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181-185London W1
Wardour Street
INVESTMENT SUMMARY
Highly revisionary mixed use investment.
Situated on one of Soho’s most iconic streets and one of London’s prime leisure, retail and office addresses.
Benefitting from a recent external and internal refurbishment programme.
Prominent corner restaurant (A3) with a return frontage onto Noel Street.
Upcoming restaurant rent review on 29 September 2018.
Offices fully let to Blink Productions and two short term tenants.
Residential penthouse apartment on 4th floor let on an Assured Shorthold Tenancy.
Planning Permission granted to create 7 residential apartments and increasing the overall massing by extending the 4th floor and building a further 5th floor extension.
The building is set to benefit from the increased footfall of the new Crossrail entrance to Tottenham Court Road Station opening in 2018 which is moments away.
Total current NIA of 977.52 sq m, 10,522 sq ft.
Entrances to offices on Wardour Street & Noel Street.
Offers are invited in excess of £19,000,000 reflecting a Net Initial Yield of 3% assuming purchaser’s costs of 6.40%. This reflects a capital value of £1,805 per sq ft.
Property Consultants
CITY SOUTH BANKTOTTENHAM COURT ROAD
OXFORD STREET
WARDOUR STREET
SOHO SQUARE
CROSSRAIL
181-185London W1
Wardour Street
THE BRITISH MUSEUM
LINCOLN’S INN FIELDS
OLD COMPTON STREET
LISLE STREET
FRITH STREETGREEK STREET
ROMILLY ST
WARDOUR STREET
HOPKINS ST
JERMYN STREETHILL
STREET
ALBEMARLE STREET
DOVER STREET
SAVILE ROW
MOUNT STREET
GREEN STREET
BELV
EDER
E RO
AD
WHITEHALL PLACE
CARLTON HOUSE TERRACE
STABLE YARD
WEST HALKIN STREET
NEWM
AN STREET
BERNERS STREET
GT PORTLAND STREET
GREAT TITCHFIELD ST
MARYLEBONE LANE
HARLEY STREET
WIM
POLE STREET
WELBECK STREET
BLANDFORD STREET
TAVISTO
CK STREET
DRURY LANE DRURY LANE
LONG ACRE
CHANDOS PL
MAIDEN LANE
ST MARTIN’S LAN
E
SHORTS
GARDENS
GREAT Q
UEEN ST
REET
B
EDFORD
SQUARE GREAT RUSSELL STREET
EAGLE STREET
PETTY FRANCE
BROADWAY TOTHILL STREET
GREAT CAHPEL ST
THE MALL
S
TRAND
WATERLOO BRIDGE
GLOUCESTER PLACE
MARYLEBONE HIGH STREET
YO
RK RO
AD
HIG H HOLBORN
REGENT STREET
BELGRAVE
SQUARE
VICTORIA STREET
PORTLAND PLACE REGENT STREET
CARNABY STREET
GT MARLBOROUGH STREET
BERKELEY
SQUARE
BERKELEY STREET
BREWER STREET
DEAN STREET
CURZON STREET
LEXINGTON STREETBERW
ICK STREET RUPERT STREET
BRUTON STREET
CONDUIT
STRE
ET
OXFORD STREET
OXFORD STREET
NEW OXFORD STREET HIGH HOLBORN
PETER ST
SLOANE STREET
EMBA
NKM
ENT
BUCK
INGH
AM PALACE RD
B
IRDCAGE WALK
P
ICCADILLY
PICCADILLY
SH
AFTE
SB
URY AVENUE
ST JAMES’S STREET
P
ALL MALL
COCKSPUR ST
GROSVENOR STREET
PARK LANE
PARK LANE
CONSTITUTION HILL
HORSE GUARDS RD
WHITEHALL
WESTMINSTER BRIDGE
NORTHUMBERLAND AVENUE
SOUTHAMPTON ROW
TOTTENHAM COURT ROAD
GOWER STREET
CHARING CROSS ROAD
THEOBALDS ROAD
BAKER STREET
WIGMORE STREET
CAVENDISH PLACE
MOR TIMER STREET
ALDWYCH
GOLDEN SQUARE
SOHO
SQUARE
HERTFORD STREET
FLO
RAL S
TREE
T
HAYMARKET
REGENT STREET
CLARGES STREET
BUCKINGHAMPALACE
PARK STREET
RICHMOND TERRACE
KING CHARLES ST
GROVSVENOR PLACE
KNIGHTSBRIDGE
GEORGE STREET
NEW CAVENDISH STREET
GARRICK STREET
KING ST
ENDELL ST BOW STREET
ORANGE STREET
PORTLAND SQUARE
CAVENDISHSQUARE
HANOVERSQUARE
JUBILEEGARDENS
LEICESTERSQUARE
COVENTGARDENMARKET
BLOOMSBURYSQUARE GARDENS
HORSEGUARDSPARADE
TRAFALGAR SQUARE
GREEN PARK
BONDSTREET
PICCADILLY CIRCUS
HYDE PARKCORNER
ST JAMES’SPARK
WESTMINSTER
VICTORIA
CHARING CROSS
TEMPLE
WATERLOO
HOLBORN
OXFORDCIRCUS
GOODGESTREET
HYDE PARK
GREEN PARK
ST JAMES’S PARK
MARBLEARCH
ST JAMES’S
SQUARE
COVENTGARDEN
LEICESTERSQUARE
EMBANKMENT
TOTTENHAMCOURT RD
181-185London W1
Wardour Street
This mixed use building is located in prime Soho, London’s world – famous food, retail and creative industry neighbourhood. As well as the traditional TMT (technology, media and telecommunications) office occupiers such as Nike, Twitter, Sony, 20th Century Fox and M&C Saatchi, there has been a steady influx of financial occupiers looking to take advantage of Soho’s well located and vibrant amenities.
With the world famous retail locations of Carnaby Street, Oxford Street and Regent Street within close walking distance, the area is also known for its trendy restaurants and bar scene as well as a thriving nightlife. Prominent occupiers in the area include the Dean Street Townhouse, Soho House, Barofino, Quo Vadis, Polpo and Burger & Lobster.
As a residential location Soho is one of the most fashionable addresses in London with current residents following the footsteps of Karl Marx, Mozart, Eric Clapton and Simon Pegg among others. Additionally famous institutions such as the Groucho Club, Ronnie Scott’s and the Colony Club have been a major draw for past and present Soho residents.
Location
THE BRITISH MUSEUM
LINCOLN’S INN FIELDS
OLD COMPTON STREET
LISLE STREET
FRITH STREETGREEK STREET
ROMILLY ST
WARDOUR STREET
HOPKINS ST
JERMYN STREETHILL
STREET
ALBEMARLE STREET
DOVER STREET
SAVILE ROW
MOUNT STREET
GREEN STREET
BELV
EDER
E RO
AD
WHITEHALL PLACE
CARLTON HOUSE TERRACE
STABLE YARD
WEST HALKIN STREET
NEWM
AN STREET
BERNERS STREET
GT PORTLAND STREET
GREAT TITCHFIELD ST
MARYLEBONE LANE
HARLEY STREET
WIM
POLE STREET
WELBECK STREET
BLANDFORD STREET
TAVISTO
CK STREET
DRURY LANE DRURY LANE
LONG ACRE
CHANDOS PL
MAIDEN LANE
ST MARTIN’S LAN
E
SHORTS
GARDENS
GREAT Q
UEEN ST
REET
B
EDFORD
SQUARE GREAT RUSSELL STREET
EAGLE STREET
PETTY FRANCE
BROADWAY TOTHILL STREET
GREAT CAHPEL ST
THE MALL
S
TRAND
WATERLOO BRIDGE
GLOUCESTER PLACE
MARYLEBONE HIGH STREET
YO
RK RO
AD
HIG H HOLBORN
REGENT STREET
BELGRAVE
SQUARE
VICTORIA STREET
PORTLAND PLACE REGENT STREET
CARNABY STREET
GT MARLBOROUGH STREET
BERKELEY
SQUARE
BERKELEY STREET
BREWER STREET
DEAN STREET
CURZON STREET
LEXINGTON STREETBERW
ICK STREET RUPERT STREET
BRUTON STREET
CONDUIT
STRE
ET
OXFORD STREET
OXFORD STREET
NEW OXFORD STREET HIGH HOLBORN
PETER ST
SLOANE STREET
EMBA
NKM
ENT
BUCK
INGH
AM PALACE RD
B
IRDCAGE WALK
P
ICCADILLY
PICCADILLY
SH
AFTE
SB
URY AVENUE
ST JAMES’S STREET
P
ALL MALL
COCKSPUR ST
GROSVENOR STREET
PARK LANE
PARK LANE
CONSTITUTION HILL
HORSE GUARDS RD
WHITEHALL
WESTMINSTER BRIDGE
NORTHUMBERLAND AVENUE
SOUTHAMPTON ROW
TOTTENHAM COURT ROAD
GOWER STREET
CHARING CROSS ROAD
THEOBALDS ROAD
BAKER STREET
WIGMORE STREET
CAVENDISH PLACE
MOR TIMER STREET
ALDWYCH
GOLDEN SQUARE
SOHO
SQUARE
HERTFORD STREET
FLO
RAL S
TREE
T
HAYMARKET
REGENT STREET
CLARGES STREET
BUCKINGHAMPALACE
PARK STREET
RICHMOND TERRACE
KING CHARLES ST
GROVSVENOR PLACE
KNIGHTSBRIDGE
GEORGE STREET
NEW CAVENDISH STREET
GARRICK STREET
KING ST
ENDELL ST BOW STREET
ORANGE STREET
PORTLAND SQUARE
CAVENDISHSQUARE
HANOVERSQUARE
JUBILEEGARDENS
LEICESTERSQUARE
COVENTGARDENMARKET
BLOOMSBURYSQUARE GARDENS
HORSEGUARDSPARADE
TRAFALGAR SQUARE
GREEN PARK
BONDSTREET
PICCADILLY CIRCUS
HYDE PARKCORNER
ST JAMES’SPARK
WESTMINSTER
VICTORIA
CHARING CROSS
TEMPLE
WATERLOO
HOLBORN
OXFORDCIRCUS
GOODGESTREET
HYDE PARK
GREEN PARK
ST JAMES’S PARK
MARBLEARCH
ST JAMES’S
SQUARE
COVENTGARDEN
LEICESTERSQUARE
EMBANKMENT
TOTTENHAMCOURT RD
181-185London W1
Wardour Street
Situation
The property is situated on a highly visible corner location at the junction of Wardour Street and Noel Street.
Wardour Street is home to a number of notable food and drink operators such as Starbucks, Wasabi, Wahaca, and Pret a Manger with a mix of independent favourites such as 100 Wardour Street, The Breakfast Club and TAP Coffee contributing to the lively tenant profile mix.
Crossrail
The building is very well connected with Oxford Circus, Piccadilly Circus, Tottenham Court Road and Leicester Square underground stations within close walking distance.
In 2018, Tottenham Court Road Station will be served by Crossrail, to be known as the ‘Elizabeth Line’ which will dramatically increase access and visitor numbers to the area, serving circa 200 million people annually. The new entrance to the Crossrail Station on Dean Street will be moments from 181-185 Wardour Street, which should directly expose the restaurant to the passing foot flow from the station.
CROSSRAIL
HEATHROWAIRPORT
BOND STREET
PADDINGTON TOTTENHAMCOURT ROAD
FARRINGDON LIVERPOOLSTREET
Property ConsultantsJunction of Oxford Street & Wardour Street
181-185London W1
Wardour Street181-185London W1
Wardour Street
181-185London W1
Wardour Street
181-185 Wardour Street occupies a prominent corner site with a restaurant (with A3 use) on Ground Floor and Basement, offices above on 1st-3rd floors and a residential apartment on the 4th floor.
Access to upper floors via entrances on Wardour Street and Noel Street.
Lift access to upper floors.
The restaurant space comprises a prime retail corner unit with A3 (restaurant) use, let to JD Wetherspoon who have in turn sublet to Chipotle Mexican Grill.
The Property
Accommodation
Floor (Unit) Use Size (Sq M) Size (Sq Ft)
Ground Restaurant (A3) 178.5 1,921
Basement Restaurant (A3) 206.8 2,225
Restaurant Total: 385.3 4,146
1st (181-185) Office 178.8 1,924
2nd (181-185) Office 168.5 1,813
3rd (181) Office 71.8 773
3rd (185) & 4th (181) Office 105.4 1,135
Office Total: 524.45 5,645
4th (185) Residential 68.7 739
Total: 977.52 10,522
Shop Dimensions Metres Feet
Gross Frontage 22.59 74
Net Frontage 10.46 34
Shop Depth 18.03 59
Shop Width 14.45 47
Floor plans available on request.
Development Potential and Planning
The property is situated within the London Borough of Westminster.
Planning Permission was granted in December 2015 for the use of the first to fifth floors as seven residential units. This included the permission to increase the massing with the erection of a roof extension (at fifth floor level) and the creation of terraces on the upper levels and cycle storage and plant in the basement.
Proposed plans and information available on request.
Property Consultants
Floor (Unit)
Tenant Use 1954 Act rights
Lease Term
Date of Lease expiry
Annual Rent£ psf
AnnualRent£ p.a.
Notes
Basement & Ground
Chipotle Mexican Grill
Restaurant (A3)
Yes 30 yrs 27/09/23 £266,800.00 Upcoming rent review on 29 September 2018
1st & 2nd Blink Productions
Ltd
Office No 5 yrs 25/05/22 £50.96 £200,000.00
3rd (181) Moonage Pictures Ltd
Office No 1 yrs 13/06/19 £65.00 £50,245.00 Tenant break option on 14/12/18 upon 3 months
notice. The lease is contracted outside the
provisions of the landlord and tenant act.
3rd
(183-185)& 4th (181)
Raw Cut Television Limited
Office No 2 yrs 13/10/20 £57.50 £65,252.50 Mutual option to break on, or after 14/11/19 upon 6
months notice. The lease is contracted outside the provisions of the landlord
and tenant act.
4th
(183-185)Flat No AST £24,000.00
Total: £606,297.50
Year to Date Turnover Pre Tax Profit Shareholder's Funds
Employees
30/07/2017 £1,660,750,000 £76,364,000 £228,823,000 36550
24/07/2016 £1,595,197,000 £66,049,000 £207,448,000 36678
26/07/2015 £1,513,923,000 £58,732,000 £222,893,000 34731
Tenancy Information
Tenants CovenantsThe lease on the restaurant is held by JD Wetherspoon Plc and sub-let to Chipotle Mexican Grill UK Limited (guaranteed by Chipotle Mexican Grill Incorporated).
JD Wetherspoon:Creditsafe score 75 AThis is based upon the company’s latest industry classification, todays rating of 84 places the company in the upper 25% of 13,246 companies sampled from the same industry. This score means that JD Wetherspoon have a Very Low Risk rating. This is also the case on the International score which is A = Very Low Risk.
Chipotle Mexican Grill UK LimitedCreditsafe score 55 BThis is based upon the company’s latest industry classification, todays rating of 26 places the company in the lower 29% of 13,246 companies sampled from the same industry. This score means that Chipotle Mexican Grill UK Limited have a High Risk rating. This is also the case on the International score which is D = High Risk.
Year to Date Turnover Pre Tax Profit Shareholder’s Funds
Employees
31/12/2016 £7,782,351 -£4,313,288 £12,216,762 149
31/12/2015 £8,192,487 -£4,767,925 £1,230,755 149
31/12/2014 £7,330,857 -£3,435,305 £5,910,331 134
Key Financials
Key Financials
Chipotle Mexican Grill Incorporated Creditsafe score 80 A
This is based upon the company’s latest industry classification, todays rating of 90 places the company in the highest 10% of 13,246 companies sampled from the same industry. This score means that Chipotle Mexican Grill Incorporated have a Very Low Risk rating. This is also the case on the International score which is A = Very Low Risk.
Blink Productions Limited
Creditsafe score 61 B
Based upon the company’s latest industry classification, todays rating of 61 places the company in the middle to upper 25% of 8,711 companies sampled from the same industry. This score means that Blink Productions Limited have a Low Risk rating. This is also the case on the International score which is B = Low Risk.
Year to Date
Revenue Pre Tax Profit
Retained Profit
Total Assets
Total Liabilities
Working Capital
Net Worth
Shareholder Equity
12/31/2017 $4.5B $275.7M $176.3M $2.0B $681.2M $305.6M $1.3B $1.4B
12/31/2016 $3.9B $38.7M $22.9M $2.0B $623.6M $240.6M $1.4B $1.4B
12/31/2015 $4.5B $769.9M $475.6M $2.7B $597.1M $534.7M $2.1B $2.1B
Key Financials
Key Financials
Year to Date Turnover Pre Tax Profit Shareholder’s Funds
Employees
31/05/2015 £19,446,467 £781,064 £1,081,022 34
31/05/2014 £20,052,615 £698,507 £1,060,041 24
31/05/2013 £14,446,765 £191,002 £1,084,262 22
181-185London W1
Wardour Street
TenureFreehold
VATThe building is elected for VAT.
PriceOffers are invited in excess of £19,000,000 reflecting a Net Initial Yield of 3% assuming purchaser’s costs of 6.40%. This reflects a
capital value of £1,805 per sq ft.
Subject to contract
Title Plan
Property Consultants
D'Arblay Street
21
11
14
2
18
11
9 110
148
3
171
60
149
72
12
13
12
181
21
19
51
89
2275 5
154
10
16
46
17
189
193
19
6
5
2
195
201
77 31
49
167
77a 31a
169
23
185
22
39a
41
23
2773
20
6a
5a
4
197
203
129
143
46
7
55
137
49
52
48
47
PolandStreet
Berwi
BerwickStreet
BerwickStreet
Hollen Street
Wardour Street
Wardour Street
D'Arblay Street
16
13
Retail
Retail
199
187
611
31
175
20
183
71
70
18
569
7-12 Waverley House
14
68
21
121a
177
24
191
15
147
145
59
30
7648
3347
3425
3528
29 36
32
15
43
42
179
44
2627
13
45
Wardour M
Retail
24
40-40a
143
51
58a
45a
139
50
58
45
139
Paramount
House
53-54
143
25
Retail
Noel Street
127
2
22
7
21
21
8
21
12
9
2
9
142
9
3
Great C
hapel Street
at Chapel Street
anStreet
Great Chapel Street
Sheraton Street
College
Saint Patricks
94
95
GroupNovas
130
157 136
159
3
93
15
132
140
17
16
6
20
16
10
C
13
14
18
12
13a
15
0m 10m 20m 30m
© UKMap Copyright The GeoInformation Group 2017 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250
For further information or to arrange an inspection, please contact:
Please note that all floor areas have been recorded by Plowman Craven. Purchasers are advised to verify all floor areas and satisfy themselves in that respect.
Misrepresentation Act 1967. These particulars are intended only to give a fair description of the property and do not form the basis of a contract or any part thereof. These descriptions and all other information are believed to be correct but their accuracy is in no way
guaranteed (January 2017).
Design and production by Oracle Creative www.oraclecreative.co.uk
Ben BlaustenT 0207 927 6331E [email protected]
Damien Field T 0207 927 0620
Property Consultants
