2 WALTER HOUSE COVENT GARDEN 1 -...

WALTER HOUSE2 1 COVENT GARDEN

“ An exciting freehold opportunity on a prominent corner site in Covent Garden benefiting from a consented residential scheme”

Opportunity


ExecutiveSummary– Freehold mixed-use investment / development

opportunity

– Prominently located on the corner of Strand and Bedford Street, a prime Covent Garden location moments away from the world famous Piazza

– Two adjoining buildings providing 19,377 sq ft (1800.1 sq m) of Gross Internal Area with existing B1 office use and 6,683 sq ft (620.7 sq m) of retail accommodation across five retail units

– Walter House was originally built in 1907 and benefits from extensive frontage to Strand

– 50 Bedford Street is a more modern building constructed in the late 1960s / early 1970s

– The upper floors of Walter House and 50 Bedford Street are offered with immediate vacant possession providing the opportunity for refurbishment and re-letting, owner occupation or residential conversion

– Detailed planning consent for the provision of 18 residential apartments (C3) comprising 14,961 sq ft (1,390 sq m) of Net Saleable Area with a mix of one, two and three bedroom apartments

– Retail element provides active asset management opportunities

– Covent Garden is one of the most vibrant commercial, retail and residential locations in Central London

– Offers are sought in excess of £25,250,000 subject to contact and exclusive of VAT. Pricing at this level reflects a capital value of £723 per sq ft on the existing GIA of the offices assuming a net initial yield of 4.20% on the retail element once fully let at our assumed ERVs (assuming standard purchaser’s costs of 5.80%)


River Thames

Somerset House

Strand Covent Garden Piazza

Royal Opera House

Oxford Circus

Tottenham Court Road (Crossrail from 2018)

CoventGarden

SavoyHotel

Charing Cross

Embankment Piccadilly Circus

Leicester Square


TheLocation

TheSituationThe Northbank Bid

Walter House is prominently situated on the north side of Strand on the corner of Strand and Bedford Street. Strand is the main east / west thoroughfare linking Trafalgar Square with Aldwych and Kingsway. 50 Bedford Street is located on the east side of Bedford Street at the southern end. Bedford Street connects Strand with the two key Covent Garden Streets, Henrietta Street and King Street which lead on to the Piazza.

Exchange Court, a pedestrian walk way linking Strand with Maiden Lane, runs through Walter House at ground floor level between 418 Strand and 419-420 Strand.

‘The Northbank’ is an area recently approved for extensive renovation by Westminster City Council. The area covers from Trafalgar Square in the west through to Aldwych in the east, inclusive of the Strand.

The aim of the project is to strengthen the reputation of Northbank as a leading cultural, historical and diverse environment and to further cement its position as:

· A world class destination in London.

· A prosperous and competitive working and residential community.

· A home for leading business.

· An area that excels at offering high quality public space.

As part of the planned improvements; road, pedestrian, public and transport connections are being updated. A particular proposal is to enhance the pedestrian route between Charing Cross and Covent Garden along Adelaide Street.

“ Covent Garden is a lively and dynamic village in the heart of London’s West End ”Covent Garden is a vibrant and popular commercial, retail and residential district in London’s West End. Bordered by Soho to the west, Shaftesbury Avenue to the north, the City to the east and the River Thames to the south, Covent Garden is centrally located with excellent transport connections and accessibility across the capital.

Renowned for the former fruit and vegetable market in the central square, the evolution of Covent Garden has established it as a London icon. Key estate holders, Capital and Counties Properties and Shaftesbury Plc have led the transformation through extremely successful tenant engineering strategies and considered planning and investment.

Today, Covent Garden is home to a selection of internationally renowned brands including Chanel, Dior and Burberry and the tech giant Apple also has their largest store in Europe within the Piazza. Other key retail hubs include Long Acre, Seven Dials, King Street and Strand.

As a dining destination, the area is famous for its diverse selection of food and leisure choices from casual cafés and trendy pop-ups to high-end brassieres such as Balthazar and The Ivy. Boasting five-star hotels such as The Savoy and One Aldwych, Covent Garden is a magnet for those who want to enjoy the abundance of lifestyle and leisure offerings.

Covent Garden has long been associated with culture and entertainment. With over 40 theatres, street performances throughout the year and the Royal Opera House, the area, which is steeped in history, continues to draw worldwide recognition as the place to live, work and visit in the capital city.


TheAmenitiesAttracting people from all over the world, the buzz of Covent Garden is fuelled by theatres, opera and restaurants which sit amongst a host of cutting edge retailers.

42mVisitors per year

72minsAverage dwell time

COVENT GARDEN 11

TheConnections

1 American Bar

2 Balthazar

3 Christopher’s

4 Da Polpo

5 Dishoom

6 The Delaunay

7 Gordon’s

8 Hawksmoor

9 The Ivy

10 Jamie’s Italian

11 Joe Allen

12 Kopapa

13 L’Atelier de Joël Robuchon

14 Mon Plaisir

15 One Aldwych

16 Opera Tavern

17 Radio Rooftop Bar

18 Rules

19 The Savoy Grill

20 Simpson’s

21 Terroirs

22 Les Deux Salons

23 J Sheekey

24 Clos Maggiore

25 The Rosewood Hotel

26 Belgo

27 The Waldorf Hotel

28 The Hoxton Hotel

29 Kingsway Hall Hotel

30 Cucina Asellina

1 Agnès B

2 Apple

3 Aspinal of London

4 Burberry Brit

5 Chanel

6 Fred Perry

7 Hackett

8 Hobbs

9 Jo Malone

10 Kate Spade

11 Kurt Geiger

12 Links of London

13 Ted Baker

14 Mulberry

15 Michael Kors

16 Nicole Farhi

17 Nigel Hall

18 Oliver Sweeney

19 Paul Smith

20 Penhaligon’s

21 Rugby Ralph Lauren

22 Trevor Sorbie

23 Villebrequin

24 Jack Wills

25 Oakley

26 Ellis Bingham

27 LK Bennett

28 Aram Furniture

Restaurants & Hotels Shopping

Furthermore connections and journey times for the area will further improve across London when Crossrail opens in 2018.

The high frequency and high capacity rail service will link Maidenhead and Heathrow in the West, to Shenfield and Abbey Wood in the East and will be accessible via Tottenham Court Road, a short distance away from the properties.

Walter House and 50 Bedford Street is also well served by regular bus services along Strand to both the West End and City.

Charing Cross 4 mins

Covent Garden 4 mins

Leicester Square 7 mins

Holborn 14 mins

Tottenham Court Road 13 mins

Piccadilly line Central lineNorthern line

Crossrail (2018)

Piccadilly lineCentral line

Bakerloo lineNorthern line

Piccadilly lineNorthern line

From (Station) To (Station) Time (mins)

Charing Cross

Tottenham Court Road 2

Paddington 7* / 11

Liverpool Street 8* / 17

Canary Wharf 14* / 17

Heathrow Airport 32* / 36

Source: TfL.gov.uk, Crossrail.co.uk *Part journey via Crossrail (2018)

The properties benefit from excellent transport links, including Covent Garden (Piccadilly line), Charing Cross (Bakerloo line, Northern line and National Rail) and Leicester Square (Northern and Piccadilly lines) Underground stations, all of which are within walking distance of Walter House and 50 Bedford Street.

“ With the opening of Crossrail at Tottenham Court Road in 2018, the status of this dynamic area will be further enhanced”

10 WALTER HOUSE

SOUTHAMPTON STREET

CHANDOS PLACE

TAVISTOCK STREET

KING STREET

FLORAL STREET

BOW STREET

ENDELL STREET

JAMES STREET

MERCER STREET

WELLINGTON STREET

DRURY LANE

NEWTO

N STREET

DRURY LANE

LONG A

CRE

CRANBOURN STREETGREA

T QUEE

N STR

EET

RUSSELL

STREE

T

ST

MA

RTI

N’S

LA

NE

MO

NM

OU

TH S

TREE

T

SAVOY STREET

ADAM STREET

SARDINIA STREET

PORTUGAL STREET

REMNANT STREET

WILLIAM IV STREETCHA

RIN

G C

ROS

S R

OA

D

SHAF

TESB

URY

AVEN

UE

HIGH HOLBORN

KINGSWAY

ALDWYCH

STRAND

LAN

CASTER PLACE

VICTORIA EMBANKMENTSTRAND

BEDFORD STREET

HOLBORN

CHARING CROSS

COVENTGARDEN

LEICESTERSQUARE

TOTTENHAMCOURT ROAD

Crossraildue 2018

2320

27

28

21

22

25

26

24 17

18

1914

15

16

1112

13

9

10

6

7

8

4

5

1

2

3

22

1920

25

28

29

26

27

30

21

24

23

16

17

18

13

14

1510

11

12

8

96

7

4

5

1

2

3COVENT GARDEN

PIAZZA

LINCOLN’S INNFIELDS


“ Attractive buildings providing prime retailing on Strand and B1 office space on the upper floors.”

TheProperty

Walter House is an attractive corner building with the original construction dating back to 1907. The property provides 20,790 sq ft (1,931.2 sq m) (inclusive of the retail) of Net Internal Area arranged over lower ground, ground and five upper floors.

The existing B1 office accommodation is arranged over part lower ground, part ground and five upper floors, totalling 14,901 sq ft (1,384 sq m). The property is accessed from the main entrance on Bedford Street with a passenger lift serving all floors. All the floors benefit from excellent views down Strand and boast good natural light.

50 Bedford Street is a more modern building and was constructed in the late 1960s / early 1970s. The self-contained building is arranged over lower ground, ground and three upper floors and provides 1,452 sq ft (134.7 sq m) of Net Internal Area (inclusive of retail) in total.

The property provides 658 sq ft (61.0 sq m) of existing B1 office accommodation arranged over three upper floors served by an internal staircase.

The office floors in both buildings are vacant and internally the specification includes;

– A six passenger lift serving all floors (Walter House only)

– Plastered and painted ceilings and walls

– Wood effect and carpet flooring

– Perimeter trunking

– Category II lighting

– Male and female WCs

– Kitchen facilities

Existing Offices


421 / 422 Strand is the largest unit and occupies a prominent corner position at the junction of Strand and Bedford Street. The unit is let to Pret a Manger with the ground floor dedicated to retail use and ancillary basement accommodation accessed via a staircase situated to the rear of the ground floor.

419 / 421 Strand is let to The Restaurant Group (UK) Limited (t/a Garfunkel’s) and benefits from good frontage to Strand. The position and style of the staircase towards the front of the unit allows for the basement to be used as sales space.

418 Strand, 50 Bedford Street and 51 Bedford Street are small lock-up shops with basement ancillary accommodation.

TheProperty

“ Walter House and 50 Bedford Street provide five prime retail units”

Retail

17 COVENT GARDEN

Roof

Fifth Floor

Fourth Floor

Third Floor

Second Floor

First Floor

Ground Floor

Basement

NIA (SQ M) NIA (SQ FT) GIA (SQ M) GIA (SQ FT)

Walter House Plant 9.7 104

5th Office 206.3 2,221 264.2 2,844

4th Office 266.9 2,873 320.7 3,452

3rd Office 279.5 3,009 325.9 3,508

2nd Office 273.8 2,947 318.4 3,427

1st Office 265.8 2,862 309.6 3,333

Ground Office 36.2 389 83.9 903

Basement 55.3 600 82.8 891

1,384.2 14,901 1,715.2 18,462

418 Strand Ground Retail 26.4 284 29.1 313 ITZA 244

Basement Storage 26.9 290 28.3 305 plus basement storage 290

420 Strand Ground Retail 71.4 769 78 840 ITZA 573

Basement Retail & Storage 113 1,216 137.8 1,483 plus basement storage 116

421 / 422 Strand Ground Retail 95.3 1,026 104.9 1,129 ITZA 827

Basement Storage 129.2 1,391 14.8 1,602 plus basement storage 1,391

51 Bedford Street Ground Retail 26.0 280 30.8 332 ITZA 275

Basement Storage 58.8 633 71.6 771 plus basement storage 633

547 5,889 629.3 6,775

50 Bedford Street 3rd Office 20.3 219 28.3 305

2nd Office 20.4 220 28.4 306

1st Office 20.3 219 28.2 304

Ground Retail 20.4 220 28.6* 308* ITZA 220

Basement Storage 53.3 574 66.5 716plus basement storage

574

134.7 1,452 180 1,939

The properties have been professionally referenced in accordance with the RICS Code of Measuring Practice (6th addition) by Plowman Craven and provide the following areas:

Schedule of Areas

*GIA is inclusive of access to the upper floor offices

16 WALTER HOUSE COVENT GARDEN

StackingPlan


Tenancies TenantCovenant information

Tenure

Pret A Manger (Europe) Ltd

Pret A Manger is a global café chain providing natural handmade foods.

Further information is available at www.pret.com

The Restaurant Group (UK) Ltd

Garfunkel’s is a restaurant brand offering the best of British and international cuisine. Principally located across Central London, the restaurant chain has traded for over 30 years.

Further information is available at www.garfunkels.co.uk

Unit Floors Tenant Ground Floor Area

(sq ft)

Basement Floor Area

(sq ft)

Term (Years)

Lease Start

Lease Expiry

Rent Review

Rent Passing

P/A

ERV

418 Strand Ground & Basement

Vacant 284 290 – – – – – £85,000

419–420 Strand

Ground & Basement

The Restaurant Group (UK) Limited

769 1,216 25 29/09/98 28/09/23 29/09/18 £167,500

421–422 Strand

Ground & Basement

Pret A Manger (Europe) Ltd

1,026 1,391 20 29/09/99 28/09/19 29/09/14 £187,360

51 Bedford Street

Ground & Basement

Vacant 280 633 – – – – – £35,000

50 Bedford Street

Ground & Basement

Sweet Ventures Ltd (t/a Cards Galore)

220 574 – Tenancy at will

– – £25,000

Bedford House

Salisbury House

(site of)Exchange Court

ADAM STREET

Bull Inn Court

AGAR STREET

DAM STREET

Bedford Court

IVYBRIDGE LANE

BEDFORD STREETGeorge Court

ANDOS PLACE

DURHAM HOUSE STREET

Lumley Court

STRAND

396

60

The Adelphi

417

43

6

75

19

10

Brookmount

Police Station

77

428

Harvey's Bldgs

Bank

1

Theatre

6

16

Shell-Mex Ho

1 to 4

Turner

37

26

55 to 51

403

27

429

Vaudeville Theatre

66

81

78

6

91 to

16

59

House

5756

10 to

14

25

4

20

38 to 50

76

58

2

61409

37

2

12

86

2

410

419a

Sydney3

House

9

Heron House

418

38

392

405

47

421

419

49

422

406

The Jacey Cinema

390

1

48

House

420

92

376 to 379

12

394395

393

1 to

5

2

Zimbabwe House

408

Adelphi

12

62 to 65

74

388

36

411

65 to 72

15

HeathcockCourt

1

18 to 20

1 to 21

1 to 11

31 to 33

87 to 88

6 to 7

Royal

Society

of Arts

39 to 40

73415

440

436

68

1

437

67

23

430

434

389

402

435

60 to 64

412

35

5

13to

14

10 to 14

Bedf

ord

House

82 to 83

1 to 12

The Adelphi

5051

13

14 1 to 14

8

8

1 to 5

AdamHouse425

DurhamHouse

15

11

418

421

419

422

420

5051

BEDFORD STREET

STRAND

418

421

419

422

420

5051

The properties are held freehold under three separate title numbers; NGL796797, NGL732295 and NGL887947.

The section of land shaded purple is not included within the Vendor’s title at ground floor level. The passageway (known as Exchange Court) is an adopted highway which is maintainable at the public expense.

The retail leases of 419-420 Strand (The Restaurant Group UK Ltd) and 421-422 Strand (Pret A Manger Europe Ltd) are both within the Security of Tenure provisions of the Landlord & Tenant Act 1954.

The upper floors of both properties are currently vacant. The retail tenancies are shown in the table below:


Residential Planning Consent

Planning consent was granted on 9th December 2014 for C3 residential conversion (Ref: 13/09609/CAC).

Planning consent was granted on 9th December 2014 for the demolition and erection of 50 Bedford Street and a change of use across the upper parts of Walter House to provide 18 C3 Residential apartments over first to fifth floors.

With an excellent residential unit mix of one, two and three bedroom apartments, the finished scheme will appeal to both investors and pied à terre buyers alike; we believe this will encourage the highest residential values once complete.

Copies of the consent along with the consented architectural drawings, are available within the data room.

The Opportunity


Office Refurbishment Opportunity

With their prime commercial location, clean floor plates and excellent natural light throughout, the properties are also suitable for comprehensive office refurbishment and re-letting, or owner occupation.

Reconfiguring the existing accommodation could increase the net internal area and improve the layout of the properties to suit modern occupier demands. Other proposed works would include reception upgrades, full refurbishment of the office floor plates to Cat A as well as improved internal communal areas.

The Opportunity

Retail Opportunity

The retail element offers secure diversified income with significant growth potential in the short to medium term. Letting the two vacant units provides the opportunity to increase the current income. Additionally the let retail units are considered reversionary today and well-timed staggered lease events provide the opportunity to capitalise on strong forecasted rental growth.


Consented SchemeScheduleThe table below outlines the proposed off plan Net Saleable Areas (NSA) for the consented residential upper parts.

Floor Type Bedrooms Size sq m Size sq ft

First Residential

Flat 1.1 3 bed 94 1,012

Flat 1.2 2 bed 70 753

Flat 1.3 2 bed 62 667

Flat 1.4 2 bed 63 678

Total 289 3,110

Second Residential

Flat 2.1 3 bed 94 1,012

Flat 2.2 2 bed 70 753

Flat 2.3 2 bed 64 689

Flat 2.4 2 bed 63 678

Total 291 3,132

Third ResidentialFlat 3.1 3 bed 94 1,012

Flat 3.2 2 bed 71 764

Flat 3.3 2 bed 64 689

Flat 3.4 2 bed 64 689

Total 293 3,154

Fourth Residential

Flat 4.1 3 bed 108 1,163

Flat 4.2 2 bed 62 667

Flat 4.3 1 bed 50 538

Flat 4.4 2 bed 61 657

Total 281 3,025

Fifth Residential

Flat 5.1 3 bed 110 1,184

Flat 5.2 3 bed 126 1,356

Total 236 2,540

Sixth Roof Terraces

Total 18 Apartments 1,390 14,961


Consented SchemePlans

KEY

Residential

Vertical circulation

Common areas

Floor plans not to scale, for indicative use only.

Floor plans not to scale, for indicative use only.

BEDFORD STREET

BEDFORD STREET

BEDFORD STREET

BEDFORD STREET

STR

AN

DS

TRA

ND

STR

AN

DS

TRA

ND

Fourth Floor Roof Terrace

Fifth FloorTypical Plan(First –Third Floor)

TOTAL NSA236 sq m / 2,540 sq ftTOTAL NSA

First 289 sq m / 3,110 sq ftSecond 291 sq m / 3,132 sq ftThird 293 sq m / 3,154 sq ft

TOTAL NSA281 sq m / 3,025 sq ft


MarketSummary

Property Address Post Code Sale Price Sq ft £ psf Bedrooms Floor Exchange Date

Hop House Penthouse WC2N £5,650,000 2,142 £2,638 3 Fourth / Fifth Feb-14

The Palladio 7 WC2E £3,950,000 1,442 £2,739 2 Fourth Oct-14

Hop House 9 WC2N £908,000 431 £2,107 1 First Feb-15

Bedford Street Apt 1, 17-19 WC2E £4,175,000 1,654 £2,524 2 First Jun-15

Strand, Gatti House, Apt 4 WC2R £5,250,000 2,325 £2,258 3Second, Third & Fourth

Jun-15

Broad Court Apt 5, 21 WC2B £2,700,000 1,197 £2,255 2 Third / Fourth Jul-15

The Beecham Apt 6 WC2E £4,450,000 1,603 £2,776 2 Third Aug-15

The Tavistock Apt 4, 2-4 Catherine Street

WC2E £5,992,480 2,389 £2,508 3 Fourth / Fifth Aug-15

Residential West End Sales Market

We expect the wider west end market to continue to outperform the more traditional prime Central London areas due to the fact that it is still an emerging prime central area for residential property. The stock within Covent Garden is increasingly better quality and the area is benefitting from the anticipation of Crossrail, as well as an enhanced shopping and restaurant experience.

Q2 2015 itself was divided by the general election. In the pre-election build-up, the market slowed, reflecting concerns about a possible mansion tax. In contrast in the latter part of the quarter, post-election, post Conservative victory, the market improved. In fact, the weeks following

the election saw enquiry levels increase by 25-30% when compared with the period directly before the election.

In 2016 we expect to see more buyers coming across from the more traditional areas of Mayfair and Knightsbridge. This was a trend spotted in 2014/15 and we expect this to continue as Covent Garden grows in reputation and comparative affordability.

The table below provides a selection of recent comparable evidence in Covent Garden.

Retail West End Occupational Market

As a retailing destination, Strand benefits from its proximity to other key retailing hubs in Covent Garden. The combination of the successful asset management and strict tenant mix policies of the key estate holders has resulted in significant rental growth and increased tenant demand in adjacent locations outside their control.

Retailing on Strand is predominantly a mix of national high street multiples with a higher than average amount of A1 food and A3 units taking

advantage of what is a 24/7 trading pitch as a result of the abundance of cultural and lifestyle attractions in the area, and the proximity to excellent transport links.

The prime pitch stretches from Charing Cross to Southampton Street with the prime Zone A rents being achieved in excess of £360 per sq ft demonstrating the significant rental increase which has occurred in this location.

The Russell Bedford StreetHop House

Address Tenant Transaction Date Rent Zone A Rate Comments

449 Strand Jigsaw Lease Regear Sep-15 £340,000 £315.00 Analysis subjective, can be analysed to £300 ZA

32-33 Strand ITSU Open Market Letting Oct-14 £500,000 £385.00 Premium of £250,000 paid. 7 months rent free, tenant only break at year 15

68-9 Strand Argos Open Market Letting Sep-14 £280,000 £250.00 Tenant's analysis equates to £238 ZA, with no discount for quantum of layout

111 Strand Colour Company Rent Review Apr-14 £146,000 £180.25

435 Strand Whittards of Chelsea Lease Renewal Jun-13 £550,000 £250.00 Lease prohibits all food use, including A1 food

49-50 Strand Superdrug Lease Renewal Apr-13 £520,000 £263.00

415 Strand Nationwide Rent Review Mar-13 £300,000 £235.00 Lease provides for A1 or A2 use. 5% allowance for shape

426-427 Strand H&M Open Market Letting Mar-13 £575,000 £256.00 15 year lease with a tenant only break at year 7.9 months rent free


MarketSummaryOffice West End Occupational Market

The Covent Garden submarket has witnessed high levels of take up over the past year which has ranged from traditional creatives to corporate and financial occupiers. The market is seeing an ever increasing appetite from business services and a number of traditional Mayfair occupiers relocating to Covent Garden in search of reduced total occupancy costs and a more vibrant amenity appeal.

CBRE’s prime rent in Covent Garden is forecast to stand at £78.00 per sq ft as at the end of 2015 with average annualised rental growth predicted to be 4.4% up until 2019.

The table below provides a selection of the most recent comparable occupational transactions in the area:

Investment West End Market

Throughout 2015 demand for prime assets in the West End of London has remained exceptionally strong. At mid-year 2015, £8.2 billion of stock has been sold, which is 17% higher than at the equivalent period in 2014 and the highest for the period since 2007.

Low availability has continued to restrict investment volumes with only £1.8 billion of stock available at the beginning of the second quarter.

London has maintained its reputation as a safe haven for foreign investment with investors seeking secure returns on their capital.

90 Long Acre Kean House Davidson Building 10 Bedford Street 33 Henrietta Street 33 Bedford Street

Address Sq ft Floor Tenant Date Lease Length £ psf

90 Long Acre, WC2 9,2042nd Unit 1

Automobile Association Developments Limited

27/02/20154 Years 6 Months

£65.00

Davidson Building, 5 / 8 Southampton Street, WC2 6,234 4th First Utility 17/04/2015 10 Years £72.50

Davidson Building, 5 / 8 Southampton Street, WC2 4,372 5th Astus UK Limited 25/03/2015 10 Years £80.00

90 Long Acre, WC2 3,680 6th Kreab Group 13/02/2015 4 Years £60.00

62 / 65 Chandos Place, WC2 3,510 2ndCable & Wireless Communications Plc

10/12/2014 10 Years £69.50

Kean House, 6 Kean Street, WC2 2,986 5th IFLS 25/02/2015 5 Years £59.50

Kean House, 6 Kean Street, WC2 2,969 3rd SVG Capital 27/03/2015 5 Years £60.00

17 Slingsby Place, WC2 2,732 3rd Point 2 Surveyors Limited 18/12/2014 5 Years £67.50

Date Address Tenant Price Net Initial Yield Capital Yield psf

June 2015 30-33 Henrietta Street Multi-let £15.2m n/a £1,326

May 2015 200 Strand , WC2 Multi-let £17.3m 3.98% £1,392

May 2015 64 / 76 New Oxford Street Multi-let £36.5m n/a £1,439

Dec 2014 31-33 Bedford Street, WC2 Multi-let £30.0m n/a £1,219

Nov 2014 10 Bedford Street, WC2 Multi-let £65.1m 3.91% £1,330


For Commercial enquiries, please contact:

Ella Johnson [email protected] 7182 2517

Niall [email protected] 7182 2584

For Residential enquiries, please contact:

Charlie [email protected] 020 7182 2442

James [email protected] 7420 3018

DISCLAIMER: CBRE Limited CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. October 2015.

siren | +44 (0)20 7478 8300 | sirendesign.co.uk | S06693

FurtherInformation

ContactFurther information is available via the data room. For access details please contact CBRE.

PlanningThe property is located in the Covent Garden Conservation Area.

EPCEnergy Performance Certificates will be made available in the data room.

VATThe property has been elected for VAT purposes and it is intended to treat the transaction as a transfer of going concern (TOGC).

ProposalOffers are sought in excess of £25,250,000 subject to contact and exclusive of VAT. Pricing at this level reflects a capital value of £723 per sq ft on the existing GIA of the offices assuming a net initial yield of 4.20% on the retail element once fully let at our assumed ERVs (assuming standard purchaser’s costs of 5.80%).

WALTER HOUSE34

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