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14<br />
PRIME COVENT GARDEN MIXED USE FREEHOLD INVESTMENT<br />
GARRICK STREET<br />
LONDON WC2E 9BJ<br />
ON THE INSTRUCTIONS OF
14<br />
INVESTMENT SUMMARY<br />
°<br />
°<br />
°<br />
°<br />
°<br />
°<br />
°<br />
°<br />
GARRICK STREET<br />
LONDON WC2E 9BJ<br />
Prime freehold offi ce and restaurant investment situated within Covent Garden.<br />
Period property totalling 794.97 sq m (8,557 sq ft) arranged over basement,<br />
ground and four upper fl oors.<br />
Restaurant (basement and ground fl oor) let on a lease expiring 23rd June 2029<br />
(17 years unexpired), the offi ces (1st to 4th fl oor) are let on a lease expiring<br />
24th February 2018 (5.5 years unexpired).<br />
Average Weighted Unexpired Lease Term of 9.96 years.<br />
Split income exposure of 63% offi ces and 37% restaurant.<br />
Existing investment value underpinned by possible future change of use.<br />
Current passing rent of £405,000 per annum.<br />
Offers invited in excess of £7,295,000 (Seven Million Two Hundred and Ninety<br />
Five Thousand Pounds) providing a net initial yield of 5.25% after allowing for<br />
purchasers costs of 5.80%.
A R Y L<br />
S TREET<br />
GLO U C E STER PLACE<br />
Marble<br />
Arch<br />
E ARCH<br />
B AKER S TREET<br />
P A R K L A N E<br />
N I G H T S B R I D G E<br />
O X F O R D S T R E E T<br />
P A R K L A N E<br />
MARYLEBONE<br />
Hyde Park<br />
Corner<br />
G R O S V EN<br />
D A V I E S S T R E E T<br />
P O R T L A N D P LA C E<br />
CAVENDISH SQ.<br />
NEW BOND ST R E E T<br />
SQUARE<br />
BRUTON ST.<br />
BERKELEY<br />
P I C C A D I L LY<br />
Street<br />
R E G E N T S T R E E T<br />
HANOVER<br />
BERKELEY SQ.<br />
O X F O R D S T R E E T<br />
R E G E N T S T R E E T<br />
P I C C A D I L LY<br />
T E N H A M C O U R T R O A D<br />
REGENT ST<br />
LOCATION<br />
The subject property is located on Garrick Street in the heart of<br />
London’s Covent Garden one of the Capital’s premier retailing and<br />
leisure destinations. Garrick Street is one of the primary routeways in<br />
Covent Garden linking St Martin’s Lane and Long Acre to The Strand.<br />
Covent Garden is amongst London’s most popular tourist and shopping<br />
destinations attracting 45 million visitors every year. Covent Garden<br />
is home to the world renowned Royal Opera House, numerous<br />
theatres, galleries, museums and the famous Covent Garden Piazza.<br />
The 5,110 sq m (55,000 sq ft) Piazza is a speciality shopping area on<br />
the site of the former Covent Garden fruit and vegetable market. It now<br />
contains an attractive mix of shops, boutiques, market stalls and cafés.<br />
Since the Piazza was established over 20 years ago, the retail use has<br />
spread into the surrounding streets to provide both mainstream and<br />
‘cutting edge’ fashion.<br />
Taplow<br />
Bond<br />
Street<br />
MAYFAIR<br />
Slough<br />
Iver<br />
STREET<br />
Green<br />
Park<br />
GREEN PARK<br />
Hayes &<br />
Harrington<br />
Oxford<br />
Circus<br />
Goodge<br />
Street<br />
SOHO<br />
S T R E E T<br />
Tottenham<br />
Court Road<br />
Piccadilly<br />
Circus<br />
ST.<br />
JAMES’S<br />
PARK<br />
CHARING<br />
SHAFTESBURY AV.<br />
HAYMARKET<br />
PALL MALL<br />
GREAT<br />
R<br />
BLOOMSBURY<br />
BLOOMSBURY ST.<br />
NEW OXFORD<br />
SHAFTESBURY AVE<br />
CROSS R O AD<br />
Leicester<br />
Square<br />
WESTMINSTER<br />
RUSSELL ST<br />
UPPER ST MARTIN’S LN<br />
ST MARTIN’S LN<br />
W H I T E H A L L<br />
SQUARE<br />
GARRICK ST<br />
S O U T H A M P T O N RO W<br />
STREET<br />
HIGH HOLBORN<br />
COVENT<br />
GARDEN<br />
ENDALL ST<br />
LONG ACRE<br />
BEDFORD ST<br />
DRURY LANE<br />
BOW ST<br />
S T R A N D<br />
GREAT QUEEN ST<br />
Covent Garden<br />
Charing<br />
Cross<br />
K I N G S W AY<br />
WELLINGTON ST<br />
Westminster<br />
Embankment<br />
WESTMINSTER BRIDGE<br />
DLR<br />
Maidenhead Burnham Langley West<br />
Drayton<br />
Southall West<br />
Ealing<br />
Acton Paddington<br />
Main Line<br />
Tottenham<br />
Court Road<br />
Liverpool<br />
Street<br />
Custom<br />
House<br />
Heathrow<br />
Piccadilly<br />
Hanwell<br />
District<br />
Central<br />
Ealing<br />
Broadway<br />
Jubilee<br />
Central<br />
14 GARRICK<br />
STREET<br />
Bond<br />
Street<br />
THEOBALDS ROAD<br />
GRAY’S INN ROAD<br />
H I G H H O L B O R N<br />
Holborn<br />
Lincoln’s<br />
Inn Fields<br />
A L D W Y C H<br />
Gray’s<br />
Inn<br />
Gardens<br />
HOLBORN<br />
S T R A N D<br />
14 GARRICK<br />
STREET<br />
WATERLOO BRIDGE<br />
Chancery<br />
Lane<br />
WESTMI<br />
Temple<br />
Waterloo<br />
COMMUNICATIONS<br />
The property benefi ts from excellent access to the London Underground<br />
network. Long Acre is served by Covent Garden Station (Piccadilly Line)<br />
and Leicester Square Station (Piccadilly and Northern Lines).<br />
Charing Cross mainline station is within fi ve minutes’ walk of the<br />
property providing services to and from the south east and the south<br />
coast. Numerous bus routes serve the Covent Garden area.<br />
The new Crossrail station at Tottenham Court Road is only a fi ve minute<br />
walk away.<br />
Eurostar<br />
Luton<br />
Gatwick<br />
DLR<br />
Jubilee<br />
Thameslink<br />
Metropolitan<br />
Hammersmith<br />
Hammersmith<br />
& City<br />
Central<br />
Overground<br />
& City<br />
Circle<br />
District<br />
Overground<br />
Stratford<br />
Farringdon Whitechapel<br />
Circle Northern Circle<br />
Bakerloo Central Metropolitan<br />
District<br />
Northern<br />
Hammersmith<br />
Central<br />
& City Hammersmith<br />
& City<br />
Stansted<br />
Maryland<br />
Canary<br />
Wharf<br />
Jubilee<br />
DLR<br />
Forest<br />
Gate<br />
Manor<br />
Park<br />
Woolwich<br />
PRIME COVENT GARDEN MIXED USE<br />
FREEHOLD INVESTMENT<br />
Seven<br />
Kings<br />
Abbey<br />
Wood<br />
C L E<br />
H O L B O<br />
F L E E T<br />
STAMFO<br />
W A T<br />
Lamb<br />
BAYLIS ROAD<br />
Ilford Goodmayes Romford<br />
Chadwell<br />
Heath<br />
Exisiting Station<br />
New Station<br />
Surfaceline<br />
Tunnel<br />
Portal (tunnel entrance and exit)<br />
Key Interchange<br />
Gidea<br />
Park<br />
Harold<br />
Wood Shenfield<br />
Brentwood
14<br />
ERO<br />
P<br />
Y<br />
RAVIS & EMER<br />
ARTIN`S<br />
CE<br />
THE ARTS THEATRE<br />
EVERSFIELD<br />
SOLIC<br />
LONDON COCKTAIL CLUB<br />
SPAGHETTI<br />
HOUSE<br />
ITALIAN REST<br />
NT<br />
CHRISTOPHER<br />
ST. JAMES<br />
L ACCESS<br />
ST. MARTINS<br />
MODELS<br />
8<br />
MOTOR<br />
BOOKS<br />
SEAFOOD<br />
REST<br />
ART GAL<br />
(RET)<br />
KYASHII<br />
JAPANESE<br />
RESTAURANT<br />
J. SHEEKEY<br />
OYSTER BAR<br />
CINEMA STORE<br />
FUTURE GALLERY<br />
PRET A MANGER<br />
SANDWICH BAR<br />
THE CAFE<br />
THEATRE<br />
SANRIZZ<br />
LATE NIGHT<br />
LONDON<br />
ANGUS<br />
STEAK HOUSE<br />
NOEL COWARD<br />
SUBWAY<br />
S/W BAR<br />
PIZZA EXPRESS<br />
BROWNS BAR & BRASSERIE<br />
TENDERPIXEL<br />
BOOKS<br />
DAVID DRUMMO<br />
PLEASURES OF<br />
TIM<br />
BRYARS<br />
MARK SULLIVAN<br />
HOBBIES<br />
THE<br />
WITCHBALL<br />
TINDLEY &<br />
CHAPMAN<br />
TENDERPRODUCT<br />
SHOP<br />
UNSWORTHS<br />
SEC/HD GDS<br />
VACANT<br />
THE ITALIAN<br />
BOOKSHOP<br />
GARRICK STREET<br />
LONDON WC2E 9BJ<br />
THE SALISBURY<br />
STOREY`S<br />
V & P FOX<br />
TROPH&ENGRAV<br />
CECIL<br />
COURT<br />
PIAZZA<br />
COFFEE SHOP<br />
FREED<br />
ABOKADO<br />
TAKE AWAY<br />
CANTINA LAREDO<br />
JAMIE`S ITALIAN<br />
ITALIAN REST<br />
DISHOOM<br />
INDIAN REST<br />
OFFICE<br />
LA TASCA<br />
JOCELYN AT 28<br />
HAIR<br />
ST. MARTIN`S<br />
NEWS<br />
THE SUSSEX<br />
BELLA ITALIA<br />
ITALIAN REST<br />
MCDONALD`S<br />
FAST FOOD<br />
RESTAURANT<br />
OFFICE<br />
SPUD.<br />
TAKE<br />
AWAY<br />
LA<br />
GELATIERA<br />
I/CREAM<br />
PARL<br />
ANGEL &<br />
CROWN<br />
PUBLIC HOUSE<br />
PEPE<br />
MELVITA<br />
HLTH&BEA<br />
STRINGFELLOWS<br />
THE LONG ACRE<br />
SNAPPY SNAPS<br />
FILM DEV<br />
SPANISH RESTAURANT<br />
MAS BURRITOS<br />
DUO<br />
SHOES<br />
FERNANDO`S DELI<br />
ORA SALON<br />
HAIRDRESSING<br />
SERGIO GIANNASSO<br />
HAIR<br />
BILLS<br />
BRITISH REST<br />
NATWEST<br />
ATM<br />
HARDYS<br />
DRURY<br />
TEA & COFFEE<br />
MERCHANT<br />
COTE<br />
FRENCH<br />
RESTAURANT<br />
L.K.BENNETT<br />
LADIES WEAR<br />
SIMURGH<br />
MID EAST REST<br />
NEW ROW<br />
COFFEE<br />
CAFE NUVO<br />
PRETTY<br />
BALLERINAS<br />
THE COVENT<br />
GARDEN<br />
ACADEMY OF<br />
FLOWERS<br />
CAFE<br />
LADIES & MENS WEAR<br />
LAIRD<br />
LONDON<br />
MILLY<br />
SWEET<br />
COUTURE<br />
CONF & BIS<br />
REISS<br />
LEGEND<br />
SHOES<br />
HAIR<br />
ECLIPSE<br />
THE WHITE<br />
COMPANY<br />
SOFT<br />
FURN<br />
JACK WILLS<br />
INDIAN REST<br />
MBOX<br />
JEANS WEST<br />
LADIES & MENS WEAR<br />
JOULES<br />
GRAND<br />
TWENTY<br />
8 TWELVE<br />
LADIES WEAR<br />
CLOTHING<br />
FAN PLACE<br />
L/WR&M/WR<br />
ART GAL<br />
(RET)<br />
BARBOUR<br />
ROSE &<br />
CROWN<br />
HAIR<br />
DEPICOOL<br />
SASS &<br />
BELLE<br />
HUGH`S<br />
DESA<br />
CLOTHING<br />
BEAU SAL<br />
BANANA REPUBLIC<br />
THE FORGE<br />
GIOVANNI`S<br />
ITALIAN REST<br />
HELIOS<br />
NATUR<br />
THPY<br />
EILEEN<br />
FISHER<br />
L/WR&M/WR<br />
JAEGER<br />
VACANT L/WR&M/WR<br />
HOBBIES<br />
(2 RET FLRS)<br />
LEISURE CENTRE<br />
BAR<br />
HAIR<br />
PIZZA RESTAURANT<br />
THEATRE<br />
ART CRAFT<br />
OFFICE<br />
WEST STREET<br />
ORION HOUSE<br />
ENT<br />
6 - 7<br />
EET<br />
24 - 25<br />
SEC/HD GDS<br />
33<br />
5<br />
35<br />
4 12 10 8 6<br />
15<br />
&<br />
TREET<br />
MARTINS COURT<br />
CIL COURT<br />
11<br />
9<br />
137<br />
ENT<br />
RESTAURANT<br />
RESTAURANT<br />
36<br />
SEC/HD GDS<br />
4<br />
5<br />
4B - 4C<br />
ENT<br />
VACANT<br />
ENT<br />
1 - 3<br />
(2 RETAIL FLOORS)<br />
37<br />
ART GAL (RET)<br />
4<br />
2<br />
3<br />
3<br />
77 - 78<br />
79<br />
1 - 3<br />
ORION HOUSE<br />
80 -81<br />
82 - 84<br />
UPPER ST MARTINS LANE<br />
85 - 88<br />
PUBLIC HOUSE<br />
ENTRANCE<br />
BOOKS DANCE WEAR<br />
90<br />
91<br />
91<br />
92 - 93<br />
68 - 69<br />
63 -64<br />
62<br />
94<br />
10<br />
95<br />
11<br />
12<br />
61<br />
16 - 19<br />
OFFICE<br />
59<br />
20<br />
ENT<br />
60<br />
OFFICE<br />
ST MARTINS LAN<br />
MEXICAN RESTAURANT<br />
GAR<br />
PUBLIC HOUSE<br />
VACANT<br />
58<br />
57<br />
56<br />
25 - 27<br />
NIGHTCLUB<br />
MEXICAN REST<br />
BAR<br />
VACANT<br />
PIZZA TAKE AWAY<br />
55 54 53 52<br />
50 - 51<br />
ENT<br />
28<br />
27<br />
VACANT<br />
1 - 3<br />
23<br />
2<br />
ENTRANCE<br />
YARD<br />
26<br />
21 19 17<br />
ENT<br />
CONF &<br />
BIS<br />
24 - 25<br />
3<br />
PLACE OF WORSHIP<br />
ENTRANCE<br />
4<br />
18<br />
SHOES<br />
138<br />
23A<br />
CLOTHING<br />
5<br />
(PEDESTRIANS ONLY)<br />
ENT<br />
(PEDESTRIANS ONLY)<br />
ENTRANCE<br />
ENTRANCE<br />
ENT<br />
OFFICE<br />
OFFICE<br />
LADIES & MENS WEAR<br />
CLOTHING<br />
EUROPEAN<br />
RESTAURANT<br />
INT DECOR<br />
DENT<br />
SURGY<br />
LE GARRICK<br />
FRENCH REST<br />
(2 RET FLRS)<br />
ARTICA<br />
ART GAL (RET)<br />
S<br />
NEXT<br />
WATERSTONE`S<br />
BENITO`S HAT<br />
MEXICAN REST<br />
SCOTT`S<br />
SANDWICH<br />
BAR<br />
COS<br />
CLOTHING<br />
SHOEMASTER<br />
SHOE REP<br />
NATIO<br />
(<br />
OFFICE<br />
TIME2<br />
JEWELLER<br />
TREVOR SORBIE<br />
TOBIKO<br />
JAPANESE REST<br />
L`DARADO<br />
CLOTHING<br />
BOOKS<br />
(2 RETAIL FLOORS)<br />
OFFICE<br />
LADIES & MENS WEAR<br />
OFFICE<br />
HAIRDRESSING<br />
ANGUS<br />
STEAK<br />
HOUSE<br />
JONES<br />
BOOTMAKER<br />
FLIGHT<br />
CENTRE<br />
TRAV AG<br />
MASSIMO DUTTI<br />
SNOG<br />
HOSS INTROPIA<br />
CLOTHING<br />
CLOTHING<br />
LAMB & FLAG<br />
PUBLIC HOUSE<br />
RESTAURANT<br />
I/CREAM PARL<br />
COSTA<br />
COFF<br />
SH<br />
PETER`S<br />
HAIR<br />
DELISH<br />
CAFE<br />
CYBERCANDY<br />
& BIS<br />
SPREADS<br />
CAFE<br />
FASTFLOW<br />
PRT&PHCPY<br />
SNOW+ROCK<br />
JACK WOLFSKIN<br />
OUTDOOR WEAR<br />
15<br />
11 7<br />
OFFICE CONF<br />
23<br />
136 - 137<br />
6<br />
10<br />
11<br />
NEW ROW<br />
YARD<br />
25<br />
135<br />
STANFORDS<br />
BOOKS<br />
(3 RETAIL FLOORS)<br />
24<br />
14<br />
12 - 14<br />
23<br />
10<br />
133<br />
15<br />
9 - 13<br />
22 21 20 19<br />
16 15A<br />
7 8 9 10<br />
12 13 14<br />
GOODWINS COURT<br />
ROSE STREET<br />
HOP GARDENS<br />
8<br />
24<br />
23<br />
3 - 5<br />
27<br />
20 -22<br />
8<br />
130<br />
4 - 6<br />
26 27 28<br />
29<br />
32<br />
128<br />
ROSE STREET<br />
19 - 20<br />
GARRICK STREET<br />
ENT<br />
ENT<br />
DWELLING<br />
(ACCESS ONLY)<br />
ENTRANCE<br />
(3 RETAIL FLOORS)<br />
RCER STREET<br />
RAMP TO<br />
ENT<br />
ENT<br />
ENT<br />
33<br />
5<br />
2<br />
6<br />
33<br />
VACANT<br />
OFFICE<br />
34 - 35<br />
125<br />
3<br />
SPORTS GOODS<br />
JIGSAW<br />
LADIES WEAR<br />
FULLER`S<br />
PUBS<br />
PUBLIC<br />
HOUSE<br />
O`NEILL`S<br />
PUBLIC HOUSE<br />
OFFICE<br />
124<br />
OFFICE<br />
ASH<br />
HAIRDRESSING<br />
OFFICE<br />
CALVIN KLEIN<br />
UNDERWEAR<br />
LINGERIE<br />
GAPKIDS<br />
C/WR<br />
PANDORA<br />
JEWELLER<br />
EN PHARMACY<br />
25<br />
RABEANCO<br />
LADIES ACCESSORIES<br />
WHISTLES<br />
LADIES WEAR<br />
MCCLINTOCK<br />
OPTICIAN<br />
23 - 25<br />
OFFICE<br />
ITALIAN RESTAURANT<br />
BETSEY JOHNSON<br />
CLOTHING<br />
CARLUCCIO`S<br />
22 - 25<br />
TESCO METRO<br />
LEY<br />
SHOES<br />
OFFICE<br />
MENS WEAR<br />
26<br />
SITUATION<br />
The subject premises are located on the northern side<br />
of Garrick Street at its junction with Floral Street, just<br />
to the south of Long Acre which links Leicester Square<br />
London Underground Station and Covent Garden<br />
London Underground Station to the east. The street<br />
therefore experiences high levels of footfall.<br />
The adjacent properties and those in close proximity<br />
are put over to a variety of uses including, retail,<br />
restaurant, offi ce and leisure activities.<br />
THE SUIT<br />
COMPANY<br />
MENS WEAR<br />
MOSS<br />
SUPERMARKET<br />
STO<br />
30 - 31<br />
GAP<br />
CLOTHING<br />
(2 RETAIL FLOORS)<br />
CLOTHING<br />
18<br />
H&M<br />
REPLAY<br />
NIGEL HALL<br />
MENS WEAR<br />
MINISTRY OF WAXING<br />
BEAUTY SALON<br />
27 - 29<br />
OFFICE<br />
LADIES & M<br />
21 22 23 24<br />
27 - 29 32<br />
1<br />
121 - 123<br />
LONG ACRE<br />
FLORAL PLACE<br />
CONDUIT COURT<br />
ENTRANCE<br />
(2 RET FLRS)<br />
ENTRANCE<br />
ENT<br />
ENTRAN<br />
29<br />
120<br />
ENT<br />
119<br />
BANBURY COURT<br />
29<br />
22<br />
YARD<br />
ENT<br />
(3 RETAIL FLOORS)<br />
19A<br />
ENTRANCE<br />
T<br />
118<br />
GARAGE<br />
(PEDS ONLY)<br />
30<br />
30<br />
17<br />
OFFICE<br />
34<br />
L<br />
FL<br />
FAS<br />
CLOTHI<br />
MENS WEA<br />
GARRICK HO<br />
0 10 20 30 40 m<br />
16<br />
ADV
DESCRIPTION<br />
The property comprises an attractive mixed use period building arranged<br />
over basement, ground and four upper fl oors. The basement and ground<br />
fl oors have been put over to use as a restaurant and the upper fl oors<br />
are entirely used as offi ces with their own self contained access from<br />
Garrick Street. The offi ce specifi cation includes:<br />
°<br />
°<br />
°<br />
°<br />
°<br />
°<br />
6 person passenger lift<br />
Part perimeter part under fl oor trunking system<br />
Central heating<br />
Double glazing<br />
Male & female WC’s on each fl oor<br />
Kitchens on each fl oor<br />
The ground fl oor is arranged as a fi ne dining restaurant fi tted out to<br />
a high quality specifi cation to include a tin ceiling, wooden fl oors and<br />
comfort cooling. The basement incorporates a traditional wine bar as<br />
well as the kitchen, WC’s and ancillary accommodation.<br />
PLANNING<br />
The property is Grade II listed and falls within the Covent Garden<br />
Conservation Area.<br />
PRIME COVENT GARDEN MIXED USE<br />
FREEHOLD INVESTMENT
14<br />
GARRICK STREET<br />
LONDON WC2E 9BJ<br />
ACCOMMODATION<br />
The restaurant accommodation has been measured and the rent analysed as per the table below equating to an overall rent of £84.84 psf:<br />
DESCRIPTION<br />
ACTUAL AREA<br />
(SQ M)<br />
ACTUAL AREA<br />
(SQ FT)<br />
DISCOUNT RATE DISCOUNTED AREA<br />
(SQ M)<br />
DISCOUNTED AREA<br />
(SQ FT)<br />
Basement Wine Bar 43.57 469.00 50.00% 21.79 234.50<br />
Basement Vaults 21.46 231.00 10.00% 2.14 23.10<br />
Basement Ancillary 17.65 190.00 25.00% 4.41 47.50<br />
Basement WC 23.78 256.00 0.00% 0.00 0.00<br />
Basement Kitchen 51.84 558.00 25.00% 12.96 139.50<br />
Basement Vaults 5.48 59.00 10.00% 0.55 5.90<br />
Basement Stores 5.76 62.00 25.00% 1.44 15.50<br />
Ground Floor Restaurant 1 33.35 359.00 100.00% 33.35 359.00<br />
Ground Floor Restaurant 2 58.25 627.00 100.00% 58.25 627.00<br />
Ground Floor Restaurant 3 29.36 316.00 100.00% 29.36 316.00<br />
TOTAL 290.50 3,127.00 164.25 1,768.00<br />
RENT £ P.A. £150,000 RENT £ PSF £84.84<br />
The offi ce accommodation has been measured and the rent analysed as per the table below equating to an overall rent of £48.71 psf:<br />
DESCRIPTION ACTUAL AREA<br />
(SQ M)<br />
ACTUAL AREA<br />
(SQ FT)<br />
DISCOUNT RATE DISCOUNTED AREA<br />
(SQ M)<br />
DISCOUNTED AREA<br />
(SQ FT)<br />
Ground Floor Reception 18.02 194.00 50.00% 1.67 97.00<br />
1st Floor 137.68 1,482.00 100.00% 12.79 1,482.00<br />
2nd Floor 141.31 1,521.00 100.00% 13.13 1,521.00<br />
3rd Floor 116.87 1,258.00 100.00% 10.86 1,258.00<br />
4th Floor 90.58 975.00 90.00% 8.42 877.50<br />
TOTAL 504.46 5,430.00 46.87 5,235.50<br />
RENT £ P.A. £255,000 RENT £ PSF £48.71<br />
BUILDING TOTAL 794.96 8,557.00
TENANCIES<br />
The ground fl oor and basement are let to West Covent Garden Restaurants Limited on a full repairing and insuring lease for a term expiring 23rd June<br />
2029 at a rent of £150,000 per annum thus having some 17 years unexpired. The next rent review is 24/06/2013. The tenant has provided a rent,<br />
rates and VAT deposit, which totals £93,938.77 (including interest) as at 31/03/2012.<br />
The 1st to 4th fl oors are let to Opera Solutions Limited on a full repairing and insuring lease for a term of 10 years from 25/02/2008 expiring<br />
24/02/2018 at a rent of £255,000 per annum thus having some 5.5 years unexpired. The next rent review is 25/02/2013. The tenant has provided<br />
a rent, rates and VAT deposit, which totals £358,351.52 (including interest) as at 31/03/2012.<br />
The property therefore provides a total rental income of £405,000 per annum exclusive of VAT.<br />
COVENANTS<br />
West Covent Garden Restaurants Limited have a Dun & Bradstreet rating of N2. The last three years fi led accounts are as follows:<br />
Fiscal Non-Consolidated<br />
31 May 2011<br />
Fiscal Non-Consolidated<br />
31 May 2010<br />
Fiscal Non-Consolidated<br />
31 May 2009<br />
Tangible Net Worth (£323,547) (£265,328) (£347,377)<br />
Net Current Assets (Liabilities) (£86,589) £73,723 £25,202<br />
The restaurant trades as The Forge (www.theforgerestaurant.co.uk) and has established a strong reputation in the area having trading from this site for<br />
more than 10 years. Furthermore the operating company also has a sister restaurant Le Deuxieme, located nearby at 65a Long Acre.<br />
Opera Solutions Limited have a Dun & Bradstreet rating of N4. The last three years fi led accounts are as follows:<br />
Fiscal Non-Consolidated<br />
31 Dec 2011<br />
Fiscal Non-Consolidated<br />
31 Dec 2010<br />
Fiscal Non-Consolidated<br />
31 Dec 2009<br />
Tangible Net Worth (£5,306,780) (£2,849,639) (£1,384,731)<br />
Net Current Assets (Liabilities) £692,104 £1,343,965 £823,401<br />
PRIME COVENT GARDEN MIXED USE<br />
FREEHOLD INVESTMENT<br />
Opera Solutions Limited’s ultimate holding company is Opera Solutions LLC registered in New York. The company also has offi ces in Jersey City, Boston,<br />
San Diego, Paris, New Delhi and Shanghai with approximately 600 employees worldwide. (www.operasolutions.com). The company provides IT and<br />
data solutions.
14<br />
GARRICK STREET<br />
LONDON WC2E 9BJ<br />
VAT<br />
The property is elected for VAT and it is proposed that the sale will<br />
therefore be treated as a TOGC.<br />
PROPOSAL<br />
Offers invited in excess of £7,295,000 (Seven Million Two Hundred<br />
and Ninety Five Thousand Pounds) refl ecting a net initial yield of<br />
5.25% after allowing for purchasers costs of 5.80%.<br />
FURTHER INFORMATION<br />
Should you require any further information please contact the<br />
following:<br />
Robert Mortimer<br />
T: 020 7518 9415<br />
E: rmortimer@chapman-petrie.co.uk<br />
Alistair Ennever<br />
T: 020 7518 9405<br />
E: aennever@chapman-petrie.co.uk<br />
020 7518 9400<br />
www.chapman-petrie.co.uk<br />
ON THE INSTRUCTIONS OF<br />
ENERGY PERFORMANCE CERTIFICATE<br />
MISREPRESENTATION ACT 1967<br />
<strong>Chapman</strong> <strong>Petrie</strong> for themselves and for the vendors of the property whose agents they are give notice that:<br />
1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute part of an offer or contract;<br />
2. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility, and any intending purchasers or tenants should not rely on them as<br />
statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them;<br />
3. No person in the employment of <strong>Chapman</strong> <strong>Petrie</strong> has the authority to make or give any representation or warranty whatever in relation to this property;<br />
4. Rents quoted in the above particulars may be subject to VAT in addition;<br />
5. <strong>Chapman</strong> <strong>Petrie</strong> will not be liable, in negligence or otherwise for any loss arising from the use of these particulars.<br />
Designed and produced by Creativeworld. May 2012. T: 01282 858200.
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