MAYFAIR LONDON W1
INVESTMENT SUMMARY
An opportunity to acquire an attractive restaurant and office investment securely let until 2027.
• Virtual freehold - 2000 years from 25 December 1904 at a fixed rent of £17.65 per annum. • Attractive period building fronting Conduit Street close to the junction with Bond Street. • The building currently comprises a restaurant on lower ground, ground and first floors with offices on second and third floors. • The entire building is let to ZEN-NOH International Europe Limited until 11th February 2027 on full repairing and insuring terms. The current rent is £220,288 per annum with a further rent review on 11th February 2022. The rent will increase to the higher of £255,374 per annum or open market value. There is a rent deposit of £95,011. • The lease is guaranteed by ZEN-NOH International Corporation, formerly the Japanese National Federation of Agricultural Associations. Established in 1972 it has become one of the world’s largest agricultural cooperatives in terms of trading volume. Latest financials show a turnover of 4.59 trillion Yen and a market capitalisation of over 115 billion Yen. • On expiry of the current lease there are added value opportunities including the potential for change of use from restaurant to retail, change of use of the upper floors to residential and the addition of a fourth floor. • We are instructed to invite offers in excess of £8million pounds, reflecting a yield of3% after allowing for standard purchaser’s costs of 6.8%. The vendor will ‘top up’ the rent to £255,374 until 11th February 2022. 23 CONDUIT BERKELEY HYDE GROSVENOR BOND STREET OXFORD B O N D S T R E E T HANOVER REGENT OXFORD SQUARE PARK SQUARE STREET STREET CROSSRAIL SQUARE STREET CIRCUS LOCATION
Conduit Street connects Bond Street with Regent Street, two of the most renowned retail thoroughfares in the world.
Connecting Bond Street to Regent Street, Conduit Street has evolved to become an important retail and office location. It is now home to over 35 retailers including luxury brands such as Burberry, Moschino, Berluti, Vivienne Westwood, Lalique, Dsquared2 and Bathing Ape. Mayfair, London’s luxury quarter is home to many of London’s finest hotels and restaurants. The Westbury Hotel is almost opposite the property with Claridges and The Connaught just a short walk away. Conduit Street is home to Sketch Restaurant which was awarded their third Michelin Star in 2019. Sotheby’s, the world famous auction house has its headquarters nearby.
CAVENDISH SQUARE MARYLEBONE GARDENS
MARBLE BOND OXFORD TOTTENHAM SITUATION ARCH STREET CIRCUS COURT ROAD OXFORD STREET BOND STREET CROSSRAIL 1 (2022) 23 Conduit Street occupies a prominent position on 7 SOHO HANOVER Roka SQUARE the western side of the street close to the junction with CROSSRAIL SQUARE Brown’s Hotel (2022)
P Le Gavroche A St George Street. The new Bond Street Station Elizabeth BROOK STREET W 2 R 3 The Connaught A K Line entrance in Hanover Square is a short walk away. R
N S S GROSVENOR 11 D Sexy Fish T T E O
R W SQUARE G Claridge’s U E E
E R B O T
O 4 Gymkana S MAYFAIR R T N G
R The Dunhill Club C D E E
HYDE PARK HYDE GROSVENOR STREET H
RESTAURANTS E S S P Scott’s A T T T A 6 R R
R 10 The Dorchester E SOHO I K 2 9 N E
4 G L 1 Roka 8 Amazonica T C London A
5 C N The Westbury 12 23 T R E S 2 Le Gavroche 9 Sketch CONDUIT O IT R
S 7 Hakkasan
STREET U E
D S MOUNT STREET N G 3 Sexy Fish 10 34 Mayfair The Beaumont R
O E BERKELEY GOLDEN
SQUARE C O N SQUARE T A Amazonica S 4 Gymkana 11 Pollen Street Social 6 D S 11 BRUTON ST A The Arts Club 7 T V R I E 5 Scott’s 12 The Guinea Grill L 9 Sketch E 13 8 E
T 5 R 5 Hertford Street Club 6 C London 13 The Greenhouse 3 O
W 34 Mayfair 7 Hakkasan 14 Cecconi’s The Ritz B O E
L 11 Pollen Street Social R D K
14 Annabel’s B 9 CURZON STREET E O L 1 E
N The Guinea Grill
Y PICCADILLY LEICESTER
HOTELS AND CLUBS D
S 4
CIRCUS SQUARE T S 8 T The Greenhouse 1 Brown’s Hotel 7 The Beaumont
2 The Connaught 8 The Arts Club LEICESTER Cecconi’s SQUARE 3 Claridge’s 9 5 Hertford Street Club 10 PICCADILLY
4 The Dunhill Club 10 The Ritz GREEN PARK ST. JAMES’S 5 The Dorchester 11 Annabel’s ST JAMES 6 The Westbury GREEN PARK SQUARE
PALL MALL 23 CONDUIT OXFORD NEW BOND B O N D S T R E E T HANOVER STREET OXFORD REGENT STREET S T R E E T CROSSRAIL SQUARE CIRCUS STREET SWEENEYOLIVER
PRET
TRAILFINDERS
FOUR HAIRDRESSING
ARMANI BIKE DROP
BANGLADESHMCM
AIRLINES
VERSACE
CELINE
A BATHING
APE LONDON’S LUXURY QUARTER
LUCIE CAMPBELL BALENCIAGA
OFFICE
THE FINE ART SOCIETY Central Bakerloo COMMUNICATIONS Jubilee Central Elizabeth (2022) Victoria 23 Conduit Street is excellently located in the heart of Mayfair providing easy access to the London transport network.
BOND STREET OXFORD CIRCUS Bond Street, Oxford Street, The line will provide up to 24 trains Piccadilly Circus and Green Park per hour and serve an estimated Underground Stations (Central, 220,000 passengers daily. Jubilee, Bakerloo and Piccadilly Accessibility across London will Lines) are all within a short distance be transformed with journey times providing access to all of London, of 7 minutes to Liverpool Street, the national railway network and 15 minutes to Canary Wharf and London’s International Airports. 27 minutes to Heathrow. 2 MINUTES 3 MINUTES The opening of the Elizabeth line Many commuters will gain direct in the second half of 2022 will access to Central London with no be transformational for London. change of service required for the Accessed from the nearby Bond 23 first time. CONDUIT Street Station, the line will deliver STREET a high speed, high frequency train Bond Street Station has service across London’s east-west been substantially upgraded axis. Key statistics include:- to accommodate anticipated passenger numbers. 5 MINUTES 5 MINUTES
23 CONDUIT STREET GREEN PARK PICCADILLY CIRCUS
Nearest station Tottenham Heathrow Paddington Bond Court Road Farringdon Liverpool Street Canary Wharf 27 mins 3 mins Street 1 min 4 mins 7 mins 15 mins Victoria Piccadilly Piccadilly Bakerloo Jubilee THE PROPERTY
23 Conduit Street is an attractive period property arranged over basement, ground and three upper floors.
Currently the basement, ground and first floors provide a self contained restaurant with offices on the second and third floors accessed independently via a separate entrance. The adjoining buildings are both significantly higher than 23 Conduit Street providing the potential to create additional space.
FLOOR AREAS
The building provides the following lettable floor space:- Use Sq ft Sq m Third Office 500 46.4 Second Office/Ancillary 496 46.1 First Restaurant 735 68.3 Ground Restaurant 867 80.5 Basement Kitchen/WCs 1,084 100.8 Total 3,682 342.1
The ground floor ITZA is 465 sq ft FLOOR PLANS
LOWER GROUND GROUND FIRST SECOND THIRD
WC WC WC WC WC
WC WC WC WC WC External External External External External Fire Escape Fire Escape Fire Escape Fire Escape Fire Escape
Dis. WC Dis. WC Dis. WC Dis. WC Dis. WC
Gents WC Gents WC Gents WC Gents WC Gents WC
Store StoreStore StoreStore StoreStore StoreStore Store
Ladies WC Ladies WC Ladies WC Ladies WC Ladies WC up up up up up
Server Server Server Server Server CCTV CCTV up CCTV up CCTV up CCTV up up First FloorFirst FloorFirst FloorFirst FloorSecondFirst FloorSecondFloor FloorSecond FloorSecond FloorSecondThird Floor FloorThird FloorThird FloorThird FloorThird Floor
up up up up up CONDUIT STREET CONDUIT STREET CONDUIT STREET up up up up CONDUITup STREET PAVEMENT PAVEMENT PAVEMENT PAVEMENT PAVEMENT Vault Vault Vault VaultVault VaultVault VaultVault Vault (plant room) (plant room)(store) (plant (store)room) (plant(store) room) (plant (store)room) (store)
Raised Raised Raised Raised Raised Raised Raised Raised CONDUITRaised Raised CONDUIT STREET CONDUITSTREET STREETCONDUIT CONDUITSTREET STREET
Electricity Electricity Electricity Electricity Electricity
BasementBasementBasementBasementGroundBasement FloorGround FloorGround FloorGround FloorGround Floor
INDICATIVE ONLY, NOT TO SCALE TENURE THE TENANT Virtual freehold. ZEN-NOH International Europe Limited, which was incorporated in December 2014 is a wholly 2000 years from 25th December 1904 from owned subsidiary of ZEN-NOH International The City of London Corporation at a fixed Corporation, who guarantee the lease. rent of £17.65 per annum. ZEN-NOH International Corporation was founded in 1972 when 4,329 Japanese agricultural cooperatives became members of TENANCY ZEN-NOH. Originally the National Federation of Agricultural Cooperative Associates, it is The entire property is let to ZEN-NOH responsible for the sale of agricultural products International Europe Limited for a term of and supply of materials for use in agricultural 25 years from 11th February 2002 on full production in Japan. It works to create repairing and insuring terms. The current rent economies of scale to ensure competitiveness passing is £220,288 per annum. of marketing and supply and has become one of The next rent review is on 11th February 2022 the world’s largest agricultural cooperative in when the rent will increase to the higher of terms of trading volume. £255,374 per annum or open market value. The organisation is capitalised at over £115 There is a rent deposit of £95,011. The lease billion Yen on a turnover of 4.59 trillion Yen is guaranteed by ZEN-NOH International (www.zennoh.or.jp). Corporation. ZEN-NOH International Europe Limited The basement, ground, first and second floors had a turnover for the year ending have been underlet to Atariya Restaurant 31st March 2020 of £44.43m. Limited (formerly Zen-Noh Restaurant London Limited) until 8th February 2027 at a rent of £203,436 per annum. The lease is subject to a rent review 11th February 2022. ADDED VALUE OPPORTUNITIES There are a number of added value PRICE opportunities to be explored:- We are instructed to seek offers in excess - change of use to retail upon lease expiry. of £8 million reflecting a yield of 3% after allowing for standard purchasers cost of 6.8%. - the addition of an extra floor in line The vendor will ‘top up’ the rent to £255,374 with neighbouring buildings. until 11th February 2022. - a change of use for the upper floors to residential. CONTACT For more information please contact:
Sophie Bartlett John Olney Charlie Van der Gucht [email protected] [email protected] [email protected] +44 (0)7802 338295 +44 (0)7801 628326 +44 (0)7967 007 104
Misrepresentation Act 1967 RX London give notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of RX London has any authority to make any representation or warranty whatsoever in relation to this property. July 2021. siren | 020 7478 8300 | sirendesign.co.uk | S013175