17 HOMER ROW
MARYLEBONE W1
On the instructions of Annika Kisby and Tammy Wilkins of Allsop LLP acting as Joint Fixed Charge Receivers
FREEHOLD DEVELOPMENT OPPORTUNITY
17 HOMER ROW • MARYLEBONE W1 17 HOMER ROW • MARYLEBONE W1
EXECUTIVE SUMMARY Prominent Freehold building.
Prime location in affluent Marylebone in the heart of London’s West End, surrounded by high value residential.
Substantial ongoing investment and regeneration of the immediate surrounding area including developments and infrastructure improvements.
Excellent West End location close to Marylebone, Edgware Road and Paddington London Underground and National Rail stations.
Total Gross Internal Area (GIA) approximately 5,000 sq ft (465 sq m) of accommodation arranged over basement, ground and two upper floors.
D2 unit arranged over basement and ground floors, with a separately accessed residential unit over first and second floors.
Offered with full vacant possession.
Historic Planning Consent to demolish and redevelop the existing to create a seven storey building comprising six flats and a D2 unit.
Previous Consent increased the building massing via an additional basement level and two upper storeys, which increases the GIA to 11,464 sq ft (1,065 sq m).
Fantastic opportunity to refurbish or redevelop the property (subject to gaining all necessary consents).
Offers are invited in excess of £6,000,000 (Six Million Pounds), subject to contract. A purchase at this level reflects an approximate capital value of £1,200 per sq ft on the existing area and £523 per sq ft on the historically consented area.
On the instructions of Annika Kisby and Tammy Wilkins of Allsop LLP acting as Joint Fixed Charge Receivers
17 HOMER ROW • MARYLEBONE W1 17 HOMER ROW • MARYLEBONE W1
17 HOMER ROW
EDG
WA
RE ROA
D
OXFORD STREET
BAKER STREETMARYLEBONE HIGH STREET
MARYLEBONE ROAD
REGENT’S PARK
HYDE PARK
MAYFAIR
SOHO
ST. JAMES’S
THE CITY
FITZROVIA
VICTORIA
MARYLEBONE
BAKER STREET
EDGWARE ROAD
MARBLE ARCH
MARYLEBONE
BOND STREET
P A D D I N G T O NM A R Y L E B O N E
Baker Street
Great Portland
Street
Marble Arch
Bond Street
Edgware Road
Edgware Road
Paddington
Marylebone
New Bond St
Craven R
oad
Connaught Street
Seymour Pla
ce
Portman SqUpper Berkeley Street
George Street
Paddington StreetYork St
Gloucester Pla
ce
Devonshire Street
Weymouth Street
New Cavendish Street
Lodge Road
Penfold Street
Broadley S
treet
Harewood Avenue
Outer Circle
Inner Circle
Crawford StreetYork Street
EDGWARE ROAD
MAIDA VALE
WESTWAY
MARYLEBONE ROAD
EUSTON ROAD
GRO
VE END
ROAD
LISSON GROVE
PORTLAN
D PLAC
E
PARK ROAD
WIGMORE STREET
MARYLEBO
NE H
IGH
STREET
BAKER STREET
GLO
UCESTER PLAC
E
OXFORD STREET
PRAED
STRE
ET
SUSS
EX G
ARDEN
S
BAYSWATER ROAD
BAYSWATER ROAD
BISHOP’S BRIDGE ROADRANDO
LPH AVENUELANARK RO
AD
SUTHER
LAND AVEN
UE
WARWICK AVE
Regent’sPark
St Mary’s Hospital
Selfridges
JohnLewis
Madame Tussauds
17 HOMER ROW • MARYLEBONE W1 17 HOMER ROW • MARYLEBONE W1
MARYLEBONE VILLAGEHomer Row is located in Marylebone, in the heart of London’s West End.
Marylebone is bounded by Regent’s Park to the north, Fitzrovia to the east, Mayfair to the south and Paddington to the west, and is one of the most vibrant West End ‘villages’.
Marylebone is an affluent area that today is characterised by exclusive boutiques, renowned restaurants, fashionable hotels and high value residential. Marylebone High Street itself, to the east of Homer Row, is home to Maje, Matches Fashion and The White Company. Further notable amenities in the area include Chiltern Firehouse, The Marylebone Hotel and BXR.
The extensive array of high quality amenities complements the location’s affluent residential demographic and diverse office tenant profile. Notable office occupiers include BNP Paribas, British Land and Coca Cola.
The building occupies a prominent position on the eastern side of Homer Row, just south of its junction with Old Marylebone Road, which beneficially acts as a strategic link directly to Marylebone Road and Edgware Road.
17 HOMER
ROW
17 HOMER ROW • MARYLEBONE W1 17 HOMER ROW • MARYLEBONE W1
Farringdon
TottenhamCourt Road
BondStreet
EalingBroadway
Hayes &Harlington
WestDrayton
LiverpoolStreet
ForestGatePADDINGTON
Whitechapel
Stratford
ManorPark
ActonMain Line
WestEalingSouthall Maryland
Hanwell
Shenfield
Brentwood
Harold Wood
Green Park
Twyford
Reading
Terminals 1, 2 & 3
Terminal 4
Maidenhead
Romford
Chadwell HeathGoodmayes
Seven Kings
Ilford
Iver
Slough
Abbey Wood
Woolwich
Custom House
Canary Wharf
Burnham
Taplow
Langley
HeathrowAirport
11-6 mins 4-8 mins 10-17 mins 19-23 mins 25-53 mins13 mins26-16 mins50-30 mins 3 mins
CROSSRAIL
National Rail Underground Overground Docklands Light Railway Source: crossrail.co.uk
EDGWARE ROADBakerloo, Circle, District, Hammersmith & City
2 MINS
MARYLEBONENational Rail
Bakerloo
5 MINS
CONNECTIVITYMarylebone’s transport communications are excellent, with Edgware Road London Underground station (Bakerloo, Circle, District, Hammersmith & City lines) being situated a 2 minute walk from the property.
Additional nearby stations include Marylebone (Bakerloo line), Baker Street (Bakerloo, Jubilee, Circle, Metropolitan, Hammersmith & City lines) and Paddington (Bakerloo, Circle, District, Hammersmith & City lines).
Marylebone and Paddington stations also provide access to the UK’s wider national rail services and express rail services to Heathrow Airport. Communications will be further improved when the Elizabeth line (Crossrail) opens at Paddington station.
Approximate walking times.
PADDINGTONNational Rail
Bakerloo, Circle, District, Hammersmith & City
Crossrail
Heathrow Express
10 MINS
17 HOMER ROW • MARYLEBONE W1 17 HOMER ROW • MARYLEBONE W1
TENANCYThe property is to be sold with full vacant possession.
TENUREThe property consists of both the Freehold (Title No:169861) and Leasehold (Title No: NGL940022) interests in the property.
© Crown Copyright, ES 100004106. For identification purposes only.
29.7m
29.3m
28.3m
28.3m
TCBs
FB
Post
HOMER ROW
HARCOURT STREET
CRAWFO
RDPLA
CE
OLDMAR
YLEB
ONEROAD
MOLYNEUX STREET
SHOULDHAMSTREET
WAT
SONS
HOMER STREET
MEWS
SHILLIBEER PLACE
PH
PH
Cranfield Court
Freshwater
Court
Crawford Buildings
PH
Club
Presbytery
PH
Almsh
ouse
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Our Lady of the Rosary
RC Church
PH
Gerrard
House
Crawfor
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Dwelling
s
PH
Elliott House
BarhamHouse
PH
MansionsCrawford
67 to 72
Macready House
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14a
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45
3028
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Charter Court
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Mews House
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Swedish Church
St Dunstan's
Works
0m 10m 20m 30m
Homer Row
17 Homer Row, London, W1H 4AP
Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
DESCRIPTION & ACCOMMODATIONOriginally constructed in the early 1900s the property occupies prominent positioning fronting Homer Row.
17 Homer Row totals approximately 5,000 sq ft (465 sq m) GIA of residential and D2 accommodation arranged over four storeys.
Commercial
The commercial unit, currently designated as D2 use class, is arranged over basement and ground floor levels. The space, accessed from Homer Row, totals approximately 3,000 sq ft (279 sq m), and benefits from excellent floor to ceiling heights on the ground floor in excess of 4.25 meters.
Residential
The self-contained residential maisonette is arranged over first and second floors. Totalling approximately 2,000 sq ft (186 sq m), the flat has independent access from Homer Row.
(Allsop LLP have not been able to fully measure or inspect the property. The areas outlined here are approximations and Allsop LLP take no liability for inaccuracies.)
17 HOMER ROW • MARYLEBONE W1 17 HOMER ROW • MARYLEBONE W1
CGI
CGI
PLANNINGThe property is situated in the London Borough of Westminster, and sits within the Portman Estate Conservation Area. The building is not listed.
Planning Permission (14/05094/FULL) was granted in August 2014 for the demolition of the existing building and redevelopment to provide a new building comprising two basements, ground and four upper floors, with the lower basement to be used as pilates studio / gym / indoor sports hall (D2) and six residential flats (C3) on the basement, ground and four upper floors, with balconies on ground to third floors.
The Receivers have been informed that the planning permission has been implemented and is still extant; however, we are unable to confirm or provide documented evidence of this.
The historically consented scheme significantly increases the building’s GIA from approximately 5,000 sq ft to 11,464 sq ft.
HISTORICALLY CONSENTED AREA SCHEDULE
Floor Use GIA SQ FT GIA SQ M
Fourth Residential 1,195 111
Third Residential 1,528 142
Second Residential 1,528 142
First Residential 1,625 151
Ground Residential 1,948 181
Upper Basement Residential 1,690 157
Lower Basement D2 Commercial 1,302 121
Lower Basement Ancillary 646 60
TOTAL 11,464 1,065
Source: westminster.gov.uk
17 HOMER ROW • MARYLEBONE W117 HOMER ROW • MARYLEBONE W1
THE COMMERCIAL MARKET
London’s West End commercial real estate market remains resilient in an economic environment of low interest rates, weakened sterling and a healthy debt market.
The market continues to be characterised by a shortage of available product with many investors reluctant to sell in a tight market with attractive fundamentals.
Total West End investment volume during 2019 reached approximately £5.3 billion, notably down on 2018 volumes. However, despite this Q4 marked the busiest quarter of 2019, which is a market norm that illustrates sustained investor appetite for London’s West End market, and encouragingly Q4 volumes were 15% ahead of Q4 2018.
Overseas investors continue to dominate accounting for 60% of transactions in 2019. The geographic origin of this capital continues to be diverse, with Asian, Middle Eastern and European (including UK buyers) remaining very active.
Demand for vacant freehold property in the West End remains unprecedented, with the strength of this market being driven by owner occupiers wishing to put their mark on a building that reflects their own identity and individuality, whilst ultimately having their own front door.
VACANT POSSESSION LED COMPARABLE TRANSACTIONS
Date Address Tenure Price Capital Value £PSF
Dec-19 122 Wigmore Street, W1 LLH £5.50m £1,208
Dec-19 14 Grosvenor Street, W1 LLH £15.50m £2,819
Nov-19 Archeson House, 46 Hertford Street, W1 FH £9.80m £1,998
Aug-19 94-96 Wigmore Street, W1 FH £17.40m £1,475
Apr-19 40 South Audley Street, W1 LLH £4.72m £1,792
Feb-19 13-15 Rathbone Street, W1 FH £15.00m £1,607
Feb-19 17 Grosvenor Street & 17 Brook's Mews, W1 LLH £18.50m £2,000
Oct-18 16 Hanover Street, W1 FH £20.40m £1,997
Aug-18 38 Park Street, W1 LLH £9.00m £1,540
Jul-18 24-26 Hanway Street, W1 FH £8.28m £1,365
Jul-18 12 Grosvenor Place, SW1 LLH £12.00m £1,345
Jun-18 14 Shouldham Street, W1 FH £7.00m £1,400
Jun-18 66 Newman Street, W1 LLH £17.50m £1,204
May-18 6 Queen Street, W1 FH £9.30m £2,003
Apr-18 11 Upper Grosvenor Street, W1 LLH £18.65m £2,252
Feb-18 21 Cork Street, SW1 FH £19.60m £3,119
Jan-18 Nash House, 13 St George Street, W1 FH £15.75m £1,537
LOCAL DEVELOPMENTS
INTERNATIONAL HOUSEAddress: 66 Chiltern StreetDeveloper: HeronUse: 56 residential units
ELLIOT HOUSEAddress: 1 Molyneux StreetDeveloper: CoronadoUse: 32 residential units
THE CHILTERNSAddress: 74-76 Chiltern StreetDeveloper: Galliard HomesUse: 59 residential units
MOXON STREET CAR PARKAddress: Marylebone SquareDeveloper: RidgefordUse: 79 residential units
WEST END GREENAddress: 285-329 Edgware RoadDeveloper: Berkeley HomesUse: up to 652 residential units
MARBLE ARCH TOWERAddress: Marble Arch PlaceDeveloper: AlmacantarUse: 54 residential units, 83,000 sq ft
pre-let offices & 23,000 sq ft retail
DEVELOPMENT POTENTIALThe previously consented building envelope has established a precedent to significantly increase current density. A building of a greater scale may be possible, subject to adhering to the council’s design policies.
The opportunity exists to reduce the sizes of the previously consented residential units, subsequently reducing the capital values of the units whilst increasing the value per square foot.
Barton Willmore Planning Consultants have reviewed the previous scheme and considered its acceptability against the current planning policy position. They have produced a planning appraisal setting out their findings, which is available in the dataroom.
In summary, Barton Willmore has concluded that the current planning policy position would not preclude planning permission being granted for the previously consented 2014 scheme. The key points are summarised below:
a proposal mirroring the previously consented scale would be acceptable in design terms.
such a scheme would fall under the threshold for requiring affordable housing.
reduced residential unit sizes would be acceptable in line with The London Plan requirements.
on-site car parking would not be required given the site’s excellent accessibility.
On the instructions of Annika Kisby and Tammy Wilkins of Allsop LLP acting as Joint Fixed Charge Receivers
17 HOMER ROW
MARYLEBONE W1
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. Design CommandD www.commandHQ.co.uk 01.20
FURTHER INFORMATION
Data RoomFurther information can be downloaded from the dataroom: www.17homerrow.com
EPCEPCs are available in the data room.
PROPOSALOffers are invited in excess of £6,000,000 (Six Million Pounds),
subject to contract.
A purchase at this level reflects an approximate capital value of £1,200 per sq ft on the existing area and £523 per sq ft
on the historically consented area.
CONTACTS
Anthony Dixon+44 (0)20 7344 2625
Richard How+44 (0)20 7344 2652
RESIDENTIAL
Chloe Newton+44 (0)20 7543 6886
Mark Ibbotson+44 (0)20 7543 6879
COMMERCIAL
allsop.co.uk