Prominent central London freehold investment producing £72,500 pa with early conversion/development potential (subject to planning)
The property is situated on the southern side of Great Marlborough Street at its junction with Poland Street. The property is in the heart of the West End with the vibrant Carnaby Street a short walk away together with numerous shopping and restaurant facilities in Soho, Regent Street and Oxford Street. Excellent transport links with Oxford Circus Underground Station (Victoria, Central and Bakerloo lines) are close by.
The property comprises an attractive five storey and basement building currently used as a gallery with ancillary offices. The building has a striking corner turret and has excellent potential to convert and extend the upper floors to a residential use, subject to planning.
The property comes within the Soho Conservation Area and the Central Activity Zone.
FLOOR AREAS (approximate)
Net Internal Gross Internal
Fourth Floor Offices 33.56 sqm 361 sqft 51.57 sqm 555 sqft
Third Floor Offices 38.70 sqm 417 sqft 61.96 sqm 667 sqft
Second Floor Offices 37.40 sqm 403 sqft 60.61 sqm 652 sqft
First Floor Gallery/Offices 35.95 sqm 387 sqft 62.11 sqm 669 sqft
Ground Floor Gallery/Offices 60.42 sqm 650 sqft 78.87 sqm 849 sqft
Lower Ground Floor Stores/Vaults 49.48 sqm 533 sqft 95.50 sqm 1,028 sqft
TOTAL (approximate) 255.51 sqm 2,751 sqft 410.62 sqm 4,420 sqft
The premises are let to Anthony Reynolds Gallery Limited for a term of 10 years from 5th July 2002 inside the 1954 Act at a rent of £72,500 pa exclusive. The tenant is currently holding over. The lease is on full repairing and insuring terms with the exception that the tenant is not obliged to replace or repair the lift.
Prospective purchasers should make their own planning enquiries. A pre-application proposal was submitted to the planning department of City of Westminster for a change of use of the upper parts to residential. We would refer you to the Information Pack which is available through the agents on request.
We understand that the Rateable Value is £88,500 and the rates payable for 2014/2015 will be £42,657 although we would advise that you confirm this with the local authority.
BASIS OF OFFERS:
Unconditional offers are invited for the freehold interest in excess of £3,500,000.
The property is not elected for VAT.
All offers must be submitted to the sole agents on the Informal Tender Bid Form by 12noon on Thursday 10th April 2014.
Exchange of contracts will be on or before 14th May with completion on or before 28th May 2014.
An Information Pack is available upon request.
Davis Brown for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers, or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) 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 purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Davis Brown or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices quoted are exclusive of VAT (if chargeable)
SUBJECT TO CONTRACT