Investment Summary
• Freehold
• Located on an attractive street, strategically We are instructed to seek offers for the situated on the border of two of the West Ends freehold interest in excess of £7,500,000 most exciting submarkets, Covent Garden and (Seven Million, Five Hundred Thousand Bloomsbury Pounds) subject to contract and exclusive • Within short walking distance of Tottenham Court of VAT. Road Station providing direct access to The Elizabeth Line (Crossrail)
• The property will be sold with full vacant possession
• The existing building has been stripped out to a shell & core condition and provides a total of 10,442 sq ft GIA of office accommodation arranged over lower ground, ground and three upper floors
• The property benefits from a planning consent granted in May 2017 for the creation of an additional fourth floor
• Consented areas total 12,373 sq ft GIA and 9,003 sq ft NIA
2 3 EUSTON KING’S CROSS
TOTTENHAM COURT ROAD
HOLBORN
COVENT GARDEN
4 5 Location
9–13 Grape Street is strategically situated on the border of two of the West Ends most exciting submarkets, Covent Garden and Bloomsbury. Covent Garden is one of London’s most popular and vibrant districts attracting more than 40 million visitors a year. Crowds are drawn to its spectacular architecture, unrivalled shopping amenities, vibrant restaurant scene, theatres, museums and the world renowned Royal Opera House.
From an office perspective the submarkets are internationally renowned amongst the creative, entertainment and media industries with nearby occupiers including Disney, Warner, Google, Red Bull, Linkedin, Sky Scanner and COS.
The building is situated on the east side of Grape Street, a quiet side street connecting High Holborn to Shaftesbury Avenue.
6 7 Communications
9-13 Grape Street benefits from excellent transport connections and is a five-minute walk from Tottenham Court Road station (Central, Northern and Elizabeth Lines) with Covent Garden (Piccadilly Line) and Holborn (Piccadilly and Central Lines) all in close proximity.
The building is located 400 metres from Tottenham Court Road Station which will have the Elizabeth Line opening towards the end of 2019.
The Elizabeth Line is the most significant transport infrastructure programme for Central London, estimated to carry 200 million passengers per year. In conjunction with this Tottenham Court Road Station is currently undergoing a £1 billion refurbishment by TfL which will increase passenger capacity by over 30% with the opening of the station
Station Time Changes Station Time Changes Bond Street 2 mins 0 Waterloo 5 mins 0
A400 from Tottenham Court Road from Tottenham Court Road
Theobalds Road Charing Cross 2 mins 0 Paddington 6 mins 1 from Tottenham Court Road from Tottenham Court Road HOLBORN King’s Cross 4 mins 0 Liverpool Street 8 mins 0 from Holborn from Tottenham Court Road
reet High Holborn Lincoln’s Oxford St TOTTENHAM COURT ROAD Inn Fields
Kings
OXFORD CIRCUS Soho Charing Cr Acre way Square enue Long Av
s Lane
oss Road Hanover STANMORE CAMDEN FINSBURY TOWN PARK Square esbury
reet Shaft ver St Hano eet
x Str Martin’ St Upper Regent Street enue COVENT GARDEN KING’S Maddo PADDINGTON BAKER EUSTON and 6 MINS STREET 2 MINS CROSS esbury Av Str 4 MINS Shaft WARREN Golden STREET Square Lancas
ter Plac GOODGE STREET LEICESTER Leicester Square SQUARE e
FARRINGDON and PICCADILLY Charing Cr Str NOTTING OXFORD TOTTENHAM BANK CIRCUS BOND HOLBORN LIVERPOOL HILL GATE CIRCUS COURT ROAD 6 MINS STREET STREET 2 MINS 8 MINS cadilly
Pic oss Road Victoria COVENT Trafalgar Embankment dens GARDEN Square Gar GREEN LEICESTER St James Cockspur Street CHARING CROSS oria Embankment St James’s PARK SQUARE Northumberland ict Square V
GREEN PARK Whit Av ’s Str enue MONUMENT The Mall ehall eet EMBANKMENT CHARING Pall Mall CROSS 2 MINS EARLS COURT
8 9 HAMMERSMITH SOUTH VICTORIA WESTMINSTER EMBANKMENT TEMPLE KENSINGTON 4 MINS
PIMLICO WATERLOO LONDON 4 MINS 5 MINS BRIDGE 14 MINS
ELEPHANT & CASTLE
WIMBLEDON STOCKWELL
MORDEN BRIXTON KING’S CROSS
EUSTON SQUARE
WARREN EUSTON ROAD STREET
GREAT W REGENTS PORTLAND TO STREET HITFIELD ST PARK TTEN RUSSELL SQUARE HAM COURT
REET FITZROY S MALET
ROAD GOWER PLACE STREE TRE GREAT TITCHFIELD STREE
E T RINGTON T R STREE TO
CHARLOTTE STREET T
G CLEV REAT PORTL GOODGE EL A STREET N
T D STREET
AND STREE T T S E S OU H GOODGE STREE T ING ID R
MORTIMER STREET NEWMAN STR RA BERNERS STREET THBONE PLAC Surrounding Developments 12
EET 2 HOLBORN The immediate area around 9–13 Grape Street has and high profile office and mixed use schemes. This E TOTTENHAM 13 1 COURT ROAD benefited from the delivery of the highest concentration significant investment hasR cemented this micro location 15 EGE 14 of development projects in London’s West End over as one of London’s most desirable office, retail and 8 3 the last three years creating some of the most exciting leisure locations. NTSTREE 5 T 7 6 OXFORD STREE 9 T 10 1. The Post Building, 7. 73-89 Oxford Street & 13. 100 New Oxford Street Museum Street 1 Dean Street Tishman SpeyerOXFOR D CIRCUS Brockton Capital / Oxford Great Portland Estates (now owned by Thor Equities / Properties (now owned by NBIM) AEW) 4 • 300,000 sq ft of office and retail • 87,101 sq ft of office and 44,087 sq • 107,000 sq ft of office and retail 11 accommodation ft of retail accommodation accommodation • 124,000 sq ft let to Mckinsey & • Majority of office accommodation • Comprehensively refurbished in Company at £92.00 per sq ft let to Moneysupermarket 2015 • Completion Q4 2018 • Completion Q3 2017 14. 26-48 Oxford Street 2. 1 New Oxford Street 8. 76 Oxford Street Land Securities / Frogmore 1 8 TH Real Estate Great Portland Estates (now owned by Ponte Gadea) 15 • 115,000 sq ft of office • 55,000 sq ft of consented office • 220,000 sq ft of retail and accommodation and retail accommodation residential accommodation+ • 60,000 sq ft let to COS • Completion expected 2020 • Retail let to Primark • Completed Q2 2017 • Completed Q4 2016 9. Crossrail Tottenham Court 3. Castlewood House, Road – Western Ticket Hall 15. One Rathbone Square New Oxford Street Crossrail Great Portland Estates Royal London Asset Management • 71,000 sq ft of residential (commercial accommodation • Planning for 230,000 sq ft office and 10,000 sq ft of retail now owned by Deka) development accommodation • Total 414,000 sq ft (217,000 sq • Potential delivery 2021 / 2022 • Potential delivery 2020 ft offices, 42,000 sq ft retail and 162 luxury residential apartments) 6 13 2 4. St Giles Circus 10. 127-143 Oxford Street around a new public realm Consolidated Developments Freshwater • Office accommodation let to • 200,000 sq ft, comprising an • 85,000 sq ft of offices and retail Facebook art gallery, music auditorium accommodation • Completed Q2 2017 and office, residential and hotel • Potential delivery 2020 accommodation • Completion Q4 2018 11. Ilona Rose House, Charing Cross Road 5. Centre Point Soho Estates Almacantar • 300,000 sq ft mixed use • 82 luxury residential apartments development including offices, retail, residential and public realm • 41,780 sq ft of retail along with a 5 11 new public square • Potential delivery Q1 2020 12 • Completion Q4 2018 12. One Bedford Avenue 6. Soho Place, Ashby Capital / Bedford Estates 1 Oxford Street / Exemplar Properties Holdings Derwent London LLP • 275,000 sq ft of office and retail • 115,000 sq ft of office and retail accommodation along with a new accommodation 350 plus seat theatre • 24,000 sq ft let to Skyscanner • Completion 2020 / 2021 • Completed Q1 2017
10 11 The Property
9-13 Grape Street forms part of an attractive Edwardian The property is currently in a shell and core condition. terrace containing three interconnecting buildings The property provides the following approximate gross arranged on basement, ground and three upper floors. internal floor areas:
Measured Floor Areas (GIA) Floor sq ft sq m Third 2,131 198 Second 2,067 192 First 2,067 192 Ground 2,051 191 Lower Ground 2,126 198 Total 10,442 971 First Floor
Basement Second Floor
Ground Floor Third Floor
12 13 14 15 Planning
The property is not listed but lies within the Borough of A new staircase and lift providing direct access to all Camden, as well as the Bloomsbury Conservation Area. floors is located within a central core. A concierge will be located at ground floor level within the new entrance to Planning consent was granted in May 2017 for the the building, with direct level access from Grape Street. creation of an additional fourth floor and change of use from Sui Generis to office (Class B1). Further information regarding this planning consent can be found under application number 2016/2036/P on An internal bicycle store for 16 spaces is proposed at Camden Borough Council’s planning portal. ground floor level at the south of the site, accessed directly from the street.
Consented GIA Consented NIA Floor sq ft sq m sq ft sq m Basement Plan Ground Floor Plan Ground Floor Fourth 1,830 170 1,264 117 Third 2,129 198 1,740 162 Second Basement2,095 Plan 195 1,711 159 Ground Floor Plan First 2,080 193 1,684 156 Ground 2,075 193 1,259 117 Lower Ground 2,164 201 1,345 125 Total 12,373 1,149 9,003 836
Basement Plan Ground Floor Plan First Floor
First Floor Plan Fourth Floor Plan
First Floor Plan Fourth Floor Plan
Fourth Floor
First Floor Plan Fourth Floor Plan 16 17 Tenure VAT
The property is held freehold. The property is elected for VAT.
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to to 44 to 50 21 31
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39 Proposal
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10 53 9 PH 24 23 PH 5 16 24 M We are instructed to seek offers for the freehold interest
7 243 23 A STR 23 1 2 14 b 24 16 S M 9 18 23 22 16 in excess of £7,500,000 (Seven Million, Five Hundred N a 8