MAYFAIR W1 an Extremely Rare Mixed-Use Development Opportunity in the Heart of Mayfair INVESTMENT SUMMARY
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MAYFAIR W1 An extremely rare mixed-use development opportunity in the heart of Mayfair INVESTMENT SUMMARY Freehold; • An extremely rare opportunity to develop a prime, mixed-use building in the centre of Mayfair; • Exceptional location to the east of Hanover Square, London’s most desirable corporate address; • Positioned less than 150 metres from the entrance to Bond Street Crossrail station, due to be operational from December 2018; • Well-placed to exploit the micro-location’s uplift in footfall on completion of Crossrail and the Hanover Square Masterplan; • Existing mixed-use building comprises 10,215 sq ft (NIA) of stripped-out, vacant accommodation; • Property benefits from valuable planning consent for a n extension of the office element, and conversion of the lower floors to rare restaurant (A3) use; • Consented office element includes six floors of efficient, Grade A accommodation that benefit from exceptional natural light; • Proposed restaurant features private dining space at first floor level and prominent ground floor space that is well suited to high-end operators; • Suitable as a trophy headquarter office premises for owner occupiers, or a range of alternative uses, subject to planning consents; • Offers are invited in excess of £18,500,000, subject to contract, which reflects a capital value of £1,811 per sq ft (existing). CGI 4 5 ST JAMES’S REGENT GREEN BERKELEY HANOVER BOND OXFORD GROSVENOR SQUARE STREET PARK SQUARE SQUARE STREET STREET SQUARE 6 7 LOCATION LOCAL OCCUPIERS Mayfair is internationally recognised OFFICES RESTAURANTS HOTELS & CLUBS as London’s most desirable residential, 1 Apollo Management 1 Wild Honey 1 The Westbury retail and office location. 2 HIG Capital 2 Sketch 2 The May Fair 3 Trafigura 3 Goodman 3 Claridge’s 4 Condé Nast 4 Pollen Street Social 4 The Connaught The area boasts a rich blend of attractive period office 5 Perenco 5 Little Social 5 Brown’s Hotel buildings and modern Grade A properties, and is home 6 Kleinwort Benson 6 Scott’s 6 Annabel’s to numerous global powerhouses including Lazard, 7 Grosvenor 7 Hakkasan 7 Morton’s Blackstone, KPMG, Kleinwort Benson and SAB Miller. 8 Davidson Kempner 8 Sexy Fish 8 The Dunhill Club 9 Blackstone Group 9 Cecconi’s 9 The Arts Club London’s luxury retail quarter, centred around Bond Street, TOTTENHAM 10 Norges 10 La Petite Maison 10 Buck’s Club COURT ROAD sits in the very core of Mayfair and features several of the world’s leading brands, while the area is also framed by the key retail destinations of Regent Street and Oxford Street. JOHN In addition to its status as a super-prime residential, office LEWIS OXFORD CIRCUS and retailing centre, Mayfair offers a rich and impressive OXFORD STREET cultural / social scene, boasting several internationally- SELFRIDGES 5 renowned restaurants, hotels, bars and art galleries. SOUTH MOLTON STREET APPLE S. MOLTON LANE HANOVER T BOND REE R ST LIBERTY STREET SQUARE OVE HAN BOND STREET DAVIES STREET CROSSRAIL NORTH AUDLEY STREET (2018) 5 4 4 REGENT STREET T E E 2 3 R CARNABY STREET EET FENWICK T STR 3 S OK 1 X RO AVERY ROW O B NEW BOND STREET D E COVENT 6 D U A N 10 M E S SOHO GARDEN V T 2 A G T Y 3 R E U E E B O R ES T T R F S A 7 1 G H IT 8 S BROOK MEWS E COVENT U S D T GARDEN N R E O E C GROSVENOR STREET T GOLDEN SOTHERBY’S GROSVENOR SQUARE SQUARE 1 SAVILE ROW LEICESTER SQUARE 8 MAYFAIR 10 7 LEICESTER COVENT SQUARE 7 10 PICCADILLY R 4 SACKVILLE STREETE HAYMARKET GARDEN G CIRCUS 9 E N 6 T S C 9 TR H EE A MOUNT STREET BERKELEY T R ROYAL IN BURLINGTON ARCADE G SOUTH AUDLEY STREET SQUARE ACADEMY C 6 R O 8 OLD BOND STREET OF THE ARTS S S R 5 O A D DOVER STREET CHARING CROSS T 10 E E PICCADILLY R 2 T PARK LANE S 9 N TRAFALGAR STRAND O Z SQUARE JERMYN STREET R U C ST JAMES’SST STREET JAMES’S ST JAMES’S 8 9 SQUARE EMBANKMENT HALF MOON STREET PALL MALL HYDE WHITEHALL THE MALL PARK GREEN PICCADILLY PARK H O R S E CARLTON HOUSE TERRACE GREEN G U A R D PARK S R O A D PICCADILLY ST JAMES’S PARK ST JAMES’S PALACE T THE MALL N E M K HYDE N A PARK B M E CORNER A I R O T C I V R THAMES E V RI BIRDCAGE WALK BUCKINGHAM WESTMINSTER PALACE WESTMINSTER BELGRAVIA VICTORIA ST JAMES’S PARK VICTORIA SITUATION HAREWOOD STREET STREET GYLL AR PRINCES STREET LITTLE The property occupies a prominent position on the southern side of Hanover Street, in HANO between its junction with Hanover Square and Regent Street. VER SQU TENTERDEN STREET The area has been the focus of significant development ARE OUGH STREET over the past five years, fuelled in part by the imminent arrival of the Elizabeth Line (Crossrail) at Hanover Square. STREET VER T MARLBOR HANO GREA LIBERTY DEPAORRTEMENT It is forecast that Crossrail will increase annual turnover in ST the West End from its current £9bn to more than £13bn RE by 2021, and that it will generate an additional 69.6 million GENT visitors to the area within the first three years of its opening. ARE SQU STREET VER With over 60% of Mayfair being controlled by Estates HANO including Grosvenor, Lancer, Pollen and The Crown, the district has always held elite status and the opportunity K STREET OO BR ST to acquire a freehold interest in the vicinity is becoming STREET GE increasingly rare. OR MADDOX GE STREE T 10 11 Overview – Hanover Square (CGI) Upon Crossrail’s opening, London Heathrow will be accessible directly from Bond Street Station in just 30 minutes. Bond Street Station – Hanover Square (CGI) COMMUNICATIONS OLYMPIC Crossrail (Elizabeth Line) STADIUM The property benefits from a Public Transport TOTTENHAM COURT ROAD FARRINGDON LIVERPOOL Transport connectivity will be enhanced yet further BOND STREET Accessibility Level (PTAL) of 6b – the highest STREET on the completion of the Crossrail (Elizabeth Line) in possible rating – with a number of London PADDINGTON STRATFORD EALING THE ABBEY 2018, with the Hanover Square entrance to Bond Street READING ST PAUL’S GHERKIN WOOD BROADWAY HOUSES OF CANARY PARLIAMENTCATHEDRAL Underground lines, overground services and bus station being within 150m of the property. ACTON CITY OF WHARF CUSTOM MAIN LINE LONDON HOUSE routes all being within the immediate vicinity. WEST END TATE Crossrail will halve travel time to the West End by linking it HEATHROW MODERN CITY LONDON AIRPORT AIRPORT THE THE BRIDGE O2 to Canary Wharf in c.12 minutes, Stratford in c.15 minutes SHARD and Heathrow Airport in less than 30 minutes. CANARY THAMES London’s international airports can be conveniently accessed WHARF BARRIER BAKERLOO via the Heathrow Express at Paddington, the Piccadilly line CENTRAL It is anticipated that approximately 200 million passengers CIRCLE at Green Park and the Gatwick Express at Victoria. BATTERSEA POWER DISTRICT will use Crossrail each year, and that the route will provide STATION HAMMERSMITH & CITY JUBILEE a 10% increase to rail capacity in London. METROPOLITAN NORTHERN PICCADILLY VICTORIA WATERLOO DLR OVERGROUND TRAMLINK 12 13 1 LOCAL DEVELOPMENTS 5 HANOVER SQUARE ESTATE 8 HANOVER STREET Developer GPE / HKMA Developer Morgan Capital Parners Area 223,600 sq ft Area 32,000 sq ft Use Office, Retail, Residential Use Office, Retail Completed Q4 2019 Completed Q4 2013 Mixed-use development above Crossrail station Mixed use speculative development which achieved record rents in 2014 7 2 6 11 HANOVER SQUARE 22 HANOVER SQUARE Developer Aviva Life & Pensions 3 Developer Clivedale Area 33,392 sq ft 4 Area 87,444 sq ft Use Office 2 Use Hotel, Residential Completed Q4 2017 5 Completed 2019 Newly completed development achieving rents of over £115 per sq ft Ongoing development to comprise 80 luxury residences and an integrated five-star hotel, operated by Mandarin Oriental 3 7 8 HANOVER SQUARE 2-4 PRINCES STREET Developer Morgan Capital Partners Developer Crown Estate / Norges Area 72,000 sq ft Area 54,000 sq ft Use Office, Residential Use Retail, Office Completed Q4 2017 Completed TBC To be occupied in its entirety by Perenco Proposed mixed use redevelopment of circa 100,000 sq ft 1 4 8 5 HANOVER SQUARE 14 ST GEORGE STREET Developer Mitsui Fudosan / Stanhope 6 Developer Aberdeen Asset Management 8 Area 63,500 sq ft Area 51,861 sq ft Use Office, Gallery, Residential Use Office Completed 2012 Completed 2009 Mixed use speculative development leased Redevelopment behind a retained façade recently off rents of up to £100 per sq ft acquired by Chinese Estates 14 15 A prime mixed-use retail and office building with prominent frontage to Hanover Street. DESCRIPTION Dating from the 1970s, 16 Hanover Street is of concrete frame construction and arranged over lower ground, ground and seven upper floors. The existing use of the ground floor (front) is A2 (Travel / Information), while the remainder of the property is comprised of B1 (Commercial Office) accommodation. The office element provides regular-shaped, open plan floorplates that benefit from high levels of natural light and exceptional views on the upper floors. The property is currently vacant and has been stripped- out of all mechanical and electrical services, plumbing and lift machinery. Existing Accommodation NIA GIA FLOOR USE Sq M Sq Ft Sq M Sq Ft Seventh Office 56 603 80 861 Sixth Office 83 893 106 1,141 Fifth Office 83 893 106 1,141 Fourth Office 83 893 106 1,141 Third Office 83 893 106 1,141 Second Office 83 893 107 1,152 First Office 180 1,938 206 2,218 Ground Office / A2 (Travel & Information) 150 1,615 194 2,088 Basement Office 148 1,593 255 2,745 Total 949 10,215 1,266 13,627 16 17 e Shelter 7 4 2 2 7 2 5 5 T E 2 1 2 RE 4 4 T 2 1 3 S S NCE TENURE PRI TENANCY CONSENTED SCHEME 2 LB 0 TCB 1 4 2 o t 5 3 Freehold The property is currently vacant.