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Home , Fitzrovia, St Giles Circus

A FREEHOLD INVESTMENT OPPORTUNITY LONDON, W1

1 44 Whitfield Street

44 WHITFIELD STREET

INVESTMENT SUMMARY

• Located on the east side of Whitfield Street in , close to , Fitzroy Place and the new Elizabeth Line station at Court Road. • Freehold. • Comprehensively refurbished in 2016 behind a new glazed brick façade. • The building extends to 12,031 sq ft (NIA) over ground and five upper floors. There is no lower ground or basement accommodation. • Grade A specification including VRF air-conditioning, LED lighting and fully accessed raised floors. The top three floors benefit from terraces. • Multi-let to four tenants with the ground floor under offer. Once that lease completes the building will provide a WAULT of c. 4.8 years to expiry and 2.8 years to break.

Seeking offers in excess of £21,650,000 (Twenty One Million Six Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 4.06% after allowing for purchaser’s costs of 6.80%.

2 3 44 Whitfield Street represents an extremely THE CITY rare opportunity to acquire a newly refurbished Grade A freehold office building on one of Fitzrovia’s best streets.

CENTRE POINT

CENTRAL ST GILES

TOTTENHAM CR

BRITISH MUSEUM SQ

OXFORD ST

80 CHARLOTTE ST

BT TOWER

Aerial view of London

4 5 44 WHITFIELD STREET

LOCATION

44 Whitfield Street is located on the east side of the street opposite the junction with Scala Street. Whitfield is one of Fitzrovia’s prime streets running parallel to Charlotte Street and . Fitzrovia is among London’s most vibrant and sought after locations. Nearby office occupiers include Facebook, Arup and Estée Lauder. Amenities include The London Edition, The Mandrake and The Sanderson Hotels, along with numerous galleries. Restaurants include Roka, Bubbledogs and Hakkasan. Berners Tavern Rathbone Square Fitzrovia continues to benefit from large scale development, Derwent London’s landmark 80 Charlotte Street scheme is 100 metres to the north of the property.

The London Edition Salt Yard

6 7 Warren Street

OAD N R STO AY EU ET W TRE N N S TO ARRE AF W R G

W H ITF IE L D S N T 4 R E E T

Fitzroy Square C L E Garden G V O E W L A E N AY R D W S

S N T G T TO R R F EE R A T 37 E E R E T T A E G E T O T STR T

TI E T PL E TC A N M H H A

F M I E C E C L O A F L D IT U P R N S Z T O T R T O G R R IN E Y O R B R E S A O O T T D T L R T S E 27 E E O E R T T V S W

E D N H R A L I S T W F O T H IE R L EE D S T T R E E 26 T 36 G O

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R R 16 T 17 S E 6 M A T 35 EE A R T T H S H N IS E POR D C T EN V L T C A O Goodge E T EW G N V T R E Street L L E 3 34 A 20 A A N C N T D H D T T S A E S G IT T R E R L TR O R 13 C T E O S H S E T E T F Y TE E F I E T E I L T E 24 L O S O L T D F T D R W T S E E S E H T N T T I R T H R F E A E I E E M E T L T T E 32 RE D C T S O E S T U R E R R A S 11 EE U U T SQ O 1 T R H 29 O RD G A FO IN 2 D D ED RI 18 B 19 Bedford

ET 7 Square RE 22 ST ER IM 23 RT T O EE M 25 TR 10 S 28 33 CY Charlotte Street 12 ER 15 P

14

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G 5 R E A T

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S T R E E T 9

REGENT STREET

STREET OXFORD Tottenham Court Road

STREET OXFORD EATING AND DRINKING 1 Pied à Terre 8 Lokhandwala 2 Roka 9 Berners Tavern Oxford Circus 3 Noizé 10 Charlotte Street Hotel 4 La Tagliata 11 Draft House, Queen Charlotte 5 Lima 12 Riding House Café 6 Bubbledogs 13 Reverend JW Simpson 7 Señor Ceviche 14 Mortimer House

ART & LIFESTYLE OCCUPIERS 15 Rosenfeld Porcini 21 The Disguisery 27 Arup 34 Fletcher Priest Architects 16 Woolff Gallery 22 Sharps Barbers 28 BBC 35 BT 17 FOLD Gallery 23 Jonathan Quearney 29 Estée Lauder 36 Double Negative 18 Rebecca Hossack 24 Black Eyewear 30 Facebook 37 EDF Energy Art Gallery 25 Rivet & Hide 31 Lionsgate Films 26 Heals 19 Nancy Victor 32 Netflix Noizé The House of Hô 20 Epoch Fitness 33 Capita PLC Not to scale. For identification purposes only.

8 9 COMMUNICATIONS

Tottenham Court Road, Goodge Street and Warren Street underground stations are all within a eight-minute walk of the property, giving access to the Central, Victoria and Northern lines. Tottenham Court Road station will be transformed by the opening of the Elizabeth Line (Crossrail) providing a direct fast connection to Liverpool Street, and London Heathrow Airport. The Elizabeth Line is one of Europe’s largest infrastructure projects connecting 41 stations and increasing rail capacity by c. 10%. TRAVEL TIMES

Station Mins Mode

UNDERGROUND GOODGE STREET 2 TOTTENHAM COURT ROAD 8

WARREN STREET 8 King’s Cross St Pancras Via Goodge Street 8 min EUSTON 2

London WATERLOO 6 Euston 2 min walk London KING’S CROSS ST PANCRAS 8 2 min Bank Bridge Goodge Street 13 min 16 min Via Tottenham Court Road LIVERPOOL STREET 9 Oxford Circus HEATHROW 36 21 min 17 min 8 min 3 min Journey times sourced from crossrail.co.uk/tfl.co.uk/maps.google.co.uk

Waterloo 6 min

ELIZABETH LINE

8 min walk Heathrow Liverpool Canary Reading Central Paddington Bond Street Tottenham Street Wharf 56 min 28 min 5 min 2 min Court Road 5 min 12 min

Underground lines Elizabeth line Walking route

10 11 Centre Point, New

44 WHITFIELD STREET

LOCAL DEVELOPMENTS

The area around Tottenham Court Road is being transformed by the delivery of the new Elizabeth CENTRE POINT Line station. Once completed the station will offer New Oxford Street an interchange between the Northern, Central Almacantar scheme. Refurbishment and conversion and Elizabeth Lines with capacity for more than of the iconic Grade II listed tower into residential 170,000 passengers every day. apartments, retail and leisure. Completes in 2019.

The Elizabeth Line has acted as a catalyst for a series THE POST BUILDING of significant local developments including Centre New Oxford Street Point, , Soho Place and Brockton Capital development. Comprehensive The Post Building. refurbishment of a former Royal Mail sorting office. Scheme totals 320,000 square feet with pre-lets to Large scale public realm improvement works are Rothesay Life and McKinsey. Completes in 2019. also underway including the creation of a new One Soho Place public piazza outside Centre Point. The Post Building, New Oxford Street ONE SOHO PLACE

Derwent London scheme directly above the new Crossrail station at Tottenham Court Road. 209,000 sq ft of offices, 36,000 sq ft of retail and a new 40,000 sq ft theatre. Offices pre-let to 80 CHARLOTTE STREET G-Research. Anticipated completion in 2022.

Derwent London developing. Mixed use scheme NETWORK BUILDING delivering 321,000 sq ft of offices, 45,000 sq ft of Tottenham Court Road residential and 14,000 sq ft of retail. Office pre-lets secured with Boston Consulting Group and Arup. Derwent London scheme running from Anticipated completion in H1 2020. Whitfield Street to Tottenham Court Road. Potential 100,000 sq ft scheme. Earliest construction start in 2021. 80 Charlotte Street

St Giles Circus,

ST GILES CIRCUS Denmark Street Consolidated Developments scheme. Mixed use development combining retail, leisure, office and residential. Anticipated completion in 2020.

Network Building, Tottenham Court Road

12 13 44 WHITFIELD STREET

DESCRIPTION AND SPECIFICATION

44 Whitfield Street offers 12,031 sq ft of Grade A office accommodation over ground and five upper floors. The building was comprehensively refurbished, behind a new façade, in 2016. The scheme was designed by Brimelow McSweeney Architects and shortlisted for best London office scheme in the 2017 RICS Awards.

The specification is as follows: • Exposed VRF air conditioning with suspended plasterboard rafts • 150mm fully accessible raised floor • LED lighting throughout • Demised WCs, showers and lockers • 8 person passenger lift • Excellent views and natural light

44 Whitfield Street reception

14 15 44 WHITFIELD STREET

AREA SCHEDULE

Demise Area (sq ft) Area (sq m)

5TH FLOOR 890 82.70

4TH FLOOR 1,862 173.00

3RD FLOOR 2,026 188.20

2ND FLOOR 2,372 220.40

1ST FLOOR 2,300 213.70

GROUND 2,173 201.90

RECEPTION 408 37.90

TOTAL 12,031 1,118

The measured survey of the property can be assigned to the purchaser.

44 Whitfield Street office fit out

16 17 Office

Terrace

Plant

Floor plans are not to scale. For indicative purposes only.

44 WHITFIELD STREET 44 WHITFIELD STREET

FLOOR PLANS FLOOR PLANS

GROUND FLOOR SECOND FLOOR 2,173 SQ FT 2,372 SQ FT WHITFIELD STREET WHITFIELD STREET

FIRST FLOOR THIRD FLOOR 2,300 SQ FT 2,026 SQ FT WHITFIELD STREET WHITFIELD STREET

Office

Terrace

Plant N N Floor plans are not to scale. For indicative purposes only.

18 19 View from Third floor, 44 Whitfield Street

44 WHITFIELD STREET

FLOOR PLANS

FOURTH FLOOR 1,862 SQ FT WHITFIELD STREET

FIFTH FLOOR 890 SQ FT WHITFIELD STREET

Office

Terrace

Plant

Floor plans are not to scale. For indicative purposes only. N

20 21 44 WHITFIELD STREET

TENURE

Play Area The property is held freehold under Brook House title number NGL238711. N

l

Alfred Mews

Whitfield Memoria Congregational Church Whitfield Street Minerva House

Whitfield Gardens

Goodge Street Station (LU) Glen House Charlotte Mews

Whitfield Street Scala Street Kings Court

Charlotte Street

lville Place Co

For identification purposes only.

22 23 3rd Floor terrace 5th Floor office

TENANCY SCHEDULE

DEMISE TENANT START EXPIRY RENT PER ANNUM RENT PER SQ FT AREA (SQ FT) RENT REVIEW BREAK OPTION COMMENT

Contracted outside of the Landlord & Tenant Act 1954. 5th Floor Channel Capital Advisors LLP 17/02/2017 16/02/2022 £77,875.00 £87.50 890 - - The 5th Floor is sub-let to Epoch Capital Ltd from 24/07/2018 to 24/08/2021 at a rent of £77,875 per annum. The 5th and 4th Floors are held under a single lease. 4th Floor Channel Capital Advisors LLP 17/02/2017 16/02/2022 £162,925.00 £87.50 1,862 - - Rent deposit of £240,800.00 plus VAT. UNDER ONE LEASE

Contracted outside of the Landlord & Tenant Act 1954. 16/03/2021 Rent free period from 16/03/2021 to 15/07/2021 if tenant 3rd Floor Boat Rocker Rights (UK) Ltd 16/03/2018 15/03/2023 £172,210.00 £85.00 2,026 - (T) break is not exercised. Rent deposit of £129,157.50 plus VAT.

Contracted outside of the Landlord & Tenant Act 1954. 2nd Floor Epoch Capital Ltd 25/08/2016 24/08/2021 £199,248.00 £84.00 2,372 - - Rent deposit of £199,247.50 plus VAT.

Contracted outside of the Landlord & Tenant Act 1954. 04/01/2022 5 months rent free if break is not exercised. 1st Floor The Elf Factory Ltd 02/06/2017 04/01/2027 £189,750.00 £82.50 2,300 02/06/2022 (T) Tenant break clause subject to a minimum of 6 months written notice.

Rent review To be contracted outside the Landlord and Tenant Act 1954. Fifth year break Ground Floor Under Offer Ten year term £135,812.50 £62.50 2,173 on fifth 12 months' rent free period from lease start. (T) anniversary A further 7 months rent free at the start of the sixth year.

Reception 408

TOTAL £937,820.50 £77.95 12,031

24 25 44 WHITFIELD STREET 44 WHITFIELD STREET

TENANT DESCRIPTION TENANT DESCRIPTION

THE ELF FACTORY LIMITED CHANNEL CAPITAL ADVISORS LLP (Company No. 06337849) (Company No. OC322712)

The area around Tottenham Court Road is being The Elf Factory is part of Astley Baker Davies, Channel Capital is an FCA regulated transformed by the delivery of the new Elizabeth Bafta winning animation studio behind the investment management firm providing Line station. Once completed the station will offer famous television series Peppa Pig, Ben & Holly’s finance solutions to corporates in the UK, an interchange between the Northern, Central Little Kingdom and The Big Knights. Netherlands, Belgium and Germany. and Elizabeth Lines with capacity for more than www.theelffactory.co.uk Owned and operated by management, 170,000 passengers every day. Channel was set up in 2006. The Elizabeth Line has acted as a catalyst for a www.channelcapital.co.uk series of significant local developments including Centrepoint, St Giles Circus, Soho Place and The Post Building. Large scale public realm improvement works are also underway including the creation of a new EPOCH CAPITAL LIMITED public piazza outside Centrepoint. (Company No. 09184730) BOAT ROCKER RIGHTS (UK) LIMITED Epoch Capital is an Australian trading (Company No. 11121340) and risk management firm founded in 2007 Boat Rocker Rights is the distribution arm with offices in London and Sydney. of Boat Rocker Media. www.epoch.capital Boat Rocker Media is a global entertainment company creating, producing and distributing award winning content like Orphan Black, Killjoys, and X Company. www.boatrocker.com

26 27 5th Floor terrace 3rd Floor office

INVESTMENT COMPARABLE EVIDENCE LEASING COMPARABLE EVIDENCE

SUB-MAR- CAP VAL DATE ADDRESS TENURE AREA (SQ FT) PRICE NIY COMMENTS DATE ADDRESS TENANT FLOOR AREA (SQ FT) RENT PSF KET (PER FT)

LLH Single let for 20 On (137 years 66 Newman Street Fitzrovia 15,945 £29 million 4.26% £1,819 years to a new market at £2,000 Q1 2019 14-16 The Wing 1-5 floors 10,527 £84.65 serviced office co. pa)

Newly developed £65.55 grade A multi-let Q4 2018 55 Wells Street Fitzrovia FH 39,095 3.99% £1,767 million development. Q1 2019 55 Wells Street Capital 2nd floor 5,116 £83.50 GPE sale.

GPE sale to Kent House, Sequoia Investment Q4 2018 32-34 Gresse Street Fitzrovia FH 17,865 £25 million 3.84% £1,399 Weybourne. Q4 2018 6th floor 2,760 £87.50 14-17 Market Place Management Multi-let.

Thor sale. Offices Q3 2018 151 Wardour Street Soho FH 26,175 £49 million 4.11% £1,872 single let to TOG. Q3 2018 146 New Cavendish Street London Doyle Hotels 2nd floor 1,329 £90.00 Multi-let retail.

GPE development. Multi-let to tenants Q1 2018 30 Broadwick Street Soho FH 94,297 £190 million 4.00% £2,015 including EQT, Q4 2018 2 Fitzroy Place Netflix 4th floor 12,878 £85.00 Boston Consulting and The Ivy.

Q4 2018 20 Rathbone Place T-Systems 6th floor 4,188 £89.50

28 29 44 Whitfield Street exposed services

44 Whitfield Street showers

44 Whitfield Street staircase 44 Whitfield Street lighting 44 Whitfield Street lockers

30 31 44 WHITFIELD STREET 44 WHITFIELD STREET

INVESTMENT RATIONALE PROPOSAL

44 Whitfield Street is a rare opportunity to We are seeking offers in excess of£21,650,000 purchase a newly developed Grade A office (Twenty One Million Six Hundred and Fifty building in a prime Fitzrovia location. Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial Fitzrovia is one of London’s most sought-after yield of 4.06% after allowing for purchaser’s sub-markets and will continue to thrive with costs of 6.80%. the upcoming opening of the Elizabeth Line at Tottenham Court Road. 44 Whitfield Street was comprehensively refurbished in 2016 and offers occupiers top FURTHER INFORMATION quality Grade A office accommodation, which is scarce in the Fitzrovia sub-market. The building offers a diverse tenant mix from a number of VAT different sectors. The building is elected for VAT. The immediate area around Whitfield Street will be transformed by the completion of 80 Charlotte Street in 2020. EPC RATING 44 Whitfield Street has an EPC rating of B and a score of 32.

PLANNING 44 Whitfield Street is in the and the Charlotte Street conservation area.

WEBSITE LINK www.44whitfieldstreet.com

MEASURED SURVEY Downloadable from the website.

32 33 44 Whitfield Street

34 Ben Blinston-Jones Keith Williams DL: +44 (0)207 514 9155 DL: +44 (0)207 514 9152 M: +44 (0)7921 933 651 M: +44 (0)7831 772 019 [email protected] [email protected]

Chris Strong James Rood DL: +44 (0)207 514 9153 DL: +44 (0)207 514 9159 M: +44 (0)7951 283 649 M: +44 (0)7711 042 615 [email protected] [email protected]

MISREPRESENTATION ACT 1967 Fineman Ross as agents for the vendor, or as the case may be, Lessor (the "Vendor") and for themselves, give notice that (1) These particulars are given merely as a general guide to the property. They are not and shall not hereafter become part of any offer or contract. (2) The statements here in are made in good faith but without any responsibility whatsoever on the part of the Vendor, Fineman Ross or their servants. It is for the purchaser or as the case may be Lessee (the "Purchaser") to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in entering into contract or otherwise rely upon the particulars as statements or representations of fact. (3) The Vendor does not make or give and neither Fineman Ross nor their servants has any authority, express or implied, to make or give and representations or warranties in respect of the property. (4) In the event of any inconsistency between these Particulars and the Conditions of Sale, the latter shall prevail. June 2019. The market statistics, rental and investment comparables, have been supplied by third parties and their accuracy cannot be guaranteed.