94 ~96

WIGMORE STREET & 7-9 DUKE’S MEWS

MARYLEBONE, LONDON W1

InvestmentSummary

~ Prominent Freehold building

~ Exceptional opportunity to acquire a dual aspect property (Wigmore Street and Duke’s Mews) that has not been traded for 30 years

~ Full vacant possession by September 2019

~ Situated in the heart of Marylebone Village on an established retail pitch opposite the James Street entrance to St. Christopher’s Place

~ Excellent West End location close to Oxford Street (300 metres) and Bond Street London Underground Station (325 metres), which will benefit from Crossrail

~ Substantial ongoing investment and regeneration of the immediate surrounding area including redevelopments and public realm improvements

~ Net office, retail and residential accommodation totalling 11,796 sq ft (1,095.9 sq m) arranged over lower ground, ground and six upper floors

~ Large retail unit with prominent ground floor frontage, suitable for a variety of purposes including restaurant or showroom (subject to gaining all necessary consents)

~ Planning Consent for refurbishment including the redevelopment of Duke’s Mews to create a stunning Grade A office led scheme with retail and residential

~ Rare Freehold owner occupier opportunity

~ Offers are invited in excess of £15,000,000 (Fifteen Million Pounds), subject to contract and exclusive of VAT. Pricing at this level reflects a capital value of £1,272 per sq ft on the existing area.

Bond Street Crossrail Station

Bond Street Underground

ManchesterSquare

PortmanSquare

Hyde Park

GrosvenorSquare

Wigm

ore Street

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Marylebone High Street

The Serpentine

Park Lane

Marble ArchUnderground

Baker Street

Marylebone Lane

St Christopher’s Place

94 - 96 Wigmore Street is located in Marylebone, in the heart of London’s West End.

Marylebone is bounded by Regent’s Park to the north, Fitzrovia to the east, Mayfair to the south and Paddington to the west.

Marylebone is an affluent area that today is characterised by exclusive boutiques, renowned restaurants and fashionable hotels. Marylebone High Street itself, to the north of Wigmore Street, is home to Maje, Claudie Pierlot, Sandro, Matches Fashion and The White Company. Further notable amenities in the area include The Marylebone Hotel, Chiltern Firehouse, Orrery and The Ivy Cafe.

The James Street entrance to St. Christopher’s Place, which offers numerous retail and leisure outlets, from Wigmore Street is opposite the property and links to Oxford Street. Occupiers here include Whistles, Mulberry, Patty & Bun, Homeslice, Bone Daddies and Côte Brasserie. The world famous Selfridges department store is located less than 100 metres south of the property.

MaryleboneVillage

Wigmore Street has established itself as a popular location for interior design and showroom style retailers including Gaggenau and Bulthaup.

The immediate area is also popular with restaurant operators, including The Wigmore and Delamina, who cater to the surrounding office workers and tourists.

As an office location the area is home to a diverse range of major international occupiers. Notable tenants include Coca Cola, Publicis and Fujitsu.

The property occupies a prominent position on the north side of Wigmore Street, close to its junctions with Duke Street and Mandeville Place. Wigmore Street acts as the main retail thoroughfare linking Portman Square to the west and Cavendish Square to the east.

Office Occupiers

1. Royal Society of Medicine2. BBC Broadcasting House3. Great Portland Estates4. Harbottle & Lewis5. The Howard de Walden Estate6. McArthur Glen UK7. The Boston Consulting Group8. Fujitsu9. TDR Capital10. Coca Cola11. Brooks MacDonald12. Bridgepoint Capital

Retail

1. John Bell & Croyden2. Matches Fashion3. Selfridges4. John Lewis5. Waitrose6. The White Company7. Sandro8. J. Crew9. Maje10. Claudie Pierlot11. Sweaty Betty12. Theory

Hotels

1. The Langham2. Claridge’s3. The Marylebone4. The Connaught5. Durrants Hotel

Restaurants

1. Roux at the Landau2. Les 110 de Taillevent London3. Brasserie of Light4. Chiltern Firehouse5. The Ivy Cafe6. Blandford Comptoir7. Delamina8. La Relais de Venise L’Entrecote9. Caffe Caldesi10. Pachamama11. Aubaine12. Fischer’s

Showrooms

1. Tom Howley2. Gaggenau3. Tisettanta4. Boffi Wigmore5. Bulthaup

Situation

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Chinti & Parker

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La Cucina

Caldesi

Cookery

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Solo Uomo

Xier

Bonnet a Pompon

Misha Nonoo

POLIFORM

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HOUR HOUSE

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VibrantMarylebone

Wigmore Street benefits from excellent transport communications across the capital.

Bond Street (Central and Jubilee lines) and Oxford Circus (Central, Victoria and Bakerloo lines) London Underground stations are both within a five minute walk of the property.

Bond Street and Oxford Circus also provide easy access to the mainline stations of Victoria, Paddington, and Waterloo, with Victoria and Paddington providing express rail services to Gatwick and Heathrow Airports, respectively.

Additional nearby stations include Marble Arch (Central line) and Baker Street (Bakerloo, Jubilee, Metropolitan, Circle and Hammersmith & City lines), are both within a convenient walking distance.

Crossrail (the Elizabeth line) will be fully operational by 2021. Bond Street Underground station, a 3 minute walk from the property, will benefit from Crossrail’s connectivity within central London and further afield. The station has undergone a £300 million transformation to facilitate the 225,000 passengers who will use Crossrail daily. Bond Street station will become a dominant transport hub being served by ticket halls at Marylebone Lane, Hanover Square and Davies Street.

Connectivity &Transport

Oxford Circus

Marble Arch

Paddington3 mins

HeathrowAirport25 mins

Farringdon4 mins

Tottenham Court Road2 mins

Liverpool Street8 mins

Canary Wharf13 mins

Tottenham Court Road

Bank Liverpool Street

Piccadilly Circus

Hyde Park Corner

Leicester Square

Holborn King’s Cross St Pancras

Central PiccadillyCrossrail JubileeWaterloo

Green Park

WhiteCity

Hammersmith

BOND STREET

Originally constructed in 1950s the property occupies prominent positioning benefitting from substantial frontage onto Wigmore Street.

94-96 Wigmore Street totals 11,796 sq ft (1,095.9 sq m) of office, retail and residential accommodation arranged over eight storeys.

Offices

The 9,401 sq ft of office accommodation is arranged over lower ground, ground and six upper floors. Primary access to the offices is from Wigmore Street, with the ground and lower ground floors benefitting from additional rear access at Duke’s Mews. The offices are served by a passenger lift to all floors and dual aspect natural light.

Retail

The 1,209 sq ft retail unit is arranged over ground floor only, with 8.9 metres of retail frontage onto Wigmore Street. Principal access to the unit is also from Wigmore Street.

Residential

The property includes a single residential unit accessed from Duke’s Mews. The 1-bedroom flat totals 1,186 sq ft (NSA).

The property provides the following areas as measured by Lane & Frankham.

Floor Use NIA sq ft NIA sq m ITZA sq ft NSA sq ft

6th Offices 702 65.2 - -

5th Offices 793 73.7 - -

4th Offices 801 74.4 - -

3rd Offices 789 73.3 - -

2nd Offices 793 73.7 - -

2nd Residential - - - 1,051

1st Offices 2,396 222.6 -

Ground Offices 868 80.6 -

Ground Retail 1,209 112.4 743 -

Ground Garage - - - 135

Lower Ground Offices 2,259 209.9 - -

Sub-totals 10,610 985.8 743 1,186

TOTAL 11,796 sq ft 1,095.9 sq m

Description &Accommodation

DUKE’S MEWS DUKE’S MEWS

D U K E ’ S M E W S

DUKE’S MEWS

Existing Ground Floor Existing First Floor

N

The GIA of the existing building is 15,802 sq ft (1,468.1 sq ft).

Lightwell

Retail

Garage

Office

Lift Lift

Office

D U K E ’ S M E W S

DUKE’S MEWS

ConsentedOffice Scheme

The property is situated in the London Borough of Westminster, and sits within the Portman Estate Conservation Area. The building is not listed.

Offices

Planning Permission (16/05588/FULL) was granted in August 2016 for the substantial demolition of 7-9 Duke’s Mews, and extensions, with the use of the property as offices, with a self-contained retail unit and one residential mews unit.

Residential

Planning Permission (15/08288/FULL) was granted in May 2016 for the substantial demolition of 7-9 Duke’s Mews, and rebuilding, to provide 10 residential units and use of the basement and ground floors for retail purposes.

The consent has now expired, however the exercise identified the potential to add extra massing to the building and has established a precedent for future residential redevelopment.

Planning

ProposedExisting

Proposed Wigmore Street Elevation

Duke’s Mews Proposed Front Elevation

Proposed East Elevation

DUKE’S MEWS

Consented Ground Floor

Consented Second Floor

Floor plans are indicative only. Not to scale.

N

DUKE’S MEWS

DUKE’S MEWS

D U K E ’ S M E W S

D U K E ’ S M E W S

London’s West End real estate market remains resilient in an economic environment of low interest rates, weakened sterling and a healthy debt market.

The market continues to be characterised by a shortage of available product with many investors reluctant to sell in a tight market with attractive fundamentals.

Total West End investment volume during 2018 reached approximately £7.6 billion, which is in line with 2017’s total and illustrates sustained investor appetite for London’s West End market.

Overseas investors continue to dominate accounting for 65% of transactions in London’s West End in 2018. The geographic origin of this capital remains diverse, whilst there has been a notable increase from Asian and Middle Eastern investors, European (including UK buyers) remain very active.

Demand for vacant freehold property in the West End remains unprecedented, with the strength of this market being driven by owner occupiers wishing to put their mark on a building that reflects their own identity and individuality, whilst ultimately having their own front door.

Date Address Tenure Price Capital Value £psf

Mar-19 26 St. James’s Square, SW1 FH £34.00m £2,386

Feb-19 13-15 Rathbone Street, W1 FH £15.00m £1,607

Feb-19 17 Grosvenor Street & 17 Brook’s Mews, W1 LLH £18.50m £2,000

Oct-18 16 Hanover Street, W1 FH £20.40m £1,997

Oct-18 16 Hanover Square, W1 FH £32.00m £3,586

Sep-18 40 Beak Street, W1 FH £40.00m £1,442

Aug-18 38 Park Street, W1 LLH £9.00m £1,540

Jul-18 24-26 Hanway Street, W1 FH £8.28m £1,365

Jul-18 12 Grosvenor Place, SW1 LLH £12.00m £1,345

Jun-18 14 Shouldham Street, W1 FH £7.00m £1,400

Jun-18 66 Newman Street, W1 LLH £17.50m £1,204

May-18 6 Queen Street, W1 FH £9.30m £2,003

Apr-18 11 Upper Grosvenor Street, W1 LLH £18.65m £2,252

Feb-18 21 Cork Street, SW1 FH £19.60m £3,119

Jan-18 Nash House, 13 St George Street, W1 FH £15.75m £1,537

Jan-18 69/70 Pall Mall, SW1 LLH £34.50m £1,430

Market

Vacant Possession Led Comparable Transactions

created on Plotted Scale - 1:1,250

Tenancy

The property is to be sold with full vacant possession as at September 2019, following the expiry of the residential tenancy.

Tenure

Freehold.

For indicative purposes only.

Tenancy The& Tenure

Nick Pemberton

+44 (0)20 7543 6775nick.pemberton@allsop.co.uk

Chloe Newton

+44 (0)20 7543 6886chloe.newton@allsop.co.uk

Mark Ibbotson

+44 (0)20 7543 6879mark.ibbotson@allsop.co.uk

Further

Contact

InformationVAT

The property is elected for VAT.

EPC

Available in the data room.

Data Room

Please contact Allsop for access to the data room.

Proposal

Offers are invited in excess of £15,000,000 (Fifteen Million Pounds), subject to contract and exclusive of VAT. Pricing at this level reflects a capital value of £1,272 per sq ft on the existing area.

Misrepresentation Act 1967 - Whilst all the information in these particulars is believed to be correct, neither the agents nor their clients guarantee its accuracy, nor is it intended to form part of any contract. All areas quoted are approximate. Finance Act 1989 - Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (V.A.T). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of V.A.T. in respect of any transaction.Designed and produced by The Looking Glass Design tlgd.co.uk July 2019