PRIME CENTRAL LONDON MIXED USE INVESTMENT FOR SALE

30 FOLEY STREET LONDON W1W 7TJ INVESTMENT SUMMARY

• Prime London location in heart of . First time available in almost 50 years • Freehold • Arranged as a restaurant and bar over ground and basement with 3 one-bedroom apartments above • Ground floor and basement let to an internationally renowned restaurant operator with an unexpired occupational term of 14 years, subject to rent reviews to OMRV with minimum fixed RPI increases • Upper floors let on a company let expiring in January 2020 • Restaurant area totalling 1,499 sq ft • Residential area totalling 1,394 sq ft • Potential for rooftop development, STPP • Total passing rent of £127,300 pax • Offers invited in excess of £2,950,000 reflecting an attractive net initial yield of 5.65% on commercial income and £1,366 capital value per square foot on the residential element KING’S CROSS ST PANCRAS

EUSTON

LOCATION T A REGENT’S PARK VITON D ROA M N EUSTON S STO T A EU SQUARE RCHM

W O OB N 30 Foley Street is located in the heart of Fitzrovia, on the South side of Foley T WARREN U RN STREET B ED PLACE Street by the junction of Great Titchfield Street and Langham Street. G OW FO R GREAT ER S D WA W T PORTLAND H R Y The property is ideally situated near a number of London Underground Stations REGENT’S FITZROY ITF E STREET ET PARK SUARE IE M L D A L and the newly developed Elizabeth Line. ST ET R S E T E R T E ET EET GR IRE STR NSH E AT DEVO P OR CHA G TITC GOODGE T R L E RL AT Goodge Street 6 mins Tottenham Court Road 9 mins A H STREET 9 O N FIELD T 15 ET D P T RE O E ST 14 P STR UTH R O L 4 T YM ACE E S W L E T A E R Oxford Circus 6 mins Regents Park 10 mins N T EET D

T S 6 FOLEY ST.S 13 T RE SE TO TREET OU T S E T ISH T H 8 mins ND G 2 E CAVE N N NEW I HA LANGHAM STREETRID 12 7 T 5 M EE C R C T H O R S U W A E R IM R E T N T H L L OR E O R A B M BERNER W T O E RL TE A MA C D E K 1 Situated in London’s prime West End, Fitzrovia is an established upmarket Y S 11 N T ST ST 10 R S R S EET R TR E OM EE S 3 LO district characterised by its unique diversity making it one of the most attractive ET T E B T R ET E T E REE T and vibrant districts of London. ET ST TOTTENHAM CAVENDISH GAR SUARE MAR 8 COURT ROAD OXFORD CIRCUS STREET OXFORD CROSSRAIL SUARECROSSRAIL

G DE R BOND ET E BOND AN STREET N TRE WA E E S K STREET NEW BOND STREETSTREET H A UG BERW S L R O R ST CROSSRAIL R TREET E LBO D G AR O E U N T M I HANOVER A C R T RE K ST SUARE G S S T T RE R R EE EET ET T

T EE STR AK BE

REG

E BE N T PICCADILLY LEICESTER D S F T CIRCUS SQUAREC R H

E A E T R I N G C R O SS R D WILLIAM IV The area is well known for its recent landmark office developments, together with a

LLY DI large range of independent cafes, pubs, bars andA restaurants. Renowned restaurants CC PI

D nearby include: N RA COCK ST CHARING SPUR ST CROSS

LL W LL A H A I M HE M T LL T E PA H 1. Lima 6. Portland 11. Rovi A L L

2. Pied a Terre 7. Roka 12. Percy & Founders

3. Hakkasan 8. Berners Tavern 13. Crazy Bear 4. Kitchen Table 9. Clipstone 14. Archipelago 5. The Ninth 10. The Riding House Café 15. Mere Tottenham Court Rd. Oxford St. Regent St.

Tottenham Court Rd.

Oxford Circus

Goodge St.

THE BUILDING

This rare unbroken freehold comprises lower ground to 3rd floors, with the potential to add massing (STPP) through the addition of another storey.

The property is not listed and is located in the East Conservation Area.

The lower ground and ground floors have been extensively fitted out to a very high standard and benefit from A3/ A5 planning use.

The upper parts of the property were converted into residential accommodation in 2007 and consist of 3 one-bedroom apartments which are separately accessed directly from Foley Street. The apartments present well, although a purchaser may wish to refurbish the apartments upon the expiry of the residential leases to increase income and capital value.

Roka, La Petit Maison, Oblix at The Shard, Coya on Piccadilly and Coya Angel ACCOMMODATION Court. The Waney family also acquired and revamped the award-winning and internationally recognised The Arts Club on Dover Street. The restaurant has the following approximate Net Internal Floor Areas: For further information please refer to www.meraki-restaurant.com and AREA NIA www.meraki-bar.com Ground 1,105 sq ft The restaurant connects into the rear of 80-82 Great Titchfield Street Basement 309 sq ft where Meraki Restaurants Limited also have a lease expiring in December Vaults 85 sq ft 2032, although this is not included within this sale.

TOTAL 1,499 sq ft The upper parts of the property are let to The LDG Partnership LLP on three separate co-terminus Company Let Agreements at £1,800 pcm each. The Agreements are due to expire on the 6th January 2020, although the The residential accommodation has the following approximate Tenant has indicated they would be prepared to renew the Agreements. Gross Internal Floor Areas:

AREA GIA TENURE 1st Floor 439 sq ft The property is held Freehold. Title no: NGL741762 2nd Floor 447 sq ft 3rd Floor 478 sq ft Storage 30 sq ft PROPOSAL

TOTAL 1,394 sq ft We are instructed to seek offers in excess of £2,950,000 subject to contract, reflecting a net initial yield of 5.65% on the commercial element and £1,366 capital value per square foot on the residential element, assuming standard TOTAL FOR BUILDING: 2,893 sq ft purchasing costs.

TENANCIES EPC The restaurant is let to Meraki Restaurants Limited (Company No: Commercial E107 09984893) on a lease expiring on 22nd January 2033, inside the Landlord and Tenant Act 1954. Flat 1 D68 Flat 2 C76 The passing rent is £62,500 pax and is subject to 5 yearly upwards only rent Flat 3 D61 reviews to the higher of open market rental value or RPI index (1% collar /4% cap). The next rent review is in 2023 and there are no break options.

Meraki is a contemporary Greek restaurant / bar opened by the well-known VAT high-end restaurateur Peter Waney who also opened Zuma in , The property is not elected for VAT. CONTACT

For further information or to arrange a viewing please contact sole agents:

KOOPMANS 221 Watling Street Radlett Hertfordshire WD7 7AL

01923853749 www.koopmans.co.uk

Jamie Arva MRICS [email protected]

Aman Parmar BA MSc [email protected]

Koopmans for themselves and for the vendor(s) of this proper- ty whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or con- tract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or rep- resentations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements con or give, any representation or warranty whatever in relation to this property. 4. The vendor(s) do not make or give and neither Koopmans nor any person in their employment has any authority to make or give, any rep- resentation or warranty whatever in relation to this property. Finance Act 1989: Unless otherwise stated all prices and rents are quote exclusive of VAT. Property Misdescriptions Act 1991: These details are believed to be correct at the time of compi- lation but may be subject to subsequent amendment. Oct 2019