24'6'' x 13'9'' Terrace 4.65 x 4.19m 15'6'' x 15'6'' 7.47 x 4.19m 4.72 x 4.72m 7 3 5 9 Bedroom Retail Bedroom 14'6'' x 14'6'' 4 6 33' x 16'9'' 2 12'6'' x 6'3'' 8 4.42 x 4.42m 10.06 x 5.11m 3.81 x 1.90m Bedroom Under Bedroom Under 9' x 8'6'' Bedroom 9' x 8'6'' Bedroom Kitchen/ Kitchen/ Kitchen/ Kitchen/ Store 2.74 x 2.59m Storage 2.74 x 2.59m Storage Sitting Sitting Sitting Sitting 18'9'' x 18'6'' 68 sq ft 68 sq ft Room Room Room Room 5.71 x 5.64m 24'9'' x 13' 24' x 19'9'' 24' x 19'9'' 24' x 15'6'' 7.54 x 3.96m 7.32 x 6.02m 7.32 x 6.02m 7.32 x 4.72m 12'6'' x 11' 3.81 x 3.35m SECOND FLOOR BASEMENT GROUND FLOOR FIRST FLOOR MEZZANINE SECOND FLOOR HALF LANDING THIRD FLOOR FOURTH FLOOR FIFTH FLOOR Basement Ground Floor First Floor Mezzanine B K R www.bkrfloorplans.co.uk T: 0845 257 2023 C BKR 2016 ALBERMARLE STREET W1S ALBERMARLAELSBTERREEMART WLE1SSTREET W1S APPROX.
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