8 – 14 MEARD STREET WITH ROYALTY MANSIONS + 8 RICHMOND MEWS

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The first occupants of the newly created Meard Street in 1732 included a harpsichord maker, a Reverend, a writer, a painter, a composer and a drunk. It seems as though Meard Street has always attracted eclectic and artistic residents

Executive Summary > 0.22 acre property with development potential in the heart of Soho in Central London > Benefits from a 25 metre frontage onto the partpedestrian Meard Street, as well as vehicular access to the rear at Richmond Mews > Provides an excellent opportunity for either refurbishment, extension or redevelopment subject to obtaining the necessary consents > The property comprises three parts totalling 24,567 sq ft NIA and 32,008 sq ft GIA, arranged as follows: 8 – 14 Meard Street - Freehold - Light industrial, office and ancillary B1(c) use totalling 13,275 sq ft NIA and 19,937 sq ft GIA. - Vacant possession in December 2016. Royalty Mansions – Freehold - Residential uppers of 8 - 14 Meard Street, comprising 12 apartments accessed from Meard Street, totalling 8,869 sq ft NSA and 9,224 sq ft GIA (estimated). - Leased to Soho Housing Association expiring December 2026. 8 Richmond Mews – Leasehold - Light industrial, office and ancillary B1(c) use totalling 2,423 sq ft NIA and 2,847 sq ft GIA. - Vacant possession in December 2016

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> Seeking offers in excess of £20 million, subject to contract.

British Museum

Soho Square

THE PROPERTY

The City

Piccadilly Circus

London Bridge

Waterloo

Covent Garden

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Oxford Street

Tottenham Court Road

The Property Location

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Soho of the modern day is renowned as the central London home for fashionable restaurants, cosmopolitan bars, boutique hotels and unique retailers. Its position within the West End makes it a convenient location not only for those who live or work in the area, but also for the millions of tourists who are attracted to MARBLE ARCH Oxford Street and Regent Street.

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Around 500,000 people per week visit the area from Oxford Circus to Piccadilly Circus and Leicester Square, with Soho providing a permeable thoroughfare for these journeys. Soho’s character is defined by historic and traditional buildings juxtaposed with a lively and risqué reputation, drawing those looking for entertainment into its densely packed streets.

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Meard Street is part-pedestrianised and connects Wardour Street and Dean Street in bustling Soho. The street is defined by its quiet and historic nature, benefitting from terraced Georgian properties on both north and south sides, which were originally laid out and built in 1732 by John Meard.

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History Soho is a unique pocket of London, most famous for its colourful past as well as its vibrant present. The film industry dominated the area from at least 1908 when colour film pioneer Charles Urban moved into offices on Wardour Street. By 1970 all large film companies occupied space in Soho, although at the same time Soho’s other major occupation was as a red light district, up until the mid-1980’s when the Council imposed a clamp down of illicit and illegal uses. At this point Soho became a hub for the “pink pound” with shops and bars being run by the gay community. A mix of traditional pubs and late night venues combined with new fashionable bars and clubs playing host to a diverse array of people.

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Meard Street itself played host to the Gargoyle Club, a venue which boasted members such as Fred Astaire, Dylan Thomas, Francis Bacon and Lucian Freud. Soho was also a hangout place for countless famous musicians over the decades, including The Beatles, The Rolling Stones and Jimi Hendrix.

Residential

Office

Retail

Hotel

The Property

Occupiers

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Built on its creative and diverse reputation, Soho has historically been a popular location for music and media businesses, and retains this interest with companies such as M&C Saatchi, Sony, Warner Music and Twitter occupying offices in the area. More recently, Soho has become an overflow location for financial and corporate office occupiers, art galleries and fashionable hotels who are finding the neighbouring Mayfair market somewhat staid, overpriced and inconsistent with their brand.

Lifestyle

Development

Densely packed, Soho is a playground of places to eat, drink and be entertained. Soho provides a diverse range of cuisines from cutting edge restaurants such as NOPI or Chotto Matte to perfectly unchanged bistros like Quo Vadis or Andrew Edmunds. The bar culture also covers the spectrum from traditional mobile phone-barred The French House to glitzy Bob Bob Ricard to tequila aplenty in the Pink Chihuahua. Soho includes within its boundaries over nine theatre venues, the legendary Ronnie Scott’s Jazz Club, and plays host to comedy clubs most nights of the week. The area is the perfect base for experiencing the London lifestyle and for exploring the wider city, with top hotels such as Hotel Cafe Royal, Ham Yard, Soho Hotel and the Dean Street Townhouse by Soho House opening in recent years.

Soho has matured over the last 10 – 20 years as demand has grown for central London commercial and residential property. The area has cleaned up and catered for this demand, capitalising on its excellent location and vibrant character. This has encouraged and enabled significant redevelopment across substantial new build schemes as well as piecemeal improvements in single properties. Detailed on the next page are some of the most notable recent developments in Soho alone. These include Soho 13, Ampersand Building and 30 Broadwick Street.

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A nine year old W.A. Mozart was a resident at 20 Frith Street in 1764 while he was touring with his father around Europe. Landscape painter John Constable also lived on Frith Street during the early 19th century. Italian painter Canaletto lived in Soho until he returned to Venice in 1756. Casanova, the famous Italian lover, used to live on Greek Street during his stay in London. German philosopher and revolutionary Karl Marx lived with his family at 28 Dean Street.

81 Dean Street

73 - 89 Oxford Street

Circleplane

Great Portland Estates

19 residential apartments and restaurant or retail use. Completes 2017.

88,000 sq ft office and retail. Completes 2017.

Soho 13 Broadwick Street Barratt & United House

Shiva Hotels c.50,000 sq ft property providing 150 bedroom hotel with ancillary bars and restaurants. Completes 2018

30 Broadwick Street Great Portland Estates 92,400 sq ft office and retail development. Completes 2017.

Centre Point

Quadrant 4

Almacantar & Frogmore

Crown Estate

82 luxury apartments with over 48,000 sq ft of new retail at podium level. Completes 2016.

Retail, office and 38 residential apartments. Completes 2016.

Ampersand Building Wardour Street

SeventySix Wardour Street

Resolution Property & Peterson Group

Legal & General & Walbrook Land

66,400 sq ft office, 20,000 sq ft retail and residential penthouses. Completed 2015.

Over 32,000 sq ft office with ground floor retail. Completed October 2013.

1 Oxford Street Derwent London 204,000 sq ft offices, 37,000 sq ft retail and 350 seat cinema. Completion due after Crossrail. Completes 2018.

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65 affordable homes, 13 private penthouse apartments with 8,000 sq ft retail. Completes 2016.

47 - 50 Poland Street

Planning & Redeveopment Potential The property is located within the City of Westminster, falls within the Soho Conservation Area and is unlisted. It is also identified as being within the ‘Core Central Activities Zone’ (CAZ). The massing of the existing property suggests further density could be added to the site, and on this basis massing studies have been undertaken by architects HOK in conjunction with rights of light analysis, available on request. Savills have undertaken a planning appraisal of the property which assesses the potential uses which could be accommodated on the site should it be redeveloped. This planning appraisal highlights: > The ability to change the use from existing B1(c) light industry use to traditional B1(a) office without requiring planning permission, despite falling within the Creative Industries Special Policy Area. > Retail (A1) use would be in-keeping with the wider area and provide an active frontage which would be positively viewed by the Council. Retail (A2, A3, A4 and A5) uses may be challenged and would need to carefully manage their impact on the immediate area.

Rear of Royalty Mansions

> Non-residential institution (D1) use such as museums, art galleries and schools fit with the cultural characteristic of this part of the CAZ however justification for the loss of existing employment floorspace as well as mitigation of detrimental impacts would be required. > A change of use from B1 office use to C3 residential use would be resisted unless the benefit of the proposal outweighed the loss of commercial floorspace.

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The full planning appraisal is available on the project website.

View of central area above 8 - 14 Meard Street

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THE PROPERTY 1

Tenure

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8 – 14 Meard Street including Royalty Mansions is held freehold and registered under title number NGL522158.

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8 Richmond Mews is held leasehold and registered under title number LN239270 from 12th February 1964 for 99 years, expiring February 2063 (c.47 years unexpired). The ground rent payable is £35,000 per annum, reviewed every 21 years at open market value, with the next review in February 2027.

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In 1824 Salem Chapel was built behind Nos. 8 and 10 Meard Street for the Rev. John Stevens and a congregation of Particular Baptists. The chapel was opened on 19 September 1824 and continued here until 1878. The Bloomsbury Chapel Baptist Mission was located here from 1886 until 1907, when it was replaced by the garage built behind Royalty Mansions.

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8 - 14 Meard Street Royalty Mansions

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Commercial The commercially occupied element of 8 – 14 Meard Street benefits from a main entrance and secondary entrance onto Meard Street, as well as rear access from Richmond Mews. This accommodation extends across lower ground, ground, part first and part second floors. The current planning use of the building is Light Industry B1(c).

Floor

GIA (sq ft)

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NIA (sq ft)

NIA (sq m)

Lower Ground

8,504

790.0

6,202

576.2

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8,002

743.4

4,786

444.6

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1,695

157.5

1,045

97.1

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1,736

161.3

1,242

115.4

19,937

1,852.2

13,275

1,233.3

Totals

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8 – 14 Meard Street

Floor

GIA (sq ft)

GIA (sq m)

NIA (sq ft)

NIA (sq m)

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N/A

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2,314

215

2,249

208.9

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2,335

217

2,270

210.9

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2,335

217

2,270

210.9

The residential upper element of 8 – 14 Meard Street is known as Royalty Mansions and is accessed from Meard Street. This includes the majority of an attractive facade facing Meard Street built in 1908. A long lease was taken by Soho Housing Association in July 1977 to convert the property into residential apartments.

Ground

Fourth

2,145

199.3

2,080

193.2

The property benefits from 12 two bedroom apartments in residential use arranged as three apartments per floor as well as access to a 1,830 sq ft communal roof terrace which spans the width and breadth of the building.

Fifth

32.3

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N/A

9,226*

857.3

8,869*

823.7

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*Please note that due to inability to gain access to a number of the apartments these areas are made on assumption.

Royalty Mansions

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Residential

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This is a purpose-built office building linked at all levels with 8 – 14 Meard Street, providing additional Light Industry B1(c) use. The property benefits from access from Richmond Mews.

Floor

GIA (sq ft)

GIA (sq m)

NIA (sq ft)

NIA (sq m)

Lower Ground

790

73.4

673

62.5

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842

78.2

556

51.7

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847

78.7

827

76.8

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368

34.2

367

34.1

2,847

264.5

2,423

225.1

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8 Richmond Mews

Commercial

FLOOR PLANS Lower Ground

First

3

Ground

Second

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Tenancies

Further Information

Viewings

Royalty Mansions is leased to Soho Housing Association (SHA) from 5th July 1977 for 49 years and 6 months, expiring December 2026 (c.10 years unexpired) and is registered under title number NGL324459. The rent payable is fixed at £240 per annum. Further information on the SHA lease can be found on the dataroom.

An information pack is available in relation to the opportunity at www.savills.co.uk/meard and includes:

All internal viewings are strictly by appointment only through the joint agents. Please contact any of the agents listed on this brochure to arrange a viewing.

The remainder of the properties, forming the commercial element, are leased to Deluxe UK Holdings Limited until December 2016 and contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The current rent payable is US $447,600 per annum, converted to sterling at the prevailing exchange rate at the date of each quarter day. The estimated current passing rent in sterling is £314,602.

VAT The property is elected for VAT and it is anticipated the asset will be sold by way of a Transfer of an Ongoing Concern.

> Existing floor plans and areas > Existing leases > Planning commentary > HOK massing > Rights of light report > Asbestos survey > EPC

EPC

Contacts Paul Cockburn

Andy Verschoyle

Savills [email protected] +44 (0) 20 7409 8788

Kingly Partners [email protected] +44 (0)207 858 6861

Lizzie Parrott

Nick Fisher

Savills [email protected] +44 (0) 20 7409 9943

Kingly Partners [email protected] +44 (0)207 858 6869

Energy Performance Certificates for 8 - 14 Meard Street, Flats 1 - 12 Royalty Mansions and 8 Richmond Mews are available on the project website.

33 Margaret Street London W1G 0JD

1 Kingly Street London W1B 5PA

Important Notice Savills, Kingly & Partners and their clients give notice that:

2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: 020 7499 8644 | March 2016

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1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.

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