41 KINGSWAY LONDON WC2 41 KINGSWAY LONDON WC2 A PRIME VACANT CORNER FREEHOLD

Transcription

1 1 41 KINGSWAY LONDON WC2 41 KINGSWAY LONDON WC2 A PRIME VACANT CORNER FREEHOLD

2 PROMINENT CORNER FREEHOLD WITH FULL VACANT POSSESSION PLANNING CONSENT FOR LUXURY RESIDENTIAL APARTMENTS ABOVE A PRIME RESTAURANT UNIT OR REFURBISHMENT OF THE EXISTING OFFICES 2 3

3 5 INVESTMENT SUMMARY Attractive mixed-use building prominently located on the corner of Kingsway and Kemble Street. Freehold. Moments from Covent Garden one of the West End s premier retail, leisure and entertainment destinations. 300 metres from Holborn Underground Station. Full vacant possession. 15,351 sq ft (1,426.4 sq m) of modern offices and prime retail accommodation. Planning consent granted to increase the building to 18,398 sq ft (1,709.2 sq m). Opportunity to create boutique HQ offices or a consented residential-led scheme above a prime restaurant unit. Consent includes office, residential, restaurant and retail uses providing maximum flexibility. Suitable for investors, developers or owner occupiers. Offers in excess of 19 million. Capital value of 1,033 per sq ft on the consented areas.

4 6 MAYFAIR 7 TOTTENHAM COURT ROAD FITZROVIA ST JAMES S SOHO TRAFALGAR SQUARE BRITISH MUSEUM ROYAL OPERA HOUSE COVENT GARDEN RUSSELL SQUARE HI GH HO LB OR N COVENT GARDEN BLOOMSBURY THE SAVOY HOLBORN 4 1 K I N G S WAY KING Y SWA STRA ND KING S COLLEGE LONDON SOMERSET HOUSE LINCOLN S INN FIELDS LONDON SCHOOL OF ECONOMICS

5 8 9 K I N G S WAY 12 One of the Most important thoroughfares in Central London Linking New Oxford Street and High Holborn with Aldwych and the Strand KINGSWAY Completed in 1905 and opened by King Edward VII, Kingsway was originally constructed as part of an ambitious urban improvement programme and is still considered to be one of the most important thoroughfares in London s West End. Linking New Oxford Street and High Holborn in the north to Aldwych and Strand in the south Kingsway also marks the eastern boundary of the world famous Covent Garden. Kingsway remains lined with many of its original period stone buildings and has long been synonymous with the legal profession due to its proximity to the Royal Courts of Justice, Old Bailey and Lincoln s Inn Fields and prestigious academic institutions such as the London School of Economics, Kings College London and the Royal College of Surgeons. In recent years due to improvements to the local retail and leisure provision and the commercial success of Covent Garden, Kingsway has become increasingly popular as an office destination. The refurbishment and redevelopment of the existing building stock has proved successful in attracting a diverse range of occupiers from the professional, TMT, financial, media and public sectors as well as an affluent residential population. Immediate occupiers in the vicinity now include Mishcon de Reya, Tishman Speyer, tech giant Skype and WeWork at the nearby Aldwych House Somerset House ME London Hotel Waldorf Hilton London High Commission of India King s College London Alchemi Group Australian High Commission 8 WeWork 9 Tishman Speyer 10 Uniqlo 11 London School of Economics 12 Mishcon de Reya 13 Civil Aviation Authority 14 Theatre Royal Drury Lane ALDWYCH ALDWYCH 7 2 THE STRAND 1

6 10 11 COVENT GARDEN Over 42 million visitors a year With over 42 million visitors per year Covent Garden is one the World s most popular tourist attractions and internationally recognised as one of London s most prestigious and successful office, retail and leisure destinations. Since Capco s acquisition in 2006, the Covent Garden Estate has been successfully taken to the next level by attracting a host of innovative global occupiers including Dior, Chanel, Ralph Lauren, Burberry, Mulberry, Paul Smith and Apple. Focusing on culture, fashion, food and the arts, Capco has introduced over 70 new high-end retail brands since 2006 and cementing cemented Covent Garden s image as one of London s most sought after retail and commercial destinations. Covent Garden forms an integral part of London s Theatreland home to the Royal Opera House, Theatre Royal Drury lane and the London Coliseum, home of the English National Opera. The area also hosts some of London s most popular tourist destinations including Trafalgar Square, Nelson s Column, the National Gallery and the London Transport Museum. The area also plays host to some of London s newest and most exclusive restaurants including the Ivy, J Sheekey, LIMA Floral, Balthazar, Sushi Samba and latest middle eastern culinary sensation the Barbary. The St Martin s Lane Hotel with its Asia De Cuba restaurant continues to be the hotel of choice for the well-heeled traveller whilst the Covent Garden Hotel and world famous Savoy offers more refined and luxurious accommodation. Covent Garden is now considered an exclusive and desirable residential address with capital values now comfortably in excess of 2,000 per sq ft. Recent luxury developments include Capco s Beecham and Southampton schemes, as well as the Charles and the Palladio. World renowned entertainment, retail and leisure amenities

7 12 13

8 14 15 OO BL LOCAL DEVELOPMENTS MS HOLBORN 0.2 miles 3 BU RY OXF 7 ST NEW TREET ORD S RR EE OL GS HH RN KIN T HIG BO Y WA 8 2 AV E NU E 4 1 K I N G S WAY NG BO 5 NE ALDWYCH ST RE Scheme: 120,000 sq ft Grade A office refurbishment. Single let to Mischon de Reya. Completion: 2017 Completion: 2018 ALDW Scheme: luxury residential apartments with an ancillary gym/fitness centre & car parking. FL Scheme: 34 serviced apartments & 21 residential apartments above prime retail & restaurant accommodation. R OW LEICESTER Architect: Squire and Partners NEW SQUARE Scheme: 46 private luxury apartments 0.5 miles in a 15-storey tower. 9 TEMPLE 0.4 miles K Developer: BNP Paribas Real Estate IC Architect: TP Bennett RR Developer: Daejan Holdings Limited 6 GA Developer: Lodha Architect: PLP Architecture ET ST Completion: Q RE ET ST RA ND ID EN M NK BA BR GE EM OO RL T TE WA CHARING CROSS 0.6 miles 6. Arundel Great Court, 2 Arundel Street, WC Great Queen Street, WC2 Developer: Kato Kagaku & Co 5. Aldwych House, Aldwych, WC2 Architect: John Robertson Architects Developer: Rowan Asset Management Developer: Waterway PCP Properties Scheme: 450,000 sq ft refurbishment scheme comprising Bush House, Strand House, King House & Melbourne House. Single let to King s College London. Architect: Sheppard Robson Architect: WilkinsonEyre / Horden Cherry Lee Scheme: 173,680 sq ft mixed-use refurbishment comprising 90,000 sq ft of refurbished Grade A offices and a prime restaurant unit. 62,000 sq ft of offices have been pre-let to WeWork with the restaurant pre-let to ROKA. Scheme: 398,000 sq ft of Grade A offices, 147 private apartments and 98 bed hotel, 18 serviced apartments and prime retail. 4. Aldwych Quarter, WC2 Completed: 2014 Completion: 2017 Completion: Pending ND 10 YCH ET AD Developer: E&O Group Architect: Stuart Forbes Associates AL S OR E TR STRA miles 7. Hexagon Apartments, Parker Street, WC2 Completed: 2015 LA W COVENT GARDEN RO 3. Africa House, Kingsway, WC2 Y AC LO SS Lincoln Square, 18 Portugal Street, WC2 UR N CRO Princes House, 37 Kingsway, WC2 1 G SH ARI AF CH TE RE SB UR Y DR Strand,WC2 Developer: Latis Homes 9. Strand Bridge House, Strand, WC2 Developer: Berkeley Group St Edward Architect: n/a Developer: BDO Bank Architect: GRID Architects Scheme: 3 lateral apartments and one duplex penthouse. 5,000 sq ft restaurant unit. Architect: KSR Architects Scheme: 35,000 sq ft of Grade A offices and retail. Scheme: 200 private luxury apartments arranged across 4 buildings Completion: 2017 Completion: Q Completion: Q3 2017

9 41 KINGSWAY LONDON WC KINGSWAY LONDON WC2 COMMUNICATIONS HOLBORN STATION IMPROVEMENTS Excellent transport links with numerous London Underground stations in close proximity. Holborn Station is the 14th busiest station on the London Underground network with over 40 million passengers using the station a year. TOTTENHAM COURT ROAD 0.5 miles BLOOMSBURY STRREET NEW OXFORD STREET HIGH HOL BORN Parker Street Great Queen Street HOLBORN 0.2 miles Lincoln s Inn Fields Sardinia Street Award-winning architects John McAslan + Partners together with engineering partner Arup have been selected by Transport for London to implement a comprehensive redevelopment of Holborn Station. The 300 million project plans to increase capacity of the station ensuring that it can fully support the benefits of the Piccadilly line modernisation. By 2022, a new interchange link and a re-modelled ticket hall will reduce journey times, boost capacity and make the station step free. Highway improvement works to the central reservation and street furniture of Kingsway are also improving the aesthetics of Kingsway itself. CHARING CROSS ROAD SHAFTESBURY AVENUE FLORAL S T REET COVENT GARDEN 0.3 miles LONG ACRE BOW Royal Opera House Covent Garden Market STREET DRURY LANE KINGSWAY Kemble Street ALDWYCH Portugal Street ALDWYCH Royal Courts of Justice STRAND CROSSRAIL Transport infrastructure in the area is set to improve further as a result of a major 1 billion investment into a new London Underground and Crossrail station at nearby Tottenham Court Road. Due to open in 2018, Crossrail will offer high frequency direct train services across the Capital with journey times from Tottenham Court Road to London Heathrow Airport of just 28 minutes. LEICESTER SQUARE 0.5 miles NEW ROW GARRICK STREET STRAND Somerset House WATERLOO BRIDGE TEMPLE 0.4 miles MAIDENHEAD HEATHROW 5 PADDINGTON 2 BOND STREET 0 TOTTENHAM COURT ROAD 3 FARRINGDON LIVERPOOL STREET 5 CANARY WHARF STRATFORD 46 SHENFIELD CHARING CROSS 0.6 miles EMBANKMENT 0.6 miles EMBANKMENT LUTON GATWICK STANSTED

10 18 DESCRIPTION Attractive, highly prominent, mixed-use corner building providing approximately 15,351 sq ft of office and retail accommodation. The offices are accessed via a dedicated entrance on Kemble Street and arranged over seven upper floors. All office floors benefit from open-plan regular-shaped floorplates with dual aspect views of Kingsway and Kemble Street. Retail accommodation is arranged over ground and basement levels with prominent frontages to both Kingsway and Kemble Street. Office specification includes: 6 person passenger lift Suspended ceilings Perimeter trunking Male & female WCs Kitchen facilities Secure cycle storage 1 car parking space at ground floor level 19

11 41 KINGSWAY LONDON WC KINGSWAY LONDON WC2 GROUND FLOOR (NOW VACANT)

12 41 KINGSWAY LONDON WC KINGSWAY LONDON WC2 EXISTING ACCOMMODATION TYPICAL UPPER FLOOR FLOOR USE GIA NIA SQ M SQ FT SQ M SQ FT 7th Office , th Office , ,680 5th Office , ,809 4th Office , ,871 3rd Office , ,878 2nd Office , ,836 1st Office , ,898 Office Sub-total: 1, ,521 1, ,511 Ground Retail , ,946 Basement Retail/Ancillary , ,894 Retail Sub-total: , ,840 Office Total: 1, ,517 1, ,351 GROUND FLOOR KINGSWAY Retail CAR PARKING SPACE KEMBLE STREET Not to scale. Indicative only.

13 41 KINGSWAY LONDON WC KINGSWAY LONDON WC2 CONSENTED SCHEME TYPICAL OFFICE Detailed planning permission was granted on 5 April 2017 by Westminster City Council for: 4,273 sq ft GIA of restaurant (Class A3) or retail (Class A1) accommodation arranged over ground and basement. 14 luxury apartments (Class C3) arranged over 1st to 7th floors. 5 x three bed, 7 x two bed and 2 x one bed units with a total NSA of 13,288 sq ft. External alterations including an improved ground floor façade and new dormer windows at roof level. TYPICAL RESIDENTIAL Infill of the rear lightwell to house a circulation core and the installation of mechanical plant and extraction ducting. There is also an opportunity to refurbish the existing offices to create boutique-style Grade A offices over 1st 7th floors. En-suite Toilet Kitchen Master Bedroom En-suite Dining Further information can be found on the Westminster City Council planning portal under reference 16/12156/FULL. Master Bedroom Kitchen Flat 1.1 Flat 1.2 Flat 1.3 WC Living En-suite Living The consented scheme provides the following floor areas: Bedroom Dining Living Bathroom Bedroom Kitchen Dining Bedroom FLOOR USE GIA NSA/NIA SQ M SQ FT SQ M SQ FT 7th Residential , th Residential , ,843 GROUND 5th Residential , ,030 4th Residential , ,097 3rd Residential , ,099 2nd Residential , ,118 KINGSWAY Bar Restaurant Concierge 1st Residential , ,167 Sub-total: 1, ,678 1, ,288 KEMBLE STREET MAIN ENTRANCE TO RESIDENTIAL UNITS Ground Reception Basement Ancillary , BASEMENT Sub-total: , Ground Restaurant , Basement Restaurant , Sub-total: , Office Residential Restaurant/Retail Restaurant's Toilet Bike Store Restaurant Disposal Store Lockers Chef's Office Kitchen Plant Room Residential Electrical Intake Bike Store Refuse Storage Lockers Total: 1, ,951 1,709.2* 18,398* * GIA area assumed for restaurant Not to scale. Indicative only. Restaurant's Toilet Supplies Store Cold room Water Tanks

14 41 KINGSWAY LONDON WC KINGSWAY LONDON WC2 MARKET OVERVIEW London continues to be a key investment target for domestic and overseas capital due to its transparent and competitive market, established legal system, excellent growth prospects, weak sterling and attractive income yields in comparison to other asset classes. In 2017, recovering investor sentiment for Central London investments has helped consolidate prime West End and City yields at 3.25% and 4.00% respectively. Uniquely positioned between the West End and City of London, Kingsway is located in the heart of London s Midtown and offers robust occupational and investment credentials, underpinned by a severe lack of supply, good rental growth prospects and major transport improvements. The central location has successfully attracted a range of prestigious corporate, banking, professional and academic occupiers as well as new TMT entrants with office rents now in excess of psf. Kingsway is experiencing fierce competition from food and beverage retailers serving local office, tourists and the vast student population at LSE and King s College London. Kingsway and adjoining Aldwych is expanding and upgrading its restaurant offering with all-day dining concept Bill s and Belgian food and beer emporium Belgo contributing to growing list of names that culminated in the arrival of award-winning Japanese robatayaki restaurant ROKA at Aldwych House in As a result, retail and restaurant rents have increased significantly over the past few years and now stand at 180 Zone A and per sq ft respectively. Covent Garden is now of one central London s most fashionable and desirable residential neighbourhoods. A world class retail and restaurant line-up coupled with some of London s most exclusive bars, nightclubs and theatres has proved successful in attracting international and domestic purchasers. Proximity to prestigious leading educational institutions such as the LSE and King s College has helped attract overseas students. Prime residential capital values now stand at over 2,000 per sq ft. MIDTOWN - A KEY INVESTMENT TARGET FOR DOMESTIC AND OVERSEAS CAPITAL RESIDENTIAL CAPITAL VALUES ARE NOW IN EXCESS OF 2,000 PSF PRIME ZONE A RENTS OF 180 PSF PRIME MIDTOWN COMMERCIAL CAPITAL VALUES OVER 1,750 PSF AND RISING PROXIMITY TO LEADING UNIVERSITIES SUCH AS THE LONDON SCHOOL OF ECONOMICS AND KING S COLLEGE LONDON PRIME OFFICE RENTS IN EXCESS OF PSF AN ESTABLISHED OFFICE SUB-MARKET WITH RENTS AT A DISCOUNT TO NEIGHBOURING COVENT GARDEN FIERCE DEMAND FROM WELL-KNOWN RESTAURANT OPERATORS

15 9 41 KINGSWAY LONDON WC KINGSWAY LONDON WC2 TENURE FURTHER INFORMATION Freehold. VAT EPC t (site of) Weld House WILD STREET KEELEY STREET Space House 45 to TCBs KINGSWAY TCB SARDINIA STREET Sardinia House 52 Viginia Woolf Building King's College London 49a PORTSMOUTH STREET Sheffield Street 9 St Clement Parish House The property is elected for VAT. CAPITAL ALLOWANCES No capital allowances are available. PROPOSAL D (88). PLANNING Located in the City of Westminster, the property is not listed but lies within the Strand conservation area. Block D to 29 1 to Saw Swee Hock Student Centre Danes PH c Block N 1 to 24 Block C Block B El Sub Sta 1 to 24 Block A 1 1 to 24 KEMBLE STREET 20 Princes House Alexandra House Cycle Hire Station York House 23 Peacock Theatre PH Kings Chambers 2 29 to to London School of Economics and Political Science London University Offers in excess of 19 million reflecting a capital value of 1,033 per sq ft on the consented floor areas. Bruce House KEAN STREET Imperial House 13 to Cycle Hire Station CONTACT For further information or to arrange an inspection, please contact: Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved Toby Larman Direct Line: tobylarman@michaelelliott.co.uk Nick Steele Direct Line: nicksteele@michaelelliott.co.uk Peter Ng Direct Line: peterng@michaelelliott.co.uk Declaration: Michael Elliott for themselves and for the vendors of this property whose agents they are, give 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. September (Q3654)

16