Brochure

RARE N E W B U I L D SH E L L AND
CO RE F R E E H OL D WI TH S E CURE
RETAIL I N COM E A N D FL E XIB IL IT Y
TO C U STO M F I N I SH A S BOUTIQUE
OF FICE S, LU X U RY R E SI D E NTIAL OR
A CO M B I N ATI ON TO S UIT.
81 D E A N S T R E E T
81 D E A N STR E E T
INVES TMENT SUMMARY
Prominently located on the corner of Dean Street and
Richmond Buildings in the heart of Soho.
Less than 150m from the new Dean Street Elizabeth Line
(Crossrail) ticket hall.
Freehold.
New-build mixed use residential and retail scheme finished
to shell and core with practical completion due October 2016.
Planning consent for 18 luxury apartments totalling
15,137 sq ft (1,406.3 sq m) and 5,457 sq ft (507.0 sq m)
of A3 restaurant accommodation.
1,561 sq ft (145 sq m) of exclusive private terracing afforded
over 5th and 6th floors.
A3 restaurant with prime Dean Street frontage
pre-let to Wagamama for 25 years from practical completion
at a rent of £600,000 per annum.
Upper parts delivered with full vacant possession.
16 secure underground car parking spaces and 24 cycle
racks with direct access to the building.
Flexibility to create Grade A boutique offices suitable for
owner occupation (subject to planning).
Offers invited for a new 999 year lease of the lower ground
and ground floor restaurant OR for the freehold interest of
the upper floors and car parking.
Offers will also be considered for the freehold interest of the
whole.
81 D E A N S T R E E T
81 D E A N S T R E E T
THE CIT Y
TOT T E NH AM CO U RT R D
U ND ERG RO U ND S TAT I O N
S O H O S Q UAR E
T H E ROYAL
OPERA HOUSE
S O UTH BA N K
D E AN S TRE E T
C H A R I N G C RO S S S TATI O N
E LI ZABE TH LI N E (CROSSRAI L) E N TRAN CE
4
N
ET
XF
W
ET
AR
RE
DO
ST
UR
RD
ST
O
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ET
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D
ST
81 D E A N S T R E E T
81 D E A N S T R E E T
TR A FA LGA R S Q UA R E
LON D ON
Renowned for its history, heritage and culture,
London has become the global capital for
international investment.
6
81 D E A N S T R E E T
81 D E A N S T R E E T
SOHO
A CR EATIVE
CO MM ERCIAL HUB
The UK’s creative economy is one of its great national
strengths, historically deeply rooted and accounting for
around one-tenth of the whole economy. The creative
workforce provides jobs for 2.5 million people and in
recent years has grown 4 times faster than any other sector,
with Soho at its epicentre.
More recently, corporate and financial occupiers traditionally
drawn to St James’s and Mayfair are increasingly viewing Soho
as a preferred alternative for their office base.
The vast improvement in amenities and appealing working
environment attract a younger more dynamic work force which
has fuelled demand for further office space. Recent occupiers
to move into the area include Telefonica, Och Ziff, Generation
Investment Management and CarVal with other nearby occupiers
including Sony, Warner Music, 20th Century Fox, M&C Saatchi
and Twitter.
Home to...
Sony, Twitter, M&C Saatchi
and 20th Century Fox.
81 D E A N S T R E E T
81 D E A N S T R E E T
LONDON’S COOLE ST
A DDRE S S
Soho has become one of London’s most exclusive and
sought after residential addresses where contemporary
living meets character and excitement. A fully
immersive neighbourhood of boutique retail, markets,
leisure, restaurants, colleges, theatres and galleries
combine to offer residents the world’s amenities at
their doorstep.
Outstanding existing communications and future
Elizabeth Line (Crossrail) services offer residents a short
walk into Mayfair, a 5 minute train to the City, a 28 minute
ride to Heathrow or a 2 and a half hour train to Paris.
Contemporary living with
the world’s hottest amenities
on your doorstep.
81 D E A N S T R E E T
81 D E A N S T R E E T
SO
SO H O!
81 D E A N S T R E E T
81 D E A N S T R E E T
With the densest concentration of theatres,
restaurants, cafés, private clubs, hotels
and bars in the Capital, today’s modern
Soho is the epicentre of cool.
81 D E A N S T R E E T
81 D E A N S T R E E T
Over the last 30 years Soho has evolved to become Central London’s
most creative and vibrant quarter.
Bordered by the exclusive Mayfair and St James’s to the West,
the vibrant creativity of Fitzrovia to the North and the internationally
renowned entertainment of Covent Garden to the East, Soho has
long been considered London’s most cosmopolitan village. Modern
development and refurbishment has turned Soho into the centre of London’s
media world with multiple advertising agencies, television companies,
radio studios and post-production companies making the area home.
81 D E A N S T R E E T
81 D E A N S T R E E T
81 D E A N S T R E E T
81 D E A N S T R E E T
Soho has also long been synonymous with London’s music scene. From
the likes of Chet Baker, Ella Fitzgerald and Nina Simone who appeared
at the world famous Ronnie Scott’s to Led Zeppelin, David Bowie and the
Above
Right
Naximin imagnatius borem
re pro bla aliam velis eos ius
volumentio.
Lorem ipsum aximin
imagnatius borem re pro
bla aliam velis eos ius
volumentio.
Rolling Stones who performed at the Marquee Club, music has been the
lifeblood of Soho.
81 D E A N S T R E E T
81 D E A N S T R E E T
Soho has a prestigious and long-standing association with London’s art and
fashion scenes as well as the film and music industries. At the cutting edge of
London’s trends, Soho’s eclectic mix of boutiques centred around Carnaby
Street compliment the world renowned international retail line-up on Oxford
Street and Regent Street creating an unrivalled and unique retail experience.
81 D E A N S T R E E T
81 D E A N S T R E E T
TRAI N S
PL AN ES
AN D
CONNE C T I ON S
K E Y U N D E RG RO UND TIM E S
CONNEC T I ON S
F ITZR OV IA
MA RY L E B ONE
T O T T EN H A M CO U R T R O A D
T O T T EN H A M CO U R T R O A D
W ES T ER N T I C K ET O F F I C E
O X F O R D CI R CU S
COV EN T G A R D EN
BO N D STRE E T
S OHO
CO VEN T G A R DEN
L EI CES T ER S Q U A R E
M AYFA IR
P I CCA DI L LY CI R CU S
CH A R I N G CR O S S
G R EEN PA R K
S T JA M ES ’ S
Unrivalled connectivity across the Capital.
8 key London Underground stations and
new Elizabeth Line (Crossrail) station within a mile.
TOTTE N H A M COURT ROA D
0 . 2 Mi l e s
1 Mi n
L E I C E S TE R S QUA RE
0 . 4 Mi l e s
5 Mi n s
P I C C A DI L LY C I RC US
0 . 4 Mi l e s
5 Mi n s
OXF ORD C I RC US
0 . 5 Mi l e s
7 Mi n s
COV E N T GA RDE N
0 . 5 Mi l e s
7 Mi n s
C H A RI N G C ROS S
0 . 7 Mi l e s
8 Mi n s
BON D S TRE E T
0 . 8 Mi l e s
12 Mi n s
G RE E N PA RK
0 . 8 Mi l e s
12 Mi n s
Source: tfl.org Times are approximate.
Soho to Heathrow in under 30 minutes
ELIZ A B ETH LINE ( CRO SSRAIL)
TOT T ENH AM COURT ROAD
•Europe’s largest infrastructure project
•Tottenham Court Road is set to become the
dominant transport hub in the West End
•Revolutionary transport access for London
•37 stations and 2 London airports
•1.5 million people within 60 mins of
London’s key business and retail district
•Footfall forecasts are set to more than double
•Passenger numbers forecast to rise from the current
150,000 per day to over 200,000 per day
•Heathrow Airport to Tottenham Court Road Station
in just 28 minutes
HEATHROW
PADDIN GTON
BOND STREET
TOTTENHAM COURT ROAD
28 Mins
5 Mins
2 MinsThe station will benefit from 2 new
ticket halls including an additional
entrance and ticket hall located
on Dean Street just 400ft north of
the property.
FARRIN GDON
LIVERPOOL STREET
C AN ARY WHARF
STRATFORD
3 Mins
5 Mins
12 Mins
14 Mins
E L I Z A B E T H L I N E ( C RO SSRA I L )
D E A N S T RE E T E N T RA N C E
TR
D S
R
O
OX F
EET
ELIZ A B ETH LINE (CRO SSRA IL)
TOTTENHA M CO URT ROA D
ENTRA N CE
81 D E A N S T R E E T
81 D E A N S T R E E T
T HE
BUILDIN G
81 Dean Street will comprise
an exceptional new build
mixed-use property complete
to shell and core with
on-site parking.
Detailed planning permission (Ref: 15/03731FULL) was
granted by Westminster City Council in November 2015
for the substantial demolition of existing roof extension
and rear part of building.
DESCRIPTION
THE SC HEME WILL PROVIDE:
•18 luxury apartments arranged over 1st to 6th floors,
including 2 duplex penthouses.
•7x one bed, 6x two bed, 5x three bed units with a
total NSA of 15,137 sq ft (1,406.3 sq m).
• 1,567 sq ft (145 sq m) of outside terracing.
• Dedicated private entrance on Richmond Buildings.
• On-site concierge.
• 16 secure underground car parking spaces & 24 cycle
racks with direct access to the lift and stair core.
•Prominent ground and basement restaurant pre-let to
Wagamama LTD providing a total GIA of 507.0 sq m
(5,457 sq ft).
•Prominent A3 frontage to Dean Street.
WORL D C L A S S
DESIGN T E A M
Robin Partington & Partners
Robin Partington & Partners (RPP) are an award
winning architectural practice based in the heart of
London’s West End.
Working in a collaborative, transparent and logical
way RPP schemes have a strong sense of identity and seek
to create living and working environments that are richly
detailed yet diverse in character.
RPP has been involved in a number of prominent
Central London developments including:
• Park House, Oxford Street, W1.
• Merchant Square Masterplan, Paddington, W2.
• 1 New Street Square, EC4.
• The Sloane School, SW10.
• Shepherd’s Bush Market, W12.
• 39-45 Gray’s Inn Road, WC1.
I NTE R IOR S BY
M ARTI N BRU DNI ZKI
DE SIGN STU DI O
81 D E A N S T R E E T
Established in 2000 Martin Brudnizki Design Studio (MBDS)
is a leading interior design practice employing over 70 staff
between London and New York.
Known for bringing a lived-in-luxurious feel to high-glamour
projects, MBDS is responsible for designing some of the world’s
most celebrated interiors, including The Ivy, Soho Beach House
Miami, Scott’s and Cecconi’s West Hollywood and has received
notable recognition, including accolades from Wallpaper,* Tatler,
Harper’s Bazaar and the European Hotel Design Awards.
81 D E A N S T R E E T
Entrance Lobby
81 D E A N S T R E E T
81 D E A N S T R E E T
Master Bedroom
Living Room
81 D E A N S T R E E T
81 D E A N S T R E E T
Master Bathroom
Penthouse Living Room
Concierge, gym facilities, laundry, cleaning
and room services all available from the
iconic Soho Hotel.
81 D E A N S T R E E T
81 D E A N S T R E E T
6th floor Private Roof Terrace
R E STAURAN T P RE - LE T
81 Dean Street will be
Wagamama’s flagship
UK restaurant.
TEN AN CY
• 5,457 sq ft (507.0 sq m) GIA of A3 restaurant
accommodation arranged over ground floor and basement
level with prime frontage to Dean Street.
• Delivered in September 2016.
• Pre-let to Wagamama Ltd (t/a Wagamama) on a 25 year
FR&I lease from practical completion. There is a tenant only
break option at year 15.
• The lease will commence upon practical completion at
an initial rent will of £600,000 per annum and will be
reviewed 5 yearly to open market A3 use.
• The current passing rent reflects £142 per sq ft on
the ground floor assuming a 50% discount on the
basement area.
• Wagamama Limited (Company No. 02605751) have
a D&B rating of 5 AI representing a minimum risk of
business failure.
• For the year ending 26 April 2015 Wagamama Limited
had a turnover of £188.115 million generating an EBITDA
of £30.3 million.
• Further information can be found at www.wagamama.com
81 D E A N S T R E E T
Flagship Wagamama — New York 5th Avenue, opening 2016
CO NS EN TED
AC CO M MO DATIO N SC H EDU LE *
F LO O R
USE
GIA
T E R R AC E
NIA
SI XTH FLOOR
SQ M
FI FTH FLOO R
12 3 . 8
1, 3 3 3
117. 8
1, 2 6 8
95
1, 0 2 3
2 37. 8
2,560
2 07. 9
2,238
50
538
F O U RT H
RESIDENTIAL
306.9
3,303
27 0 . 3
2,909
-
-
THIRD
RESIDENTIAL
308.9
3,325
27 0 . 3
2,909
-
-
S E CO N D
RESIDENTIAL
308.9
3,325
27 0 . 3
2,909
-
-
FIRST
RESIDENTIAL
309.5
3 , 3 31
269.7
2,903
-
-
G RO U N D
RESIDENTIAL
LO B BY
42.5
452
-
-
-
-
1, 6 37. 8
17, 6 2 9
1, 4 0 6 . 3
15 ,137
-
-
G RO U N D
R E STAU R A N T
27 7. 3
2,985
-
-
-
-
BA S E M E N T
R E STAU R A N T
229.7
2 , 47 2
-
-
-
-
R E S TAU R A N T
S U B TOTA L
R E STAU R A N T
5 07. 0
5 , 4 57
-
-
-
-
PL A N T / B I N
STO R E S
59.2
6 37
-
-
-
-
2 , 2 04 . 0
2 3 , 7 24
1, 4 0 6 . 3
15 ,137
145
1,561
F LO O R
UNIT NUMBER
B E D RO O M S
AREA
SQ M
SECOND FLOOR
6th
GROU ND FLOOR
COR E
D E A N ST R E E T
SQ M
SQ FT
646
692
60
1,088
15
161
53.5
576
35
377
106.8
1,150
35
377
99.7
1,073
-
-
1
48.4
521
-
-
14
2
75.5
813
-
-
4th
13
1
46.7
503
-
-
3rd
12
3
99.7
1,073
-
-
3rd
11
1
48.4
521
-
-
3rd
10
1
46.7
503
-
-
3rd
9
2
75.5
813
-
-
2nd
8
3
99.7
1,073
-
-
2nd
7
1
48.4
521
-
-
2nd
6
1
46.7
503
-
-
2nd
5
2
75.5
813
-
-
1st
4
2
73.8
794
-
-
1st
3
2
75.5
813
-
-
1st
2
1
46.7
503
-
-
1st
1
2
73.7
793
-
-
1,406.3
15,137
145
1,561
PENTHOUSE 1
3
4th
16
3
4th
15
4th
5th
R E STAU R AN T
SQ FT
64.3
3
6th
1 BE D
T E R R AC E
101.1
PENTHOUSE 2
5th
2 BE D
SQ FT
RESIDENTIAL
TOTA L
FIRST FLOOR
SQ M
RESIDENTIAL
A N C I L L A RY
3 BE D
SQ FT
S I XT H
THIRD FLOOR
R I C HM ON D B UI LD I N G S
SQ M
FIFTH
RESIDENTIAL
S U B TOTA L
FOURTH FLOOR
SQ FT
SUB TOTAL
*The above areas relate to the current stage of design and are subject to change
FIFTH FLOOR
GROUND FLOOR
GROU N D F LOOR
FIFTH FLOOR
PENTHOUSE 02
PENTHOUSE 01
SIXTH FLOOR
FOURTH FLOOR
F OU RT H F LOOR
S IXTH FLOOR
APT. TYPE 06
PENTHOUSE 02
APT. TYPE 05
APT. TYPE 02
PENTHOUSE 01
APT. TYPE 03
TE C HNI C AL
I NFOR MATI ON
Practical completion of the shell and core works will be
delivered by Knight Build in 2 phases, with the retail demise
in September 2016 and the remainder of the property at
the beginning of October 2016.
The building will be completed to the following shell
specification:
• External envelope/façade complete in block work
internally and brick/zinc externally.
• Roof top plant room ready for future installation
of condensers.
• Roof mounted photovoltaic solar panels installed and
wired to landlord distribution board system.
• Roof finishes, drainage, lightening protection, external
spiral staircases and terrace dividers complete. No floor
finishes to terrace areas.
• All utilities and capped services to each apartment and
complete installation in Landlord areas.
• Windows, louvres, shutters, balustrades and glazed retail
shop front installed.
• Structural slab to communal and residential floor areas.
• Exposed concrete slab or steel structure and metal
deck ceilings.
• Slab to slab heights vary from 2.85m – 3.40m.
• Internal concrete staircase created between basement
and 5th floor.
• Landlords plant room and risers created and installed.
• Internal walls around common parts completed in block
work (Basement & Ground Floor) or plasterboard
partitions (1st to 6th Floors).
• 5F/6F internal penthouse staircase void formed only.
• Lift car shell installed and prepared for final finish zone.
PL A NNIN G
• Located within the City of Westminster the property lies
within both the Central Activities Zone (CAZ) and the
Soho Conservation Area.
81 D E A N S T R E E T
81 D E A N S T R E E T
81 D E A N S T R E E T
81 D E A N S T R E E T
BOU TI QU E OFFI CE
ALTE R N ATIV E
81 Dean Street also affords the
flexibility to deliver an exceptional
office-led development.
• Subject to planning, a new scheme
could provide a total of 14,754 sq ft
(1,370.7 sq m) NIA arranged over
ground and 6 upper floors.
• It is understood Westminster City Council
would support a change of use back
to offices. Further information is available
in the data room.
T Y P I C A L U P P E R F LO O R
PROPOSE D OF F I CE L E D S C H E ME
P RO P O S E D O F F IC E LED SC H EME
W IT H DU PLEX PEN TH O U SE
S IXT H F LOOR
S I X T H F LOOR
F IF T H F LOOR
F I F T H F LOOR
F OU RT H F LOOR
F O URT H F LOOR
T H IR D F LOOR
T H I RD F LOOR
S ECOND F LOOR
S E CON D F LOOR
F IR ST F LOOR
F I R ST F LOOR
R ES I D ENT I A L
OF F I CE
GROU ND F LOOR
O FFI C E
G RO U N D F LOOR
RE STAU RA N T
LOW ER GROU ND FLO O R
LOWE R GROU N D F LOOR
Robin Partington & Partners have proposed the following floor areas:
F LOOR
R ESTAUR A NT
U SE
Robin Partington & Partners have proposed the following floor areas:
G IA
NIA
T E R R AC E
F LO O R
USE
GIA
NIA
T E R R AC E
SQ M
SQ F T
SQ M
SQ FT
SQ M
SQ FT
SQ M
SQ FT
SQ M
SQ FT
SQ M
SQ FT
SI XTH
O FFICE
12 3 . 8
1, 3 3 3
99 . 7
1, 073
95
1, 0 2 3
SIXTH
R E SI DE NTI A L
12 3 . 8
1, 3 3 3
117. 8
1, 2 6 8
95
1, 0 2 3
F I F TH
O FFICE
2 37. 8
2,560
188. 6
2, 030
50
538
FI FT H
R E SI DE NTI A L
2 37. 8
2,560
2 07. 9
2,238
50
538
F O U RTH
O FFICE
306.9
3,303
2 57. 7
2 , 7 74
-
-
FOURT H
OFFICE
306.9
3,303
2 57. 7
2 , 7 74
-
-
THI RD
O FFICE
308.9
3,325
259.7
2, 795
-
-
T HI RD
OFFICE
308.9
3,325
259.7
2,795
-
-
S ECO ND
O FFICE
308.9
3,325
259.7
2, 795
-
-
S ECON D
OFFICE
308.9
3,325
259.7
2,795
-
-
F I RST
O FFICE
309.5
3 , 3 31
260.3
2, 802
-
-
FI RST
OFFICE
309.5
3 , 3 31
260.3
2,802
-
-
O F F I C E R E CE P T IO N
56.2
605
45.0
48 4
-
-
GROUN D
O F F I C E R E C E P TI O N
56.2
605
45.0
484
-
-
1, 6 5 2 . 0
17, 7 8 2
1, 37 0 . 7
14 , 7 54
-
-
OFFI C E SUB TOTA L
1,6 5 2 .0
17,7 8 2
1,4 0 8 .1
15 ,15 6
-
-
G RO U ND
O F F ICE S U B TOTAL
G RO U ND
R E STAU R AN T
27 7.3
2,985
-
-
-
-
G ROUN D
R E STAUR A NT
27 7. 3
2,985
-
-
-
BA SEMENT
R E STAU R AN T
229.7
2 , 47 2
-
-
-
-
BAS EMEN T
R E STAUR A NT
229.7
2 , 47 2
-
-
-
-
5 07. 0
5 , 4 57
-
-
-
-
R E S TAUR AN T SU B TOTA L
5 07.0
5 ,4 57
-
-
-
-
5 9 .1
6 37
-
-
-
-
AN CI LL ARY
59.2
6 37
-
-
-
-
2 , 218 . 2
2 3 , 87 7
1, 370 . 7
14 , 7 54
14 5
1, 5 61
2 ,218 .2
2 3 ,87 7
1,4 0 8 .1
15 ,15 6
14 5
1,5 61
RE S TAU RA NT S UB TOTAL
A N C I L L A RY
TOTA L
P L A N T / B I N STO R E S
TOTAL
P L A NT/B I N STO R E S
EE
T
DE
AN
ST
DE
AN
STR
ET
EET
RE
H
RIC
MO
IL
BU
ND
DIN
GS
Not to scale. For identification purposes only. This plan is based
on the Ordinance Survey Map with the sanction of the controller
of H.M. Stationery. Crown Copyright reserved.
TE NURE — Freehold.
RIC
HM
ON
D
ME
WS
MARK ET
COMMENTARY
3
2
1
Development Fifteen Hollen Street
Development
Development Soho 13, Broadwick Street
Developer Resolution Property
Developer Oakmayne
10 Soho Square
Developer United House / Barratt
Private Units 10 apartments
Private Units
5 apartments
Private Units 13 penthouses
Average £PSF* £2,483 achieved
Average £PSF*
£2,430 achieved
Average £PSF* £2,366 achieved
Completion 2015
Completion2015
Completion 2015—2016
8
9
REET
RD ST
OXFO
7
5
1
8
9
6
3
NO
STR
EL
HO
SO ARE
U
SQ
EET
GR
EE
K
ST
RE
ET
Development St Lawrence House
Development 1 Oxford Street
Development 73—89 Oxford Street
Broadwick & Livonia Street
Developer Derwent London
& 1 Dean Street
Developer Great Portland Estates
Grade A Offices 18,952 sq m (204,000 sq ft)
Developer Great Portland Estates
Grade A Offices 6,950 sq m (74,800 sq ft)
Retail 3,437 sq m (37,000 sq ft)
Grade A Offices 5,150 sq m (55,434 sq ft)
Retail 1,625 sq m (17,500 sq ft)
Theatre 350 seat Nimax theatre
Retail 4,376 sq m (47,100 sq ft)
Completion Q3 2016
Completion Q2 2020
part pre-let to Zara
Completion Q2 2017
E
U
6
ON
5
EN
AV
GT
7
S
IN
4
K
ET
LEX
A
BE
E
TR
RY
Completion TBA
B
W
RE
ER
R
ST
EE
BU
Q3 2015
T
ES
Completion ET
6 residential units
FT
1,822 sq m (19,619 sq ft)
Residential A
251 sq m (2,702 sq ft)
Leisure pre-let to Zara
SH
Residential ET
1,626 sq m (17,502 sq ft)
Completion 2017
ET
1,400 sq m (15,070 sq ft)
Retail RE
Grade A Offices ST
3,251 sq m (35,000 sq ft)
RE
ITH
Retail ET
£3,500 reported achieved
RE
Average £PSF* ET
Soho Estates
RE
Developer T
R S
1,255 sq m (13,504 sq ft)
OU
Grade A Offices 2
RE
82 apartments
OA
RD
Private Units BR
ST
Brewer Street & Berwick St
K
K
IC
Developer Dukelease
IC
WA
Almacantar
DW
RW
Walkers Court
ET
BE
Development ET
Developer 11 Soho Street
RE
Development RE
ST
ST
Centre Point
ST
FR
ND
Development ST
AN
LA
DE
PO
4
INVESTME N T
OFFI CE
Demand remains exceptionally strong for value add and
West End office take up reached 3.95 million sq ft. by the end of
of £120 per sq ft on new build developments, Soho continues to be
the second highest year on record as demand continued to outstrip
development opportunities as the continued loss of office space to
2015, 32% higher than the long term average and a 9% increase
the area of choice for media companies whilst more recently attracting
supply for prime assets.
residential across the West End, and in particular Soho, has seen rental
on the same point in 2014.
corporate and financial occupiers drawn to Soho’s unique environment.
Central London investment volumes reached £18 billion in 2015,
levels surge throughout the year with investors continually vying to secure
Investor demand continues to focus on growth locations and the
strength of the occupational markets has maintained downward pressure
prime stock.
Grade-A vacancy rates in Soho are one of the lowest in London and,
The office market has moved in favour of landlords largely due to
a 20% fall in supply and increased demand from the up-and-coming
with a restricted development pipeline, the subject property offers a rare
digital and creative industries. Against a backdrop of falling supply and
opportunity to deliver a substantial mixed-use office and retail scheme
investors due to a transparent and competitive investment market,
increased occupier demand, high levels of competition have driven
ideally placed to take advantage of the areas forecasted rental growth
and remain under pressure given the weight of capital targeting direct
established legal system and political stability. With strong growth
strong rental growth.
and burgeoning reputation. Below we set out details of some recent Soho
real estate from domestic and overseas investors.
prospects, an improving economy and further rental growth expected,
London continues to be perceived as a safe haven for overseas
on investment yields.
Prime yields in the core West End office market are currently 3.50%
A D D RESS
TENURE
AR E A
PR IC E
Soho has witnessed exceptionally strong demand fuelling rental
overseas and domestic investors will continue to target Central London.
growth with office rents now achieving in excess of £90 per sq ft.
Below we set out details of some recent Soho investment comparables:
Offering a discount to neighbouring Mayfair, where rents are in excess
C APITAL VA LU E
(SQ F T )
CO M M E N TS
DAT E
ADDRESS
(£ P S F )
FH
23,182
£40.0m
£1,725
• Available
Q1 2016
17 — 18 Great Pulteney Street, W1
20 – 24 Broadwick Street, W1
FH
22,258
£33.5m
£1,488
• Vacant possession by
July 2016
Q4 2015
Ampersand, 180 Wardour Street, W1
37 – 38 Golden Square, W1
FH + VFH
28,152
£43.2m
£1,535
• Vacant possession by
December 2015
Q3 2015
34,310
£55.0m
£1,603
• Vacant possession
1,081
RENT
DATE
(£PSF)
55 Pixels Ltd
£87.88
Q3 2015
65,170
King Digital Entertainment
£85.00
Q3 2015
12 Golden Square, W1
4,172
Highland Capital Partners
£91.00
Q3 2015
12 Golden Square, W1
9,238
Diageo
£97.50
Q2 2015
Q3 2015
44 – 45 Great Marlborough Street, W1
4,163
FT Advisors Ltd
£85.00
Q3 2014
Q2 2015
20 Air Street, W1
Twitter
£87.75
Q2 2014
• Consent for a residential
led mixed use scheme
FH
TENANT
(SQ FT)
16 – 19 Soho Square, W1
33 Foley Street, W1
AREA
office leasing transactions:
• Consent for 33 apartments
21 – 22 Poland Street, W1
FH
8,836
£12.0m
£1,358
• Vacant possession on
the upper parts
• Consent for a residential
led mixed use scheme
40 – 41
FH
12,398
£18.2m
Great Marlborough Street, W1
£1,472
• Vacant possession
24,468
The above information has been provided by 3rd parties and is subject to verification
Q1 2015
• Consent for a residential
led mixed use scheme
The above information has been provided by 3rd parties and is subject to verification
81 D E A N S T R E E T
81 D E A N S T R E E T
SOHO RESI D E N T I A L
R E TAIL
Soho has been relatively overlooked in terms of central London’s
Despite the higher rate stamp duty increase, average UK house
The Soho restaurant and leisure market has experienced exceptionally
Against a backdrop of Chinese volatility and difficult trading
prices rose by 4.5% in 2015 with the Prime Central London (PCL)
residential development activity but in the last few years a number
conditions tourist spending on Britain’s high streets rose by 2% in
high growth in recent years as the area has evolved to become an
market rising by 1% on average.
of residential schemes have been delivered or consented resulting
2015. According to Visit Britain, the UK tourist agency, spending
important focal point for restaurateurs and prime A3 rents have now
in substantial price increases due to latent demand. The Crossrail effect
by tourists in the UK totalled some £22 billion and with the number
exceeded £130 per sq ft on an overall basis.
the long term and whilst there may have been reduced turnover in 2015
has been a major contributing factor and given the proximity of the area
of tourists coming to the UK set to rise by 3.8% this year to 36.7m,
it is anticipated that the low interest rate environment coupled with firmer
to the new station entrance at the northern end of Dean Street it is estimated
spending is forecast to increase by 4.2%.
wage growth and a continued lack of new and second-hand housing
that there will be substantially greater increases in property values in and
stock should help increase transactional activity modestly and move prices
around Soho.
The Prime Central London market has proved remarkably resilient over
Capital values have broken through the £2,500 per sq ft mark with
higher in the first half of 2016.
Soho is now central London’s most fashionable and desirable
residential neighbourhood. A world class retail and restaurant line-up
As one of the world’s most popular shopping and tourist destinations
rise dramatically on completion of the new Elizabeth Line (Crossrail) ticket
Rising tourist numbers visiting Central London has resulted in a further
hall at the northern end.
strengthening of occupational demand, very low vacancy rates and strong
and £3,500 per sq ft.
rental growth with rents for prime Central London shops rising by 9% in the
Below we set out some recent comparable residential sales transactions:
for cafés, restaurants and bars and the exceptional footfall is expected to
the London retail economy experienced considerable growth in 2015.
prices for prime new-build property in Soho ranging between £1,750
coupled with some of London’s most exclusive bars and nightclubs has
Dean Street is a major Soho thoroughfare linking Shaftesbury Avenue
to the south with Oxford Street to the north. The street is a popular location
final quarter of 2015.
proved successful in attracting international and domestic purchasers whilst
proximity to prestigious leading educational institutions such as the London
School of Economics and University College London has helped attract
overseas students.
D E V ELO P M E NT
DE V E LO PE R
F LO O R
Soho 13, Broad Street, W1
Barratt & United House
Developments
5th
Legal & General
4th
Pathé Building, 109 Wardour Street, W1
ARE A
PRICE
£ PER
DAT E
1,247
£2,950,000
£2,366
Q2 2015
1,087
£2,710,000
£2,493
ADDRESS
TENANT
TENURE
PRICE
NIY
C A P I TA L
VA LU E
DATE
50 Dean Street, W1
Le Relais de Venise,
L’Entrecote
FH
£8,000,000
3.66%
£2,204
Q1 2016
5 Berners Street, W1
Patara Thai Fine Dining
VFH
£6,075,000
3.89%
£1,695
Q4 2015
5 – 7 Blandford Street, W1
L’Autre Pied
FH
£4,000,000
2.50%
£1,855
Q4 2015
15 – 29 Redchurch Street, E2
A.P.C, Aime, Nudie Jeans,
Kit Ace, Mast Bros
VFH
£16,262,000
3.40%
£2,531
Q4 2015
19 Marylebone High Street, W1
J.Crew
VFH
£9,510,000
2.93%
£3,628
Q1 2015
52 Poland Street, W1
Yo Sushi
VFH
£6,500,000
2.84%
£1,190
Q4 2015
26 Albemarle Street, W1
Sumosan
FH
£17,000,000
1.27%
£2,763
Q3 2014
Q1 2015
10 Soho Square, W1
Oakmayne
2nd
1,539
£4,025,000
£2,615
Q4 2014
68 – 72 Wardour Street, W1
Marcol
3rd/4th
1,790
£4,575,000
£2,555
Q4 2014
15 Hollen Street, W1
Resolution Property
5th/6th
1,990
£5,250,000
£2,638
Q3 2014
The above information has been provided by 3rd parties and is subject to verification
The above information has been provided by 3rd parties and is subject to verification
81 D E A N S T R E E T
81 D E A N S T R E E T
For further information or to arrange an inspection, please contact:
VAT
The sale of 81 Dean Street is expected to be outside the scope of
VAT on the basis that the sale is capable of qualifying for transfer
of going concern treatment (“TOGC”).
P RI CE
Offers invited for a new 999 year lease of the lower ground and
ground floor restaurant OR for the freehold interest of the upper floors
and car parking.
C O NTACT
ADDRESS
MA R K S H IPMA N
D I R . + 4 4 ( 0 ) 2 0 7 5 2 9 57 0 8
M OB . + 4 4 ( 0 ) 7 8 5 0 51 4 414
m ar ks hipm an@m ic haelellio tt.co.uk
S C OTT LIS TER
D I R . + 4 4 ( 0 ) 2 0 7 5 2 9 57 04
M OB . + 4 4 ( 0 ) 7 8 2 3 3 2 57 8 5
s co ttlis t er@m ic haelellio tt.co.uk
NI C K S TEELE
DIR. +4 4 (0)20 7529 5709
MOB. +4 4 (0)7 7 7 135 7 714
nic ks t eele@mic haelellio t t . co. uk
3 Han over Sq uar e
Lon don
W1S 1HD
mic h aelellio tt.co.uk
C O NTACT
A D D R ES S
C ONTACT
ADDRESS
PETER N G
D I R . + 6 5 67 3 3 3 212
pe t er ng @m ic haelellio tt.co.uk
2 6 0 Orc hard Road
#07 - 0 8 , The Heeren,
Sing apore 2 3 8 8 5 5
GUY PASSEY
DIR. +4 4 (0)207 182 2394
MOB. +4 4 (0)7854 328870
guy. passey @cbre. com
9- 12 Bow S tr ee t
Lon don
WC2E 7AB
cbr e.co.uk
Offers will also be considered for the freehold interest of the whole.
JAMI E GUNNI N G
DIR. +4 4(0)20 7182 2005
MOB. +4 4(0)7967 751 394
jamie. gunning@cbre. com
D ECL A R ATIO N:
Michael Elliott for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers
and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given
in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise
as to the correctness of each of them; c) no person in the employment of Michael Elliott has any authority to make or give any representations or warranty whatever in relation to this property.