Standbrook House - HSM Chartered Surveyors€¦ · TOURISM AND SHOPPING AND IS RANKED ABOVE BOTH...

2 - 5 Old Bond Street

Standbrook HouseP R I M E M AY FA I R I N V E S T M E N T

03Standbrook House

S TA N D B R O O K H O U S E

07

• Super prime freehold Central London retail, office and residential investment.

• World renowned, retailing location of Old Bond Street in the heart of Mayfair.

• Retail units let to luxury brands of Tods and Alexander McQueen for in excess of 12 years.

• Highly reversionary retail rents.

• Self-contained, newly let Grade A offices on floors 2 to 5.

• Two residential appartments on floor 6.

• Current income of £3,472,309 pa.

• ERV of £4,931,116 pa.

• Opportunity to acquire a substantial core Bond Street asset.

• Seeking offers in excess of £160,000,000, providing a net initial yield of 2.05% and a reversionary

yield of 2.91%, assuming purchaser’s costs of 5.80%

06

The Opportunity


08

London is a global city and increasingly in a league of

its own. It is among the largest cities in Europe and

one of the world’s most vibrant, cosmopolitan and

wealthy.

London’s growing population hit a record high this

year reaching 8.6m people and this is predicted to

grow to 10 million by 2029. The current resident

labour force totals 4.5 million and this is expected

to increase by 22.1% over the same period. The

increases are driven partly by organic growth but

mainly migration both nationally and internationally

with London being the preferred domicile in particular

for the global rich.

The world’s businesses are attracted by the stable

politics, transport and banking systems, its cultural

heritage and its educational and training facilities.

As the world’s largest financial centre, London has

a number of distinct advantages including its skilled

labour pool, integrated transport network including

five international airports and its optimum time zone

sitting between Asia and America. Consequently, it is

the financial and business home to 33% of European

HQ’s with 40% of the world’s foreign equities traded

and 30% of the world’s currency exchanges taking

place here. Beyond these traditional strengths,

London has also become Europe’s top technology

start up centre and is a global leader in media,

advertising and other service industries.

London is now also the number one global city for

tourism and shopping and is ranked above both

Paris and New York with an estimated total spend

of £26.8bn. London has a higher concentration of

international retailers than any other city and this

is forecast to grow further over the next five years,

dominated by the luxury goods sector.

In real estate terms central London remains a preferred

location for investors providing a combination of

wealth preservation and outperformance over its peer

group.

London World City

LO N D O N I S N O W T H E N U M B E R O N E G LO B A L C I T Y F O R TO U R I S M A N D S H O P P I N G A N D I S R A N K E D A B O V E B OT H PA R I S A N D N E W YO R K

09

011


The property is located within the Mayfair district of the City of

Westminster in Central London. Mayfair is home to a variety of uses

including retail, offices, restaurants, hotels and residential. The area is

highly affluent and internationally renowned, attracting a wide range

of occupiers, shoppers and tourists from across the globe.

Old Bond Street has an outstanding international reputation and

continues to attract elite tenants who value the exclusive location and

high volumes of shoppers that frequent the area.

Location

Standbrook House

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New

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S TA N D B R O O K H O U S ES TA N D B R O O K H O U S E

12

The subject property is situated on the east side of

Old Bond Street towards its southern end, close to the

junction with Piccadilly. The property is flanked by

similar mixed use properties commensurate with the

typical style of properties in this location.

The property is situated on a section of the street

which attracts significant footfall and is considered

to be the prime location on the street, being between

Piccadilly and Bruton Street.

The quality of the location is highlighted by the

occupiers in close proximity to the subject property

including Dolce & Gabbana, Gucci, Cartier, DeBeers,

Etro, Saint Laurent, Prada and Max Mara.

Situation

P

AUBAINE

WILLIAM HUNT

DEGRISOGONO

SOMLO

ANTIQUES

NPEAL

GISMONDI

PRET A MANGER

PRADA

HARRY WINSTON

MICHAEL

ROSE

BROWSE &

DARBY

GEORGE

ETRO

JEWELLERY

THEATRE

MICHAEL

ROSE

THE KING`SHEAD

CIRO

PEARLS

FLOWERS

MICHAEL JOHN

PENFRIEND

GARRARD

NOBU BERKELEY

DKNY

PICCADILLY

NEWS

&CARDS

CHANEL JEWELLER

HIRSH

WOLF & BADGER

CHURCH`S

ADLER

CARTIER

DAKS

D.R. HARRIS

&CO.

ERCO

RALPHLAUREN

GUCCI

PAUL SMITH

STEPHEN FRIEDMAN

WILLIAM WESTON

PENHALIGON`S

LADUREE

THAI

AIRWAYS

MALLETT

REDFERN GALLERY

SERMONETA

GLOVES

KITON

COLNAGHI

CHAUMET

RICHARDOG

DEN

MATT

ROBERTS

CHANEL

PEYOTE

AMANDA WAKELEY

SUSANNAH

LOVIS

BOGHART

BOODLES

TESSIER

VILEBREQUIN

ALEXANDER MCQUEEN

WATCHCLUB

ROYAL ACADEMY OF ARTS

PAUL SMITH

LINLEY

JOHNSON

WALKER &

TOLHURST

LIMITED

WADDINGTON CUSTOT

PETROCCHI

GAZELLI

ASPREY

BENTLEY &

SKINNER

EDE&

RAVENSCROFT

CHUCS DIVE & MOUNTAINSHOP

TOD`S

MR. HARE

DAMIANI

TO BE

DE GRISOGONO

ALEXANDER

MCQUEEN

SALVATORE FERRAGAMO

JOSEPH

TO BE

CRISTINA SAULINI

WHISTLES

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DOM

INIQUE

TO BE

CARTUJANO

LULU GUINNESS

CAMPER

VACHERON

CONSTANTIN

AKRIS

ERES

UNDER

VAN CLEEF

& ARPLELS

VANCLEEF

BAR + KITCHEN

ARMOUR

WINSTON

CHARBONNEL ET WALKER

ABERCROMBIE& FITCH

ANDERSON & SHEPPARD

GIEVES & HAWKES

TO BE

ASPREY

DOLCE & GABBANA

NOURBEL

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PHILIPMOULD

MIKIMOTO

MAYFAIR

DESIGN

BROWNS HOTEL

HELLY NAHMAD

WARTSKI

AGNONA

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MAYFAIR

SANDWICH

SHOP

MICHAEL

ROSE

THEGOAT

TAVERN

GUILLAU

ME

ALAN

HOUSEOF

CASHMERE

JOHN MARTIN

OF LONDON

WILLIAM HILL

REXTAIL

MARLBOROUGH FINE ART

CARTIER

TIFFANY & CO ROYAL

ACADEMY

OFARTS

DOVER STREET

MARKET

VANESSA

BRUNO

CROCKETT

&JO

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GYMKHANA

GRAFFDIAMONDS

PAUL SMITH

BREGUET

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MATTHEWFOSTER

TOBE

ACHILLESALVAGNI

CHRISTIAN

LOUBOUTIN

CHOR BIZARRE

HOLLY

HUNT

CHOPARD

ABERCROMBIEKIDS

CECCONI`S

BOUCHERON

GLOBE-TROTTER

STRATSTONE

PIAGET

MARINA RINALDI

BAXTER

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SIMON

GRIFFIN

VINTAGE

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COMPANY

CALLEIJA

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ZO

JIMMY CHOO

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CKSGJ

CLEVERLEY

DAVIDDUGGAN

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FABERGE

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MARCUS

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CHATILA

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JEWELLER

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JWLR

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JWLR

JEWELLER

JEWELLER

JEWELLER

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LADIES & MENS WEAR

JWLR

MUSEUM & ART GALLERY

LADIES &

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MAISON

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JWLR

ART GALLERY

(RETAIL)ART GALLERY (RETAIL)

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LADIES & MENS WEAR

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LADIES & MENS WEAR

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LADIES & MENS WEAR

LADIES WEAR

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JEWELLER

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JEWELLER

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CONF & BIS

LADIES & MENS WEAR

MENS WEAR

MENS WEAR

VALENTINO

JEWELLER

LADIES & MENS WEAR

JEWELLER

ART GALLERY

(RETAIL)

JEWELLER

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TO BE

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(RETAIL)

L/WR

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LADIES &

MENS WEAR

SHOES

BRITISH RESTAURANT

JEWELLER

LADIES &

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JEWELLER

OFFICE

UNDER

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SHOES

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JEWELLER

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JWLR

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ART GALLERY

(RETAIL)

JAPANESE

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OFFICE

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SHOES

OFFICE

OFFICE

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JWLR

SHOES

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OFFICE

OFFICE

MENS WEAR

HLTH&BEA

JEWELLER

LADIES & MENS WEAR

ALES

BEAUTY SALON

JEWELLER

PICKETT

JWLR

JEWELLER

JEWELLER

JEWELLER

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JEWELLER

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LADIES & MENS WEAR

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(RETAIL)

C/WR

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N

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JEWELLER

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JEWELLER

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JEWELLER

LADIES & MENS WEAR

TRAVEL GOODS

JEWELLER

OFFICE

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RESTAURANT

CHILDRENS WEAR

INTERIOR

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INDIAN REST

ATELIER

JEWELLER

LADIES &

MENS WEAR

JWLR

JEWELLER

UNDER

ALTERATION

UNDER

ALTERATION

ANTIQUES

JWLR

UNDER

ALTERATION

UNDER

ALTERATION

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MENS WEAR

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MENS WEA

BAR &

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TELEPHONES

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SHO

P

SEAFOOD REST

PUBLICHOUSE

MENS WEAR


BANK

MENS

WEAR

JWLR

M/WR

LADIES & MENS WEAR

OFFICE

FRENCH

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OFF LICENCEAFRICAN ART

ART GAL (RET) ART GALLERY (RETAIL)

BOOKS

MENS WEAR

MENS

WEAR

MENS WEAR

JEFF

BANKS

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DADIANI

CAFE

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ARTG

ALLERY(RETAIL)

ART GALLERY

(RETAIL)TORNABUONI

GALLERY

M/

CONVENIENCE STORE

ART GALLERY

(RETAIL)

ART GALLERY ( RETAIL)

OFFICE

FFICE

ARTG

AL

ARTG

ALLERY

(RETAIL)

BUREAUDE

CHANGE

UNDER

ALTERATION

LADIES &

MENS WEAR


ARTGAL

(RET)

LADIES&

MEN

SW

EAR

JEWELLER

MENS WEAR

LADIES & MENS WEAR

LADIESACCESSO

RIES

BAKER

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OFFICE

OFFICE

VACANT

LEATHG

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OFFICE

OFF

MENS WEAR

FFICE

CAFE

SHOES

VACANT

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I/CREAM

PARL

OFFICE

MENS WEAR

ART GALLERY (RETAIL) ART

GALLERY

(R

OFFICE

MENS WEAR

OFFICE

OFFICE

OFFICE

MENS WEAR

LADIES

& MENS

WEAR

SANDWICH

BAR

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LADIES &

MENS WEAR

ART GAL (RET)

STATIONER

BUSINESS

SERVICES

EURO

RESTA

HERMES

CLOTHING

HIRE

ITALIAN

RESTAURANT

ARTGAL

(RET)

TRAVEL

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OFFICE

LLERY (RETAIL)

31

41

9 - 1035

- 36

37- 40

25

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16- 18

171

6 3

11

32- 33

42- 43

161- 162

44- 45

10

30

21

25

34

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24

13A- 14A

27

173

29- 30

14

32

58- 59

13- 14

175- 177

10

51A

38

1- 5

34- 36

15 - 16

28

7

16- 17

71- 72

41

37

19- 20

5

14A

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22

28- 29

26A

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16

26

13- 14

18

5045A

178

5

1- 2

14

4

6

11

46

64- 65

11- 12

36

39

3

32- 33

22

52 - 55

108

31

2- 3

19- 21

15

15A- 15B

36

4- 5

24

23

19- 20

66- 68

43- 44

27-26

14

51

14

28

37

49

30A

12- 13

30B

5-9

37

9

15

20

1

18- 19

28

7

32

1

39

165 - 167

6- 8

22- 23

28- 29

179

16 - 17

13

2- 4

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180

15-16

3

1 - 11

6- 9

38

33

16

174

6

40- 41

25

10- 11

20- 21

42

6 - 8

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35

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31

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11A

54- 55

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28- 29

26B

16

160

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15

28- 29

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63

69- 70

180

14A

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170

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223A

172

168 - 169

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27

31

163

4

158

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15A

52- 53

56- 57

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164

15

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1

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23

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42

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1338

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10B

62

21- 23A

61

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168

153A

171

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2

10

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63 - 65

17

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37

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167

19- 21

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40A

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173

13

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31

164 - 165

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157

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50

169

6 - 7

59

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17- 20

39

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816

166

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39

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15D

50

2- 4

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6- 10

40

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34- 35

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153

24C

38

31- 32

163

170

3 - 9

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67

169

BURLINGTON GARDENS

OLDBOND

STREETSAVILE

ROW

ALBEMARLE

STREET

LACE

BURLINGTONARCADE

DOVERSTREET

ROYAL ARCADECORK

STREET MEWS

STAFFORD STREET

NEWBOND

STREET

PICCADILLY

ALBEMARLE

STREET

GRAFTON STREET

STAFFORD STREET

CORKSTREET

ROYAL ARCADE

OLDBURLINGTON

STREET

KELEYSTREET

HILL

CLIFFORD STREET

BERKELEY

ON

STREETHEDDON

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&

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UNDER

&

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6

5A

13

38

2- 5

16

10

43- 44

14

34

23

11

15

24

32

14

19

19- 21

10

31

9

11

3

45

13A

49

7

12

33

15159

166

21

9

12A

172

47

25- 28

5

LAND ROVER

(350) (ACTUAL)

LONDON WEST END

0 10 20 30 40 m

13

15


14

Communications to and from Mayfair are excellent.

Green Park, Piccadilly Circus and Oxford Circus

Underground Stations provide direct access to the

whole of the Greater London area and beyond.

Mainline stations within easy reach include Charing

Cross, Victoria and Paddington.

Heathrow Airport lies some 12 miles west of Mayfair

and is easily accessed via the A4/M4, Piccadilly

Line or on the Heathrow Express train service from

Paddington. With the opening of Crossrail in 2018

a further direct service to the airport will be available

from Bond Street Station, only 5 minutes walk from

the subject premises.

Communications

17


16

London’s West End is one of the world’s leading retail destinations

attracting over 390 million visitors a year, both domestic and overseas.

The area offers shoppers a wide range of amenities including the world

renowned shopping streets of Oxford Street, Regent Street and Bond

Street. With London’s position as a Global city, a presence in the West

End is now seen as crucial by retailers in order to maximise exposure to

their brands.

Mayfair

Mayfair sits at the heart of London’s West End and is the prime retail

destination for the world’s top fashion houses. Over 65% of the world’s

top 100 luxury brands are represented and this is forecast to grow

with international brands being attracted by London’s position as the

top destination for overseas visitors combined with strong economic

growth fundamentals and the continuing growth in luxury spend.

Mayfair’s luxury offer is still dominated by Bond Street with other

emerging luxury shopping streets including Mount Street, Bruton

Street, Conduit Street and the Burlington Arcade.

West End Retail

19


Bond Street

Bond Street is approximately half a mile in length

and connects Oxford Street at its northern end

with Piccadilly at the Southern end. The prime

pitch is at the southern end of the street, running

from the established jewellery quarter around

Burlington Gardens through to Old Bond Street,

towards the junction with Piccadilly. Bond Street

dominates Mayfair’s luxury offer and is arguably the

most prestigious address for international luxury

brands. Bond Street is estimated to capture 25% of

the entire luxury spend in London and demand for

representation on the street is at an all time high,

pushing rents to record levels.

Occupiers on Bond Street range from the established

international brands through to emerging and

aspirational brands. The tenant mix on Bond Street

varies as one moves along the street from south

to north. The southern end on Old Bond Street is

dominated by the high end luxury brands, moving

into the traditional jewellery quarter between Conduit

Street and Burlington Gardens onto the emerging

luxury area between Conduit Street and Grosvenor

Street with the northern end of the street attracting

more UK based retailers.

Immediately adjoining Standbrook House are Dolce

& Gabanna to the north and Jaeger Le Couture to the

south. Other nearby occupiers on this part of Old

Bond Street include Cartier, Gucci, Prada, Mappin

& Webb, DeBeers, Etro, Salvatore Ferragamo, Rolex,

DKNY, Tiffany & Co and Omega.

Planning and delivery began in 2014 for the first

improvement plan in 30 years for Bond Street.

The project is being driven by the New West End

Company in partnership with Westminster City

Council and Transport for London.

The multi-million pound project will increase

pedestrian space by 50%, create a two way traffic

scheme for the street and improve the public realm.

The project will also provide greater pedestrian

connectivity with the new Bond Street Crossrail

Station at Hanover Square, due to open in 2018.

The works are scheduled to start on site in Q2 2016

and will cost £10.5m. Part of this cost will be met

by property owners via a BID levy linked to rateable

value. For Standbrook House the levy is expected

to be £13,250 per annum. (further information

can be found on the data site). Once the works are

completed it is forecast that there will be significant

benefits to retailers with an improved public realm

creating better, longer and more profitable visitor

experiences leading to increased sales and growth

for businesses. There will also be considerable

corresponding benefits for landlords with additional

uplifts in both rental and capital growth forecast at up

to 8%.

18

.

B O N D S T R E E T D O M I N AT E S M AY FA I R ’ S LU X U RY O F F E RA N D I S A R G U A B LY T H E M O S T P R E S T I G I O U S A D D R E S SF O R I N T E R N AT I O N A L LU X U RY B R A N D S .

21


20

The Global luxury retail market is substantial with

sales exceeding €850bn in 2014, an increase of 7%

on the previous year. By 2020 forecasts suggests that

Global luxury retail spend will grow by a further 102%.

This follows a tripling in personal luxury retail spend

over the last 20 years.

Central London is the largest retail market on a city

basis in Europe with a total spend of £26.8bn in

2014, an average growth of 4.2% pa over the last five

years. This is almost three times greater than the level

of growth seen I Paris where total retail sales have

expanded by an average of 1.5% pa.

On Bond Street alone, total sales in 2014 exceeded

£1.1bn with an average spend of £800 per transaction.

The growth of central London’s retail market is being

driven by the fact that it has become a key Global retail

destination for consumers and retained its position as

the largest destination market for international tourists

in 2015. This influx of overseas visitors coupled with

London’s Global city status and concentration of

wealthy residents means that it is now the top Global

city for international visitor spend.

W I T H LO N D O N ’ S P O S I T I O N A S A G LO B A L C I T Y, A P R E S E N C E I N T H E W E S T E N D I S N O W S E E N A S C RU C I A L B Y R E TA I L E R S I N O R D E R TO M A X I M I S E E X P O S U R E TO T H E I R B R A N D S .

Luxury Market

23


22 Standbrook House

2524


26

The property comprises a modern mixed use

building with an elegant period façade arranged over

basement, ground and six upper floors. The building

was originally constructed in circa 1900 but was

comprehensively redeveloped and refurbished for the

first time in 2002. The current owner of the property

has recently finished a further refurbishment of all

the office floors and common areas. The property

occupies a prominent mid terrace site on Old Bond

Street.

No.2 Old Bond Street is let to Alexander McQueen

and comprises a ground floor and basement retail unit

which was comprehensively refitted in 2013.

No.4 Old Bond Street is let to Tods who currently

trade off ground and basement floors. Tods have

recently taken a lease over the first floor of the

property and a total remodelling of all elements of

their demise, including a full incorporation of the first

floor, is due to start in January 2016. The first floor has

already been completely stripped out to a shell finish

in anticipation of these works starting.

The second to fifth floors provide clear open plan

office space all of which has been completely

remodelled and refurbished since 2014.

The specification includes :-

• Brand new contemporary reception area and

common parts.

• Perimeter VRF air conditioning to all floors

• New raised access flooring

• New plasterboard ceilings with integrated lighting

• 8 person passenger lift

The sixth floor of the property is put over entirely

to residential use and comprises two self-contained

two bedroom apartments. The vendor has let

and managed these apartments throughout their

ownership. Potential exists to refurbish these

apartments to improve rental income or to offer

potential sales on a long leasehold basis.

Description

T H E B U I L D I N G WA S O R I G I N A L LY C O N S T RU C T E D I N C I R C A 1 9 0 0 B U T WA S C O M P R E H E N S I V E LY R E D E V E LO P E D A N D R E F U R B I S H E D F O R T H E F I R S T T I M E I N 2 0 0 2 .

27


28 29

N O. 2 O L D B O N D S T R E E T I S L E T TO A L E X A N D E R M C Q U E E N A N D C O M P R I S E S A G R O U N D F LO O R A N D B A S E M E N T R E TA I L U N I T W H I C H WA S C O M P R E H E N S I V E LY R E F I T T E D I N 2 0 1 3


30

TO D S H AV E R E C E N T LY TA K E N A L E A S E O V E R T H E F I R S T F LO O R O F T H E P R O P E RT Y A N D A TOTA L R E M O D E L L I N G O F A L L E L E M E N T S O F T H E I R D E M I S E W I L L C O M M E N C E I N J A N U A RY 2 0 1 6 .

31

33


T H E S E C O N D TO F I F T H F LO O R S P R O V I D E C L E A R O P E N P L A N O F F I C E S PA C E A L L O F W H I C H H A S B E E N C O M P L E T E LY R E M O D E L L E D A N D R E F U R B I S H E D S I N C E 2 0 1 4

32

35


34

Accommodation

Tenant Floor UseArea

Sq m Sq ft

Alexander McQueen

Ground Retail 192.12 2,068

ITZA 1,319

Basement Sales 73.95 796

Basement Store 66.52 716

Basement Vault 16.7 2 180

Unit Total 349.32 3,760

Tod’s

Ground Retail 135.73 1,461

ITZA 106.00 1,141

Basement Sales 138.43 1,490

Basement Vaults 17.19 185

Unit Total 3,136

Tod’s First Retail 311.23 3,350

John Pye & Sons Second Offices 297.75 32.05

Argentex LLP Third Offices 292.37 31.47

Tritax Management LLP Fourth Offices 281.40 30.29

Squarestone Property Management Ltd Fifth Offices 236.25 25.43

LRJ Cazalet Sixth Residential 66.05 711

F. Emanuel Sixth Residential 69.12 744

Total 2194.84 23,625

The approximate net internal floor areas are as follows:-

Stairs

Stairs

Stairs

Staff Toilets

Common Access

Common Access

Stairs

Lift

Plant Plant

Plant

Plant

Plant

Plant

Basement


Ground Floor

Old Bond Street

Core

Staff Toilets

Common Access

Entrance Lobby

Stairs

Stairs

Stairs

3736

S TA N D B R O O K H O U S E S TA N D B R O O K H O U S E

Second Floor Fourth Floor

First Floor Third Floor

Old Bond Street Old Bond Street

Old Bond Street Old Bond Street

Old Bond Street

CoreChange in Level

Change in Level

Steps

Steps

Stairs

Core

Steps

Steps

Stairs

Core

Steps

Steps

Stairs

Core

Steps

Steps

Stairs

3938


Stairs

Fifth Floor

Old Bond Street

Sixth Floor

Core

Steps

Steps

Stairs

Flat 2

Awaiting split

Flat 1

4140


Tenure

The property is held on a clean unencumbered freehold title, the extent of which is outlined on the below plan.

Planning

Energy Performance Certificates

The property has a variety of permitted uses including retail (A1), offices (B1) and residential. The most recent

change of use within the property was in relation to the first floor where the use has been changed from B1 to

A1 in order to accommodate the extension of the Tod’s store as they expand their retail operation.

The property is not listed but is located within the Mayfair Conservation Area.

Available within the data room

43


42

Tenancy Schedule

Demise Tenant DescriptionAreas Lease Terms Rent ERV

CommentSq m Sq ft Start Expiry Break Review £ pa £ psf £ pa £ psf

Retail

4 – 5 Old Bond St. Basement & Ground Floors

Autumnpaper Ltd t/a Alexander McQueen

Ground Floor Sales 192.12 2,068

11-Oct-02 24-Dec-27 10-Oct-17 11-Oct-17 £1,22,300 £825 £1,830,000 £1,273

Rising rent agreed t last review being &2 £1,150,400 Yr 3 £1,186,360 Yr 4&5 £1,222,300 Have assumed rent of £1,222,300 as due from 11th Oct 2015.

Basement Sales (A/10) 73.95 796

Basement Store (A/20) 66.52 716

Basement Vaults (A/50) 16.72 180

TOTAL ITZA 133.594701 1,438

2 – 3 Old Bond St. Basement & Ground Floors

Tod’s UK Ltd

Ground Floor Sales 135.72 1,461

29-Sep-02 24-Dec-27 29-Sep-17 £1,000.000 £800 £1,593,000 £1,273 6 months rent free due from start of the 1st floor fit out works

Ground Floor ITZA 106.00 1,141

Basement Sales (A/10) 83.61 900

Basement Store (A/20) 54.81 590

Basement Vaults (A/50) 17.19 185

TOTAL ITZA 117.448137 1,264

1st Floor Tod’s UK Ltd Retail 292.92 3,350 24-Jun-14 23-Jun-29 24-Jun-19 £200,000 £59.70 £427,000 £127.32

Fit out works due to start Q1 2016 linking with ground floor retail unit. Floor to be valued @ A/10. Rent free of 6m due from start of fit out works.

Flagpole Tod’s UK Ltd 16-Oct-03 24-Dec-27 £1,000 £1,000

FlagpoleAutumnpaper Ltd t/a Alexander McQueen

25-Dec-09 24-Dec-27 10-Oct-17 £500 £500

933.58 10,249 £2,423,800 £3,851,500

Office

2nd Floor John Pye & Sons Ltd Office 292.92 3,205 1-Sept-15 31-Aug-25 1-Sep-20 £269,220 £84.00 £269,220 £84.00

6m rent deposit until tenant net profits = 3x rent for 3 years. 6 m rent free. TOB – if not exercised then 4 m rent free. Outside the act.

3rd Floor Argentex LLP Office 296.83 3,147 1-Sep-15 31-Aug-20 £262,775 £83.50 £264,348 £84.006m rent deposit until tenant net profits = 3x rent for 3 years. 7.5 m rent free. Outside the act.

4th Floor Tritax Management LLP Office 298.22 3,029 1-Sep-15 31-Aug-25 1-Sep-20 £254,436 £84.00 £254,436 £84.006m rent free deposit for 1 yea. 6 m rent free. TOB – if not exercised then 6 m rent free. Outside the act.

5th FloorSquarestone Property Management Ltd

Office 219.90 2,543 1-Jan-14 1-Jan-19 £184,078 £72.39 £213,612 £84.00

1107.87 11,924 £970,509 £1,001,616

Residential

6th Floor Flat A LRJ Cazalet Residential 219.90 711 1-May-12 30-Apr-15 £39,000 £39,000 Holding over – short term lease is to be agreed.

6th Floor Flat B F. Emanuel Residential 219.90 744 31-Jul-15 30-Jul-16 £39,000 £39,000 £4,500 rent deposit held.

439.80 1,455 £78,000 £78,000

Total 2,481.25 23,625 £3,472,309 £4,931,116

The property is fully let and income producing as per the below tenancy schedule. The next scheduled lease events of significance are the rent reviews on the retail units due in September and October 2017.


44

Income Analysis

Rent pa % of Income

Retail £2,423,800 70%

Offices £970,509 28%

Residential £78,000 2%

Total £3,472,309 100.00%

Rent pa % of Income

10 - 15 Years £2,423,800 69.80%

5 – 10 Years £523,656 15.08%

Less than 5 Years £524,853 15.12%

Total £3,472,309 100.00%

Income By Use

Income By Expiry / Break

28%Office

15%5-10 Years

70%Retail

70%10-15 Years

2%Residential

15%Less than 5 Years

47


46

Tod’s Tod’s UK Limited

Guarantor: Tod’s Spa

(34.59% of total gross income)

Tod’s UK Ltd is the trading name of Tod’s, an Italian

luxury fashion retailer specialising in shoes and other

leather goods. The company was founded in 1920 and

now has numerous stores around the world including

flagships in Europe, US, China, Japan, Malaysia,

Singapore, Hong Kong, Indonesia and Australia.

As of 31st December 2014, Tod’s UK Ltd reported the

following figures:-

Turnover: £20,844,882

Pre-Tax Profit: £2,802,581

Total Assets: £14,012,887

The company has a D&B Rating of 3A1 representing a

minimal risk of business failure.

Tod’s Spa have a net worth of €644,223,000 and a D&B

Rating of 5A 1 representing a minimal risk of business

failure.

Alexander McQueen

Autumnpaper Limited

Guarantor: Kering Holland N.V.


Autumnpaper Ltd is the trading name for Alexander

McQueen, an international retailer of luxury clothing

and accessories. The company has stores around the

world including flagships in London, Paris, New York,

San Francisco, Los Angeles, Las Vegas, Miami, Milan

and Hong Kong.

As of 31st December 2013, Autumnpaper Ltd reported

the following figures:-

Turnover: £31,172,574



The company has a D&B Rating of E1 representing a


Kering Holland N.V. is the company name of the Gucci

Group. They have a net worth of €3,690,301,000 and

a D&B Rating of 5A 1 representing a minimal risk of

business failure.

Tritax

Tritax Management LLP


Tritax Management LLP is a market leading investment

fund management house focused on acquiring and

managing commercial property investments for private

equity. The company was founded in 1995 and currently

has £1.61 billion pounds of assets under management.

As of 31st March 2015, the company reported the

following figures:-


The company has a D&B Rating of O2 representing a

lower than average risk of business failure.

Squarestone

Squarestone Property Investment Management Ltd


Squarestone Property Investment Management Ltd are

a well established property investment management

company with significant funds under management.

As of 31st March 2014, the company reported the

following figures:-

Turnover: £920,978

Pre-Tax Profit: (£493,676)

Total Assets: £724,724

The company has a D&B Rating of A1 representing a


John Pye & Sons

John Pye & Sons Ltd


John Pye & Sons Ltd is an auction house established

over 60 years ago specialising in property auctions,

vehicle auctions and public auctions.

For the year ending 31st July 2014, the company

reported the following figures:-

Turnover: £1,279,705




lower than average risk of business failure.

Argentex

Argentex LLP


Argentex LLP is a foreign exchange specialist providing

bespoke, advisory and execution services to corporates,

institutions, government agencies and not for profit

organisations.

For the year ending 31st March 2015 the company

reported the following figures:-

Turnover: £1,738,582,863

Pre-Tax Profit: £0




Covenants

Rental deposits are held for each of the office tenancies. Further information is provided in the dataroom.


48

Retail

The Bond Street retail occupational market continues to

strengthen with ever increasing demand from international

retailers seeking representation on the street. Since 2012,

twenty nine luxury brands have opened their first UK site

in London with the largest proportion of those locating

on Bond Street. This influx of new international entrants

and robust demand from existing occupiers, coupled with

constrained availability, has generated upward pressure on

rents across the whole of Central London and Bond Street

in particular. Since Q1 2007, prime Zone A rents on Old

Bond Street have increased by an average of 13.4% per

annum and rents now stand 160% higher than at the onset

of the financial crisis in Q3 2007. With the continuing

demand/supply imbalance and improving Global economic

landscape, this upward pressure on rents looks set to

continue.

The Zone A rent on the Tod’s unit currently equates

to £800 per sq.ft. The Zone A rent on the Alexander

McQueen unit equates to £825 per sq.ft. We consider both

of these rents to be highly reversionary and a schedule

of supporting evidence is below. A key deal, currently

in solicitors’ hands, is at 45a Old Bond Street, directly

opposite the subject property. This is an open market

letting at a rent of £1,050,000 per annum, equating to

£1418 psf Zone A, which will set a new rental high in

this pitch. In light of this, our estimate of the ERV is in the

region of £1,400 Zone A which produces rental levels of

£xxx for Tods and £xxx for Alexander McQueen.

Offices

Mayfair is internationally recognised as one of London’s

most prestigious and exclusive office locations with a

diverse occupier base housing multinational corporations

through to boutique service providers and hedge fund

operators. Mayfair has seen the greatest levels of rental

growth and commands some of the highest office rents in

the world. Demand is outstripping the restricted supply and

prime rents are now headlining at around £150 psf for the

best space.

The 2nd to 4th floors in Standbrook House have just

been refurbished and were let within a short period of

completion at rents reflecting an average of £84 psf,

providing a reversion on the 5th floor and a low base for

future rental growth on the remainder.

Residential

The residential market in Central London remains strong

as demand for housing consistently outweighs supply,

supported by the strong economy and emergence of

London as one of the top Global Cities. International

demand remains strong and will continue to be a key driver

for prime London residential.

Mayfair is one of the worlds most exclusive and prestigious

residential addresses, with unrivalled amenities including

some of the worlds best restaurants and hotels and luxury

retail offer. The rental market remains strong and sale

values are now achieving rates which reflect capital values

of over £5,000 per sq ft.

Occupational Market

T H E P R O P E RT Y I S F U L LY L E T A N D I N C O M E P R O D U C I N G .

51


50

D£1,150

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A£1,418

G£1,150

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C£1,175

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Rental Tone Plan

Address Occupier Transaction Date Rent Zone A

A 45a Old Bond Street TBC Open Market Letting TBC £1,050,000 £1,418

B 10 Old Bond Street DAKS Rent Review May 15 £2,900,000 £1,230

C 12 Old Bond Street Omega Rent Review Apr 15 £724,000 £1,175

D 6-8 Old Bond Street Dolce & Gabbana Re-Gear Jan 15 £3,915,990 £1,150

E 40-41 Old Bond Street Cartier Rent Review Jun 14 £1,100,000 £1,100

F 22 OId Bond Street Chatila Rent Review Jun 14 £915,000 £1,150

G 28 Old Bond Street Camper Rent Review Apr 14 £508,000 £1,150

Address Tenant Price Yield Date CV £psf

1 New Bond Street House, 1-5 New Bond Street

Patek Philippe and Georg Jensen

£112m 2.4% Q2 2014 £3,848

2 141-142 New Bond Street Fendi £75.2m 2.60% Q1 2014 £6,116

3 16 Old Bond Street Prada £55m 2.75% Q4 2013 £4,813

4 103 New Bond Street Christies £30.3m 1.87% Q4 2013 £3,202

5 126-127 New Bond Street Canali £44.1m 2.10% Q3 2013 £3,553

6 9 OId Bond Street Gina Shoes £19.15m 1.42% Q2 2013 £6,533

7 178 New Bond Street Boodles £33m 2.14% Q2 2013 £10,210

8 174 New Bond Street Harry Winston £31.3m 2.26% Q2 2013 £7,242

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52

Proposal

VAT

We are instructed to seek offers in excess of £160,000,000 (One Hundred and Sixty Million

Pounds) subject to contract and exclusive of VAT. A purchase at this level assuming costs of

5.80% provides the following yield profile:

Initial Yield 2.05%

Nominal Equivalent Yield 2.98%

Reversionary Yield (2017) ….%

Reversionary Yield (2019) ….%

The property is registered for VAT and it is therefore proposed that any agreed sale will be

treated as a TOGC (Transfer of a Going Concern).

Investment Rationale

• Standbrook House offers investors the opportunity to acquire a substantial and rarely

available freehold investment on Old Bond Street, one of the World’s premier luxury retailing

thoroughfares.

• The retail units are let to the internationally recognised luxury brands of Tod’s and Alexander

McQueen for in excess of 12 years providing excellent security of income.

• The contracted retail rents are low offering the successful purchaser significant reversionary

potential on their investment.

• Retail rents on Old Bond Street have seen considerable growth in recent years having grown

by an average of 13.4% per annum since the beginning of 2007.

• Rental growth is forecast to continue with the demand for space far exceeding supply and

being driven by the continuing growth of the global luxury retail market.

• The upper floors comprise newly refurbished and fully let Grade A offices and two

residential flats providing a diversified income stream.

• The purchaser of Standbrook House will benefit from a landmark ownership in Central

London, a key Global city that continues to attract significant inflows of capital from both

domestic and overseas investors.

Investment Commentary

Central London remains one of the most globally sought after destinations for international

property investment with investment volumes already this year exceeding that of last year.

Demand remains strong from private overseas buyers attracted to the safe haven status, liquidity,

transparency and rental growth story that London offers. Bond Street investments are considered

super prime and demand for them is consistently high with very few being openly traded.


54

Further Information

For further information can be found on the website at www.standbrookhouse.com.

There is in addition a comprehensive data room containing all relevant supporting

information and legal documentation. For access to the data room or to arrange an

inspection of the property please contact either of the joint agents:

Robert Mortimer

020 7528 9415

[email protected]

Will Horder

020 7528 9400

[email protected]

Tim Morgan

020 7318 1933

[email protected]

Andrew Taylor

020 7318 1934

[email protected]

MISREPRESENTATION ACT 1967 – Chapman Petrie and Hoddell Stotesbury Morgan Ltd for themselves and for the Vendors of the property whose agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute part of an offer or contract; 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given without responsibility, and 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; 3. No person in the employment of Chapman Petrie or Hoddell Stotesbury Morgan Ltd has the authority to make or give any representation or warranty whatever in relation to this property; 4. Rents quoted in the above particulars may be subject to VAT in addition; 5. Chapman Petrie and Hoddell Stotesbury Morgan Ltd will not be liable, in negligence or otherwise for any loss arising from the use of these particulars. September 2015.

www.standbrookhouse.com

Standbrook House

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