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HAMMERSMITH BROADWAY W6 10FREEHOLD OFFICE INVESTMENT 2 10 HAMMERSMITH BROADWAY, W6 Investment Summary An excellent opportunity to acquire a prominent property with the following key attributes: o Freehold. o Strategically located between Central London and Heathrow Airport close to the A4/M4 motorway and M25 motorway. o Hammersmith is favoured by corporate occupiers who require access to Heathrow Airport and is recognised as an international office centre that forms the Western Gateway to Central London. o Prominent, four storey Headquarters office building totalling 678.85 sq m (7,307 sq ft) located in the prime Hammersmith office core and in close proximity to the retailing amenities and transport hub. o Let to Iberia Lineas Aereas De Espana S.A (now acquired by British Airways) until 23rd June 2016. o Total current income of £255,686 per annum, reflecting £34.99 per sq ft overall. o Excellent asset management opportunities, including; - Negotiate a surrender with the tenant and agree early dilapidations settlement; - Undertake comprehensive refurbishment once vacant possession is secured; - Opportunities at expiry / early surrender of the current lease to benefit from the improving occupational market and achieve a higher rental tone for the asset to re-let at an improved rent; - Potential conversion of the ground floor to retail use, subject to planning; - Potential future redevelopment of the site, subject to planning. Rationale o A headquarter property at the gateway to Hammersmith with great prominence to the A4 flyover; o Strategic micro-location within close proximity to transport links, commercial uses and retail offer; o Lowest availability of office stock in Hammersmith since 2008 with a vacancy rate of just 3.2%; o Substantial surrender premium and dilapidations claim likely from existing tenant; o Comprehensive refurbishment or redevelopment opportunity on the whole or the part. Proposal Offers in excess of £3,225,000 (Three Million, Two Hundred and Twenty Five Thousand Pounds) are invited for the freehold interest. A purchase at this price reflects a Net Initial Yield of 7.5% after standard purchaser’s costs of 5.80%. 10 HAMMERSMITH BROADWAY, W6 3 Location Hammersmith is a strategically located office centre, being approximately 3.5 miles to the west of Central London and 10 miles to the east of the M25 motorway. Hammersmith forms the main western gateway to Central London which is easily accessed by road and the underground system, whilst Heathrow Airport is 10 miles to the west. Hammersmith Broadway provides excellent public transport connections. This is the main transport interchange in Hammersmith and includes the bus terminal and London Underground Station. Road 10 Hammersmith Broadway is located within 150 metres of Hammersmith, which has excellent links to the national road network. The Hammersmith Flyover (A4) runs directly through Hammersmith and provides access to Central London (4 miles) to the east, and the M4 which in turn links to, Heathrow (10 miles), Slough (17 miles), and Reading (37 miles). The M25 London orbital motorway is 10 miles to the west along the M4. The A219 to the north of the town centre connects Hammersmith with Shepherds Bush and the M40, leading to High Wycombe, Oxford and Birmingham. South along the A306 connects to the South Circular and the M3 towards Southampton. Underground / Rail Hammersmith lies within Zone 2 and provides services on three tube routes being, the Piccadilly, District and Hammersmith & City underground lines. The underground station for both the Piccadilly and District lines is less than 2 minutes walk from the property beneath The Broadway Shopping Centre. The Hammersmith & City line underground station is located on Beadon Road, a 5 minute walk west of the property. These all provide direct access to Central London with a journey time to Victoria and Paddington Stations of 15 minutes, as well as direct access to Heathrow within 30 minutes. In addition, Waterloo Station can be reached within 22 minutes and Euston within 25 minutes. In addition, Kensington Olympia mainline station is within 1 mile, which provides 4 trains per hour to Stratford and Clapham Junction, as well as hourly services to Milton Keynes Central. Bus The Hammersith Bus Interchange is a service hub for numerous bus routes that service the locality and is located 2 minutes walk from the property. It has 25 bus routes, serving both Central London and London suburbs, including 24 hour services and is the third busiest bus station in London. Air Hammersmith is within easy access of / benefits from excellent links to Heathrow International Airport, located approximately 10 miles to the west. It can be easily accessed by road via Junction 3 and 4 of the M4 motorway, the Heathrow Express from Paddington or the London Underground (Piccadilly Line) with a journey time of approximately 30 minutes. Heathrow is the world’s busiest international airport, which caters for approximately 67 million passengers per year and is viewed to be the aviation hub of the world. With the opening of Terminal 5 in 2008 at a cost of £4.2 billion, Heathrow Airport is now equipped to handle the predicted doubling of air passengers over the next 20 years. In addition, Gatwick airport is easily accessible via the M25. Local Economy / Occupiers As a dominant West London office location benefitting from a combination of excellent transport links and local amenities, Hammersmith has developed a diverse occupier base, historically attracting numerous high profile corporate occupiers as their headquarters location. Major occupiers of note in the area include: Occupier / Size sq ft 1 London Borough of Hammersmith & Fulham 260,000 7 Harper Collins 100,000 2 The Walt Disney Company 250,000 8 Halcrow 85,000 3 Bechtel Engineering 170,000 9 Coca-Cola Enterprises 80,000 4 Haymarket 125,000 10 AOL Time Warner 70,000 5 L’Oreal UK 110,000 11 GE Capital 120,000 6 EMI Recorded Music 100,000 4 10 HAMMERSMITH BROADWAY, W6 TO A40 EALING WHITE COMMON CITY M40, M1 H 40 IG HOLLAND PARK A H UE STR EN EET AV 0 K 0 A4020 THE VALE SHEPHERD’S BUSH AR 0 UXBRIDGE ROAD P 4 MARKET D N A A LL O H SHEPHERD’S BUSH A E S N K A E L W KENSINGTON ACTON Y SHEPHERD’S R R H U O O L GARDENS B A BUSH L S R D AND HOLLAND E N 2 N B 0 ACTON TOWN 4 ROAD U 4 A GORE 0 PARK N G D O 8 A INGT O KENS R K 15 A T W 3 A C H A H D A T OL GOLDHAWK 3 E G O 2 ROAD REET G A 9 2 N 0 ST V L 1 HIGH STREET O L 2 GH E I U A H KENSINGTON N SOUTH ACTON A A N D C U ON D T E E I G E D D S N S O A A T B D L N NSI B A O E E 4 O L 4 R R R I K R 9 K N O 9 WEST KENSINGTON O KENSINGTON 0 O G H A 1 R R S B D R O D U R O FO A A B A M S 3 D STA D ’ HAMMERSMITH 2 0 D 5 B 1 R 3 4 E CHISWICK HAMMERSMITH A 0 4 PARK TURNHAM GREEN D CROMWELL ROAD A RAVENSCOURT 8 A O N PARK R STAMFORD BROOK H O T I R M T S H E KING STR ER TO HEATHROW EET HAMM E A SHEPH R GLOUCESTER N L ROAD 15 D S 8 SOUTH CHISWIC ROAD A3 1 K HIGH R C 2 KENSINGTON O 3 M4 HAMMERSMITH O A U A R D D T A O GUNNERSBURY HAM R R 2 M 4 E W O ON A RS FLYO BROMPT MITH VE LD D R A A RWI EARL’S O A D O R COURT T WEST S C E KENSINGTON K 8 W 0 T R A OAD 3 E A 1 R BARONS B KEW BRIDGE G 3 COURT 1 7 R D G EARL’S A R E E O AT 10 HAMMERSMITH D W R EST AD A4 D C 5 RO A 31 O L M A COURT R I N F A D O H A T F L O P F E R BROADWAY I U E M F G O N G D R CHELSEA I B A B R D R B OL O D W WEST R O E BROMPTON N U S G H CHISWICK R R 8 O 1 2 I 3 A A D V 0 D 5 A E O E R 3 LLI R LI B T D K H L A 6 A 0 O A W 3 E R DA M W N A E FULHAM E S Y R L OA E E BROADWAY 7 D A CHISWICK 3 1 A U 2 H 1 2 S 9 C D A 3 F A S KEW N U N E L D L 6 H A O 1 L T O A 3 S R ARDENS M A S A G C P FULHAM N A I K L A 7 D C 0 BARNES A E 3 M 4 0 A KEW O RO R 3 A R O GARDENS T 3 EY A D D L S 5 D A T A A K W 3 R O E O E A B R R A R O H 2 03 A C 0 D 3 1 M PARSONS N T A 9 D W A A D IMPERIAL WHARF 2 A A D GREEN E A 0 E O H S 5 R K R H L O C W R G U R U H F O C E 7 R 1 B 2 3 T A M H D A O O R S B G N C I K R Y 3 I 0 D BARNES BRIDGE D 30 N G A A E S 6 T E R 1 E 3 R O ST A3205 H A G A MORTLAKE HI D A D O R K OAD L R BROOK P A GREEN D HA D E MMER N S W I C S MITH G K R O A D ROVE HAMMERSMITH B 4 & CITY LINE 0 8 10 10 HAMMERSMITH G L E N T H O R N E R O A D A3 1 5 BROADWAY 6 DISTRICT LINE 5 AD 1 A3 O PICCADILLY LINE B A219 BUSH ROAD SHEPHERD’S 8 D EA OA R G R D H ON HAMMERSMITH IT R 4 SM OA ER D AMM H DALLIN KINGS MALL SHOPPING CENTRE HAMMERSMITH 3 BROADWAY SHOPPING 5 1 KING STREET CENTRE HAMMERSMITH HAMMERSMITH E ROAD IDG BR 9 H IT M RS 2 ME AM H MERSMITH FLYOVER GREAT HAM WEST ROAD A4 11 H ROAD TALGART F U DISTRICT LINE A4 L AD H A PICCADILLY LINE RO M GE P BARONS A L COURT A 7 BRID C E R RI O VE A R T D H A M A AMMERSMITH 2 ES 1 9 H 10 HAMMERSMITH BROADWAY, W6 5 Travel Times Ealing Broadway Notting Hill Gate By Underground Wood Lane Richmond 13 minutes Green High Street Park Kensington Hyde Park Green Park 14 minutes Ealing Common Shepherd’s Bush Kensington Corner Market Olympia Ealing Broadway 14 minutes Knightsbridge Victoria 15 minutes Goldhawk Road Gloucester Acton Town Barons Bank 30 minutes South Ealing HAMMERSMITH Court Road Sloane Northfields Sqaure Kings Cross / St Pancras 30 minutes Boston Manor Chiswick Turnham Stamford Ravenscourt West Earl’s South Victoria Wimbledon 32 minutes Park Green Brook Park Kensington Court Kensington Hounslow East Osterley Heathrow 33 minutes West Brompton Hounslow West Hounslow Central Gunnersbury Fulham Broadway Hatton Cross Heathrow Parson’s Green By car Terminals 1,2 & 3 Kew Gardens Putney Bridge West End of London 4 miles Heathrow Terminal 4 Heathrow 10 miles East Putney Richmond M25 (J15) 12 miles Heathrow Terminal 5 Southfields Source: National Rail / RAC 10 HAMMERSMITH BROADWAY 6 10 HAMMERSMITH BROADWAY, W6 Situation 10 Hammersmith Broadway occupies a highly prominent position in the centre of Hammersmith on the junction of the busy Hammersmith Broadway and Shepherds Bush Road, directly opposite the Underground Station and The Broadway shopping centre.