CAVENDISH SQUARE GARDENS AND CAR PARK LONDON W1 INVESTMENT SUMMARY Opportunity to purchase the freehold ground rent interest of one of Central London’s most prestigious garden squares and prime West End car parks. • Cavendish Square is situated in the heart • The underground car park is on 3 levels and of London’s West End moments from the comprises approximately 13,527 sq.m. (145,600 internationally renowned retail destinations of sq.ft.) - 444 car and 83 motorcycle spaces. Oxford Street, Bond Street and Regent Street. • It is let at a current rent of £1,875 pa plus 5% of • The subject property comprises Cavendish annual gross receipts over £65,000 pa. Square Gardens and underground car park on a • The ground rent payable for the year ending 1st 2.2 acre site. March 2013 was £116,658 pa. • The gardens and car park are let on two separate • The car park, is sublet to Q Park Limited, full repairing and insuring leases to Westminster guaranteed by Q Park NV, for a term of 24 years City Council both expiring on 5th January 2062 8 months from 1st August 2011 at the higher of (48 years unexpired). £1,799,759 pa, subject to annual RPI increases, or • The gardens comprise 1.6 acres and are let at a 50% of turnover. peppercorn on a lease outside the security of • Q-Park is one of the market leaders in the tenure provisions of the 1954 Landlord & provision of parking facilities in Europe and has Tenant Act. recently refurbished the car park at a cost of • There may be potential to generate future £2.5m. income from the gardens and surrounding area • The current ground rent reflects only 6.5% of the within the freehold title in collaboration with rent now receivable by Westminster City Council Westminster City Council, particularly in light under the sub-lease to Q - Park. of the desire to improve the public realm in the area to cater for the impact of Crossrail which it is estimated will bring an additional 166 million Offers are invited for our client’s visitors per annum into Central London by 2026. freehold interest subject to contract. PAGE 02 CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 CAVENDISH SQUARE // CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 PAGE 03 LOCATION Situated in the heart of London’s West End just north of Oxford Circus, Cavendish Square is one of Central London’s most prestigious garden squares. It was the first square in Westminster to be In preparation for the higher visitor numbers that developed north of Oxford Street and was laid out in the new rail network will bring – estimated at up to 1717 as the centrepiece of the new Marylebone estate 250 million each year into Central London by 2026 - of Edward Harley, Earl of Oxford and is named after Westminster City Council, Transport for London and his wife, Lady Henrietta Cavendish Holles. the New West End Company have commissioned consultants, Arup and Publica to look at both the The Square is located in a prime Central short and long term improvements needed to London location close to the international retail enhance the West End’s public realm. Their report is destinations of Oxford Street, Regent Street and due to be published this spring and it is anticipated Bond Street. will include recommendations for the improvement The flagship store of John Lewis has an extensive of Cavendish Square. frontage on the south side of the square whilst The Square has also been identified within the House of Fraser, Debenhams and Selfridges Mayor’s “Great Spaces” Initiative encouraging the department stores are within a few minutes’ walk. revitalisation of London’s public spaces whilst Many international and national organisations have Westminster’s City Plan: Strategic Policies, adopted their headquarters located nearby including Chevron in 2013, has defined Cavendish Square as an “Oasis UK, The BBC, The Royal College of Nursing, Great Area of rest” promoting it’s connection with the Portland Estates, The Royal Society of Medicine, prime retail locations of Oxford Street, Regent Street CBRE and most recently, Savills. and Bond Street and enhancement as an attractive public space. Harley Street running to the north of the Square is one of the most established and famous medical locations in the world. The location will be further enhanced with the arrival of Crossrail in 2018 and the opening of the Bond Street Crossrail Station in Hanover Square, 200 metres to the south of the property. PAGE 04 CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 CAVENDISH SQUARE // ST REET V E N D I S H W C A NE PO THA R TL Y E R A ND WELBECK P L ST A CE REET ACE ST CAVENDISH PL REET HOLLES ST CE PLA HENRIETTA PROPOSED BOND STREET CROSSRAIL STATION SOUTH MOLT ON S T TREET B R O O K S CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 PAGE 05 CAVENDISH SQUARE // 3 5 8 6 4 2 11 9 10 3 1 7 1/ Cavendish Square and Car Park 5/ Hanover square 9/ John Lewis 2/ Oxford Street 6/ New Bond Street 10/ House of Fraser 3/ Regent Street 7/ Harley Street 11/ Debenhams 4/ Oxford Circus 8/ Proposed Bond Street Crossrail Station PAGE 06 CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 CAVENDISH SQUARE // CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 PAGE 07 DESCRIPTION The subject property comprises Cavendish Square Gardens and underground car park on a 2.2 acre site. The gardens were originally designed by Charles The design of the square and gardens has been Bridgeman (Royal Gardener 1728-1738) for Edward subject to a number of public realm studies, the Harley, Earl of Oxford, and were developed in 1717 most recently commissioned by Westminster City as the centrepiece of the new Marylebone Estate. Council in 2009 and the New West End Company They are laid out in a circular plan and occupy 1.6 together with the freeholders in 2013. acres with the present layout dating back to 1971 The latter suggests a phased approach to following the construction of the car park. The physically improving the gardens and surrounding gardens were subsequently refurbished and re- space, increasing accessibility, improving sightlines landscaped by Westminster City Council in 1995. with Hanover Square and creating an enhanced The original statue of Lord George Bentinck, public space with potential for: installed in 1848, still remains on the south side whilst the central plinth which had been • public art exhibitions unused for 144 years, now features a public art commission by the Korean artist, Meekyoung Shin. • seasonal markets She has recreated the original statue of the Duke • music performances of Cumberland that occupied the plinth between 1770 and 1868 entirely out of soap! • promotional events • café/restaurant facilities. Full information is available here>> PAGE 08 CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 CAVENDISH SQUARE // CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 PAGE 09 DESCRIPTION The car park was developed in 1971 by It has recently undergone a £2.5 million Westminster City Council below the gardens and refurbishment including new secure car and provides spaces for 444 cars and 83 motorcycles pedestrian entry gates, improved lighting, 160 on 3 levels with a total net internal area of 13,526.9 extra large parking bays and is now manned 24 sq.m. (145,602 sq.ft.). hours a day The car park has been operated (under a new The car park does not currently have a lift, lease) since August 2011 by Q-Park Limited and however, Q-Park have just received planning branded as Q-Park Oxford Street. permission to install one which they are proposing to do this year. Car Net Internal Level Spaces Area Sq.m. Sq.ft. G - 1 102 4,407.2 47,439 G - 2 154 4,572.0 49,212 G - 3 188 4,547.7 48,951 444 13,526.9 145,602 Areas in accordance with MSA report dated April 2010. PAGE 10 CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 CAVENDISH SQUARE // G - 1 CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 PAGE 11 TENURE Freehold. The gardens are subject to The London Squares The Post Office Tube tunnel runs under part of the Preservation Act 1931 which provides that land and is excluded from the registration. Title Cavendish Square is a “protected square” and can plan is available upon request. only be used as an ornamental garden, pleasure ground or ground for play, rest or recreation. The only buildings and structures allowed are those which are “necessary or convenient for, and in connection with, the use and maintenance of the square”. The Act does not prohibit development under the square. Almost all of the squares in Westminster are protected by the Act. 9 2 1 H ARLE 4 Kings Fund Y 10 STRE MEW 8 DEAN'S E ET S 12 PLAC SH 3 14 CAVENDI 7 to to 7 3 11 1 1 4 to 5 1 9 9 2 11 1 8 2 14 7 5 Bank 1 SQUARE 16 SH VENDI CA 7 5 3 1 UNIVERSITY OF WESTMINSTER 8 10 5 17 3 to 9 11 16 to 29 9 Harcourt Hous 1 2 k r Pa Bank r a 1 C ET 1 d STRE t un RET o o GA a R e 1 gr MA 5 r 19 e d n 1 U 4 37 35 PH Cowdray 33 20 Club RE 31 ENDISH SQUA 28 CAV Cowdray 21 Hall Bank (College of Nursing) 1 2 7 to to 2 1a 2 2 2a 1 PAGE 12 4 CAVENDISH SQUARE GARDENS AND CAR PARK // LONDON W1 1 1 TCBs 12 CAVENDISH SQUARE // TENANCIES The gardens and car park are let on two separate full repairing and insuring leases to Westminster City Council both expiring on 5th January 2062 (48 years unexpired).