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TRANSCRIPT
96 98 BAKER STREET
UPON THE INSTRUCTIONS OF JOINT FIXED CHARGE RECEIVERS
INVESTMENT SUMMARY —
+ Attractive mixed-use period building comprising retail (Boots), offices, a cinema (Everyman) and a residential mews totalling 15,108 sq ft (1,404 sq m).
+ Prominently located in the prime retailing pitch on the north-eastern side of Baker Street, close to the junction with Paddington Street. Marylebone Road and Baker Street Underground Station are nearby.
+ Historic planning consent granted for the change of use of the upper office floors to create eight residential apartments, residential values are in excess of £1,900 per sq ft.
+ Unique Freehold.
+ Commercial element totalling 12,764 sq ft (1,185 sq m) producing £507,970 per annum equating to only £40.00 per sq ft.
+ Fourth floor is vacant and ready for immediate occupation.
+ Estimated rental value for the offices are approximately £60.00 per sq ft.
+ Potential infill between 14 Sherlock Mews and 96-98 Baker Street.
+ Vacant residential mews totalling 2,344 sq ft (218 sq m) GIA with an estimated rental value of £100,000 per annum.
+ Total estimated rental value is £753,062 per annum.
+ If the Mews House was to be hived off and the fourth floor let the NIY would be 5.00% assuming our ERV.
+ Offers in excess of £16,000,000, reflecting a NIY of 2.97%, a reversionary yield of 4.41% assuming purchasers costs of 6.8% and a capital value of only £1,059 per sq ft.
96-98 BAKER STREET
REGENT'S PARK OXFORD STREET
BBC BUILDING OXFORD CIRCUS
96—98 BAKER STREET
Prominently situated on the north side of Baker Street close to the junction with Paddington High Street. Baker Street is a key central London thoroughfare connecting Marylebone Road to the north with Oxford Street to the south.
BAKER STREET MARYLEBONE
LOCATION —
Situated in the Marylebone District of London’s West End, 96-98 Baker Street and 14 Sherlock Mews is strategically located between Oxford Street and Marylebone Road. Marylebone has long been renowned as one of London’s destination areas attracting people for its vibrant mix of retail, restaurants, and leisure amenities.
The immediate area is renowned for its high value residential property centred around the exclusive Marylebone Village. Marylebone High Street has undergone significant investment and development and is now one of central London’s most acclaimed retail districts. Populated by luxury boutiques, small independent shops, and international brands the area is now the location of choice for retailers such as The Kooples, Sandro, Agnès B and Paul Smith. Marylebone’s village atmosphere is further enhanced by a weekly farmers’ market and a host of specialist food retailers such as La Fromagerie and The Ginger Pig.
The quality of the residential offering, together with the cosmopolitan shopping, restaurant and bar scene including world famous hairdresser Daniel Gavin, The Chiltern Firehouse, Bricole, Dinings, OOTY, Royal China Club, Fischer’s, Crazy Pizza and A.O.K within the vicinity continues to attract a range of international buyers. Marylebone is also within close proximity to some of London’s finest retailing along Bond Street, Oxford Street and Regent Street, as well as a range of exclusive hotels, cultural attractions, museums, and galleries including Madame Tussauds, the Sherlock Holmes Museum and the fascinating Wallace Collection.
Many corporate occupiers have moved to Marylebone from Mayfair seeking better value. Occupiers including BDO Stoy Hayward, Interpublic Europe, Brevan Howard, Howard de Walden Estates, Oliver Wyman, Ahli United Bank, Abbott Mead Vickers, Canada Pension Plan Investment Board, and Invesco.
THE CHILTERN FIREHOUSE
96-98 BAKER STREET
HANWELL EALING
CUSTOM HOUSEMAIDENHEAD SOUTHALL WEST EALING ACTON
MAIN LINE BOND STREET WHITECHAPEL
MARYLAND MANOR PARK
TRANSPORT —
96-98 Baker Street and 14 Sherlock Mews benefits from excellent local transport services. Baker Street, Marylebone, Marble Arch and Bond Street London Underground stations are all within close proximity:
MARYLEBONE ROAD
B A
K ER
STR EET
OXFORD STREET
CRAWFORD STREET
CENTRAL & JUBILEE LINES
Accessibility will further improve with the completion of Bond Street Elizabeth Line station. The service will provide a new high- speed railway linking Maidenhead and Heathrow to the west to Shenfield in the east, via Central London. The route is due to transform travel times and will increase the number of passengers using Bond Street Station from 155,000 to 220,000 daily. In order to cater for the increased numbers, Elizabeth Line is constructing two new ticket halls – a western ticket hall at Davies Street and an eastern ticket hall on the corner of Hanover Square and Tenterden Street.
96—98 BAKER STREET
Restaurants/Cafés:
Retail:
Hotels:
Office:
1 Monocle 2 Il Baretto 3 L’Autre Pied 4 Trishna 5 Daylesford 6 Comptoir Blandford 7 Paul Rothe & Son 8 Relais de Venise L’entrecote 9 Sourced Market 10 Ivy Café 11 Caffe Caldesi 12 Royal China Club 13 Ooty 14 Providores
15 The Marylebone Pub 16 Fischer’s 17 Coco Momo 18 Pachamama 19 Getti 20 Le Pain Quotidien 21 Brighthouse Courtyard 22 Gourmet Burger Kitchen 23 Bella Italia 24 Chipotle 25 Joe and The Juice 26 Nandos 27 Zizzi 28 Reubens
29 John Simons 30 Sunspel 31 Trunk Clothiers 32 Club Monaco 33 Frescobol Carioca 34 Sandro 35 J. Crew 36 Kusmi Tea 37 Waitrose 38 Kooples 39 La Portegna 40 Loft 41 Daunt Books
42 Skandium 43 Paul Smith 44 Agnes B 45 Lululemon Athletica 46 The Conran Store 47 Oliver Sweeney 48 Oliver Bonas 49 Betfred 50 Flight Centre 51 London Tokyo Property 52 Rosselini 53 RIA 54 Prime Metro Properties
55 Durrants 56 The Chiltern Firehouse Hotel 57 The Marylebone Hotel 58 The Landmark Hotel 59 The Langham Hotel
60 Z Hotel 61 Montagu Place Hotel 62 Mandeville Hotel 63 Holmes Hotel
64 Howard De Walden Estates 65 Ahli United Bank 66 Canada Pension Plan
Investment Board 67 Invesco 68 Estee Lauder 69 Boston Consulting Group
70 BBDO Worldwide 71 WeWork 72 University of Westminster 73 Publicis 74 Regus 75 Knight Frank 76 PIMCO
Developments:
A The Chilterns B Chiltern Place C Moxon Street Car Park
Development
96—98 BAKER STREET
13
DESCRIPTION — Constructed in 1789 and reconstructed behind the façade in 1974 the property comprises an attractive Grade II listed period mid terrace building fronting Baker Street and a separately accessed residential mews house at 14 Sherlock Mews to the rear. 96-98 Baker Street comprises of a retail unit on the ground floor, with 4 upper floors of well specified office accommodation. Internally the building has a well configured office floor plate and is finished to a high standard with the specification including;
+ Automatic 6-person passenger lift
+ Fully accessible raised floors
+ Metal tiled suspended ceilings
The lower ground floor comprises a luxury cinema, which is accessed via a separate entrance from Baker Street.
14 Sherlock Mews to the rear comprises a 3-bedroom single residential mews house which is part refurbished. There is planning to sub-divide back into apartments at first and second floors.
EVERYMAN CINEMA
19
ACCOMMODATION —
Note: Offices and retail measured in NIA, Cinema measured in GIA and Residential in GSA.
FLOOR CURRENT USE SQ FT SQ M
96-98 BAKER STREET
SUB TOTAL 12,764 1,186
Third Floor
First Floor
96-98 BAKER STREET
(SQ FT) AREA
COMMENTS
Third Astute Capital Advisors Limited
Office 1,755 163 29/09/2019 28/09/2024 – £90,220 £51.00 £105,300 £60.00 Service Charge Cap £17,300 pa (£9.85 psf) Outside 1954 Landlord & Tenant Act
Second Astute Capital Advisors Limited
Office 1,747 162 15/12/2019 14/12/2024 (15/06/2022)
– £85,000 £48.65 £104,820 £60.00 Service Charge Cap £16,300 pa (£9.33 psf) Outside 1954 Landlord & Tenant Act Tenant break option on 1 month notice
First Karmon Limited Office 1,747 162 01/11/2019 31/10/2024 (01/11/2021)
– £65,000 £37.00 £104,820 £60.00 Inside 1954 Landlord & Tenant Act Tenant break option on 3 months’ notice
Ground Boots UK Limited Retail 2,294 984 (ITZA)
213 91 (ITZA)
30/09/2015 29/09/2025 30/09/2020 £197,750 £200 ZA £197,750 £200 ZA Inside 1954 Landlord & Tenant Act
Lower Ground Everyman Media Limited
Cinema 4,049* 376* 29/09/2015 28/09/2030 29/09/2020 £70,000 £17.00 £70,000 £17.00 Inside 1954 Landlord & Tenant Act
SUB TOTAL 12,764 1,186 – – – £507,970 £40.00 £653,062 £51.00
Mews Vacant Residential 2,344* 218* – – – £0.00 £0.00 £100,000 £43.00
TOTAL 15,108 1,404 £507,970 £34.00 £753,062 £50.00
*Measured in Gross Internal Area
96-98 BAKER STREET
created on Plotted Scale - 1:1,250
This map is published for convenience of identification only and although believed to be correct, is not guaranteed and it does not form any part of any contract
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.
COVENANT INFORMATION —
Turnover £985,117 £56,783
Fixed Assets £2,168 £2,133
Current Assets £23,143 £16,172
Net Assets (liabilities)/ Assets
Turnover £6,667,000,000 £6,790,000,000
Turnover £64,955,000 £51,880,000
The latest company financial performance is set out below:
KARMON LIMITED (09247277)
BOOTS UK LIMITED (00928555)
EVERYMAN MEDIA GROUP PLC (08684079)
The latest company financial performance is set out below:
96-98 BAKER STREET
27
MARKET COMMENTARY — INVESTMENT Below we set out details of some recent investment transactions:
DATE ADDRESS TENURE AREA (SQ FT)
CAPITAL VALUE
COMMENTS
Q2 2020 79 Wardour Street Freehold 4,183 £5,800,000 3.89% £1,387 Mixed use building with unrefurbished offices
Q1 2020 14 Broadwick Street Freehold 1,784 £3,300,000 3.75% £1,850 Mixed use building with refurbished offices
Q1 2020 122 Wigmore Street Freehold 4,551 £5,500,000 £1,209 Part refurbished vacant office building.
Q1 2020 66-67 Wells Street Freehold 9,142 £10,000,000 2.71% £1,100 Mixed use building with refurbishment potential.
Q4 2019 5-6 Argyll Street Freehold 17,718 £24,000,000 3.71% £1,351 Mixed use building.
Q4 2019 94-96 Wigmore Street & Duke’s Mews
Freehold 11,796 £17,300,000 £1,466 Vacant mixed-use property containing offices, retail and residential.
Q4 2019 118-120 Wigmore Street Freehold 5,952 £8,300,000 4.50% £1,394 Retail accommodation with flats sold off.
Q4 2019 11 Portland Mews Freehold 2,944 £5,100,000 £1,868 Vacant office building.
Q3 2019 90 Harley Street Virtual Freehold
3,740 £6,320,000 4.00% £1,690 Medical building let on a 15 year lease with two flats sold off.
Q2 2019 21-22 Poland Street Freehold 8,651 £14,500,000 4.17% £1,662 Refurbished mixed use building.
Q2 2019 66-67 Newman Street Long Leasehold
16,000 £29,500,000 4.27% £1,844 Grade A office building Single let to a serviced office operator.
Q2 2018 3 Chandos Street Freehold 5,814 £9,600,000 £1,651 Vacant unrefurbished office building.
OCCUPATIONAL Below we set out details of some recent leasing transactions:
ADDRESS TENANT AREA (SQ FT)
TRANSACTION RENT (PSF)
DATE
5 Wigmore Street Azure Hotels 2,002 New Lease £90.00 Q1 2020
3 Cavendish Square Battery Ventures
1,721 New Lease £95.00 Q1 2020
1 Duke Street FIT-Remuneration Consultants LLP
1,950 Rent Review £69.50 Q4 2019
7-10 Chandos Street N/A 2,514 Rent Review £77.57 Q1 2020
1 Portland Place Investream 1,630 New Lease £60.00 Q1 2020
66 Seymour Street Account Technologies Ltd
10,226 New Lease £78.50 Q4 2019
91-93 Baker Street WeWork 9,782 New Lease £75.00 Q2 2019
111 Baker Street Silicon Market 1,310 Rent Review £61.06 Q2 2019
110 Wigmore Street Sullovan St Partners 2,287 New Lease £83.00 Q2 2019
54-60 Baker Street N/A 3,000 New Lease £62.50 Q2 2019
RESIDENTIAL Below we set out details of some recent residential transactions:
ADDRESS TYPE CAPITAL VALUE (£PSF)
DATE COMMENTS
£2,000 Q1 2020 Modern ground floor Apartment in mansion block
Cheviot Court, Luxborough Street
Newcastle House, Luxborough Street
Oldbury Place 2 Bedroom Mews House
£1,900 Q1 2020 Refurbished Mews House with roof terrace
Spring Mews 2 Bedroom Mews House
£1,800 Q1 2020 Unrefurbished Mews House with a garage
99 Baker Street 2 Bedroom Apartment
£1,900 Q4 2019 Unrefurbished 3rd floor Apartment
96-98 BAKER STREET
29
VAT VAT elected – it is anticipated that the transaction will be conducted as a Transfer of Going Concern (TOGC).
EPC
TBC
+ Freehold mixed-use asset offering diversity of income.
+ Prominent retail pitch with high footfall due to proximity to Baker Street Underground.
+ Office lease events ideally timed to capitalise on strong forecast rental growth.
+ Ability add value on the existing residential accommodation.
+ Active asset management opportunity.
The property lies within the City of Westminster. The building is Grade II listed and is located within the Portman Estate conservation area.
In 2018 planning permission was granted for the change of use of the first to fourth floors of 96-98 Baker Street to comprise 8 residential apartments (C3 use class) and the amalgamation of 14 Sherlock Mews to create a single C3 residential Mews House. The Proposals will provide 7,990 sq ft (NIA) of residential accommodation over first to fifth floors while 14 Sherlock Mews will extend to 2,344 sq ft NIA. (Application number 18/02233/ FULL).
Mark Shipman Direct Line: 020 7529 5708 E: [email protected]
Nathan Sugar Direct Line: 020 7529 5716 E: [email protected]
Peter Ng Direct Line: +65 6733 3212 E: [email protected]
Misrepresentations Act 1967 & 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. July 2020 www.cube-design.co.uk (Q4575)
UPON THE INSTRUCTIONS OF JOINT FIXED CHARGE RECEIVERS
96-98 BAKER STREET
31
CONTACT —
PROPOSAL — Offers in excess of £16,000,000 (Sixteen Million Pounds), reflecting a net initial yield of 2.97%, a reversionary yield of 4.41% (assuming purchaser’s costs of 6.8%) and a capital value of only £1,059 per sq ft.
96-98 BAKER STREET
UPON THE INSTRUCTIONS OF JOINT FIXED CHARGE RECEIVERS
INVESTMENT SUMMARY —
+ Attractive mixed-use period building comprising retail (Boots), offices, a cinema (Everyman) and a residential mews totalling 15,108 sq ft (1,404 sq m).
+ Prominently located in the prime retailing pitch on the north-eastern side of Baker Street, close to the junction with Paddington Street. Marylebone Road and Baker Street Underground Station are nearby.
+ Historic planning consent granted for the change of use of the upper office floors to create eight residential apartments, residential values are in excess of £1,900 per sq ft.
+ Unique Freehold.
+ Commercial element totalling 12,764 sq ft (1,185 sq m) producing £507,970 per annum equating to only £40.00 per sq ft.
+ Fourth floor is vacant and ready for immediate occupation.
+ Estimated rental value for the offices are approximately £60.00 per sq ft.
+ Potential infill between 14 Sherlock Mews and 96-98 Baker Street.
+ Vacant residential mews totalling 2,344 sq ft (218 sq m) GIA with an estimated rental value of £100,000 per annum.
+ Total estimated rental value is £753,062 per annum.
+ If the Mews House was to be hived off and the fourth floor let the NIY would be 5.00% assuming our ERV.
+ Offers in excess of £16,000,000, reflecting a NIY of 2.97%, a reversionary yield of 4.41% assuming purchasers costs of 6.8% and a capital value of only £1,059 per sq ft.
96-98 BAKER STREET
REGENT'S PARK OXFORD STREET
BBC BUILDING OXFORD CIRCUS
96—98 BAKER STREET
Prominently situated on the north side of Baker Street close to the junction with Paddington High Street. Baker Street is a key central London thoroughfare connecting Marylebone Road to the north with Oxford Street to the south.
BAKER STREET MARYLEBONE
LOCATION —
Situated in the Marylebone District of London’s West End, 96-98 Baker Street and 14 Sherlock Mews is strategically located between Oxford Street and Marylebone Road. Marylebone has long been renowned as one of London’s destination areas attracting people for its vibrant mix of retail, restaurants, and leisure amenities.
The immediate area is renowned for its high value residential property centred around the exclusive Marylebone Village. Marylebone High Street has undergone significant investment and development and is now one of central London’s most acclaimed retail districts. Populated by luxury boutiques, small independent shops, and international brands the area is now the location of choice for retailers such as The Kooples, Sandro, Agnès B and Paul Smith. Marylebone’s village atmosphere is further enhanced by a weekly farmers’ market and a host of specialist food retailers such as La Fromagerie and The Ginger Pig.
The quality of the residential offering, together with the cosmopolitan shopping, restaurant and bar scene including world famous hairdresser Daniel Gavin, The Chiltern Firehouse, Bricole, Dinings, OOTY, Royal China Club, Fischer’s, Crazy Pizza and A.O.K within the vicinity continues to attract a range of international buyers. Marylebone is also within close proximity to some of London’s finest retailing along Bond Street, Oxford Street and Regent Street, as well as a range of exclusive hotels, cultural attractions, museums, and galleries including Madame Tussauds, the Sherlock Holmes Museum and the fascinating Wallace Collection.
Many corporate occupiers have moved to Marylebone from Mayfair seeking better value. Occupiers including BDO Stoy Hayward, Interpublic Europe, Brevan Howard, Howard de Walden Estates, Oliver Wyman, Ahli United Bank, Abbott Mead Vickers, Canada Pension Plan Investment Board, and Invesco.
THE CHILTERN FIREHOUSE
96-98 BAKER STREET
HANWELL EALING
CUSTOM HOUSEMAIDENHEAD SOUTHALL WEST EALING ACTON
MAIN LINE BOND STREET WHITECHAPEL
MARYLAND MANOR PARK
TRANSPORT —
96-98 Baker Street and 14 Sherlock Mews benefits from excellent local transport services. Baker Street, Marylebone, Marble Arch and Bond Street London Underground stations are all within close proximity:
MARYLEBONE ROAD
B A
K ER
STR EET
OXFORD STREET
CRAWFORD STREET
CENTRAL & JUBILEE LINES
Accessibility will further improve with the completion of Bond Street Elizabeth Line station. The service will provide a new high- speed railway linking Maidenhead and Heathrow to the west to Shenfield in the east, via Central London. The route is due to transform travel times and will increase the number of passengers using Bond Street Station from 155,000 to 220,000 daily. In order to cater for the increased numbers, Elizabeth Line is constructing two new ticket halls – a western ticket hall at Davies Street and an eastern ticket hall on the corner of Hanover Square and Tenterden Street.
96—98 BAKER STREET
Restaurants/Cafés:
Retail:
Hotels:
Office:
1 Monocle 2 Il Baretto 3 L’Autre Pied 4 Trishna 5 Daylesford 6 Comptoir Blandford 7 Paul Rothe & Son 8 Relais de Venise L’entrecote 9 Sourced Market 10 Ivy Café 11 Caffe Caldesi 12 Royal China Club 13 Ooty 14 Providores
15 The Marylebone Pub 16 Fischer’s 17 Coco Momo 18 Pachamama 19 Getti 20 Le Pain Quotidien 21 Brighthouse Courtyard 22 Gourmet Burger Kitchen 23 Bella Italia 24 Chipotle 25 Joe and The Juice 26 Nandos 27 Zizzi 28 Reubens
29 John Simons 30 Sunspel 31 Trunk Clothiers 32 Club Monaco 33 Frescobol Carioca 34 Sandro 35 J. Crew 36 Kusmi Tea 37 Waitrose 38 Kooples 39 La Portegna 40 Loft 41 Daunt Books
42 Skandium 43 Paul Smith 44 Agnes B 45 Lululemon Athletica 46 The Conran Store 47 Oliver Sweeney 48 Oliver Bonas 49 Betfred 50 Flight Centre 51 London Tokyo Property 52 Rosselini 53 RIA 54 Prime Metro Properties
55 Durrants 56 The Chiltern Firehouse Hotel 57 The Marylebone Hotel 58 The Landmark Hotel 59 The Langham Hotel
60 Z Hotel 61 Montagu Place Hotel 62 Mandeville Hotel 63 Holmes Hotel
64 Howard De Walden Estates 65 Ahli United Bank 66 Canada Pension Plan
Investment Board 67 Invesco 68 Estee Lauder 69 Boston Consulting Group
70 BBDO Worldwide 71 WeWork 72 University of Westminster 73 Publicis 74 Regus 75 Knight Frank 76 PIMCO
Developments:
A The Chilterns B Chiltern Place C Moxon Street Car Park
Development
96—98 BAKER STREET
13
DESCRIPTION — Constructed in 1789 and reconstructed behind the façade in 1974 the property comprises an attractive Grade II listed period mid terrace building fronting Baker Street and a separately accessed residential mews house at 14 Sherlock Mews to the rear. 96-98 Baker Street comprises of a retail unit on the ground floor, with 4 upper floors of well specified office accommodation. Internally the building has a well configured office floor plate and is finished to a high standard with the specification including;
+ Automatic 6-person passenger lift
+ Fully accessible raised floors
+ Metal tiled suspended ceilings
The lower ground floor comprises a luxury cinema, which is accessed via a separate entrance from Baker Street.
14 Sherlock Mews to the rear comprises a 3-bedroom single residential mews house which is part refurbished. There is planning to sub-divide back into apartments at first and second floors.
EVERYMAN CINEMA
19
ACCOMMODATION —
Note: Offices and retail measured in NIA, Cinema measured in GIA and Residential in GSA.
FLOOR CURRENT USE SQ FT SQ M
96-98 BAKER STREET
SUB TOTAL 12,764 1,186
Third Floor
First Floor
96-98 BAKER STREET
(SQ FT) AREA
COMMENTS
Third Astute Capital Advisors Limited
Office 1,755 163 29/09/2019 28/09/2024 – £90,220 £51.00 £105,300 £60.00 Service Charge Cap £17,300 pa (£9.85 psf) Outside 1954 Landlord & Tenant Act
Second Astute Capital Advisors Limited
Office 1,747 162 15/12/2019 14/12/2024 (15/06/2022)
– £85,000 £48.65 £104,820 £60.00 Service Charge Cap £16,300 pa (£9.33 psf) Outside 1954 Landlord & Tenant Act Tenant break option on 1 month notice
First Karmon Limited Office 1,747 162 01/11/2019 31/10/2024 (01/11/2021)
– £65,000 £37.00 £104,820 £60.00 Inside 1954 Landlord & Tenant Act Tenant break option on 3 months’ notice
Ground Boots UK Limited Retail 2,294 984 (ITZA)
213 91 (ITZA)
30/09/2015 29/09/2025 30/09/2020 £197,750 £200 ZA £197,750 £200 ZA Inside 1954 Landlord & Tenant Act
Lower Ground Everyman Media Limited
Cinema 4,049* 376* 29/09/2015 28/09/2030 29/09/2020 £70,000 £17.00 £70,000 £17.00 Inside 1954 Landlord & Tenant Act
SUB TOTAL 12,764 1,186 – – – £507,970 £40.00 £653,062 £51.00
Mews Vacant Residential 2,344* 218* – – – £0.00 £0.00 £100,000 £43.00
TOTAL 15,108 1,404 £507,970 £34.00 £753,062 £50.00
*Measured in Gross Internal Area
96-98 BAKER STREET
created on Plotted Scale - 1:1,250
This map is published for convenience of identification only and although believed to be correct, is not guaranteed and it does not form any part of any contract
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.
COVENANT INFORMATION —
Turnover £985,117 £56,783
Fixed Assets £2,168 £2,133
Current Assets £23,143 £16,172
Net Assets (liabilities)/ Assets
Turnover £6,667,000,000 £6,790,000,000
Turnover £64,955,000 £51,880,000
The latest company financial performance is set out below:
KARMON LIMITED (09247277)
BOOTS UK LIMITED (00928555)
EVERYMAN MEDIA GROUP PLC (08684079)
The latest company financial performance is set out below:
96-98 BAKER STREET
27
MARKET COMMENTARY — INVESTMENT Below we set out details of some recent investment transactions:
DATE ADDRESS TENURE AREA (SQ FT)
CAPITAL VALUE
COMMENTS
Q2 2020 79 Wardour Street Freehold 4,183 £5,800,000 3.89% £1,387 Mixed use building with unrefurbished offices
Q1 2020 14 Broadwick Street Freehold 1,784 £3,300,000 3.75% £1,850 Mixed use building with refurbished offices
Q1 2020 122 Wigmore Street Freehold 4,551 £5,500,000 £1,209 Part refurbished vacant office building.
Q1 2020 66-67 Wells Street Freehold 9,142 £10,000,000 2.71% £1,100 Mixed use building with refurbishment potential.
Q4 2019 5-6 Argyll Street Freehold 17,718 £24,000,000 3.71% £1,351 Mixed use building.
Q4 2019 94-96 Wigmore Street & Duke’s Mews
Freehold 11,796 £17,300,000 £1,466 Vacant mixed-use property containing offices, retail and residential.
Q4 2019 118-120 Wigmore Street Freehold 5,952 £8,300,000 4.50% £1,394 Retail accommodation with flats sold off.
Q4 2019 11 Portland Mews Freehold 2,944 £5,100,000 £1,868 Vacant office building.
Q3 2019 90 Harley Street Virtual Freehold
3,740 £6,320,000 4.00% £1,690 Medical building let on a 15 year lease with two flats sold off.
Q2 2019 21-22 Poland Street Freehold 8,651 £14,500,000 4.17% £1,662 Refurbished mixed use building.
Q2 2019 66-67 Newman Street Long Leasehold
16,000 £29,500,000 4.27% £1,844 Grade A office building Single let to a serviced office operator.
Q2 2018 3 Chandos Street Freehold 5,814 £9,600,000 £1,651 Vacant unrefurbished office building.
OCCUPATIONAL Below we set out details of some recent leasing transactions:
ADDRESS TENANT AREA (SQ FT)
TRANSACTION RENT (PSF)
DATE
5 Wigmore Street Azure Hotels 2,002 New Lease £90.00 Q1 2020
3 Cavendish Square Battery Ventures
1,721 New Lease £95.00 Q1 2020
1 Duke Street FIT-Remuneration Consultants LLP
1,950 Rent Review £69.50 Q4 2019
7-10 Chandos Street N/A 2,514 Rent Review £77.57 Q1 2020
1 Portland Place Investream 1,630 New Lease £60.00 Q1 2020
66 Seymour Street Account Technologies Ltd
10,226 New Lease £78.50 Q4 2019
91-93 Baker Street WeWork 9,782 New Lease £75.00 Q2 2019
111 Baker Street Silicon Market 1,310 Rent Review £61.06 Q2 2019
110 Wigmore Street Sullovan St Partners 2,287 New Lease £83.00 Q2 2019
54-60 Baker Street N/A 3,000 New Lease £62.50 Q2 2019
RESIDENTIAL Below we set out details of some recent residential transactions:
ADDRESS TYPE CAPITAL VALUE (£PSF)
DATE COMMENTS
£2,000 Q1 2020 Modern ground floor Apartment in mansion block
Cheviot Court, Luxborough Street
Newcastle House, Luxborough Street
Oldbury Place 2 Bedroom Mews House
£1,900 Q1 2020 Refurbished Mews House with roof terrace
Spring Mews 2 Bedroom Mews House
£1,800 Q1 2020 Unrefurbished Mews House with a garage
99 Baker Street 2 Bedroom Apartment
£1,900 Q4 2019 Unrefurbished 3rd floor Apartment
96-98 BAKER STREET
29
VAT VAT elected – it is anticipated that the transaction will be conducted as a Transfer of Going Concern (TOGC).
EPC
TBC
+ Freehold mixed-use asset offering diversity of income.
+ Prominent retail pitch with high footfall due to proximity to Baker Street Underground.
+ Office lease events ideally timed to capitalise on strong forecast rental growth.
+ Ability add value on the existing residential accommodation.
+ Active asset management opportunity.
The property lies within the City of Westminster. The building is Grade II listed and is located within the Portman Estate conservation area.
In 2018 planning permission was granted for the change of use of the first to fourth floors of 96-98 Baker Street to comprise 8 residential apartments (C3 use class) and the amalgamation of 14 Sherlock Mews to create a single C3 residential Mews House. The Proposals will provide 7,990 sq ft (NIA) of residential accommodation over first to fifth floors while 14 Sherlock Mews will extend to 2,344 sq ft NIA. (Application number 18/02233/ FULL).
Mark Shipman Direct Line: 020 7529 5708 E: [email protected]
Nathan Sugar Direct Line: 020 7529 5716 E: [email protected]
Peter Ng Direct Line: +65 6733 3212 E: [email protected]
Misrepresentations Act 1967 & 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. July 2020 www.cube-design.co.uk (Q4575)
UPON THE INSTRUCTIONS OF JOINT FIXED CHARGE RECEIVERS
96-98 BAKER STREET
31
CONTACT —
PROPOSAL — Offers in excess of £16,000,000 (Sixteen Million Pounds), reflecting a net initial yield of 2.97%, a reversionary yield of 4.41% (assuming purchaser’s costs of 6.8%) and a capital value of only £1,059 per sq ft.
96-98 BAKER STREET