London W1 C O N D U I T S T R E
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CONDUIT S TREET LONDON W1 INVESTMENT SUMMARY • Rare Mayfair mixed use retail and office asset • Total passing rent of £817,947 per annum providing the opportunity to hold as an investment, redevelop or refurbish the existing property • Westminster City Council have recently supported a planning pre-application to • Virtual Freehold demolish and redevelop the property, extending it to 7 floors reflecting a net internal floor area of • Prominent building totalling 11,113 sq ft NIA 15,612 sq ft (20,291 sq ft GIA) (3,719 sq ft retail accommodation and 7,394 sq ft office accommodation) • Potential to create a Fashion Maison and also suitable for owner occupation • Situated on the north side of Conduit Street, a prime retailing street in Mayfair • Offers in excess of £36 million, subject to contract and exclusive of VAT, reflecting anet • The retail element is let to The East India initial yield of 2.24%, reversionary yield of Company Fine Foods Ltd expiring in March 2024 3.26% and a capital value of £3,239 per sq ft and at a low passing rent of £350,000 per annum, £2,305 per sq ft on the proposed scheme reflecting only £303 Zone A • The property is held in a BVI SPV. The entire • Highly reversionary. Prime retail rents on Conduit share capital can be sold, thereby mitigating any Street are now £550 Zone A stamp duty. Purchasers costs are therefore1.80% • Offices are multi let to four tenants, at a passing rent of £355,147 per annum, reflecting an average rate of only £60.34 per sq ft • The vendor will top up the rent of the vacant second floor for 12 months, therefore reflecting a topped up rent of £467,947 per annum on the office accommodation LOCATION Conduit Street is located in the heart of Mayfair, in London’s West End, which is renowned as one of the world’s most exclusive retail locations. Mayfair is bordered by Soho to the east, St James’s to the south and Marylebone to the north. It is characterised by a blend of exclusive retailers, high quality office buildings and luxury residential accommodation. Mayfair boasts a wide selection of high end international restaurants including Sketch, Novikov, Scotts, Nobu, Hakkasan and 5 star luxury hotels including The Westbury, The Ritz, Claridge’s and The Connaught. Furthermore, Bond Street is home to world leading premium retailers such as; Louis Vuitton, Burberry, Prada, Cartier, Chanel, Giorgio Armani, Mulberry, Patek Philippe, Ralph Lauren and Tiffany. Mayfair is the chosen destination for the headquarters of major international corporate and financial occupiers including Blackstone, Lazard, GLC, Alliance Capital, KPMG, Carlyle Group and SAB Miller. CONDUIT STREET IS LOCATED IN THE HEART OF MAYFAIR IN LONDON’S WEST END, WHICH IS RENOWNED AS ONE OF THE WORLD’S MOST EXCLUSIVE RETAIL LOCATIONS. CONDUIT STREET IS CHARACTERISED BY A BLEND OF EXCLUSIVE RETAILERS, HIGH QUALITY OFFICE BUILDINGS AND LUXURY RESIDENTIAL ACCOMMODATION. E D G E W MONTAGU PL A M G R O L E B O N R R B B U Y O T R A A C A A O K N G D E E W M T S S U R T A N E S O S N Q R T S N C T P H S L Q E S T E R S T GEORGE STREET GEORGE STREET P ORTMAN CL CONNAUGH T T ST H A E UPPER B Y QUEEN AN D ERKEL NE ST EY STREET PORTMAN SQ E G R E W S T A PORTMAN R SQUARE E R O A WIGMORE STREET D WIGMORE STREET J A CAVENDISH M SQUARE E S GARDENS S T MARBLE ARCH HENRIETTA PL SITUATION H MARGARET STREET B O E L R L E N N S B E O S NOR A R TH R R OW E T ASTC AS R TLE ST 2 S A L T B D T S H 19 Situated on the north side of Conduit Street I BOND STREET H E O T N XF 18 OR B R D A ST which is an important east to west road linking N REET T O U E GREEN STREET O D S N P the luxury shopping destinations of Bond Street Y O N A L E P S U E and Regent Street. The property sits within 240 ft R A S T T OXFORD CIRCUS P Y K H T O L ST R XF RUSSELL of Regent Street and close to the crossroads OR GREAT S M D S K S T REE T T T O with Mill Street and Savile Row. L R R L A E T HANOVER E TOTTENHAM COURT ROAD O 1 N E P E N SQUARE T O E T N 8 S T E L W 9 A UPPER BROOK STREET B 7 N ROOK STREET 1 D B R 15 D E A O Apple Store G S V GROSVENOR N 2 T I E S SOHO E D 16 John Lewis SQUARE N 5 T S 24 C SQUARE B S T 3 6 S T E H G C T 4 Hamleys S T R R E A I 14 T A D R E 4 E K W L R R R E R T E E Sotheby’s E I Stuart Weitzman S I E N I S E N N UPPER GROSVENOR STREET GROSVENOR STREET A T MADDOX C H 15 W E 5 I T G G A N G H K S Fenwick 25 T T A Coach 20 L B S S 16 Y C R Y 6 T 21 F T C T E D R S Liberty R Furla E S A R 3 T O O I 17 T T 17 T 7 R S S U H T L H&M (Regent Street) Hackett L I S E U R S 18 O 14 8 D X R N 12 T S Nike Town Armani Exchange S O I O N T HYDE C 19 A 9 G P S H&M (Oxford Circus) D PARK Longchamp T L A MOU NT STREET A T O 10 20 C S E V K A E Bally B N Watches of Switzerland I T L E 11 10 21 E R E S 11 T S T Church’s N W Burberry O R T S U O 22 R T 12 S A O B D R Burlington Arcade O W R DSquared2 FF U I L 23 C W 13 T BERKELEY 13 10 I AbercrombieH & Fitch Dior C 24 SQUARE K A Mulberry U S E P B NU T 25 D E A T A V E A E E O Y L R R Breitling R L U T R B E S L S K L B 23 11 T L K F I D Y A H E H R L E S D M A S L B GARDE E NS N A O T E TO A O G N ING R I R Y RL V R U R U E N B E E S E L N P D S E T R E E T T T R R S S S S E T T T T T E R R R R T E S E E E E T PICCADILLY CIRCUS T E E E R T T T 22 E E T R E LEICESTER SQUARES G T LEICESTER E DILLY M CCA N SQUARE C PI A URZO N STRE T ET R S T T I N D R GREEN PARK LY ’ E IL S D U A E C L K C T I H P N E A S Y T M R E A E R T K E S T T J A M E S CHARING CROSS MALL PALL CAVENDISH SQUARE OXFORD STREET BOND OXFORD STREET STREET OXFORD CIRCUS CENTRAL CENTRAL JUBILEE VICTORIA BAKERLOO HANOVER SQUARE CARNABY STREET REGENT STREET NEW BOND STREET BOND NEW ST GEORGE STREET CONDUIT STREET SAVILE ROW COMMUNICATIONS Conduit Street benefits from excellent public transport OXFORD CIRCUS HEATHROW links and is served by three London Underground 29 MINUTES Stations; Oxford Circus (Central, Bakerloo and Victoria 0.2 MILES VIA CROSSRAIL lines), Bond Street (Central and Jubilee lines) and 4 MINUTE WALK (COMING 2018) Green Park, (Piccadilly, Jubilee and Victoria lines). BOND STREET London’s International airports are accessed via the GATWICK Heathrow Express departing from Paddington and the 0.4 MILES 47 MINUTES Piccadilly line as well as the Gatwick Express departing 9 MINUTE WALK VIA GATWICK EXPRESS from London Victoria Station. London City Airport is AT LONDON accessed via the Central Line, Jubilee and DLR. VICTORIA STATION GREEN PARK 0.5 MILES LONDON CITY 10 MINUTE WALK 35 MINUTES VIA CENTRAL LINE, JUBILEE LINE AND DLR THE OPENING OF THE CROSSRAIL STATION IN HANOVER SQUARE (2 MINUTES’ WALK) IN Q4 2018 WILL HAVE A SIGNIFICANT IMPACT ON BOTH RETAIL AND OFFICE LETTINGS IN MAYFAIR. THE NEW RAIL LINK WILL PROVIDE ACCESS TO HEATHROW (29 MINUTES) AND CANARY WHARF (13 MINUTES). THE CROWN REDEVELOPMENT The growth in the immediate area has been driven by the Crown Estate’s significant improvements to the local area. Alongside the high profile developments, the Crown has also invested £25 million in public realm improvements in and around Regent Street. The Crown Estate have transformed the southern section of Regent Street from a secondary retail location into a world leading retail destination playing home to one of the finest collections of international brands in the world.