101-105 VICTORIA STREET LONDON SW1
Freehold Landmark Investment
Prime Victoria location in the heart of the West End
Significant island site of 1.19 acres with a substantial
frontage of 80m to Victoria Street, the area’s
principal shopping street
Mixed use building providing high quality Grade
A offices, with substantial but flexible floor plates,
together with a flagship department store and a
single retail unit
Approximately 300,000 sq ft (27,870 sq m)
Multi-let offices with an average weighted unexpired
term of approximately 8 years to lease expiries.
Average office rent reflecting £47.56 per sq ft, with
potential to capture strong rental growth
Department store let to House of Fraser for a
further 41.5 years at a low rent equating to only
£9.94 per sq ft
Office income secured to strong covenants
Ability to drive returns and performance through
active asset management opportunities, including
rent reviews, lease re-gears, retail re-positioning and
Total rent passing of £8,731,973 per annum
Offers sought in excess of £150,000,000 (One
Hundred and Fifty Million Pounds) subject to
contract, reflecting a net initial yield of 5.50%
after allowing for full purchaser’s costs of 5.80%
which shows a low capital value of £495 per sq ft.
The property is held in a JPUT and therefore there
is an opportunity for an investor to acquire all the
units in the Trust.
The City of London The Shard Docklands
Houses of Parliament
Horse Guards Parade
St James’s Park
Southside is situated in the heart of Victoria, an established West End office location accounting for almost a quarter of the total office stock in the
West End. Strategically located, Victoria is bounded by Mayfair and St James’s to the north, Belgravia to the west and the River Thames to the south
Victoria has historically been synonymous with Government occupiers, due to its proximity to Westminster as well as large multi-national corporations
who require large floor plates. More recently however, the area has attracted a more diverse tenant base, predominately as a result of new high profile
developments such as Cardinal Place. Local office occupiers in the area include Google, American Express, EDF Energy, Chevron,The Telegraph Group,
Channel 4 Television, John Lewis, Microsoft as well as the Government and Westminster City Council.
Victoria also offers excellent retail facilities and today is very much a ‘destination location’, whilst also being located near some of London’s most
prestigious residential addresses in Belgravia and Knightsbridge.
The property occupies an island site on the south side of Victoria Street, a major thoroughfare extending from Victoria Station towards Parliament
Square and Westminster Abbey. The property is bounded by Howick Place, Artillery Row and Wilcox Place, whilst also benefiting from a substantial
retail frontage to Victoria Street of approximately 80m (240 ft). The total site area is 1.19 acres (0.48 hectares).
RE E T
Palace WESTMINSTER BRIDGE
The property benefits from excellent transport communications, with three London underground stations being located nearby at Victoria (Victoria,
District and Circle Lines), St James’s Park (District and Circle Lines) and Westminster (Jubilee, District and Circle Lines).
Victoria Station is one of London’s major mainline railway stations serving over 115 million passengers each year. The station is the principal rail link
to the South and South-East of England, as well as providing access to Gatwick Airport via the Gatwick Express.
National bus coverage is provided by buses leaving from Victoria Coach Station whilst nearby bus routes on Victoria Street provide access across
In addition, boat services along the River Thames operate from Westminster Millennium Pier adjacent to Westminster Bridge.
6 Victoria Station
5 Kingsgate House
1 123 Victoria Street
2 1-7 Howick Place
3 62 Buckingham Gate 7 Wellington House
Victoria is currently undergoing a major regeneration, led primarily 1 123 Victoria Street 4 VTI2 Not shown on aerial -
by Land Securities. Over the next 5-10 years a large number of out- Land Securities has commenced a comprehensive refurbishment which is scheduled for completion in Land Securities has secured planning permission for Victoria Transport Interchange 2 plan (VTI2). The
dated buildings around the station and along Victoria Street have been June 2012. The building totals 177,520 sq ft of Grade A offices and 45,370 sq ft of retail. development will result in a mixed use scheme in six new buildings totalling 910,000 sq ft comprising 39 Victoria Street
identified for development, with the intention to create a thriving mixed 589,340 sq ft of new offices, 105,750 sq ft of retail and 185,400 sq ft of residential space. British Land will undertake a refurbishment of the building on obtaining
use environment. The aerial photograph above illustrates the key 2 1-7 Howick Place vacant possession in July 2012. The building totals 76,000 sq ft
schemes earmarked over the short to medium term. 5 Kingsgate House, 66-74 Victoria Street
Doughty Hanson & Terrace Hill has commenced construction on this 227,000 sq ft mixed use
More recently, Westminster has adopted a more receptive planning scheme. The building will provide 139,000 sq ft of Grade A office space over 8 floors with 23 private Owned by Land Securities, the existing building totals 155,500 sq ft of offices and 30,700 sq ft of retail 1a Page Street
approach when considering change of use from vacant office buildings residential apartments. Completion is scheduled for Q3 2012. space. The building is earmarked for redevelopment in the next 5 years. Derwent London are undertaking a comprehensive refurbishment which
to more valuable residential. This has resulted in a significantly higher is scheduled for completion in Q3 2012. The building totals 118,000 sq ft
number of conversions, which will create a more diverse occupier 3 62 Buckingham Gate 6 Victoria Station arranged over 10 floors.
landscape and should also naturally assist office rental growth, as overall Land Securities has commenced construction on this 13-storey prism-like structure designed by Pelli Network Rail and Hammerson are proposing a major mixed use development of 800,000 sq ft.
stock levels deplete. Clarke Pelli and Swanke Hayden & Connell. The building will provide 252,400 sq ft of Grade A office 40 Broadway
space and 16,750 sq ft of retail and is scheduled for completion in Q2 2013. 7 Wellington House Great Portland Estates and Liverpool Victoria have secured planning
A striking new residential development by Land Securities arranged over ten storeys, comprising 59 consent for a new eight storey office building totalling 117,000 sq ft as well
spacious apartments , due for completion during the end of 2012. Circa 90% of the apartments have as seven residential flats and a “garden house” fronting Carteret Street.
been sold “off plan” reflecting an average sale price of £1,400 sq ft.
Southside is a landmark mixed-use building totalling approximately 28,138 sq m (302,872 sq ft)
constructed in the late 1970s on an island site. It comprises a House of Fraser department store,
together with highly specified self-contained Grade A offices above.
The office accommodation comprises approximately 14,048.7 sq m (151,220 sq ft) of high quality
multi-let offices arranged over part ground floor, mezzanine and nine upper floors accessed from
Victoria Street via a contemporary ground floor reception. A secondary access from Artillery Row
serves the ground to sixth floors only.
Constructed around two lightwells, the office accommodation benefits from excellent natural
light. Recent refurbishment works have included infilling the lightwells on the third floor providing
additional floor area.
The entire office accommodation has been subject to a staggered comprehensive refurbishment.
The fifth and ninth floors were refurbished between 2000-2004, the sixth, seventh and eighth floors
in 2005, followed by the first and mezzanine through to fourth floors in 2006. All floors were
refurbished to a Grade A specification. The reception area and common parts were refurbished in
The office floors vary in size through out, predominately due to the stepped design of the building
and are highly flexible allowing for multi-occupancy on each floor.
The internal specification includes:
• Fully accessible raised floors
• 2.58m finished floor to ceiling height
• Predominantly metal tiled suspended ceilings
• Four pipe fan coil air-conditioning
• LG3 and LG7 compatible lighting
• Four high speed 20-person passenger lifts and an 8-person fireman’s lift, providing access to all
floors in the west core
• Two 12-person passenger lifts located in the east core serving ground floor to sixth floor levels
• Floor loading of 4 KN/m2
• Male, female, disabled WCs and shower facilities on each floor
• Standby generator is provided in the basement to provide essential services to 25% of lighting
and 10% power for each floor
The department store is arranged over sub-basement, sub-basement mezzanine, lower ground,
ground, part first and part second floors and totals 14,017 sq m (150,870 sq ft) on a gross internal
basis. It provides sales areas on the lower ground, ground, part first and part second floors, with
storage at sub-basement level and staff facilities at sub-basement mezzanine level.
We understand the store is equipped with a water sprinkler system, 2 passenger lifts, two goods lifts
and a series of escalators which interlink the retail areas.
In addition there is a retail unit on ground floor level fronting Wilcox Street totalling approximately
68.76 sq m (740 sq ft) which is currently used as a coffee shop.
STACKING PLAN FLOOR PLANS
9th Floor Ramp up
Not to scale
2nd Floor which
Lower Ground Floor which
includes sub-basement and
sub-basement mezzanine Fourth Floor
VICT ORIA Retail
The property has been measured by Plowman Craven Associates in accordance with the RICS Code of Measuring Practice 6th Edition and provides the following net and
gross internal areas.
A duty of care letter can be provided to a purchaser if required.
Offices Retail/Department Store Ground Floor
Floor Use Sq m NIA Sq ft NIA Floor Use Sq m GIA Sq ft GIA
9th Office 544.7 5,863 Part 2nd Sales 3,088.3 33,242
8th Office 709.1 7,633 Part 1st Sales 3,070.5 33,051
7th Office 1,239.5 13,346 Part Ground Sales 2,600.4 27,990
6th Office 2,029.5 21,845 Lower Ground Sales 3,274.8 35,250
5th Office 2,305.5 24,816 Sub-Basement Staff Facilities 630.0 6,778
4th Office 2,393.4 25,762
3rd Office 2,947.4 31,726 Sub-basement Storage 1,352.6 14,559
Part 2nd Office 550.7 5,928 Department 14,016.6 150,870
Mezzanine Office 547.5 5,894
Part 1st Office 543.1 5,846 Floor Use Sq m NIA Sq ft NIA
Part Ground Reception 237.9 2,561 Part Ground *
Retail 68.7 740
Office Sub-Total 14,048.7 151,220 Retail Sub-Total 14,089.3 151,652
OVERALL GRAND TOTAL 28,138.0 302,872
V I C TO R I A S T R E E T
All plans are indicative only and not to scale.
Not included in Plowman & Craven Measured Survey.
Freehold. The property is multi-let in accordance with the tenancy ASSET ENHANCEMENT
schedule as set out. OPPORTUNITIES
House Of Fraser
The offices are fully let to six tenants on ten institutional
leases, having always let well through all stages of a property The 150,870 sq ft department store is currently let at an exceptionally
r Place cycle, with an average weighted unexpired term to expiry low rent of only £9.94 per sq ft for a further 41.5 years.The passing rent
of approximately 8 years. The income from the offices is considered to be highly reversionary and a substantial uplift could be
totals £7,070,848 per annum exclusive reflecting £47.56 achieved at the next rent review in September 2012.
per sq ft overall. This assumes the outstanding rent free for
Albert the seventh floor lease and the stepped rent on the sixth Subject to planning, servicing arrangements and achieving vacant
t of (PH)
Depar tional Affa
60 floor lease is topped up by the vendor. possession, the current store could support a split into smaller, higher
value stores, which could be let to fashion retailers on a zoned basis
Retail or indeed a single department store at a significantly higher rent
House of Fraser (Stores) Ltd occupy the department store thereby creating substantially more value.
1 64 95 in its entirety for a further 41 years and 5 months at a
current passing rent of £1,500,000 per annum, equating to
£9.94 per sq ft overall. It is subject to 5 yearly rent reviews, Office Management
97 to the next being on 5 September 2012.This income accounts The offices are currently at 100% occupancy. Some of the tenants
for approximately 17% of the total income and we consider have an on-going requirement to take more space within the
the current rental level to be highly reversionary. In addition, building, which may present an opportunity to re-structure
part of the ground floor is let to Aroma Ltd until June 2011 the leases through surrender premiums and lease
at a current passing rent of £45,000 per annum. renewals at higher rents.
11 to 19
There are five telecom masts on the roof let to Vodafone,
Orange, Hutchison 3G, T Mobile and Telefonica O2 which Subject to the necessary consents, there may be scope to
produce £116,116 per annum. create a residential element on the roof.
A sub-station located in the basement is let to London
Electricity Board expiring on 23 June 2075 at an annual
rd rent of £5 per annum, with a landlord’s redevelopent break
Francis House CR option, effective after 24 June 2016.
Sorting Office nse
The property therefore produces a total rent of £8,731,973
per annum exclusive, including the topped up rents being
0m 10m 20m 30m
provided by the vendor.
Floor Area Sq ft Tenant Rent PA Rent PSF Lease Length & Start Expiry Tenant Break Review Pattern Comments
Date (Next Review)
9th 5,863 The First Secretary of State £273,882 £46.71 15 years from 25 March 2004 24 Mar 2019 - 5 yearly S/C cap at £7.50psf increased annually by RPI. No shortfall for current year ending March 2012. Not contracted out.
(25 Mar 2014) Application for licence to underlet to NHS Westminster received and progressing.
8th 7,633 Chime Communications plc £343,080 £44.94 10 years from 12 Sep 2005 11 Sep 2015 - - Lease assigned to Chime Communications plc on 28 January 2011. AGA provided by Ranstad Middle East Limited.
7th 13,346 The Association of the British £513,051 £38.44 10 yrs from 4 Feb 2011 3 Feb 2021 - 5 yearly Rent commencement 4 Oct 2012. Vendor to top up rent free period. 6 months’ rent deposit (£307,830.06). Deposit is to be paid by 6 equal monthly instalments on
Pharmaceutical Industry (4 Feb 2016) 4 February, March, April, May, June and July 2011. Part underlet to Bio Industry Association. Service charge cap at £199,890 for first year increasing with RPI thereafter.
6th 21,845 Chime Communications plc £830,110 £38.00 10 yrs from 1 Jan 2011 31 Dec 2020 1 Jan 2016 5 yearly Rent start 1 April 2011. Paying £655,320 pa (£30.00 per sq ft) for first 30 months then on 1 October 2013 the rent rises to £830,110 pa (£38.00 per sq ft). TOB on
(1 Jan 2016) 1 January 2016 giving 6 months prior written notice. If the lease is not broken then there is a rent free period from 1 Jan 2016 - 30 April 2016. S/C cap at £262,140
increased annually by RPI. The minimum S/C cap is increased from £262,140 to £327,675 for the financial year commencing 24 March 2016. No shortfall for current
year ending March 2012. Vendor to top up rent to £830,110 per annum until October 2013.
5th 24,816 The First Secretary of State £1,137,659 £45.84 15 years from 15 March 2004 24 Mar 2019 - 5 yearly S/C cap at £7.50psf increased annually by RPI. No shortfall for current year ending March 2012. Not contracted out.
(25 Mar 2014) Application for licence to assign to G4S Regional Management (UK & I) Limited received and progressing. The First Secretary of State can be required to enter an
authorised guarantee agreement.
4th 25,762 The Strategic London Health £1,328,597 £51.57 10 years from 24 Nov 2006 23 Nov 2016 - 5 yearly
Authority (24 Nov 2011)
3rd 31,726 Daniel J Edelman Ltd £1,698,464.50 £53.53 15 yrs from 24 Oct 2007 23 Oct 2022 24 Oct 2017 5 yearly Guarantor Daniel J Edelman Inc. TOB on 12 months prior written notice. Not contracted out.
(24 Oct 2012)
Part 2nd 5,928 The Strategic London Health £318,004 £53.64 10 yrs from 17 Oct 2006 16 Oct 2016 - 5 yearly Reversionary lease in place for period from 17 Oct 2016 to 23 Nov 2016 to be co-terminus with 4th floor.
Authority (17 Oct 2011)
Mezzanine 5,894 The Strategic London Health £325,000 £55.14 10 yrs from 26 Feb 2007 25 Feb 2017 Any time after 26 5 yearly Rolling Tenant option to break after 26 February 2012 on 6 months notice.
Authority Feb 2012 (26 Feb 2012)
Part 1st 5,846 Dainippon Sumitomo Pharma £303,000 £51.83 10 yrs from 24 Jan 2007 23 Jan 2017 Any time after 24 5 yearly Rolling TOB from 24 January 2012 on 6 months prior written notice. 6 months’ rent deposit held. Not contracted out.
Europe Ltd Jan 2012 (24 Jan 2012)
Office Sub-total 148,659 £7,070,847.50 £47.56
Sub Bmt, Sub Bmt 150,870 House of Fraser (Stores) Ltd £1,500,000 £9.94 75 yrs from 5 Sep 1977 4 Sep 2052 - 5 yearly (5 Sep 2012) until External demise. No service charge payable.
Mezz, L G, Pt Grd Pt 5 Sep 2037 and thereafter Original tenant was House of Fraser plc.
1st & Pt 2nd 3 yearly
Part Ground 782 Aroma Ltd £45,000 £57.74 10 yrs from 24 Jun 2001 23 Jun 2011 - - Section 25 notice served to terminate lease on 1 July 2011. Terms of new lease being negotiated by agents.
Retail Sub-total 151,652 £1,545,000
Aerial Vodafone Ltd £16,035 Lease expired on 24 December 2008 but tenant remains in occupation.
Aerial Orange Personal Communications £26,615.55 16 Oct 2003 31 Dec 2021 At any time 3 yearly 3 yearly RR based on higher of open market or RPI. TOB if apparatus can no longer be operated (e.g. destruction of existing building, erection of new buildings,
Services Ltd (conditional) (16 Oct 2012) environmental changes or other material technical reasons) at any time on 12 months’ notice. Rolling LOB for redevelopment on or after 29 Sept 2008 on 12 months’
Aerial Hutchison 3G UK Ltd. £26,563.88 23 Sep 2003 31 Dec 2021 23 Sep 2013 and/ 3 yearly TOB (i) on 23 Sept 2013, and (ii) if the tenant loses its operating licence, each on 6 months prior written notice. Rolling LOB for redevelopment on or after 30 June
or at any time (23 Sep 2012) 2008 on 12 months’ notice. 3 yearly RR based on higher of open market or RPI
Aerial T-Mobile (UK) Ltd £22,500 20 yrs from 16 Jun 2006 15 Jun 2026 16 Jun 2011 or 5 yearly 5 yearly RR based on higher of open market rent or RPI. TOB: (i) on 16 June 2011, or at any time after 16 June 2016; and (ii) if apparatus can no longer be operated
after 16 June 2016 (16 Jun 2011) due to tenant losing its operating licence or for any other material technical reason, each on 12 months prior written notice. Landlord’s rolling redevelopment break on
and/or at any time or after 16 June 2011 on 12 months prior written notice.
Aerial Telefonica O2(UK) Ltd £24,406.04 27 Apr 2007 26 Apr 2022 Anytime after 27 3 yearly TOB: (i) at any time after 27 Apr 2012; and (ii) if the apparatus can no longer be operated due to tenant losing its operating licence or premises no longer suitable at
Apr 2012 and/ (27 Apr 2013) any time on 6 months prior written notice. 3 yearly RR based on higher of open market or RPI
or at any time
Sub-station London Power Networks plc £5 99 yrs from 23 Jun 2075
(formerly London Electricity Board) 24 Jun 1976
TOTAL 300,311 £8,731,973
TENANT’S FINANCIAL INFORMATION MARKET COMMENTARY
The First Secretary of State Office Occupational Market
The tenant is the Department for Transport, a government department working to provide a transport system which balances the needs of the Victoria forms almost a quarter of the total stock of London’s West End office market and continues to evolve as an international centre for
economy along with the environment and society. commerce, with its enviable transport links and strategic position in London’s West End.
Throughout 2010 and the early part of 2011 the market has experienced a dramatic upturn in occupier demand, mainly from international and
Chime Communications Plc corporate occupiers who have been attracted to larger than average floor plates at more economical rents rather than competing for buildings with
The Chime Group is a Global PR company helping clients create and market their businesses, brands and reputation both in the UK and Internationally. higher rents in the City and West End.
Chime is made up of four divisions, 50 agencies and over 1,200 people with offices throughout the UK, Europe, USA, Africa, Asia and Australia.
Chime is the holding company for the international public relations group, Bell Pottinger, one of the fastest growing advertising groups which includes Availability at the end of 2010 stood at around 780,000 sq ft, representing a vacancy rate of approximately 5.5%. This figure is expected to remain low
VCCP, Teamspirit, Fast Track and Essentially, and a market leading research and engagement group including Opinion Leader Research and Facts owing to a severely restricted short to medium term development pipeline. In fact the only newly completed development available for occupation
International. in Victoria today is 68,000 sq ft at The Peak, 15 Wilton Road. This shortage is widely expected to have a positive effect on rental growth throughout
2011/2012 with recent prime lettings having achieved in excess of £60.00 per sq ft as seen at the Peak on Wilton Road.
Chime is listed on the London All-Share stock exchange with a Market Capitalisation of £217 million and for the year ending 31 December 2010
reported a turnover of £299,800,000, a pre-tax profit of £21,240,000 and net assets of £135,336,000. Further information can be found at www. Retail Occupational Market
chime.plc.uk. Victoria as a retail market is constantly evolving and today can be characterised by a lack of quality units and a high level of demand. Since the
development of Land Securities’ Cardinal Place in 2005 the area has experienced a major change in the retail mix progressing towards a more fashion
Chime took assignment of the lease from Randstad Middle East Ltd who has provided an Authorised Guarantee Agreement (AGA). Randstad is the based line up, including retailers such as Topshop, Zara, Jones, Monsoon and Accessorize. Today the prime pitch stretches along Victoria Street between
world’s largest specialist recruitment provider employing over 28,000 members of staff around the world. For the year ending 31 December 2009 Victoria Station/Cardinal Place to the west and Buckingham Gate to the east and includes retailers such as Next, Moss Bros, Books etc and House
the company reported a turnover of £81,074,000, a pre-tax profit of £2,962,000 and net assets of £32,561,000. of Fraser.
Land Securities’ commitment to the development of Victoria Street is expected to assist future demand predominantly from high street fashion
The Association of British Pharmaceutical Industry (ABPI) occupiers seeking large stores, as well as other retailers relocating to this new shopping destination.There are currently several outstanding requirements
The ABPI is the trade association for companies in the UK producing prescription medicines for humans. Originally formed in 1891 the body today for large stores from retailers including H&M, TK Maxx, New Look and Waitrose.
has 150 members including the majority of research-based pharmaceutical companies operating in the UK, both large and small. These member
companies research, develop, manufacture and supply more than 80% of the medicines prescribed through the NHS. Prime retail rents on Victoria Street have now returned to their 2009 Peak levels of around £260 Zone A. Many large retailers are now analysing
Further information can be found at www.london.nhs.uk these rents on an overall department store basis and for the right unit rents closer to £300 Zone A or £40 per sq ft overall could be achieved, as
evidenced in Oxford Street.
The Strategic London Health Authority In addition, the former Royal Mail sorting office, to the rear of Southside in Howick Place, has been converted into an iconic mixed use scheme
attracting top international “lifestyle” names, to Victoria for the first time, such as Tom Ford and Phillips De Pury.
NHS London forms part of the National Health Service (NHS) and is the Strategic Health Authority (SHA) for the whole of the Greater London
area. The company provides a strategic leadership for the capital’s healthcare and controls the £13 billion of annual investment in staff and key services.
The SHA is government funded and has overall responsibility for London’s healthcare. It controls the performance of 31 primary core trusts, 21 acute INVESTMENT MARKET
trusts, three mental health trusts and the London Ambulance Service.
Further information can be found at www.london.nhs.uk The Central London investment market strengthened considerably over the course of 2010 and is expected to remain particularly robust over the
coming months. Over £5 billion of stock was traded in 2010, up by approximately 60% on 2009.
Daniel J Edelman Ltd Demand remains exceptionally strong as global investors continue to target London as a market offering economic stability, liquidity, transparency
Edelman is the world’s leading independent PR firm having been established for over 50 years. Today the company is privately owned with over 3.600 and future rental and capital growth prospects. Recent global uncertainties whether they be economic, political or environmental has led to a flurry
employees across 53 offices worldwide and was named PR Week’s and Adweek’s UK Consultancy of the year in 2009 as well as Advertising Age’s of activity into the relative safety of the London market, and this, coupled with a still favourable exchange rate has made London remain the number
‘Top Ranked PR Firm of the Decade’. one destination for global capital.
The company specialises in consumer financial services, health, technology and industrial sectors and for the year ending 30 June 2009 reported a 2011 has seen a limited supply of quality opportunities, particularly within the core markets, which has resulted in a continued sharpening of income
turnover of £45,936,953, a pre-tax profit of £2,523,910 and net assets of £3,090,447. yields. Prime office yields currently stand at around 4.0% in the Prime West End and 5.50% in Victoria. Evidence of these transactions are set out below.
Further information can be found at www.edelman.com
Date Address Price (million) Yield (%) Capital Value Size Tenure
(£ per sq ft) (Sq ft)
Dainippon Sumitomo Pharma Europe Ltd
DSP Europe Ltd was established in 1997 and today forms part of Dainippon Sumitomo Pharma Co Ltd (DSP), a multi-billion dollar, top-ten listed Q2, 2011 Jubilee House, 197-213 Oxford Street, W1 u/o £163.0m 4.40% £1,345 121,144 Freehold
pharmaceutical company in Japan with a diverse portfolio of pharmaceutical, animal health and food, and speciality products. DSP was formed in 2005
Q2, 2011 The Adelphi, 1-11 John Adam Street, WC2 Quoting £295m 5.50% £922 319,881 Freehold
through a merger between Dainippon Pharmaceutical Co Ltd and Sumitomo Pharmaceuticals Co Ltd. Today, DSP has more than 7,000 employees
worldwide. Q1, 2011 33 Grosvenor Place, SW1 £160.3m 5.90% £808 191,161 Leasehold
For the year ending 31 December 2010 the company reported a turnover at £3,730,111, a pre-tax profit of £177,624 and net assets of £1,791,624 Q1, 2011 Telstar House, 2 Eastbourne Terrace, W2 £96.75m 5.10% £891 108,576 Freehold
and has been awarded a Dun & Bradstreet rating of 2A1 which represents minimum risk.
Q1, 2011 5 Strand, SW1 £55m 5.60% £742 72,104 Freehold
Further information can be found at www.dsp-e.com.
Q1, 2011 Belgrave House, Buckingham Palace Road, SW1 £108.0m (50% share) 5.97% £777 277,676 Leasehold
House of Fraser (Stores) Ltd Q4, 2010 129 Wilton Road, SW1 £53.5m 5.78% £790 67,692 Freehold
House of Fraser has been one of the UK’s premier department store groups for more than 150 years, with 61 prime locations across the UK and Q3, 2010 3-4 Abbey Orchard Street, SW1 £24.0m 5.22% £696 34,468 Freehold
Ireland. As one of the best known names on the high street the company was acquired by the Highland consortium in 2006 and today is renowned
for its designer brands and exclusive collections at affordable prices.
The company currently operates from approximately 5 million sq ft of trading space with 1 million account card customers and employees 6,500 staff PLANNING
and 10,000 concession staff. For the year ending 30 January 2010 the company reported a turnover of £581,400,000, a pre-tax profit of £16,700,000
and net assets of £8,200,000. The property lies within the London Borough of Westminster. We understand the property is not listed nor does it fall within a conservation area.
Further information can be found at www.houseoffraser.co.uk
Aroma Ltd SERVICE CHARGE
Aroma is now part of Caffe Nero having being acquired into the Group in 2002. Caffe Nero was founded in 1997 and today is the largest independent The current service charge budget for the year ending 24 March 2012 is £1,409,300 per annum, which can be broken down as follows:
coffee retailer in the UK with over 400 stores in the UK, together with a more recent expansion into Turkey and the Middle East.
Under the Caffe Nero brand, Aroma currently trades from 15 stores in 5 UK cities. Office £9.44 per sq ft
For the year ending 31 May 2010, Aroma reported a turnover of £7,955,000, a pre-tax profit of £1,481,000 and net assets of £9,803,000.
Retail £0.32 per sq ft
Further information can be found at www.caffenero.com
Service charge caps are in place on the First Secretary of State demises on the fifth and ninth floors, as well as the Chime Communications demise
on the sixth floor and the seventh floor. We understand there are no shortfalls on the First Secretary of State demises, however, there is a shortfall
payable by the landlord of £8,104 on the Chime Communications sixth floor demise. For the year ending 03/2012 there will be a small service charge
shortfall of £8,104.81. Further information is available upon request.
We are advised the purchase may be structured on the basis of a Transfer of a Going Concern (TOGC), so that no
VAT will be payable on the purchase price.
Any unclaimed capital allowances may be available to a purchaser. Further details can be provided upon request.
Offers sought in excess of £150,000,000 (One Hundred and Fifty Million Pounds) subject to contract, reflecting a net
initial yield of 5.5% after allowing for full purchaser’s costs of 5.8% which shows a low capital value of £495 per sq ft.
The property is held in a Jersey Unit Trust, Southside Unit Trust. The Unit Trust was established in 2005, specifically to
acquire the property. There is an opportunity for a purchaser to acquire all the units in the Southside Unit Trust from
the vendor rather than a direct property acquisition for Southside Unit Trust and offers are invited on either basis.
If a purchase is pursued through the Jersey Unit Trust there will be no VAT payable on the purchase price.
Copies of the Trust documents are available on request.
For further information or to arrange an inspection please contact the following:
Mark Shipman Damian Cronk
Tel: 0207 529 5708 Tel: 0207 318 5065
Email: email@example.com Email: firstname.lastname@example.org
Dominic Rowe Antony Thesiger
Tel: 0207 529 5706 Tel: 0207 318 5024
Email: email@example.com Email: firstname.lastname@example.org
Toby Larman Richard Divall
Tel: 0207 529 5715 Tel: 0207 318 5029
Email: email@example.com Email: firstname.lastname@example.org
On the instructions of Welput, Schroders and Grafton Advisors.
Notices relating to Property Misrepresentation and Property Misdescription Act
Strutt & Parker and Michael Elliott for themselves and for the Vendors of this property whose Agents they are, given notice that:-
• The particulars are set out as a general outline only for the guidance of intending purchases and do not constitute part of an offer or contract;
• All descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith
and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy
themselves by inspection or otherwise as to the correctness of them;
• Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants
must satisfy themselves independently as to the incidence of VAT in respect of any transaction;
• All plant, machinery, equipment, services and fixtures & fittings referred to in these particulars were present at the date of publication. They have
not, however, been tested and therefore, we give absolutely no warranty as to their condition or operation;
• No person in the employment of Strutt & Parker or Michael Elliott has any authority to make or give any representations or warranty whatsoever
in relation to this property or these particulars, nor enter into any contract on behalf of the Vendors;
• No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn;
• The date of this publication is May 2011.