Great Windmill Street Soho, London W1

Executive Summary

• Prime West End location prominently situated circa 150m off the famous monopoly board street of Piccadilly Circus and Shaftesbury Avenue

• Freehold and 125-year Long Leasehold

• A parade of four period buildings on the west side of Great Windmill Street

• Comprises retail and leisure properties at ground and lower ground floors with a mix of residential and offices on the upper floors

• Directly opposite the Lyric Theatre and the old Windmill Club

• Multi-let to four retail/ leisure tenants, two office tenants and one long leaseholder

• Current rent is £290,250 per annum

• Low blended rent of £50.63 psf and an average rent of £48.66 psfon the office accommodation

• Total accommodation is 5,681 sq ft

• Potential to extend and improve the buildings (subject to obtaining planning consents)

• We are seeking offers in excess of £8,000,000 (Eight Million Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 3.39%, after allowing for purchaser’s costs of 6.8%, and a capital value of £1,408 per sq ft.

Located in the southern part of Soho, close to Piccadilly Circus underground station. Great Windmill street links Shaftesbury Avenue with Brewer Street, in the heart of Theatreland.

Soho is synonymous with the media and creative industries, with take up dominated by the booming TMT sector. Soho’s reputation as location of choice has been further strengthened in recent years with the completion of a number of Grade A landmark schemes attracting corporate and financial occupiers.

The properties are situated on the west side of Great Windmill Street opposite the former Windmill Club and Lyric Theatre. The buildings corner Ham Yard, with The Ham Yard Hotel just opposite the rear access lane.

Location

Great Windmill street benefits from excellent transport links and is located within 150 metres of Piccadilly Circus (Bakerloo and Piccadilly lines) and Leicester Square (Piccadilly and Northern lines) and less than 800 metres from the new Tottenham Court Road station Elizabeth line entrance.

In addition to the London Underground network, there are numerous bus routes running down Piccadilly and Regent Street providingexcellent connectivity between Great Windmill Street and the rest of London.

Communications

The property comprises four adjoining buildings providing mixed-use accommodation.

37 Great Windmill Street is a corner building with accommodation over lower ground, ground and three upper floors. The building is let to Central London Inns ltd as a Public House, with licence to allow some pavement drinking outside.

38 Great Windmill Street, the ground and basement are let to a retail tenant Ashok Karsan Davda with the upper floors, 1st to 4th floors comprising offices which are recently vacant.

39 Great Windmill Street comprises retail let to Wok to Walk Brewer Ltd at ground and basement, and the 1st to 4th floors let as offices to Make This Noise Ltd.

40 Great Windmill Street is a split title, with our client owning purely the ground and basement retail. The 1st to 3rd floors are sold off to a Long Leaseholder (from 30th December 1995 to Fernscope Ltd for 125 years at ground rent of £250 pa, then year 25 onwards for £500 pa and going to £750 and £1000 at the next 25-year intervals).

Looking at the history of these buildings, the west side, from Denman Street to Brewer Street, and the east side above Archer Street, provide typical examples of the original 18th

Century Soho town houses.

Description

Accommodation

Address Floor Area Sq ft Area m2

37 Great Windmill Street

Basement 610 56.7

Ground (pub) 508 47.2

1st (pub) 421 39.2

2nd (residential) 544 50.6

3rd (residential) 480 44.6

TOTAL 2,563 219.06

38 Great Windmill Street

Vaults 75 6.96

Basement 348 32.33

Ground 231 21.46

1st 210 19.50

2nd 207 19.23

3rd 226 20.99

4th 207 19.23

TOTAL 1,504 139.73

39 Great Windmill Street

Basement 212 19.69

Ground 254 23.59

1st 177 16.84

2nd 212 19.70

3rd 214 19.89

4th 157 14.68

TOTAL 1,226 113.89

40 Great Windmill Street

Basement 217 20.16

Ground 218 20.25

1st to 3rd Excluded Excluded

TOTAL 435 40.41

TOTAL 5,681 503.14

(Areas have been provided by the

vendor and are approximate)

Market Evidence

Address Date Price Net YieldCapital Value /

psf79 Wardour Street Jun 2020 £5.8m 3.86% £1,387

37 Berwick Street Jul 2020 £3.75m 2.15% £1,600

199 Wardour Street Mar 2020 £11m V.P. £2,722

14 Broadwick Street Feb 2020 £3.3m 3.75% £1,849

93-107 Shaftesbury Avenue,

Wingate House

Nov 2019 £72m 3.80% £943

11 Portland Mews Aug 2019 £6.59m V.P. £2,237

Regency House,

1-4 Warwick Street

Dec 2019 £36m V.P. £1,274

5-6 Argyll Street,

Sutherland House

Oct 2019 £28m 3.95% £1,580

Shakespeare’s Head, 29

Great Marlborough Street

Mar 2019 £17.55m 3.69% £3,347

Retail Commentary

Soho is bounded on two sides by Oxford Street and Regent Street and the huge difference in rental values has led to a rapid infiltration of A1 retailers into Soho which has stimulated positive rental growth with retail rental rates consistently exceeding £280-£295 Zone A.

Investment Commentary

Nearby Developments

A major new development is currently underway by Land Securities behind the world famous, Piccadilly Lights (just to the West of the subject buildings) which is a £250m project, known as One Sherwood Street.

Land Securities REIT is creating more than 110,000 sq ft of offices, as well as shops and a rooftop restaurant at the site, which will be known as Lucent. The building is designed by Fletcher Priest Architects and which will also feature gardens and terraces offering views across London, is due to complete in 2022.

Floor Plans

First FloorBasement

Second Floor

Ground Floor

Third Floor Fourth Floor

Tenancy Schedule

ADDRESS TENANT TRADE ASUSE

CLASS

LEASE

STARTLEASE END

RENT

REVIEW

BREAK

CLAUSEAREA RENT

LTA

54

37 Great Windmill Street

Central

London Inns

Limited

The Lyric E (A4) 04-Jan-18 03-Jan-23 n/a 05-Jan-21 2,563 £100,000 N

38 Great Windmill Street

G & LG

Ashok Karsan

Davda

West End

MetroE (A1) 03-Jan-18 02-Jan-23 n/a 03-Jan-18 656 £29,000 N

38 Great Windmill Street

1st – 4thvacant E (B1) Oct-21 n/a 850 £46,750 N

39 Great Windmill Street

G & LG

Wok to Walk

Brewer

Limited

Wok to

WalkE (A3) 15-Aug-17 16-Aug-22 n/a 15-Aug-20 428 £30,000 N

39 Great Windmill Street

1st – 4th

Make This

Noise LimitedE (B1) 04-Jan-18 03-Jan-23 n/a 05-Jan-21 756 £32,000 N

40 Great Windmill Street

G & LG

Izmir

Investment

Limited

Olives and

MezeE (A3) 27-Nov-19 27-Jun-24 n/a 01-Jun-21 428 £52,000 N

40 Great Windmill Street

1st – 3rd

Gary

Lawrence C3 20-Dec-95 19-Dec-2120 25-yearly N A TBC £500

TOTAL 5,681 £290,250

Izmir Investment LtdCompany number 12082761 - which was a new company formed on 3rd July 2019 - owner is Elmas Ertugral and he is a director of 10 other companies, most of which are fast food outlets including Istanbul Street Catering, Olive Farmer Ltd

Make This Noise LtdA company specialising in record producing and audio branding. Company number 09177109 – accounts to 31st August 2018 – net current assets £23107

Wok to Walk Brewer Street LtdA subsidiary of the Wok to Walk chain, with six London branches and thirty in Birmingham, Bristol, Leeds, etc. Company number 06540335

Central London Inns LtdA public house group. Company number 09338143

ASPR LtdA public relations and communications company. Accounts ending 2018 show net assets at £72,800

West End Metro A local newsagent shop. The lease is in the name of private individuals.

Tenants’ Covenants

Tenure

Freehold (numbers 37, 38, 39), and 40 Great Windmill Street is 125-year overriding Long Leasehold (subject to 1st - 3rd floors sold off as residential on a 125-year Long Leasehold).

Planning

The property is situated in the London Borough of Westminster. The buildings are not listed. The buildings are located within the Soho Conservation Area, the Core Central Activities Zone (Core CAZ) and the West End Stress Area.

VAT

EPC

The property is VAT elected. It is envisaged the sale will be concluded as a TOGC transaction.

Available on request.

We are instructed to seek offers in excess of £8,000,000 (Eight Million Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 3.39%, after allowing for purchaser’s costs of 6.8%, and a capital value of £1,408 per sq ft.

Proposal

Gregor Wallace020 7409 1114 | 07525 595 526 | gregor@coh.eu

Peter Dewar 020 7409 1114 | 07957 422 394 | peter@coh.eu

Crossland Otter Hunt20 Thayer Street, London W1U 2DD | coh.eu

Contact

Disclaimer: Crossland Otter Hunt for themselves and for the Vendors of the property, whose Agents they are, give notice that these particulars do not constitute, nor constitute any part, of an offer or a contract. The maker of these statements has taken all reasonable steps and exercised all due diligence inthe preparation of these statement. None of the statements contained in these particulars as to this property is to be relied upon as statements or representations of fact. All measurements are approximate and any intending purchasers must satisfy themselves by inspection or otherwise as to thecorrectness of each of the statements contained in these particulars. Any services or installations, mechanical, electrical or otherwise, described within these particulars have not been tested and purchasers should rely on their own inspection and verification. The vendors do not make or give and neitherCrossland Otter Hunt or any person in their employment has any authority to make or give any representation or warranty whatever in relation to this property. (Sep 2020)

Access to be provided by our client’s solicitor - Wallace LLP.

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