RARE ST JAMES’S FREEHOLD HEADQUARTERS OFFICE BUILDING 3 CONTENTS Investment Summary 8 St James’s 12 Connectivity 14 Location 16 Description 20 Specification 25 Accommodation 26 Floor Plans 28 Tenure 33 Tenancy Schedule 34 Tenant Covenants 36 Occupational Market 40 Investment Market 42 Investment Considerations 44 Further Information 45 Contact 46 5 6 7 INVESTMENT SUMMARY Extremely rare St James’s freehold trophy asset prominently situated on St James’s Street, less than 50 metres from the Ritz Hotel; Redeveloped in 1999, the property has recently undergone extensive refurbishment, completing in 2018; Cassini House provides 51,348 sq ft of Grade A office accommodation arranged over lower ground, ground and six upper floors. Well configured 7,000 sq ft floorplates benefitting from excellent levels of natural light throughout; Let to three established occupiers, Artemis Investment Management, Mitsui Fudosan and Shore Capital Stockbrokers, with a WAULT to lease expiries of 10.33 years and 8.25 years to tenant break options; Artemis are the principal occupier in the building, accounting for 58% of the income, benefiting from their own dedicated self-contained reception and internal staircase serving all of their upper floors; Total passing rent of £5,019,085 per annum, equating to a highly reversionary average rent of £100.58 per sq ft; Well timed rent reviews between 2023 and 2025 offering an excellent opportunity to capture the reversionary rent in a rising leasing market; Offers are invited in excess of £135,000,000, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 3.48% (after the deduction of purchaser’s costs at 6.80%) and a low capital value of £2,629 per sq ft. 9 CITY OF LONDON CANARY WHARF THE SHARD CENTREPOINT THE LONDON EYE SOUTHBANK TOTTENHAM COURT ROAD CHARING CROSS LEICESTER SQUARE TRAFALGAR SQUARE PICCADILLY CIRCUS REGENT STREET ST JAMES’S SQUARE ST JAMES’S PARK SAVILE ROW JERMYN STREET PICCADILLY THE MALL BOND STREET THE RITZ MAYFAIR GREEN PARK GREEN PARK ST JAMES’S St James’s is steeped in history and globally renowned for its exclusive retailers, numerous luxury hotels, including The Ritz, Duke’s Hotel and the Stafford, as well as prestigious member’s clubs including Boodle’s, White’s and the Royal Automobile Club. In addition, a wealth of world-class restaurants are on offer including Quaglino’s, Café Murano, The Wolseley and Avenue. Occupiers are drawn to the prestige and associated wealth of the immediate area with major corporate institutions and boutique firms situated in close proximity. Notable local occupiers include, amongst others, Warburg Pincus, Temasek and Edmond de THE WEST END OF LONDON Rothschild. IS ONE OF THE WORLD’S MOST EXCLUSIVE Continuing the theme of opulence, the capital’s most exclusive shopping and art galleries can be found in OFFICE LOCATIONS AND ST JAMES’S IS the immediate vicinity, with Jermyn Street, Bond Street, Savile Row and Regent Street all within walking distance. CONSIDERED THE JEWEL IN THE CROWN. Furthermore, St James’s benefits from an abundance of green space with St James’s Park to the south and Green Park to the west. These features combine to ensure that St James’s remains one of London’s most sought after corporate locations offering global appeal to occupiers and landlords alike. 12 13 KING’S CROSS ST PANCRAS PADDINGTON INTERNATIONAL To Heathrow Via Heathrow Express BAKER STREET EUSTON To Paris Via Eurostar NOTTING TOTTENHAM Key HILL GATE BOND STREET COURT ROAD Bakerloo OXFORD CIRCUS Central GREEN PARK Circle To Heathrow Via District HIGH STREET Piccadilly Line KENSINGTON Hammersmith & City MINUTES WALK Jubilee Metropolitan PICCADILLY CIRCUS LEICESTER BANK Northern MINUTES WALK SQUARE To London City Piccadilly Airport Via DLR Victoria DLR Elizabeth Line Eurostar SOUTH VICTORIA CHARING WATERLOO LONDON National Rail KENSINGTON To Gatwick Via Gatwick Express CROSS BRIDGE CONNECTIVITY Underground MINUTES WALK MINUTES WALK St James’s transport connectivity across the capital is excellent with Green Park (Victoria, Piccadilly and Jubilee lines), Piccadilly Circus (Piccadilly and Bakerloo lines), Leicester Square (Northern and Piccadilly lines) and Charing Cross (Mainline Rail, Northern and Bakerloo lines) stations all within easy walking distance. These stations provide fast and easy access to the remainder of the London Underground network, including the Elizabeth Line, together with the capital’s principal mainline stations and Heathrow and Gatwick airports. In addition, numerous bus routes run along Piccadilly, linking Mayfair and Soho to the north via Regent Street, and Victoria to the south via Whitehall. 14 15 GOLDEN SQUARE E N V A Y LOCAL AMENITY R U T E S W A L K B I N U I N G S 5 M T Clubs & Hotels Restaurants & Bars F A LEICESTER H 1. Army & Navy Club 1. 45 Jermyn Street S SQUARE 1 2. Boodle’s 2. Avenue 11 PICCADILLY R 3. Brown’s Hotel 3. Boulestin E CIRCUS G 4. Carlton Club 4. Café Murano B E O N T 5. Dukes Hotel 5. Caviar House & Prunier N S D T 6. East India Club 6. Chutney Mary R E E BERKELEY S T 4 W 11 12 7. Naval & Military Club 7. Franco’s T A SQUARE H R T 8. Oxford & Cambridge Club 8. Hide E E A E 8 R Y 9. Reform Club 9. Langan’s M 3 T L 6 O A 10. Royal Automobile Club 10. Le Caprice 7 11 O R K 11. The May Fair 11. Rowley’s P E L T 12. The Ritz 12. Saint Jacques 1 T 4 E A E C 13 13. The Stafford 13. Sake No Hana R T E S T 14. White’s Club 14. The Ritz E MAYFAIR N E Y R 6 15. The Wolseley M 9 1 T TRAFALGAR R S E 13 SQUARE 11 J ST JAMES’S I Culture 16. Wiltons 6 Y I L 8 13 S L 14 7 E 5 I 1 R D 10 L 1. BAFTA A Retail C A CHARING C H 2. Christie’s I C P 3 4 15 CROSS 3. Clarence House 1. Alfred Dunhill 5 16 14 11 14 4. Criterion Theatre 2. Berry Bros. & Rudd 15 7 16 10 3. Crockett & Jones 3 5. Grosvenor Gallery 4 5 ST JAMES’S 4. Daks 6 6. Her Majesty’s Theatre 14 S 9 12 T SQUARE 5. Davidoff W 7. Insitute of Contemporary Arts 2 J 15 H 6. De Beers A 9 8. Jermyn Street Theatre T 14 I M 13 2 5 E T 7. Fortnum & Mason E 9. Martyn Gregory E 7 E 10 9 R S T H 8. Hackett S 8 10. Moretti Fine Art GREEN PARK ’ S G A 9. Harvie & Hudson N 17 1 L 11. Royal Academy of Arts 8 I S K 9 10 7 L T 16 2 12. St. James’s Palace 10. Hawes & Curtis R E 13. Theatre Royal Haymarket 11. Hilditch & Key L 12 E L 13 4 A T 14. White Cube Mason’s Yard 12. Lock & Co. Hatters M 8 6 2 L 5 12 L 15. David Gill Gallery 13. Paxton & Whitfield 3 A P 10 14. Pink 2 15. Sharps Pixley Offices 16. Turnbull & Asser 15 H L O 1. Anglo American L A R M S 2. BAE Systems E E GREEN PARK H 3. Blackstone T ST JAMES’S PALACE G 4. BP U 12 A 5. Brewin Dolphin R 6. Carlyle Group D S 7. Cinven 3 ST JAMES’S PARK R 8. Citi O 9. Credit Suisse A HORSE GUARDS D PARADE 10. Edmond De Rothschild 11. HSBC Private Bank 12. Permira Advisers 13. Rio Tinto 14. Rolex 15. St James’s Place Wealth Management C O N S T I T U T I O N H I L L 16. Temasek 17. Warburg Pincus & Co 16 17 The elegant Portland stone façade ensures a commanding presence on the west side of St James’s Street with additional frontage to Arlington Street to the rear. The building is arranged over lower ground, ground and six upper floors with typical floors extending to approximately 7,000 sq ft. Access to the building is via an impressive contemporary reception area with additional access and car lift entrance on Arlington Street. DESCRIPTION CASSINI HOUSE WAS DEVELOPED IN 1999 AND COMPREHENSIVELY REFURBISHED IN 2018, DELIVERING 51,348 SQ FT (4,770 SQ M) OF HIGH-QUALITY GRADE A OFFICE ACCOMMODATION. 20 22 23 SPECIFICATION Cassini House was subject to a major refurbishment programme, completing in 2018 to an exceptionally high quality, ensuring the exacting standards of modern occupiers are completely satisfied. Well configured, efficient and flexible upper floorplates range in size from 6,067 sq ft to 7,233 sq ft, serviced by three passenger lifts and one goods lift. Both male and female WC facilities are available within the common areas on each floor. Additional tenant facilities include basement car parking spaces, bike storage and shower facilities. Each tenant has undertaken extensive fit out works ensuring the office space is presented in the best possible light. In general, a combination of open plan areas together with meeting rooms, reception area and kitchen/dining facilities have been created benefitting from the following specification: Remodelled reception and common areas Four-pipe fan coil air conditioning 2.6m clear floor to ceiling heights Full access raised floor New shower facilities in the basement Bike racks and lockers 3 x 16 person passenger lifts 1 x 8 person goods lift 1 x car lift 24-hour security 24 25 ACCOMMODATION SCHEDULE Floor Use NIA Sq Ft NIA Sq M Sixth Office 6,067 563.6 Fifth Office 6,757 627.7 Fourth Office 6,896 640.7 Third Office 7,121 661.6 Second Office 7,233 672.0 First Office 7,067 656.5 Ground Office 5,673 527.0 Ground Reception 1,448 134.5 Lower Ground Office 3,086 286.7 Total 51,348 4,770.3 The property has been measured by Hollis, in accordance with the RICS Code of Measuring Practice (6th Edition).