181-185 London W1 Wardour Street
181-185London W1
Wardour Street
INVESTMENT SUMMARY
Situated on one of Soho’s most iconic streets and one of London’s prime leisure, retail and office addresses.
Mixed use building
Prominent corner restaurant (A3) with a return frontage onto Noel Street.
Upcoming restaurant rent review due in 2018. September 2013 rent review still under negotiation.
Offices let to Blink Productions (currently holding over on low reversionary passing rents).
Residential penthouse apartment on 4th floor let on an Assured Shorthold Tenancy.
Planning Permission granted to create 7 residential apartments and increasing the overall massing by extending the 4th floor and building a further 5th floor extension.
The building is set to benefit from the increased footfall of the new Crossrail entrance to Tottenham Court Road Station opening in 2018 which is moments away.
Total current NIA of 977.52 sq m, 10,522 sq ft.
Entrances to offices on Wardour Street & Noel Street.
Property Consultants
CITY SOUTH BANKTOTTENHAMCOURT ROAD
OXFORD STREET
WARDOUR STREET
SOHO SQUARE
CROSSRAIL
181-185London W1
Wardour Street
THE BRITISH MUSEUM
LINCOLN’S INN FIELDS
OLD COMPTON STREET
LISLE STREET
FRITHSTREET
GREEKSTREET
ROMILLYST
WARDOUR
STREET
HOPKINSST
JERMYN STREETHILL
STREET
ALBEMARLE STREET
DOVERSTREET
SAVILEROW
MOUNT STREET
GREEN STREET
BELV
EDER
ERO
AD
WHITEHALL PLACE
CARLTON HOUSE TERRACE
STABLE YARD
WEST HALKIN STREET
NEWM
ANSTREET
BERNERSSTREET
GTPORTLAND
STREET
GREATTITCHFIELD
ST
MARYLEBONELANE
HARLEYSTREET
WIM
POLESTREET
WELBECK
STREET
BLANDFORD STREET
TAVISTO
CK STREET
DRURY LANE
DRURY LANE
LONG ACRE
CHANDOS PL
MAIDEN LANE
STM
ARTIN’SLAN
E
SHORTS
GARDENS
GREAT QUEE
N STREET
BEDFORD
SQUARE GREAT RUSSELL STREET
EAGLE STREET
PETTY FRANCEBROADWAY TOTHILL STREET
GREATCAHPEL
ST
THE MALL
STRAND
WATERLOO
BRIDGE
GLOUCESTERPLACE
MARYLEBONE
HIGHSTREET
YORK
ROAD
HIG H HOLBORN
REGENT STREET
BELGRAVE
SQUARE
VICTORIA STREET
PORTLAND PLACE REGENT STREET
CARNABY STREET
GT MARLBOROUGH STREET
BERKELEY
SQUARE
BERKELEYSTREET
BREWER STREET
DEANSTREET
CURZON STREET
LEXINGTONSTREET
BERWICK
STREET
RUPERT STREET
BRUTON STREET
CONDUIT
STRE
ET
OXFORD STREET
OXFORD STREET
NEW OXFORD STREETHIGH HOLBORN
PETER ST
SLOANESTREET
EMBA
NKM
ENT
BUCK
INGH
AMPALACE RD
BIRDCAGE WALK
PICCADILLY
PICCADILLY
SHAF
TESB
URYAVENUE
ST JAMES’S STREET
PALL MALL
COCKSPUR ST
GROSVENOR STREET
PARK LANE
PARK LANE
CONSTITUTION HILL
HORSEGUARDS
RD
WHITEHALL
WESTMINSTER BRIDGE
NORTHUMBERLAND AVENUE
SOUTHAMPTON
ROW
TOTTENHAMCOURT ROAD
GOWER
STREET
CHARINGCROSS
ROAD
THEOBALDS ROAD
BAKERSTREET
WIGMORE STREET
CAVENDISH PLACEMOR TIMER STREET
ALDWYCH
GOLDENSQUARE
SOHO
SQUARE
HERTFORD STREET
FLO
RAL ST
REET
HAYMARKET
REGENTSTREET
CLARGES STREET
BUCKINGHAMPALACE
PARKSTREET
RICHMOND TERRACE
KING CHARLES ST
GROVSVENOR PLACE
KNIGHTSBRIDGE
GEORGE STREET
NEW CAVENDISH STREET
GARRICKSTREET
KING ST
ENDELL ST
BOW STREET
ORANGE STREET
PORTLAND SQUARE
CAVENDISHSQUARE
HANOVERSQUARE
JUBILEEGARDENS
LEICESTERSQUARE
COVENTGARDENMARKET
BLOOMSBURYSQUARE GARDENS
HORSEGUARDSPARADE
TRAFALGAR SQUARE
GREEN PARK
BONDSTREET
PICCADILLYCIRCUS
HYDE PARKCORNER
ST JAMES’SPARK
WESTMINSTER
VICTORIA
CHARING CROSS
TEMPLE
WATERLOO
HOLBORN
OXFORDCIRCUS
GOODGESTREET
HYDE PARK
GREEN PARK
ST JAMES’S PARK
MARBLEARCH
ST JAMES’S
SQUARE
COVENTGARDEN
LEICESTERSQUARE
EMBANKMENT
TOTTENHAMCOURT RD
181-185London W1
Wardour Street
This mixed use building is located in the lively heart of Soho, London’s world – famous food, retail and creative industry district. As well as the traditional TMT (technology, media and telecommunications) office occupiers such as Nike, Twitter, Sony, 20th Century Fox and M&C Saatchi, there has been a steady influx of financial occupiers looking to take advantage of Soho’s well located and vibrant amenities.
With the world famous retail locations of Carnaby Street, Oxford Street and Regent Street within close walking distance, the area is also known for its trendy restaurants and bar scene as well as a thriving nightlife. Prominent occupiers in the area include the Dean Street Townhouse, Soho House, Barofino, Quo Vadis, Polpo and Burger & Lobster.
As a residential location Soho is one of the most fashionable addresses in London with current residents following the footsteps of Karl Marx, Mozart, Eric Clapton and Simon Pegg among others. Additionally famous institutions such as the Groucho Club, Ronnie Scott’s and the Colony Club have been a major draw for past and present Soho residents.
Location
THE BRITISH MUSEUM
LINCOLN’S INN FIELDS
OLD COMPTON STREET
LISLE STREET
FRITH STREETGREEK STREET
ROMILLY ST
WARDOUR STREET
HOPKINS ST
JERMYN STREETHILL
STREET
ALBEMARLE STREET
DOVER STREET
SAVILE ROW
MOUNT STREET
GREEN STREET
BELV
EDER
ERO
AD
WHITEHALL PLACE
CARLTON HOUSE TERRACE
STABLE YARD
WEST HALKIN STREET
NEWM
ANSTREET
BERNERSSTREET
GTPORTLAND
STREET
GREATTITCHFIELD
ST
MARYLEBONELANE
HARLEYSTREET
WIM
POLESTREET
WELBECK
STREET
BLANDFORD STREET
TAVISTO
CK STREET
DRURY LANE
DRURY LANE
LONG ACRE
CHANDOS PL
MAIDEN LANE
ST MARTIN’S LAN
E
SHORTS
GARDENS
GREAT QUEE
N STREET
BEDFORD
SQUARE GREAT RUSSELL STREET
EAGLE STREET
PETTY FRANCEBROADWAY TOTHILL STREET
GREAT CAHPEL ST
THE MALL
STRAND
WATERLOO
BRIDGE
GLOUCESTERPLACE
MARYLEBONE
HIGHSTREET
YORK
ROAD
HIG H HOLBORN
REGENT STREET
BELGRAVE
SQUARE
VICTORIA STREET
PORTLAND PLACE REGENT STREET
CARNABY STREET
GT MARLBOROUGH STREET
BERKELEY
SQUARE
BERKELEY STREET
BREWER STREET
DEAN STREET
CURZON STREET
LEXINGTON STREETBERW
ICK STREET
RUPERT STREET
BRUTON STREET
CONDUIT
STRE
ET
OXFORD STREET
OXFORD STREET
NEW OXFORD STREET HIGH HOLBORN
PETER ST
SLOANESTREET
EMBA
NKM
ENT
BUCK
INGH
AMPALACE RD
BIRDCAGE WALK
PICCADILL
Y
PICCADILLY
S
HAFT
ESBU
RY AVENUE
ST JAMES’S STREET
PALL MALL
COCKSPUR ST
GROSVENOR STREET
PARK LANE
PARK LANE
CONSTITUTION HILL
HORSEGUARDS
RD
WHITEHALL
WESTMINSTER BRIDGE
NORTHUMBERLAND AVENUE
SOUTHAMPTON
ROW
TOTTENHAMCOURT ROAD
GOWER
STREET
CHARING CROSS ROAD
THEOBALDS ROAD
BAKERSTREET
WIGMORE STREET
CAVENDISH PLACEMOR TIMER STREET
ALDWYCH
GOLDEN SQUARE
SOHO
SQUARE
HERTFORD STREET
FLO
RAL S
TREE
T
HAYMARKET
REGENT STREET
CLARGES STREET
BUCKINGHAMPALACE
PARKSTREET
RICHMOND TERRACE
KING CHARLES ST
GROVSVENOR PLACE
KNIGHTSBRIDGE
GEORGE STREET
NEW CAVENDISH STREET
GARRICK STREET
KING ST
ENDELL ST
BOW STREET
ORANGE STREET
PORTLAND SQUARE
CAVENDISHSQUARE
HANOVERSQUARE
JUBILEEGARDENS
LEICESTERSQUARE
COVENTGARDENMARKET
BLOOMSBURYSQUARE GARDENS
HORSEGUARDSPARADE
TRAFALGAR SQUARE
GREEN PARK
BONDSTREET
PICCADILLY CIRCUS
HYDE PARKCORNER
ST JAMES’SPARK
WESTMINSTER
VICTORIA
CHARING CROSS
TEMPLE
WATERLOO
HOLBORN
OXFORDCIRCUS
GOODGESTREET
HYDE PARK
GREEN PARK
ST JAMES’S PARK
MARBLEARCH
ST JAMES’S
SQUARE
COVENTGARDEN
LEICESTERSQUARE
EMBANKMENT
TOTTENHAMCOURT RD
181-185London W1
Wardour Street
Situation
The property is situated on a highly visible corner position at the junction of Wardour Street and Noel Street.
Wardour Street is home to a number of notable food and drink operators such as Starbucks, Wasabi, Wahaca, and Pret a Manger with a mix of independent favourites such as 100 Wardour Street, The Breakfast Club and TAP Coffee contributing to the lively tenant profile mix.
Crossrail
The building is very well connected with Oxford Circus, Piccadilly Circus, Tottenham Court Road and Leicester Square underground stations within close walking distance.
In 2018, Tottenham Court Road Station will be served by Crossrail, to be known as the ‘Elizabeth Line’ which will dramatically increase access and visitor numbers to the area, serving circa 200 million people annually. The new entrance to the Crossrail Station on Dean Street will be moments from 181-185 Wardour Street, which should directly expose the restaurant to the passing foot flow from the station.
CROSSRAIL
HEATHROWAIRPORT
BOND STREET
PADDINGTON TOTTENHAMCOURT ROAD
FARRINGDON LIVERPOOLSTREET
Property ConsultantsJunction of Oxford Street & Wardour Street
181-185London W1
Wardour Street181-185London W1
Wardour Street
181-185London W1
Wardour Street
181-185 Wardour Street occupies a prominent corner site with a restaurant (with A3 use) on Ground Floor andBasement, offices above on 1st-3rd floors and a residential apartment on the 4th floor.
Access to upper floors via entrances on Wardour Street and Noel Street. All floors have lift access.
The restaurant space comprises a prime retail corner unit with A3 (restaurant) use, let to JD Wetherspoon who have in turn sublet to Chipotle Mexican Grill.
The Property
Accommodation
Floor/Unit Use Size (Sq M) Size (Sq Ft)
Ground Restaurant (A3) 178.5 1,921
Basement Restaurant (A3) 206.8 2,225
Restaurant Total: 385.3 4,146
1st Office 178.8 1,924
2nd Office 168.5 1,813
3rd Office 71.8 773
3rd Mezz Office 105.4 1,135
Office Total: 524.45 5,645
4th Residential 68.7 739
Total: 977.52 10,522
Shop Dimensions Metres Feet
Gross Frontage 22.59 74
Net Frontage 10.46 34
Shop Depth 18.03 59
Shop Width 14.45 47
Floor plans available on request.
Development Potential and Planning
The property is situated within the London Borough of Westminster.
Planning Permission was granted in December 2015 for the use of the first to fifth floors as seven residential units. This included the permission to increase the massing with the erection of a roof extension (at fifth floor level) and the creation of terraces on the upper levels and cycle storage and plant in the basement.
Proposed plans and information available on request.
Property Consultants
Floor/Unit Tenant Use Start Date Expiry Date Term Rent (£ pa) Rent (£ psf)
Ground &Basement
JD Wetherspoon (Sub-let to Chipotle
Mexican Grill Inc)
Restaurant (A3)
23/11/93 27/09/23 30 yrs £195,000*
* 2013 rent review still under negotiation. Next rent review due 2018
1st & 2nd Blink Productions Ltd Office 24/08/04 31/08/14 Holding Over £114,000
3rd /181 Blink Productions Ltd Office 22/09/06 16/09/11 Holding Over £20,500
3rd /185 Blink Productions Ltd Office 10/12/09 08/01/13 Holding Over £40,000
4th Assured Shorthold Tenancy (AST)
Residential Holding Over £16,800
£386,300
Year to Date Turnover Pre Tax Profit Shareholder’s Funds
Employees
26/07/2015 £1,513,923,000 £58,732,000 £222,893,000 34731
27/07/2014 £1,409,333,000 £78,365,000 £227,168,000 32635
27/07/2013 £1,280,929,000 £57,143,000 £214,915,000 29471
Tenancy Information
Tenants Covenants
The lease on the restaurant is held by JD Wetherspoon Plc and sub-let to Chipotle Mexican Grill UK Limited (guaranteed by Chipotle Mexican Grill Incorporated).
JD Wetherspoon:Creditsafe score 84 AThis is based upon the company’s latest industry classification, todays rating of 84 places the company in the upper 25% of 13,246 companies sampled from the same industry. This score means that JD Wetherspoon have a Very Low Risk rating. This is also the case on the International score which is A = Very Low Risk.
Chipotle Mexican Grill UK LimitedCreditsafe score 26 DThis is based upon the company’s latest industry classification, todays rating of 26 places the company in the lower 29% of 13,246 companies sampled from the same industry. This score means that Chipotle Mexican Grill UK Limited have a High Risk rating. This is also the case on the International score which is D = High Risk.
Year to Date Turnover Pre Tax Profit Shareholder’s Funds
Employees
31/12/2015 £8,192,487 -£4,767,925 £1,230,755 149
31/12/2014 £7,330,857 -£3,435,305 £5,910,331 134
31/12/2013 £5,992,391 -£3,275,090 £5,341,297 128
Key Financials
Key Financials
Chipotle Mexican Grill Incorporated Creditsafe score 90 A
This is based upon the company’s latest industry classification, todays rating of 90 places the company in the highest 10% of 13,246 companies sampled from the same industry. This score means that Chipotle Mexican Grill Incorporated have a Very Low Risk rating. This is also the case on the International score which is A = Very Low Risk.
Blink Productions Limited
Creditsafe score 61 B
Based upon the company’s latest industry classification, todays rating of 61 places the company in the middle to upper 25% of 8,711 companies sampled from the same industry. This score means that Blink Productions Limited have a Low Risk rating. This is also the case on the International score which is B = Low Risk.
12/31/2015 12/31/2014 12/31/2013
Net Revenue/Sales $4,501,223,000 $4,108,269,000 $3,214,591,000
EBITDA $907,151,000 $828,250,000 $635,525,000
Net income $475,602,000 $445,374,000 $327,438,000
Fixed Assets $1,217,220,000 $1,106,984,000 $963,238,000
Long Term Investments
$622,939,000 $496,106,000 $313,863,000
Cash $248,005,000 $419,465,000 $323,203,000
Total Shareholders Equity
$2,127,974,000 $2,012,369,000 $1,538,288,000
Key Financials
Key Financials
Year to Date Turnover Pre Tax Profit Shareholder’s Funds
Employees
31/05/2015 £19,446,467 £781,064 £1,081,022 34
31/05/2014 £20,052,615 £698,507 £1,060,041 24
31/05/2013 £14,446,765 £191,002 £1,084,262 22
181-185London W1
Wardour Street
TenureFreehold
VATThe building is elected for VAT.
Price On Application
Title Plan
Property Consultants
D'Arblay Street
21
11
14
2
18
11
9 110
148
3
171
60
149
72
12
13
12
181
21
19
51
89
2275 5
154
10
16
46
17
189
193
19
6
5
2
195
201
77 31
49
167
77a 31a
169
23
185
22
39a
41
23
2773
20
6a
5a
4
197
203
129
143
46
7
55
137
49
52
48
47
PolandStreet
Berwi
BerwickStreet
BerwickStreet
Hollen Street
Wardour Street
Wardour Street
D'Arblay Street
16
13
Retail
Retail
199
187
611
31
175
20
183
71
70
18
569
7-12 Waverley House
14
68
21
121a
177
24
191
15
147
145
59
30
7648
3347
3425
3528
29 36
32
15
43
42
179
44
2627
13
45
Wardour M
Retail
24
40-40a
143
51
58a
45a
139
50
58
45
139
Paramount
House
53-54
143
25
Retail
Noel Street
127
2
22
7
21
21
8
21
12
9
2
9
142
9
3
Great C
hapel Street
at Chapel Street
anStreet
Great Chapel Street
Sheraton Street
College
Saint Patricks
94
95
GroupNovas
130
157 136
159
3
93
15
132
140
17
16
6
20
16
10
C
13
14
18
12
13a
15
0m 10m 20m 30m
© UKMap Copyright The GeoInformation Group 2017 Licence No. LANDMLON100003121118. Plotted Scale - 1:1250
For further information or to arrange an inspection, please contact:
Please note that all floor areas have been recorded by Plowman Craven. Purchasers are advised to verify all floor areas and satisfy themselves in that respect.
Misrepresentation Act 1967. These particulars are intended only to give a fair description of the property and do not form the basis of a contract or any part thereof. These descriptions and all other information are believed to be correct but their accuracy is in no way
guaranteed (January 2017).
Design and production by Oracle Creative www.oraclecreative.co.uk
Ben BlaustenT 0207 927 6331E [email protected]
Damien Field T 0207 927 0620
Property Consultants