8 – 14 meard street with royalty mansions + 8 richmond mews

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.
FITZROVIA
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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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G
TION HILL
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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to 2
THE
PROPERTY
1
Tenure
5
HM
RIC
8 – 14 Meard Street including Royalty Mansions
is held freehold and registered under title
number NGL522158.
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Hotel
DM
ON
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to 7
rks
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Wo
S
EW
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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Ro yalty House
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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 Richmond Mews
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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)
GIA (sq m)
NIA (sq ft)
NIA (sq m)
Lower Ground
8,504
790.0
6,202
576.2
Ground
8,002
743.4
4,786
444.6
First
1,695
157.5
1,045
97.1
Second
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)
65
6
N/A
N/A
First
2,314
215
2,249
208.9
Second
2,335
217
2,270
210.9
Third
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
3
N/A
N/A
9,226*
857.3
8,869*
823.7
Totals
*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
Ground
842
78.2
556
51.7
First
847
78.7
827
76.8
Second
368
34.2
367
34.1
2,847
264.5
2,423
225.1
Totals
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8
Richmond
Mews
Commercial
FLOOR
PLANS
Lower Ground
First
3
Ground
Second
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Lift
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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