4-8 MAPLE STREET LONDON W1

Transcription

1 4-8 MAPLE STREET LONDON W1 A PRIME FITZROVIA REFURBISHMENT/REDEVELOPMENT OPPORTUNITY

2 4 8 Maple Street provides an excellent opportunity to acquire a vacant freehold office building in the heart of Fitzrovia, one of London s most exciting areas. Summary Freehold Prime Fitzrovia location Arranged over basement, ground and three upper floors totalling 18,699 sq ft (1,737.2 sq m) Offices with full vacant possession Opportunity to refurbish the building to provide character space Potential for change of use Potential to increase net floor area Offers invited in excess of 18,500,000 reflecting a capital value of 989 per sq ft 2 3

3 The Old Fire station UCL BRITISH museum Tottenham court road CENTRAL ST GILES CENTRE POINT Charlotte Street Soho Square RATHBONE square BT TOWER FITZROY PLACE Oxford Street REGENT STREET ST JAMES S PARK GREEN PARK Tottenham Court Road CROSSRAIL (2018) Tottenham Court Road Dean Street Entrance CROSSRAIL (2018) RUSSELL SQUARE OXFORD CIRCUS Goodge Street Warren Street Fitzroy square 4 5

4 LOCATION Maple Street is located in the north east of Fitzrovia within the London borough of Camden. Fitzrovia is bordered by Soho to the south, Marylebone Village to the west, Bloomsbury to the east and Regent s Park to the north. The area has evolved into a fashionable district for commercial, leisure and educational uses. The media, fashion, leisure and educational sectors are particularity attracted to Fitzrovia, with tenants including Estée Lauder, Havas, Sony, LinkedIn, Saatchi & Saatchi, Time Warner, UCL and Twentieth Century Fox, amongst many others. SITUATION The property is located on the north side of Maple Street, close to its junction with Tottenham Court Road. The property benefits from a second entrance on Midford Place, a Mews located just off Tottenham Court Road. The area is vibrant with unrivalled transport connections and direct access to some of London s best restaurants, hotels and shopping. A few minutes stroll from the property is the heartland of Fitzrovia s entertainment area, Charlotte Street. From Percy Street to the south through to Fitzroy Square, the Street provides experiences exclusive to Fitzrovia including world beating food at Roka and the elegance of the Charlotte Street Hotel. This has resulted in the area becoming one of the most desirable and dynamic districts of London s West End. GREAT PORTLAND STREET EUSTON ROAD MAPLE S TREET HAMPSTEAD ROAD HOWLAND ST REET TOTTENHAM COURT ROAD BLOOMSBURY STREET TAVISTOCK PLACE SOUTHAMPTON ROW GUILFORD STREET MORTIMER STREET (Crossrail 2018) HIGH HOLBORN REGENT STREET OXFORD STREET 6 7

5 COMMUNICATIONS WALKING times TO LOCAL STATIONS Existing communications are excellent with Warren Street (Victoria & Northern Lines), Goodge Street (Northern Line), Tottenham Court Road (Northern & Central Lines) and Euston Square (Hammersmith & City, Metropolitan & Circle Lines) Underground Stations all within a short walking distance. There are also numerous bus routes operating along Tottenham Court Road providing easy access to the rest of London. This will further improve with the completion of Crossrail, the most significant infrastructure development in Central London since the opening of the Underground over 150 years ago. Hayes & Harlington Hanwell Ealing Broadway Bond Street Farringdon Whitechapel Stratford TO SHENFIELD > Warren Street 3 minutes Goodge Street 4 minutes Euston Square 5 minutes Euston 9 minutes Tottenham Court Road 10 minutes Faster journey times from Tottenham Court road Station Tottenham Court Road to Existing Journey Crossrail Journey < TO READING Southall West Ealing Acton Paddington Tottenham Main Line Court Road Liverpool Street TO ABBEY WOOD > Canary Wharf 21 minutes 12 minutes The City (Liverpool Street) 21 minutes 5 minutes Heathrow Airport Canary Wharf Paddington 20 minutes 5 minutes Heathrow Airport 53 minutes 30 minutes Source: TFL & Crossrail Due for completion in 2018 Crossrail will provide a high frequency, high capacity service across 40 stations connecting Heathrow and Maidenhead in the west with Shenfield and Abbey Wood in the east. It will bring an additional 1.5 million people within 45 minutes commuting distance of London s key business districts. The new Tottenham Court Road Crossrail station, which is currently under construction, is within a short walk of the subject property. Once complete the Tottenham Court Road station will have a footfall to over 26,000 passengers per day. Tottenham Court Road is the only station on the Crossrail line that the current line proposals for Crossrail 2 will intersect. Crossrail 2 is currently proposed to run from north east London to south west London. This would make Tottenham Court Road one of the best connected Underground Stations on the network. Proposed Crossrail Entrance at Tottenham Court Road. 8 9

6 FUTURE infrastructure improvements THE WEST END PROJECT The West End Project is a 26m investment into the area around Tottenham Court Road. Set to complete in time for the opening of Crossrail in 2018 the project run by Camden Council will see vast improvements made to Tottenham Court Road and the surrounding streets. The new proposals aim to enhance the areas potential, boosting business and creating new public spaces for the public to enjoy. The project area runs the length of Tottenham Court Road in the west to Gower Street in the east and includes the public spaces, main roads and side roads. The main proposals include: A two way traffic system on Tottenham Court Road for buses and cyclists only (8am-7pm, Monday to Saturday) this replaces the old congested one way system Wider pavements with trees and safer pedestrian crossings A raised road to the same level as the pavement in certain areas to slow traffic New public spaces with trees and seats Further information about the West End Project can be found at < Tottenham Court Road, The West End Project. > Tottenham Court Road, Crossrail: A new western ticket hall at Dean Street, new platforms to access the new Crossrail trains and escalators and a lift to link the upgraded tube station with Crossrail services. Euston Area Plan To the north of the property lies the Euston Area Plan which is a long-term vision of redevelopment over the next 15 years. This will revitalise the area as both a local hub of activity, and gateway to London through new high quality comprehensive, transformational development above and around a world class transport interchange at Euston Station. New homes, businesses, shops, community facilities, schools, a new and improved public realm and open spaces will transform the area. The redeveloped station will help to reconnect the communities to the north, south, east and west to spread regeneration potential to benefit the local community and London as a whole. The plan was initially produced in response to the proposed High Speed Two (HS2) rail link but has allowed for flexibility in reflecting any significant changes in circumstances with the HS2 project. The Euston Area Plan has been jointly prepared by the London Borough of Camden, the Greater London Authority and Transport for London. The plans are currently open to public consultation. Further information about the Euston Area Plan can be found at Euston Station redevelopment. Copyright: Network Rail/British Land 10 11

7 DESCRIPTION 4-8 Maple Street was built in the early 20th Century and part refurbished and redeveloped in The building incorporates cast-iron steel columns and steel beams with an attractive aesthetic barrel vaulted brick ceiling at ground floor. In total, 4-8 Maple Street provides 18,699 sq ft (1,737.2 sq m) of net office accommodation arranged over basement, ground and three upper floors with floor plates ranging from 1,719 sq ft (159.7 sq m) to 6,788 sq ft (630.6 sq m). The upper floors have efficient plates and benefit from very good levels of natural light on both the front and rear elevations. The ground to third floors are served by a 6 person passenger lift. The slab to slab heights excluding beams range from 3m to 4.1m

8 ACCOMMODATION GROUND floor 6,788 sq ft (630.6 sq m) The property has been independently measured by MSA in accordance with Royal Institution of Chartered Surveyors (RICS) Code of Measuring Practice (6th Edition) and comprises the following approximate net internal floor areas: Floor NIA Area (sq ft) NIA Area (sq m) Third floor 1, Second floor 4, First floor 4, Ground floor 6, Basement 1, Total 18,699 1,737.2 Floor plans are not to scale, for indicative use only. TYPICAL UPPER 4,634 sq ft (430.5 sq m) A full set of plans together sections (in both PDF and CAD formats) are available in the data room. Floor plans are not to scale, for indicative use only

9 WARREN STREET GRAFTON WAY TENURE Freehold. The site area totals 0.08 hectares (0.197 acres) and is identified on the site plan (right). TENANCY GRAFTON WAY WHITFIELD STREET MIDFORD PLACE TOTTENHAM COURT ROAD MAPLE STREET The offices will be sold with vacant possession. There are two residential units independently accessed from Midford Place let on long leases. The combined ground rent is currently 200 per annum. Not to scale, for indicative use only

10 Planning 4-8 Maple Street is situated in the London Borough of Camden. We understand that the property is not listed and does not lie within a Conservation Area. The Camden Local Development Framework highlights Camden s core strategy from with specific focus on Tottenham Court Road as an area for growth. The area has been highlighted as an area to promote business, employment, research, retail, culture, entertainment, tourism, education and medical uses. The property may therefore be suitable for alternative uses including D1 medical or educational, residential, restaurant, retail and hotel, among other possible uses (subject to planning). DEVELOPMENT POTENTIAL 4-8 Maple Street provides a unique opportunity to acquire a vacant B1 office building and undertake a refurbishment or redevelopment to create a property that is perfectly placed to capitalise on strong occupier demand in this location. There is a potential to increase massing through relocation of plant to the lower ground and roof extensions to create additional space (subject to planning). The internal walls can be stripped to expose original period features and brickwork, and suspended ceilings can be removed to expose the ornate beams and create more contemporary offices

11 FUTURE DEVELOPMENTS There are several high profile developments proposed and currently underway which will see Fitzrovia become one of the most desirable places to live and work in the West End A map of key developments is shown here. Euston Area Plan Camden Council, the Greater London Authority and Transport for London - Area rejuvenation and a world class transport interchange at Euston Station. Completion Charlotte Street, W1 Derwent London - 322,000 sq ft of offices, 14,000 sq ft of retail and 44,000 sq ft of residential. - Construction due to commence in 2016 with completion in Fitzroy Place, W1 Aviva and Exemplar - 3 acre site ,000 sq ft of offices, 21,000 sq ft of retail/ restaurants, 237 apartments and 54 affordable homes. Completed Pre-let to Estée Lauder in 2014, there is 30,000 sq ft currently on the market for c. 85 psf. Apartments have achieved values between 1,800 psf and 3,200 psf. Rathbone Square, W1 Great Portland Estates acre site. - Planning permission for a mixed-use scheme to include 217,000 sq ft of offices, 42,000 sq ft of retail and 155,000 sq ft of residential in 162 units. Work has commenced with completion in Oxford House, 76 Oxford Street, W1 Great Portland Estates - Planning permission for a mixed use scheme with retail on the ground and first floors and residential for 89 flats above. The Quadrangle / Ampersand Project, 180 Wardour Street, W1 Resolution & Peterson Group - 105,000 sq ft of office, retail and residential accommodation. - Completion is due in Q The top floor totalling 13,387 sq ft is currently under offer to Finisterre at 80 psf Stephen Street, W1 Derwent London - 266,500 sq ft of office and retail accommodation. Phase 1 delivered 18,300 sq ft in 2013 which was 100% pre-let and Phase 2 delivered 83,800 sq ft in Q4 2014, which was 34% pre-let. The 9th and 10th floor are currently under offer in excess of psf. The frontage to Tottenham Court Road is being refurbished to create an extra 40,000 sq ft of retail with completion is due Q EUSTON ROAD HAMPSTEAD ROAD Bedford Avenue, WC1 Exemplar - Redevelopment to provide 45,000 sq ft of retail and 70,000 sq ft of office accommodation. - Completion due in Oriana, Oxford Street, W1 Land Securities and Frogmore - Phase 1 delivered 149,000 sq ft of retail space which was let to Primark for their flagship store. - Phase 2 will provide 76,500 sq ft of retail and 18 high quality private apartments. 9 1 Oxford Street, W1 Derwent London - A 275,000 sq ft mixed use scheme comprising 204,000 sq ft of offices, 37,000 sq ft of retail and a 350-seat theatre. - Completion due in Centrepoint, Oxford Street, WC1 Almacantar - To be redeveloped into 82 one to five bedroom apartments. - Work has commenced with completion due in GREAT PORTLAND STREET 16 MAPLE S TREET HOWLAND ST REET St Giles Circus, WC2 Consolidated Developments - Proposed redevelopment of St Giles Circus and Denmark Street to provide more than 170,000 sq ft of office, restaurant, retail, hotel, residential and leisure accommodation. - Completion due in The Plaza, 120 Oxford Street, W1 Arcadia Group and Sirosa 13 - Proposal for a redevelopment of the 300,000 sq ft Plaza Shopping Centre and offices on Oxford Street, including the creation a new 73,500 sq ft flagship retail store. Network Building, Tottenham Court Road, W1 Derwent London - Mulit-let office and retail building of 64,100 sq ft. Appraisal studies are examining a potential c.100,000 sq ft scheme. 14 Tottenham Court Road, UCL Hospital, WC Proposal for a new 372,394 sq ft, 7 storey hospital with three roof gardens. If planning is granted completion is due in Q MORTIMER STREET REGENT STREET 13 OXFORD STREET 6 4 TOTTENHAM COURT ROAD BLOOMSBURY STREET (Crossrail 2018) Cleveland Street, W1 Dukelease and Starwood 16 - Proposal to demolish the existing buildings and create 38,588 sq ft of commercial space (A1, A3, A4 and B1) with residential above providing 105 apartments. - Completion due in Oxford Street, W1 Great Portland Estates - Redevelopment to provide 90,500 sq ft of office and retail accommodation. 31,800 sq ft has been pre-let to New Look on a 20 year lease Work has commenced with completion due in Q Crossrail (2018) 20 21

12 OCCUPATIONAL MARKET Grade A vacancy rates in Fitzrovia remains at historically low levels with the rate across all grades currently running at below 3.00%. This shortage of quality supply has led to a sharp uplift of 23% in rental values over the past 12 months. The construction of Fitzroy Place and subsequent pre-let to Estée Lauder has had a significant impact and there are strong expectations of further rental growth in Fitzrovia over 2015 and The lack of future development pipeline of Grade A offices in Fitzrovia over the next two years will help compound rental growth. VACANCY RATE % SQ FT (MILLION) 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% VACANCY RATES Q Fitzrovia Marylebone Mayfair St. James s Covent Garden FITZROVIA DEVELOPMENT PIPELINE (OVER 10,000 ST FT) Completions 4-8 Maple Street Pre-let INVESTMENT AND DEVELOPMENT MARKET Demand for vacant Central London property has remained exceptionally strong in 2015 as investors seek the security and the opportunity that London can offer. The strong rental growth that the West End has witnessed is expected to continue throughout the year. This together with strong investor demand from both the UK and overseas is expected to result in falling yields and increased capital values. Recent sales activity Address Date Size sq ft Tenure Price Price per sq ft 19 Fitzroy Square, W1 Dec ,060 FH 6,425,000 1,234 The Soho Works Estate, Great Marlborough Street, W1 Dec ,123 FH & LLH c. 80,000,000 1, Euston Road, W1 Dec ,594 FH 12,500, Marylebone Road, NW1 Nov ,500 FH 25,000,000 1,282 5 Cavendish Square, W1 Oct ,899 LLH 18,500,000 1,095 6 Bloomsbury Square, WC1 Aug ,818 FH 5,800,000 1, Harley Street, W1 Mar ,480 LLH 6,500,000 1, Henrietta Street, WC2 Feb ,300 FH 11,400,000 1,107 Recent Fitzrovia leasing activity Building Tenant Floor Size (sq ft) 10 Midford Place Undisclosed 4th 2,400 Lease Length 10 years break at 5 1 Stephen Street Undisclosed 9th and 10th 16, years The Heals Building, Torrington Place Dentsu Aegis 4th and part 5th 10, years break at 6 Rent per sq ft Date Under offer 9th th th th Under offer Jan Stephen Street The Office Group 1st - 3rd 35, years Jan 2015 Berners House Jag Shaw Baker Ltd 4th - 6th 3,579 5 years Jan 2015 The Heals Building, Torrington Place Netflix 3rd 3, Charlotte Street Spencer Ogden Ltd 1st 6, years break at 5 10 years break at 5 1 Stephen Street Freud Ltd G - 1st 25, years Wells & More, 45 Mortimer Street Lionsgate UK 5th 15, New Oxford Street Active International Limited 1st 4,575 1 Fitzroy Place Estée Lauder Entire Building 15 years break at years break at (fixed uplift to at year 5) Nov Nov 2014 Oct Sept Sept , years c May

13 ADDITIONAL INFORMATION VAT The property has been elected for VAT. EPC The property has an energy performance rating of D(87). A full EPC is available in the data room. FURTHER INFORMATION Further information is available at This includes: EPC Building survey PDF and CAD floor plans/sections Title information Marketing details PROPOSAL OFFERS ARE INVITED IN EXCESS OF 18,500,000 SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT FOR THE FREEHOLD INTEREST REFLECTING A CAPITAL VALUE 989 PER SQ FT

14 CONTACTS Should you wish to inspect the property, please contact: JOHN OLNEY Direct +44 (0) Mobile +44 (0) DOMINIC AMEY Direct +44 (0) Mobile +44 (0) PAUL SMITH Direct +44 (0) Mobile +44 (0) RICHARD TOWNSEND Direct +44 (0) Mobile +44 (0) MISREPRESENTATION ACT Colliers international gives notice that these particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending purchasers, lessees or third party 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. No person employed or engaged by colliers international has any authority to make any representation or warranty whatsoever in relation to this property. March 2015 Colliers international is the licensed trading name of colliers international central London UK LLP which is a limited liability partnership registered in England and Wales with registered number OC Our registered office is at 50 George Street, London W1U 7GA. siren +44 (0) sirendesign.co.uk S06442