MAYFAIR 11-15 FARM ST. W1
MAYFAIR 11-15 FARM ST. W1
INVESTMENT SUMMARY
Rare opportunity to acquire a Mayfair freehold interest • Located in the heart of Mayfair, adjacent to the world renowned Berkeley Square • Over 60% of Mayfair freeholds are owned by the London Estates; 11-15 Farm Street presents an exceptional opportunity to purchase a Mayfair freehold interest • Total net internal area (NIA) including reception and parking of 7,184 sq ft (667.5 sq m) and 8,804 sq ft (818 sq m) gross internal area (GIA) over ground to third floors • Planning consent for redevelopment to a residential dwelling house which will increase the existing massing to 13,228 sq ft (1,229 sq m) GIA • Very rare opportunity to redevelop a new build single residential dwelling in Mayfair • Potential to comprehensively refurbish or redevelop office accommodation (subject to obtaining the necessary planning consents) • Full vacant possession available in September 2018. All leases are Outside the Landlord & Tenant Act 1954 • We are instructed to seek offers in excess of£20,000,000 subject to contract and exclusive of VAT MAYFAIR 11-15 FARM ST. W1
THE MALL 5
4
PICCADILLY
3 REGENT BOND STREET STREET 3
2 7 4
1 8
11 1 2
OXFORD STREET
11-15 FARM STREET 5 MOUNT STREET
6 9
For indicative purposes only. MAYFAIR 11-15 FARM ST. W1
FARM STREET IS LOCATED 5 IN THE CENTRE OF MAYFAIR IN LONDON’S WEST END. 6
PLACES OF INTEREST 1. BERKELEY SQUARE 2. NEW BOND STREET 3. REGENT STREET 4. ST. JAMES’S SQUARE 5. ST. JAMES’S PARK 7 6. BUCKINGHAM PALACE 7. GREEN PARK 8. MOUNT STREET GARDENS 9. MOUNT STREET 10. THE DORCHESTER 11. HANOVER SQUARE CURZON STREET OFFICE OCCUPIERS 1. BLACKSTONE GROUP 2. WPP PARK 3. LAZARDS LANE 4. THE CARLYLE GROUP 5. LANDSDOWNE PARTNERS 6. CAIN HOY CAPITAL / AGC EQUITY PARTNERS SOUTH 7. ARCELORMITTAL AUDLEY STREET 8. BANK J. SAFRA SARASIN
8 10 MAYFAIR 11-15 FARM ST. W1 MAYFAIR 11-15 FARM ST. W1
LOCATION Farm Street located in the centre of Mayfair in London’s West Gymkhana, Bellamy’s and The Araki. The area contains some End. The property is situated 100 metres to the west of of the world’s most famous hotels – The Ritz, Claridges, The Berkeley Square which is internationally recognised as one Dorchester, The Connaught and Hilton Park Lane. There are of the most prestigious office locations in Mayfair and the world. a wide range of London’s private members clubs to choose The area is home to the most exclusive real estate in London from including Annabel’s, The Art’s Club, Morton’s, Little House and is steeped in history and heritage. It is traditionally regarded as Mayfair, Mark’s Club and 5 Hertford Street. one of the most desirable business addresses in the world being The area is further famed for its world renowned retailing with the preferred headquarters location for a large number of market- nearby Bond Street and Oxford Street hosting an abundance of leading national and international corporations. Mayfair’s global luxury brands. Including Cartier, Burberry, Ralph Lauren, Hermes, reputation for luxury homes has seen unprecedented demand Chanel, Louis Vuitton, Prada and Tiffany & Co. Mount Street for high-end residential property in recent years. has emerged over the past decade as a niche luxury retailing The location is synonymous with London’s finest restaurants, destination in its own right, home to designers such as Celine, bars, hotels and private members clubs. Exclusive restaurants Moynat, Simone Rocha, Marni, Lanvin, Goyard, Marc Jacobs, situated nearby include Scott’s, Sexy Fish, Nobu, Jamavar, Nicky Clarke and Carolina Herrara.
THE HISTORY OF BERKLEY SQUARE - BERKELEY SQUARE THE FUTURE Berkeley Square, adjacent to the property, was original laid out Major landowners, led by the Grosvenor Estate, have submitted in the mid-18th Century by the eminent architect William Kent proposals to subtly transform Berkeley Square by removing the as an opulent residential area. Kent named the square after the current parking and replacing this with wide English Pennine Berkeleys, an aristocratic Gloucestershire family whose London stone paving and managing the flow of vehicular traffic by home, Berkeley House, was situated nearby until 1733. The five introducing a two-way system on Davies Street. A number of acre square includes a parade of 220 year old London plane Glade Trees are set to be introduced alongside the installation trees. Famous residents have included Sir Winston Churchill of high quality street furniture and public art to enhance the and Charles Rolls, the co-founder of Rolls Royce. overall experience of the square This improvement to the public realm is set to enhance this already highly sought after area. OXFORD CIRCUS
F R STR T
BOND STREET HANOVER MAYFAIR F R STR T 11-15 FARM ST. W1 SQUARE 5 MARBLE ARCH W ST KEY W STR T 11 1 ● Restaurants R T STR T R S R ST 1. The Greenhouse A S STR T GROSVENOR 11 2. Le Gavroche T STR T 3. Hakkasan 4. Nobu 1 SA R W 5. Cecconi’s 6. Sketch SQUARE 11-15 FARM ST 7. Sexy Fish 1 8. Jamavar S T A STR T R T STR T 9. Gymkhana AR STR T 1 BERKELEY 5 PICCADILLY CIRCUS
10. Bellamy’s STR T 11. The Araki SQUARE 1 M T STR T ● Hotels MOUNT STREET GARDENS 1 1. The Mayfair Hotel FARM STR T 2. Brown’s Hotel R STR T AR A 3. The Dorchester 4. The Hilton MA FA R 1 RM STR T AR 1 PICCADILLY 5. The Metropolitan 6. Four Seasons S T STR T 1 7. The Ritz AR S STR T STRATT STR T 8. Le Meridien Piccadilly ST JAME’S SQUARE 9. The Westbury 10. Claridge’s GREEN PARK ST AM S STR T 11. Marriott Grosvenor Square 12. Millennium Hotel R STR T A MA 13. The Connaught 5 14. Grosvenor House
● Retail
1. Fortnum & Mason A
2. Burlington Arcade R
5 ST AM S S
3. Harvey Nichols A
THE SERPENTINE 4. Harrods PICCADILLY 5. Fenwick 6. Liberty 7. Selfridges
● Places of Interest R 1. Buckingham Palace AR T MA 2. Royal Academy ST AM S S 3. St Jame’s Palace AR HYDE PARK CORNER ● Member’s Clubs S T ARR A R ST T T 1. Annabel’s 2. The Art’s Club 3. Little House Mayfair 4. Morton’s TS R KNIGHTSBRIDGE
5. 5 Hertford Street 3 GROSVENOR PLACE 6. Mark’s Club AM 1 A A AR S
4 OXFORD CIRCUS
F R STR T
BOND STREET HANOVER MAYFAIR F R STR T 11-15 FARM ST. W1SQUARE 5 MARBLE ARCH W ST
W STR T 11 1 R S R ST R T STR T
A S STR T GROSVENOR 11 T STR T 1 SA R W SQUARE 11-15 FARM ST 1 S T A STR T R T STR T AR STR T 1 BERKELEY 5 PICCADILLY CIRCUS
STR T
SQUARE 1 M T STR T MOUNT STREET GARDENS 1 FARM STR T R STR T AR A AR MA FA R 1 RM STR T 1 PICCADILLY S T STR T 1 AR S STR T STRATT STR T ST JAME’S SQUARE GREEN PARK ST AM S STR T
R STR T A MA 5
A R
5 ST AM S S
A
THE SERPENTINE PICCADILLY
R AR T MA ST AM S S AR HYDE PARK CORNER S T ARR A R ST T T
TS R KNIGHTSBRIDGE
3 GROSVENOR PLACE AM 1 A A AR S
4 For indicative purposes only. MAYFAIR 11-15 FARM ST. W1 MAYFAIR 11-15 FARM ST. W1
SITUATION Well positioned at the quieter eastern end of Farm Street, the property benefits from an abundance of natural light thanks to unbroken views down Hays Mews, to the front, and Mount Street Mews, to the rear. Farm Street is popular with both office and residential occupiers owing to its quiet backdrop relative to its central London location. Farm Street comprises a mix of high end single dwellings and apartments as well as a number of office buildings. The Street’s famous Punchbowl pub is 150 metres to the west of the property. Mount Street, to the north of the property, can be accessed via Mount Street Gardens. Grosvenor Square and Berkeley Square are situated to the north and east respectively whilst the open spaces of Hyde Park and Green Park are within 500 metres of the property. The exclusivity of ownership within this world renowned micro-location is a rare opportunity for investors, owner occupiers and developers alike. MAYFAIR 11-15 FARM ST. W1
MOUNT STREET MAYFAIR 11-15 FARM ST. W1
COMMUNICATIONS Farm Street benefits from excellent connectivity being within easy walking distance of both Bond Street (Central and Jubilee lines) and Green Park (Jubilee, Piccadilly and Victoria lines) London Underground stations. The Elizabeth line (Crossrail) opens at Bond Street station in late 2018 providing a new high frequency, high capacity railway servicing 40 stations improving the east / west link for London and the South East. Following the arrival of the Elizabeth line, journey times from Bond Street to Liverpool Street and Heathrow will take just 7 minutes and 27 minutes respectively. MAYFAIR 11-15 FARM ST. W1
DESCRIPTION 11-15 Farm Street comprises a modern office building arranged over ground and three upper floors. The building fronts Farm Street with excellent uninterrupted views south down Hay’s Mews. The ground floor office benefits from a private courtyard whilst the upper floors have rear views over Mount Street Mews through to Carlos Place. The third floor office benefits from a small terrace whilst roof lights provide excellent natural light. Internally the open plan office accommodation provides comfort cooling with separate male and female WCs found at first floor level with further WCs on ground and third floors. A garage, making up approximately 50% of the ground floor, provides three marked vehicle parking bays. MAYFAIR 11-15 FARM ST. W1 MAYFAIR 11-15 FARM ST. W1
SCHEDULE OF ACCOMMODATION
Floor Use Sq ft Sq m
Third Office 1,482 137.7
Second Office 1,680 156.1
First Office 1,652 153.5
Ground Office 772 71.7
Sub-total 5,586 (NIA) 519.0 (NIA)
Ground Reception & Storage 407 37.8
Ground Car Parking 1,191 110.7
Total 7,184 667.5
TENURE The property is held Freehold.
TENANCY The property is currently let on a short term basis. All leases are Outside the Landlord and Tenant Act 1954. Vacant possession is achievable in September 2018. A tenancy schedule is available upon request. MAYFAIR 11-15 FARM ST. W1
Existing Ground Floor
Typical Upper Floor (First Floor) MAYFAIR 11-15 FARM ST. W1
OFFICE SCHEME We anticipate an increased office massing, established through the current consented residential scheme, could be used in order to redevelop a Grade A office headquarters.
CGI OF CONSENTED RESIDENTIAL SCHEME - © COLWYN FOULKES MAYFAIR 11-15 FARM ST. W1
WEST END OFFICE OWNER-OCCUPIER MARKET 11-15 Farm Street lends itself to an office redevelopment or refurbishment scheme. The size and location of the property are ideally suited to provide a prestigious office headquarters. Office owner occupiers continue to drive demand for sub 15,000 sq ft buildings in core West End sub-markets where vacant possession has been achieved / can be achieved within a short time frame. The unprecedented demand from owner occupiers in Mayfair and St James’s is evidenced by the below table of transactions:
Date Address Tenure Price Capital Value (psf)
April-16 27 Berkeley Square, W1 Long leasehold (10% gearing) £22.9m £3,856
Mar-16 33 Grosvenor Street, W1 Long leasehold (10% gearing) £31.0m £2,711
Mar-16 69 Grosvenor Street, W1 Long leasehold (10% gearing) £35.0m £2,404
Feb-16 21 Hanover Square, W1 Freehold £28.1m £3,608
Nov-15 20 St James’s Square, SW1 Freehold £32.5m £2,570
Sep-15 29 Charles Street, W1 Freehold £9.2m £3,918
Jan-15 6 Grafton Street, W1 Freehold £36.0m £2,719 MAYFAIR 11-15 FARM ST. W1
RESIDENTIAL MARKET Today Mayfair is split into nine distinct districts, the most There are a number of luxury apartment blocks currently desirable of which is Mayfair Village. Located in the heart being developed and whilst this will help to meet the of Mayfair Village, Farm Street offers a quiet retreat within demands of those looking to buy flats in Mayfair, there central London and is consequently a highly sought after is still a distinct lack of large private houses with integral residential destination. Over the last few years many of parking. With hundreds of Mayfair’s traditional townhouses Mayfair’s commercial properties have been reinstated to either Grade I or II Listed, planning laws severely restrict their original purpose as luxury residential addresses. These the work that can be undertaken to create a bespoke properties typically transact discreetly on an off market residential address. The opportunity to acquire a basis, but the few that do surface regularly see prices in residential site, with consent for a high end single unit, excess of £3,000 per sq ft achieved. Whilst there is still a with a range of luxury features is extremely rare. strong domestic market, the majority of recent transactions have involved Chinese, Russian and Middle Eastern buyers. MAYFAIR 11-15 FARM ST. W1
PLANNING Planning Consent (14/10858/FUL) was granted on 5 January 2016 for “Demolition of existing office building, excavation to provide a two storey basement and erection of a residential dwellinghouse (Class C3) over sub-basement, basement, ground, first, second and third floor levels.” The Planning Consent provides for a magnificent single dwelling arranged over double basement, ground and three upper floors providing a bespoke six bedroom house with extensive entertainment space, a gym, swimming pool, cinema, car stacker and staff accommodation. All floors benefit from lift access, while there is off street parking for up to two cars. A detailed breakdown of the consented scheme includes: Basement Level - A sports complex, including swimming pool, jacuzzi, steam room and gym, as well as a cinema room. Lower Ground Floor – An industrial kitchen and wine cellar, laundry, staff accommodation and a garage with car stacker. Ground Floor – An impressive entrance lobby leading to a family room, reception room and private study First Floor – A grand salon stretching the entire width of the property, a drawing room and dining room Second Floor – An extensive master bedroom suite, with two further ensuite bedrooms, one of which benefits from a roof terrace. Third Floor – Three large ensuite bedrooms
PROPOSED DEVELOPMENT AREAS (GIA):
Floor Use Sq ft (GIA) Sq m (GIA)
Third Residential 1,690 157.0
Second Residential 1,981 184.0
First Residential 2,174 202.0
Ground Residential 2,411 224.0
Lower Ground Floor Residential 1,765 164.0
Basement Floor Residential 2,368 220.0
Sub-total 12,389 1,151.0
Ground Floor Parking 398 37.0
Lower Ground Floor Parking 441 41.0
Sub-total 839 78.0
Total Residential / Parking 13,228 1,229
The development is subject to the payment of an Affordable Housing Contribution of £411,318. The property is situated within the Mayfair Conservation Area. MAYFAIR 11-15 FARM ST. W1
CONSENTED RESIDENTIAL
CGI OF CONSENTED RESIDENTIAL SCHEME - © COLWYN FOULKES MAYFAIR 11-15 FARM ST. W1
Consented Basement MAYFAIR 11-15 FARM ST. W1
Consented Lower Ground Floor MAYFAIR 11-15 FARM ST. W1
Consented Ground Floor MAYFAIR 11-15 FARM ST. W1
Consented First Floor MAYFAIR 11-15 FARM ST. W1
Consented Second Floor MAYFAIR 11-15 FARM ST. W1
Consented Third Floor MAYFAIR 11-15 FARM ST. W1
ADJACENT SCHEME UNDER CONSTRUCTION
21-23 FARM STREET
The scheme proposes to deliver a new and improved street cleansing facility at ground and part first floors and 14 residential units over four upper floors. This new development, is set to deliver a visibly attractive mixed use building which will greatly enhance the immediate townscape. Currently being developed by Caudwell Properties Limited, the scheme is set for practical completion in 2018. MAYFAIR 11-15 FARM ST. W1
VAT The property is elected for VAT
EPC EPC available upon request
DATAROOM Additional information will be made available within the data room. Access can be provided upon request.
PROPOSAL We are instructed to invite offers in excess of £20,000,000 subject to contract and exclusive of VAT
CONTACT
Nick Pemberton Piers Glover James Stewart-Lockhart Mark Ibbotson 020 7543 6775 020 7543 6810 020 7543 2682 020 7543 6879 [email protected] [email protected] [email protected] [email protected]
www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 07.17