1. home and garden

RARE FREEHOLD MAYFAIR
RESIDENTIAL CONVERSION OPPORTUNITY
INVESTMENT
SUMMARY
LOCATION
Located in the heart of prime Mayfair on the
south side of Charles Street, situated at its
western end between Chesterfield Street and
Queen Street in close proximity to Hyde Park,
Green Park and Berkeley Square.
DESCRIPTION
29 Charles Street comprises an attractive Grade
II listed period office building totalling 3,844 sq ft
(357.0 sq m) GIA arranged over lower ground,
ground and 4 upper floors.
TENURE
Freehold.
TENANCIES
Single let to Stella Advisors UK Limited on two
co-terminus leases expiring 28th February 2015 at
a current rent of £98,283 per annum.
PLANNING
Planning permission obtained for conversion
of the existing office building to create a
single residential dwelling. A further planning
application is pending for an additional basement
totalling 603 sq ft (56.0 sq m).
PROPOSAL
Offers in excess of £7,750,000 for the benefit of
our client’s Freehold interest or for the benefit of
100% of the issued share capital in our clients BVI
based SPV.
2
29 Charles Street
LOCATION
In the heart of prime Mayfair, this attractive Georgian
Freehold building resides on the south side of the much
sought after Charles Street, situated at its western end
between Chesterfield Street and Queen Street.
29 Charles Street is perfectly located within five minutes’
walk from the open spaces of Hyde Park, Green Park and
Berkeley Square as well as the high end luxury retail provisions
of the world famous Bond Street, South Audley Street and
Mount Street.
Mayfair has been home to London’s premier residential
addresses for over two hundred years. Today, the district is
internationally recognised for high-end residential, hotel and
retail offerings.
Mayfair benefits from the highest concentration of exclusive
establishments in London, with 29 Michelin starred
restaurants including Alain Ducasse at the Dorchester,
Hakkasan, Nobu, Le Gavroche, The Square and 44 five star
hotels including The Dorchester, The Ritz and Claridges.
Elite members clubs including Annabel’s, Five Hertford
Street, The Arts Club, The Alfred Dunhill Club and Morton’s
coupled with the luxury retail provisions on Bond Street,
South Audley Street and Mount Street provide Mayfair
with its exclusive charm.
In the heart of
prime Mayfair, this
attractive Georgian
Freehold building resides
on the south side of
the much sought after
Charles Street
4
29 Charles Street
29 Charles Street
5
THE RITZ
NOVIKOV
CLARGES
MAYFAIR
BERKELEY STREET
MIRABELLE
DEVELOPMENT
MAYFAIR
HOTEL
CHARLES STREET
BERKELEY
SQUARE
6
29 Charles Street
GREEN PARK
PICCADILLY
5 HERTFORD
STREET
LITTLE
HOUSE
CURZON
CINEMA
CURZON STREET
ROYAL EMBASSY OF
SAUDI ARABIA
29 CHARLES STREET
29 Charles Street
7
COMMUNICATIONS
Mayfair benefits from excellent transport links with
four London Underground stations on its boundary.
Green Park Underground Station (Jubilee, Piccadilly &
Victoria lines) lies just 0.2 miles from the property, Bond
Street Underground Station (Circle & Jubilee lines,
Crossrail) is 0.6 miles away, Oxford Circus Underground
Station (Bakerloo, Circle & Victoria lines) is 0.7 miles
away, Piccadilly Circus Underground Station (Bakerloo
& Piccadilly lines) is 0.8 miles away and in addition
Knightsbridge Underground Station (Piccadilly line) is just
0.8 miles to the south west. 500 buses pass down Oxford
Street every hour further interconnecting Oxford Street and
Mayfair with the whole of the capital.
Bond Street
12 Mins
Oxford Circus
14 Mins
Piccadilly
Circus
16 Mins
Green Park
4 Mins
Knightsbridge
16 Mins
8
29 Charles Street
CROSSRAIL
Due for completion in 2018, this £16 billion infrastructure
enhancement will create a world leading inner-city railway,
providing a new high speed train service for quick access
into and across London. Bond Street Underground Station
is currently undergoing a major transformation to become a
key hub of the Crossrail network.
SHENFIELD
ROMFORD
FOREST GATE
STRATFORD
MARYLAND MANOR PARK
ABBEY
WOOD
CUSTOM
HOUSE
WOOLWICH
CANARY
WHARF
WHITECHAPEL
FARRINGDON
BOND STREET
ACTON
MAIN LINE
WEST EALING
SOUTHALL
HEATHROW
AIRPORT
MAIDENHEAD
29 CHARLES
STREET
LIVERPOOL
STREET
TOTTENHAM
COURT ROAD
PADDINGTON
EALING
BROADWAY
HANWELL
HAYES &
HARLINGTON
Once completed, the station will have two new ticket
halls and two new platform tunnels. The new line will link
37 stations and 2 London airports (Heathrow and City
Airports) with journey times reduced by up to half. 200
million passengers are forecast to travel on Crossrail each
year resulting in a 10% increase in London’s rail capacity
and bringing 1.5 million additional people within 60
minutes reach of the Capital’s key business districts.
Mayfair benefits from
excellent transport links with
four London Underground
stations on its boundary.
29 Charles Street
9
OXFORD
CIRCUS
BOND STREET
ET
NO
BOND STREET
R
UA
VE
SQ
RE
RD ST
OXFO
HA
SELFRIDGES
RE
NE
W
BO
ND
ET
NO
R
STR
SVE
IES
O
GR
RE
D AV
ST
CLARIDGE’S
HOTEL
36
16
EET
15
21
3
SQU
ARE
20
39
9
R
23
8
38
K
E
LE
34
31 35
5
10
Y
7
U
29
U
24
6
11
37
E
MO
25
SQ
GROSVENOR
HOUSE HOTEL
EET
22
WESTBURY
HOTEL
12
B
26
STR
NT
13
18
19
27
14
17
AR
E
28
BE
RK
32
EL
EY
33
A
S
T
ET
R
K
LA
DORCHESTER
HOTEL
H
LE
E
RE
PA
C
5
R
E
ST
4
R
ST
THE
CHESTERFIELD
MAYFAIR
HOTEL
P
N
2
E
GREEN PARK
29 CHARLES STREET
HYDE PARK
CUR
ZON
STR
EET
GREEN PARK
HILTON
HOTEL
METROPOLITAN
HOTEL
INTERCONTINENTAL
HOTEL
10
29 Charles Street
TO HE ATHRO W
FOUR SEASON
HOTEL
1
PARK
LANE
THE
ATHENAEUM
HOTEL
RE
Retail
1. Alexander McQueen
2.Prada
3. Abercombie & Fitch
4. Ralph Lauren
5. Van Cleef & Arpels
6. Patek Philippe
7.Tiffany
8.Cartier
9.Chanel
10.Asprey
11.Dior
12. Louis Vuitton
13.Hermes
14.Burberry
15. Jimmy Choo
16.Fendi
Y
17. Holland & Holland
18. Stella McCartney
19. Maison Martin Margiela
20.Kenzo
21. Vivienne Westwood
3
22. Oscar De La Renta
4
PICCADILLY
23.Lanvin
CIRCUS
24.Loewe
25.Azzaro
ROYAL ACADEMY
2
26.Balenciaga
OF ARTS
27. Christian Louboutin
30
1
28. James Purdey & Sons
29. Marc Jacobs
30.Gucci
31. Pringle Of Scotland
32. Thomas Goode & Co
LY
IL
33. Rick Owens
AD
34.Mackintosh
C
C
RITZ
PI
35.Parmigiani
HOTEL
36.Sothebys
37. Bugatti Dealership
38. Rolls-Royce Motorcars
39. Alfred Dunhill
GE
NT
ST
RE
ET
OL
D
BO
ND
ST
RE
ET
Embassies
1. Embassy of Japan
2. Royal Embassy of Saudi Arabia
3. US Embassy
4. Egyptian Embassy
5. Embassy of the State of Qatar
29 Charles Street
11
Originally built as an 18th
century Georgian townhouse, an
additional mansard storey and a
number of internal alterations were
made in 1990 alongside extensive
restoration work.
12
29 Charles Street
29 Charles Street
13
DESCRIPTION
Built in the late 1700’s,
29 Charles Street comprises an
attractive Grade II listed period
office building
totalling 3,844 sq ft (357.0 sq m) GIA arranged over lower
ground, ground and 4 upper floors. The property is of
traditional masonry construction with timber upper floors
and roof benefitting from an attractive 3 window wide navy
brick façade. Originally built as an 18th century Georgian
townhouse, an additional mansard storey and a number
of internal alterations were made in 1990 alongside
extensive restoration work. Internally the accommodation is
well configured providing good natural light throughout.
14
29 Charles Street
Specification includes:
• Perimeter trunking •
• 3 lower ground storage vaults •
• Double glazed sash windows •
• Separate access to the lower ground •
• Small terrace at fourth floor level •
• Central heating •
• Air conditioning •
ACCOMMODATION
The property has been measured by Plowman Craven in
accordance with the Sixth Edition of the RICS Code of Measuring
Practice and provides the following areas:
FLOOR
AREA (SQ M) NIA
AREA (SQ FT) NIA
AREA (SQ M) GIA
AREA (SQ FT) GIA
Fourth
30.2
325
39.1
421
Third
34.4
371
58.4
629
Second
31.3
338
57.2
616
First
40.9
440
52.2
562
Ground
27.3
294
57.2
616
Lower Ground
54.0
580
92.9
1,000
TOTAL
218.1
2,348
357.0
3,844
29 Charles Street
15
TENURE
Freehold.
R
TE
ES
CH
LL
HI
ry
be
se t
Ro our
C
D
EL
FI
'S
AY
S
EW
M
e
Th
e
dg
Lo
Saddle
ES
RL
A
CH
Yard
ET
RE
ST
The
English
Speaking
Union
Hotel
A
CL
ES
RG
EW
M
S
Embassy
S
EN
QUE
ET
TRE
REET
D ST
FIEL
STER
CHE
Club
Hotel
Crewe House
Church
EET
STR
ON
Z
R
CU
Bank
Not to scale indicative only
16
29 Charles Street
TENANCY
Single let to Stella Advisors UK Limited on two co-terminus leases
expiring 28th February 2015 at a current rent of £98,283 per annum.
29 Charles Street
17
PLANNING
29 Charles Street is Grade II listed and situated within
the Mayfair Conservation Area.
Full planning permission (Ref: 13/01261/FULL) was granted
on 8th April 2013 for a change of use from offices (B1)
to provide a single residential dwelling (Class C3). This
planning permission is free from any S106 or CIL payments.
Subsequent planning permission (Ref: 14/04667/FULL) was
granted on 3rd September 2014 for the inclusion of a new
passenger lift between lower ground and second floor level.
A further planning application has been submitted
for the addition of a basement floor which will provide
a further 603 sq ft (56.0 sq m) if granted.
18
29 Charles Street
29 Charles Street
19
RESIDENTIAL OPPORTUNITY
JACUZZI
GYM
STEAM
BASEMENT
LOWER GROUND FLOOR
20
29 Charles Street
GROUND FLOOR
Wolff Architects have produced the following consented scheme converting the existing office building to a
4 bedroom single dwelling with the addition of a 3 person hydraulic passenger lift from lower ground to second floor.
Set out below are proposed floor plans including the additional pending basement floor:
FIRST
THIRD
FIRST
FIRST
THIRD
THIRD
SECOND
FOURTH
SECOND
SECOND
FOURTH
FOURTH
29 Charles Street
21
RESIDENTIAL OPPORTUNITY
Artist’s impression of a proposed reception room
22
29 Charles Street
Artist’s impression of a proposed master bedroom
29 Charles Street
23
COMMERCIAL MARKET
COMMENTARY
West End take up has continued strongly throughout
2014 with over 320,000 sq ft (29,728 sq m) recorded in July
alone, bringing the yearly total to c.2.3m sq ft at that point.
Currently over 215 transactions have been recorded this
year (34% ahead of the same period in 2013) with 5-10,000
sq ft lettings dominating and accounting for c.37% of
all deals.
Dwindling supply coupled with strong core occupier
demand has seen vacancy rates remain low at 3.5% as the
West End occupational market remains robust and continues
to attract high profile tenants from all business sectors. The
West End office market is witnessing sustained growth with
new record rental levels being set as occupiers continue to
compete for limited space.
24
29 Charles Street
RESIDENTIAL MARKET
COMMENTARY
The divide between London and the rest of the UK has
continued in 2014 with Prime Central London continuing to
rise year on year, now 37.9% above the previous pre-financial
crisis peak. Annualised growth has averaged between 7% pa and 8.4% pa
over the last year, the most consistent 12 month period since
the mid 1990’s. Underpinning this sustained growth has been
the continued supply vs demand imbalance with a dearth of
quality residential stock, the relative weakness of the Sterling
and London’s strength in finance, education and culture.
Prime residential accommodation in London remains an
immensely popular asset class for domestic and overseas
buyers, with a diverse and capitalised investor base.
As post war temporary office permissions have started
expiring in recent years, restoring offices to their former
residential splendour has become increasingly attractive to
international buyers looking for the elusive Mayfair Freehold.
Consequently, the rare availability of Freehold buildings
available to purchase with a change of use option has seen
demand far outstrip supply, with buildings worth double as
homes rather than offices. Mayfair continues to
feed the international
demand for prime
residential property
in a Capital considered
a ‘safe haven’ for
their wealth.
29 Charles Street
25
EPC
29 Charles Street has an EPC rating of E (117).
VAT
The property is VAT elected and it is proposed that the sale
will be structured as a TOGC (Transfer of Going Concern).
PROPOSAL
Offers in excess of £7,750,000 for
the benefit of our client’s Freehold
interest or for the benefit of 100%
of the issued share capital in our
clients BVI based SPV.
26
29 Charles Street
FURTHER INFORMATION
For further information or to arrange an inspection, please contact:
PROPE RT Y I N V E S T M E N T A D V I S O RS
www.michaelelliott.co.uk
MARK SHIPMAN
Direct Line: 020 7529 5708
Email: [email protected]
SCOTT LISTER
Direct Line: 020 7529 5704
Email: [email protected]
PETER NG
Direct Line: +65 6733 3212
Email: [email protected]
www.vanhan.co.uk
THOMAS VAN STRAUBENZEE
Direct Line: 020 3588 3311
Email: [email protected]
RORY PENN
Direct Line: 020 3588 3311
Email: [email protected]
Misrepresentation Act 1967 & Declaration:
Michael Elliott and Van Han for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for
the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) 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 purchaser should not rely on them as statements
or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott nor
Van Han has any authority to make or give any representations or warranty whatever in relation to this property.
October 2014 (Q2974)
28
29 Charles Street
PROPE RT Y I N V E S T M E N T A D V I S O R S