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VVVC O V E N T G A R D E N O F F I C E I N V E S T M E N T / D E V E L O P M E N T O P P O R T U N I T Y
www.esavianhouse.com
E S A V I A N H O U S E
L O N D O N W C 1
investment summary
¬ Freehold Covent Garden mixed-use investment/development opportunity
¬ Prominent location on the corner of High Holborn and Drury Lane, with an extensive frontage to the former
¬ High Holborn will benefit from transformational change through Crossrail and major development schemes close by within the next two years
¬ Covent Garden is one of the most vibrant commercial, retail and residential locations in Central London
¬ Two connected buildings providing 48,363 sq ft of Net Internal Area on a site extending to 0.462 acres
¬ Income secured against the undoubted covenant of Royal Mail Group (D&B 5A1) and Thames & Hudson Limited (D&B 3A1)
¬ Income expected to increase from £397,000 per annum to circa £1,015,000 per annum at rent review in 2018
¬ Significant asset management potential, including the potential to restructure existing leases, secure vacant possession and either refurbish or develop
¬ Offers are sought in excess of £29,000,000 subject to contract and exclusive of VAT. Pricing at this level reflects a low capital value of £600 per sq ft
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Over recent years, the area surrounding the central Piazza has been transformed under the ownership of larger estate owners such as Shaftesbury and Capital & Counties, attracting major retail occupiers such as Apple, Burberry and Dior. The area has a broad appeal to the office occupier market, with media and advertising companies, government departments, financial institutions and professional firms being well represented.
Covent Garden is a vibrant and popular commercial, retail and residential district in London’s West End. Bordered by Soho to the west, New Oxford Street to the north, the City to the east and the River Thames to the south, Covent Garden offers a central location to a range of occupiers with excellent transport communications and accessibility to central London.
The area retains its iconic status as a former fruit and vegetable market, and the location is synonymous with its diverse selection of food and leisure choices. Covent Garden is also internationally renowned for its culture and entertainment offer, with over 40 theatres including the Royal Opera House.
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SMARTS PL
BUCKNALL ST
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L ISLE ST
WEST ST
NEW C
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STAC
EY ST
GREEK ST
SERLE ST
DRURY LANE
KING ST
GREAT Q
UEEN ST
NEAL ST
JAMES ST
EARLHAM ST
GREAT RUSSELL ST
BEDFORD AVE
FRITH ST
SOU
THA
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MSBURY ST
TOTTENHAM COURT RD
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COVENTGARDEN
TOTTENHAMCOURT ROAD
HOLBORN
LEICESTERSQUARE
CoventGardenPiazza
TheBritish
Museum
CentrePoint
PalaceTheatre
Travelodge
STU
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Office Occupiers:
1. Burson Marsteller
2. Google
3. NBC Universal
4. Mindshare
5. Criteo
6. Mischon De Reya
Hotels:
7. The Hoxton Hotel
8. One Aldwych
9. The Waldorf Hilton
10. Kingsway Hall Hotel
Eating and drinking:
11. Hubbard & Bell
12. Shanghai Blues
13. Benugo
14. Hawksmoor
15. Radio Rooftop Bar
Culture:
16. Somerset House
17. Peacock Theatre
18. Royal Opera House
19. Shaftesbury Theatre
20. New London Theatre
Shopping:
21. Apple
22. Aspinal of London
23. Hackett
24. Mulberry
situation
Esavian House occupies a prominent position on the corner of Drury Lane and High Holborn, which acts as a major conduit linking Shaftesbury Avenue to the south with the City of London to the east. The area enjoys exceptional connectivity to the rest of central London with Holborn (Central and Piccadilly Lines), Tottenham Court Road (Central and Northern Lines) and Covent Garden (Piccadilly Line) Underground Stations all within ½ mile of the subject property.
Crossrail
Esavian House is well placed to directly benefit from Crossrail in 2018. Crossrail is due to increase London’s overall transport capacity by 10% by providing a regional, high frequency train service into London. It will bring an extra 1.5 million people to within 45 minutes of central London, and will provide direct access to Heathrow airport in under 30 minutes, with access via one interchange to London’s four other airports.
Crossrail is predicted to have a huge impact upon the London property market:
¬ 10% uplift in commercial office capital values above current base line projections is predicted over the next decade
¬ 25% increase in residential values in central London is expected immediately
Crossrail journey times from Tottenham Court Road
Station Current Journey Journey time Time (mins) following opening of Crossrail (mins)
Bond Street 3 2
Farringdon 9 3
Paddington 16 5
Liverpool Street 7 5
Canary Wharf 21 12
Heathrow 53 30
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Northern
Central
DistrictHEATHROWAIRPORT
HAYES &HARLINGTON HANWELL
EALINGBROADWAY PADDINGTON
TOTTENHAMCOURT ROAD
CUSTOMHOUSESOUTHALL WEST EALING ACTON
MAIN LINEBOND STREET FARRINGDON WHITECHAPEL
MARYLAND MANOR PARKLIVERPOOL
STREET
WOOLWICH
ABBEY WOOD
STRATFORD FOREST GATE
Overground
Overground
Metropolitan
CircleCentral
Jubilee
Heathrow
Piccadilly
Central
Northern
Central
Hammersmith& City
Hammersmith& City
Hammersmith& City
Metropolitan
DLR
Jubilee
DLR
CANARYWHARF
Canary Wharf 200m
Jubilee
DLRWest India Quay 100m
DLR
Central
Bakerloo
Circle
Circle
DistrictDistrict
Hammersmith& City
MAIDENHEAD
SHENFIELD
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the property
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Esavian House comprises two interlinked properties known as 181/181a High Holborn and 7-11 Stukeley Street, which were constructed in the early 1930s and originally occupied as warehouse premises by the Educational Supply Association Limited (ESA) as furniture manufacturers.
In its current configuration, 181 High Holborn provides retail accommodation to the ground floor, and is currently used as a Post Office counter. 181a High Holborn offers open-plan office accommodation arranged over lower ground, ground and three upper floors.
The office accommodation has been refurbished by the present occupier to provide raised floors, comfort cooling, perimeter trunking, LG7 lighting and secondary glazing. Each floor has male and female toilet facilities and is served by two passenger lifts. The office benefits from a dedicated reception with stairs leading to the basement area with toilet facilities/showers and an outside area for bicycle storage.
7-11 Stukeley Street is accessed to the rear either via Smarts Place or Drury Lane. The property offers refurbished office accommodation over ground, mezzanine and two upper floors. The upper floors are currently configured as a separate unit of occupation.
tenure planning
The freehold interest in the properties is held by Esavian House Limited under two titles numbered 282042 (181/181a High Holborn) and 128340 (7-11 Stukeley Street).
The property is located within the London Borough of Camden. It is not listed and is located outside of the Seven Dials Conservation Area.
The majority of the property enjoys a B1 office use although we understand that the 2nd and 3rd floors of 7-11 Stukeley Street currently have an authorised use for warehouse, workrooms and showroom purposes.
Visit www.esavianhouse.com to see a summary note on the planning history of the building within the data room.
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tenancies
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The freehold interest is held by Esavian House Limited and is subject to the benefit of two long leases granted to Royal Mail Group on 181/181a High Holborn and 7/11 Stukeley Street, expiring in June 2034 and June 2027 respectively, and producing £17,000 per annum in total. Esavian House Limited has, in turn, been granted an intermediary sublease of 181a High Holborn which has been sub-underlet to Thames & Hudson Limited for a term of 25 years expiring 25th February 2023 at a passing rent of £380,000 per annum, subject to tenant break and rent review on 26th February 2018.
The total income received by the vendor, Esavian House Limited, is therefore £397,000 per annum, which is due to increase significantly on the Thames & Hudson rent review in February 2018.
Esavian House Limited (F/H)
181 High Holborn
Long lease to Royal Mail Group Ltd
(whole)
Expiry date 16/6/2034
Annual Rent £14,000 pa
Fixed uplift to £17,000 pa on 15/6/2027
Sublet to Esavian House Ltd
(Pt Bsmt, Pt Gd, 1st-3rd floors)
Expiry date 3/6/2034
Nil rent
Sub-underlease to Thames & Hudson Ltd
Expiry date 25/2/2023
£380,000 pa
Tenant break and rent review 26/2/2018
Long lease to Royal Mail Group Ltd
Expiry date 14/6/2027
£3,000 pa
Fixed rent
7-11 Stukeley Street
Property Demise Landlord Tenant Net Lease Rent Rent Comments Internal Expiry pa Review Area sq ft (Break)
181/181a Whole Esavian Royal Mail 26,262 14/06/2034 £14,000 14/06/2027 Fixed uplift to £17,000 High Building House Group wef June 2027 Holborn Limited Limited
181a Pt Basement, Royal Mail Esavian 21,891 03/06/2034 £0 – Leaseback to Esavian High Gd, 1st - 3rd Group House House Limited. No rent Holborn Limited Limited payable following a(Sublease) deed of variation
dated 2008.
181a Pt Basement, Esavian Thames & 21,891 25/02/2023 £380,000 26/02/2018 High Gd, 1st - 3rd House Hudson (T: 26/02/2018) Holborn Limited Limited Sub-Underlease
7 - 11 Whole Esavian Royal Mail 22,101 14/06/2027 £3,000 – Stukeley Building House Group Street Limited Limited
Total 48,363 £397,000 Total rent received by Esavian House Ltd
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The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and IPMS by Pure Real Estate Services. These measured areas can be warranted to the purchaser.
Full floor plans are available in the data room but the areas are summarised below:-
Floor Use Net Internal Area Gross Internal Area Sq M Sq Ft Sq M Sq Ft
BASEMENT storage 316.48 3,407 staff room / offices 111.76 1,203 offices 257.21 2,769 Sub Total 685.45 7,379 1,140.67 12,278
GROUND offices 611.72 6,585 reception 131.86 1,419 stores 106.26 1,143 retail 339.07 3,650 Sub Total 1,188.91 12,797 1,558.26 16,773
MEZZANINE offices 115.92 1,248 154.99 1,668
FIRST offices 1,048.31 11,285 1,226.33 13,200
SECOND offices 1,001.68 10,782 1,200.53 12,922
THIRD offices 424.98 4,574 stores 27.67 298 Sub Total 452.65 4,872 562.77 6,058
ROOF plant room 171.96 1,851
TOTAL (excl roof) 4,492.92 48,363 6,015.51 64,750
accommodation
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BASEMENT FLOOR
STUKELEY STREET
SMA
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LAC
E DR
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Y LA
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HIGH HOLBORN
GROUND FLOOR
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ROYAL MAIL
POST OFFICE
THAMES AND HUDSON
MEZZANINE FLOOR
DRAWING TITLE
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SCALE
DRAWN BY DATE OF INSPECTION
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0m
W: www.pureres.co.uk
E: [email protected]: +44 (0) 20 7233 6688
CONTACT
Scale 1:250 @ A3
1:250 @ A3
10115249_A28
Mezzanine Floor
Mezzanine Floor Plan
12.50m
181 High Holborn, London, WC1V 7QXEsavian House
Esavian House181 High Holborn
LondonWC1V 7QX
04/02/16PJ_09/03/16
HIGH HOLBORN
STUKELEY STREET
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The information provided within this drawing is tobe used for illustrative purposes only.
Indicative floor plan
1. DO NOT SCALE FROM THIS DRAWING. USE FIGURED DIMENSIONS ONLY.2. ALL DIMENSIONS ARE IN MILLIMETERS UNLESS STATED OTHERWISE.3. THE CONTRACTOR IS TO CHECK DRAWINGS AND TO VERIFY ALL
DIMENSIONS ON SITE BEFORE COMMENCING ANY WORK OR MAKINGANY SHOP DRAWINGS.
4. THIS DRAWING IS THE PROPERTY OF PURE REAL ESTATE SERVICESLIMITED. COPYRIGHT IS RESERVED BY THEM AND THE DRAWING ISISSUED ON THE CONDITION THAT IT IS NOT COPIED, REPRODUCED,RETAINED OR DISCLOSED TO ANY UNAUTHORISED PERSON, EITHERWHOLLY OR IN PART, WITHOUT THE CONSENT IN WRITING OF PUREREAL ESTATE SERVICES LIMITED.
Notes
FIRST FLOOR
DRAWING TITLE
PROJECT
SCALE
DRAWN BY DATE OF INSPECTION
DRAWING NO.
0m
W: www.pureres.co.uk
E: [email protected]: +44 (0) 20 7233 6688
CONTACT
Scale 1:250 @ A3
1:250 @ A3
10115249_A29
First Floor
First Floor Plan
12.50m
181 High Holborn, London, WC1V 7QXEsavian House
Esavian House181 High Holborn
LondonWC1V 7QX
04/02/16PJ_09/03/16HIGH HOLBORN
STUKELEY STREET
SM
AR
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The information provided within this drawing is tobe used for illustrative purposes only.
Indicative floor plan
1. DO NOT SCALE FROM THIS DRAWING. USE FIGURED DIMENSIONS ONLY.2. ALL DIMENSIONS ARE IN MILLIMETERS UNLESS STATED OTHERWISE.3. THE CONTRACTOR IS TO CHECK DRAWINGS AND TO VERIFY ALL
DIMENSIONS ON SITE BEFORE COMMENCING ANY WORK OR MAKINGANY SHOP DRAWINGS.
4. THIS DRAWING IS THE PROPERTY OF PURE REAL ESTATE SERVICESLIMITED. COPYRIGHT IS RESERVED BY THEM AND THE DRAWING ISISSUED ON THE CONDITION THAT IT IS NOT COPIED, REPRODUCED,RETAINED OR DISCLOSED TO ANY UNAUTHORISED PERSON, EITHERWHOLLY OR IN PART, WITHOUT THE CONSENT IN WRITING OF PUREREAL ESTATE SERVICES LIMITED.
Notes
SECOND FLOOR
DRAWING TITLE
PROJECT
SCALE
DRAWN BY DATE OF INSPECTION
DRAWING NO.
0m
W: www.pureres.co.uk
E: [email protected]: +44 (0) 20 7233 6688
CONTACT
Scale 1:250 @ A3
1:250 @ A3
10115249_A30
Second Floor
Second Floor Plan
12.50m
181 High Holborn, London, WC1V 7QXEsavian House
Esavian House181 High Holborn
LondonWC1V 7QX
04/02/16PJ_09/03/16
HIGH HOLBORN
STUKELEY STREET
SM
AR
T'S
PLA
CE D
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LAN
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The information provided within this drawing is tobe used for illustrative purposes only.
Indicative floor plan
1. DO NOT SCALE FROM THIS DRAWING. USE FIGURED DIMENSIONS ONLY.2. ALL DIMENSIONS ARE IN MILLIMETERS UNLESS STATED OTHERWISE.3. THE CONTRACTOR IS TO CHECK DRAWINGS AND TO VERIFY ALL
DIMENSIONS ON SITE BEFORE COMMENCING ANY WORK OR MAKINGANY SHOP DRAWINGS.
4. THIS DRAWING IS THE PROPERTY OF PURE REAL ESTATE SERVICESLIMITED. COPYRIGHT IS RESERVED BY THEM AND THE DRAWING ISISSUED ON THE CONDITION THAT IT IS NOT COPIED, REPRODUCED,RETAINED OR DISCLOSED TO ANY UNAUTHORISED PERSON, EITHERWHOLLY OR IN PART, WITHOUT THE CONSENT IN WRITING OF PUREREAL ESTATE SERVICES LIMITED.
Notes
THIRD FLOOR
DRAWING TITLE
PROJECT
SCALE
DRAWN BY DATE OF INSPECTION
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W: www.pureres.co.uk
E: [email protected]: +44 (0) 20 7233 6688
CONTACT
Scale 1:250 @ A3
1:250 @ A3
10115249_A31
Third Floor
Third Floor Plan
12.50m
181 High Holborn, London, WC1V 7QXEsavian House
Esavian House181 High Holborn
LondonWC1V 7QX
HIGH HOLBORN
STUKELEY STREET
SM
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PLA
CE D
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LAN
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04/02/16PJ_09/03/16
N
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The information provided within this drawing is tobe used for illustrative purposes only.
Indicative floor plan
1. DO NOT SCALE FROM THIS DRAWING. USE FIGURED DIMENSIONS ONLY.2. ALL DIMENSIONS ARE IN MILLIMETERS UNLESS STATED OTHERWISE.3. THE CONTRACTOR IS TO CHECK DRAWINGS AND TO VERIFY ALL
DIMENSIONS ON SITE BEFORE COMMENCING ANY WORK OR MAKINGANY SHOP DRAWINGS.
4. THIS DRAWING IS THE PROPERTY OF PURE REAL ESTATE SERVICESLIMITED. COPYRIGHT IS RESERVED BY THEM AND THE DRAWING ISISSUED ON THE CONDITION THAT IT IS NOT COPIED, REPRODUCED,RETAINED OR DISCLOSED TO ANY UNAUTHORISED PERSON, EITHERWHOLLY OR IN PART, WITHOUT THE CONSENT IN WRITING OF PUREREAL ESTATE SERVICES LIMITED.
Notes
ROOFKEY
181 High Holborn, London, WC1V 7QXEsavian House
DRAWING TITLE
PROJECT
SCALE
DRAWN BY DATE OF INSPECTION
DRAWING NO.
0m
W: www.pureres.co.uk
E: [email protected]: +44 (0) 20 7233 6688
CONTACTThe information provided within this drawing is tobe used for illustrative purposes only.
Scale 1:250 @ A3
1:250 @ A3
Indicative floor plan
Esavian House181 High Holborn
LondonWC1V 7QX
10115249_A3204/02/16PJ_09/03/16
Roof
Roof Plan
12.50m
HIGH HOLBORN
STUKELEY STREET
SM
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1. DO NOT SCALE FROM THIS DRAWING. USE FIGURED DIMENSIONS ONLY.2. ALL DIMENSIONS ARE IN MILLIMETERS UNLESS STATED OTHERWISE.3. THE CONTRACTOR IS TO CHECK DRAWINGS AND TO VERIFY ALL
DIMENSIONS ON SITE BEFORE COMMENCING ANY WORK OR MAKINGANY SHOP DRAWINGS.
4. THIS DRAWING IS THE PROPERTY OF PURE REAL ESTATE SERVICESLIMITED. COPYRIGHT IS RESERVED BY THEM AND THE DRAWING ISISSUED ON THE CONDITION THAT IT IS NOT COPIED, REPRODUCED,RETAINED OR DISCLOSED TO ANY UNAUTHORISED PERSON, EITHERWHOLLY OR IN PART, WITHOUT THE CONSENT IN WRITING OF PUREREAL ESTATE SERVICES LIMITED.
Notes
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Office West End Occupational
the market
Midtown continues to be viewed as an attractive location by office occupiers squeezed out by the chronic shortage of supply in the West End. In particular, the Covent Garden submarket has changed considerably over the last five years, as many occupiers from the media and creative industries have been displaced by businesses from the financial and professional service and energy sectors that have migrated from Mayfair and St James’s.
This influx of new occupiers with larger rental budgets has resulted in rents for prime located, refurbished, mid-rise Grade A space increasing to £72.50-£85 per sq ft. Esavian House stands to benefit from significant rental growth.
Property Tenant Size Term Headline Rent Date (sq ft) (per sq ft)
90 High Holborn, WC1V 6LJ Uniqlo Europe Ltd 5,600 6.5 yrs £62.00 Q1 2016
120 Holborn, EC1 Trainline plc 37,259 10 yrs £60.00 Q1 2016
322 High Holborn, WC1V 7PB Flight Centre (UK) Ltd 7,396 10 yrs £55.00 Q1 2016
326-330 High Holborn, WC1V 7PP Gant UK Ltd 16,177 15 yrs £53.50 Q4 2015
Aldwych House, WC2B 4HN Wasserman Experience Ltd 20,856 10 yrs £69.50 Q4 2015
110 High Holborn, WC1V 6JS AVG Technologies UK Ltd 9,136 10 yrs £67.50 Q4 2015
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Investment West End
Interest in the central London office market remains strong, with a number of recent transactions demonstrating the continued weight of money being invested in well let stock with added value
potential. London continues to be viewed as a safe haven for foreign investment due to its secure returns and scarcity of well let stock offering longer term development opportunity.
Property Size Price Capital NIY Date Comments (sq ft) £ Value (per sq ft)
124 Theobalds Road, 80,000 £65,000,000 £813 3.78% available Single let to Media Com untilWC2 (quoting) 2021 £32.50 psf with rent review in July 2016. ERC circa £50 psf
Thavies Inn House 50,486 £38,000,000 £753 3.80% available Long leashold interest with3-4 Holborn Circus, (quoting) 119 years unexpired, reviewedEC1N 2HA to 2% of ERV
150 Holborn, 93,223 £80,000,000 £858 1.44% Q2 2015 Vacant offices with retail letEC1 to six tenants
Arab Press House, 29,822 £29,000,000 £972 N/A Q3 2015 Short term lease for 12 months182-184 High Holborn at nil rent but with rates andWC1 service charge covered
The Telephone Exchange, 67,803 £42,700,000 £630 3.35% Q1 2016 Let to BT Plc until November268-270 High Holborn 2031 with rollling TOB on/afterWC1 January 2021. Annual RPI uplifts
High Holborn Estate 143, 524 £136,500,000 £951 4.00% Q1 2016 Island site comprising nineWC1 buildings. WAULT 4.8 years to
breaks. Sold as SPV
Residential
Covent Garden has witnessed significant increases in residential values over the last five years, and we expect it to outperform the more traditional Prime Central London districts due to an emergence of
Property Size Price Capital Value Date Beds Plot (sq ft) £ (per sq ft) Number
Aldwych Chambers, WC2R 3AT 1,163 £2,275,000 £1,956 Q1 2016 3 13
Aldwych Chambers, WC2R 3AT 1,168 £2,350,000 £2,012 Q2 2015 3 16
190 Strand, WC2R 1DX 668 £1,380,000 £2,066 Q1 2016 1 3.2.3
190 Strand, WC2R 1DX 1,033 £2,200,000 £2,130 Q1 2016 2 3.4.1
190 Strand, WC2R 1DX 1,600 £3,600,000 £2,250 Q1 2016 3 3.5.2
more contemporary stock and the vibrancy of the retail, food and beverage offer. Prime residential values for centrally located stock within Covent Garden stand at between £2,250 and £2,500 per sq ft.
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development potentialDue to the low massing and building height relative to nearby schemes, Esavian House offers an excellent opportunity to secure vacant possession and carry out a comprehensive redevelopment. Such development would take full advantage of the wider regeneration being seen through Crossrail. Schemes taking place in the immediate vicinity include:
21/31 New Oxford Street – 390,000 sq ft office and retail scheme being developed by Oxford Properties and Brockton Capital. Completion due 2018
1 New Oxford Street – 107,700 sq ft of offices and retail being developed by BA Pension Fund and TH Real Estate. Completion due 2017
10 Bloomsbury Way – 165,000 sq ft of office and retail being developed by London & Regional. Completed Q4 2015
The location could support a variety of uses, including office, hotel, apart-hotel and residential.
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E S A V I A N H O U S E1 8 1 H I G H H O L B O R N & 7 / 1 1 S T U K E L E Y S T R E E T , L O N D O N W C 1
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VVV
asset management initiatives
vat
capital allowances
data room
proposal
Esavian House offers a number of significant opportunities to create added value:
¬ The passing rent on the Thames & Hudson accommodation equates to an exceptionally low £17.36 per sq ft overall. In our opinion, a purchaser could expect to see this rent increase to £47.25 per sq ft on best space at rent review in 2018
¬ Secure vacant possession of the Thames & Hudson accommodation, refurbish and re-let at an even higher rent. In our opinion, a fully refurbished office in this location could command a rent of £65 per sq ft
¬ Restructure the existing head leases to take control of accommodation not being occupied by Royal Mail
¬ Negotiate with Royal Mail and the Post Office to secure an early surrender of their interest in Esavian House, enabling a comprehensive redevelopment
¬ Investigate adjoining ownerships which could allow for the unlocking of an island site to permit a transformational scheme
The Property is not currently elected for VAT, which will not be payable on the sale.
We are advised that there are no capital allowances available.
A data room is available which contains title and legal documentation relating to the property. Interested parties can request access via the agents.
Our client is seeking offers in excess of £29,000,000 subject to contract and exclusive of VAT, assuming standard purchaser’s costs at 6.76%. This reflects a low capital value of £600 per sq ft.
A purchase at this level would show the following attractive yield profile (assuming that Thames & Hudson do not operate their break clause in 2018):
Initial Yield 1.28%
Equivalent Yield 5.00%
Reversionary Yield 7.66%
VVVMike Prosser
+44 (0) 20 7518 3224
Jeremy Gidman
+44 (0) 20 7016 0727
Jonny Scriven
+44 (0) 20 7016 0739
For further information please contact:
Important information
Our property particulars do not represent an offer or contract, or part of one. The information given is without responsibility on the part of the agents, seller(s) or lessor(s) and should not rely on the information as being factually accurate about this property, its condition or its value. Neither Carter Jonas LLP nor anyone in its employment or acting on its behalf has the authority to make any representation or warranty in relation to this property. We have not carried out a detailed survey, nor tested the services, appliances or fittings at the property. The images shown may represent only part of the property and are as they appeared at the time of being photographed. The areas, measurements and distances are approximate only. Any reference to alterations or use does not mean that any necessary planning permission, building regulation, or other consent has been obtained. The VAT position relating to the property may change without notice. April 2016