one & three hammersmith broadway, london w6 · one & three hammersmith broadway was...
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PRIME WEST LONDON OFFICE INVESTMENT OPPORTUNITY
ONE & THREE HAMMERSMITH BROADWAY, LONDON W6
SHEPHERD’S BUSH HAMMERSMITH KENSINGTON OLYMPIA
WESTFIELD LONDON
KINGS MALL SHOPPING CENTRE
EVENTIM APOLLO THE ARK HYDE PARKHOLLAND PARK
SHEPHERD’S
BUSH ROAD
Indicative purposes only.
77 FULHAM PALACE ROAD SOLD SEP 14 £81.75M/6.33%
FULHAM PALACE ROAD
KING STREET
GRIFFIN HOUSE SOLD AUG 15 £75.55M/5.06%
To London Heathrow airport 12 miles/20 mins
To Central London 4.5 miles/15 mins
<
26/28 HAMMERSMITH GROVE SOLD JUN 15 £131M/4.11%
STAGE 6 TELEVISION STUDIO (BBC) SOLD MAR 15 £67M/3.73%
A4
ARGENTUM SOLD JUN 15 £15.78M/4.22%
>
INVESTMENT SUMMARY
O Prime and prominent office building situated in the centre of Hammersmith
O Hammersmith has the lowest office vacancy rate in London
O Hammersmith is an established business location with other significant occupiers in The Broadway development including AOL, Walt Disney, EMI, Time Warner
O Excellent amenities being located above the Hammersmith Broadway Shopping Centre and close to the high street where occupiers include M&S, Pret, Costa, TK Maxx and restaurants such as Bill’s and Byron
O Surrounding areas of Earl’s Court and Shepherd’s Bush are undergoing significant regeneration with various iconic schemes such as the BBC TV Centre, the redevelopment of Earls Court Exhibition Centre and the Westfield extension
O Attractive building with unparalleled transport links situated directly above Hammersmith Underground and bus station
O Two separate long leasehold interests
O A new 10 year lease to be granted to BC Property Management Limited, a subsidiary of Blenheim Chalcot on an institutional FRI lease with an upward only rent review in year five. The tenant is to have an option to renew for a further 10 years at market rent
O High quality office accommodation with a newly created staff café and break out area totalling 2,678.82 sq m (28,835 sq ft)
O The property has a total of 22 car parking spaces
O Excellent rental growth prospects in Hammersmith with rents rising over 8% last year
O Current income of £1,417,136 per annum, reflecting £49.50 per sq ft based on first to fifth floors
O Offers are sought in excess of £25,500,000 (Twenty Five Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT, equating to an attractive net initial yield of 5.25% after allowing for purchaser’s costs of 5.8%
ONE & THREE HAMMERSMITH BROADWAY, LONDON W6
HAMMERSMITHHammersmith is the business hub and strategic gateway in the western corridor of London connecting the area to Central London approximately four miles to the east.
The area benefits from excellent transport links with the A4 providing access into Central London approximately four miles to the east and access to the M4 (Junction 1) three miles to the west and the M4/M25 interchange 10 miles to the west.
The London Underground serves Hammersmith via four of the lines including the District, Circle, Piccadilly and Hammersmith and City lines providing access to Central London in approximately 20 minutes. The London Underground provides access to King’s Cross and Euston railway stations, with quickest journey times of 23 minutes and 25 minutes respectively. Shepherd’s Bush Underground is a short distance away and provides access to Central London via the Central Line. Hammersmith is also a major part of the bus network with 17 routes utilising Hammersmith Bus Station. Hammersmith is considered one of the best connected stations in London.
The area is well connected by air with London Heathrow situated 10 miles to the west and also accessible via the London Underground (Piccadilly Line) in approximately 30 minutes.
Hammersmith benefits from an extensive retail offering with the Broadway Centre and King’s Mall both providing a significant retail provision. The former has an annual footfall in excess of 37.8 million (source: completely retail). The Westfield Shopping Centre is situated nearby and provides one of the most extensive shopping destinations in London with over 300 shops, 60 drinking and dining places and a leisure offering.
The borough is home to over 10,500 businesses employing more than 127,000 people (source: Hammersmith and Fulham Borough Profile). A number of established global companies have located their headquarters in Hammersmith including GE, Disney, L’Oréal, Sony Ericsson, Phillip Morris and Virgin Media amongst others.
O WORLD CLASS COMMERCIAL LOCATION
O LOWEST VACANCY RATE IN LONDON
O BUSINESS HUB
O HIGHLY SKILLED EMPLOYMENT POOL
O SIGNIFICANT INVESTMENT IN THE AREA
O UNRIVALLED RENTAL GROWTH POTENTIAL
O FIRST CLASS TRANSPORT AND AMENITIES
LOCAL BUSINESSES, GLOBAL BRANDS
Hammersmith
Hammersmith
RavenscourtPark
Barons CourtWest
Kensington
KensingtonOlympia
HammersmithCreek
BayonnePark
Lillie RoadRecreation
Ground
NormandPark
MarcusGarvey
Park
OlympiaLondon
RavenscourtPark
Ham
mersm
ith Grove
Queen Carolin
e Str
eet
Brook Green
Brook Green
Palliser Road
Gliddon Road
St. Dunstan’sRoad
Margravine GardensBaron’s Court Road
Shortlands
Cole
t Gar
dens
Edith Road
Iffley Road
Adie Road
Overstone R
oadRave
nsco
urt R
oad
Chancellor’s Road
Crisp Road
Row
an R
oad
But
e Gardens B317 North End R
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B408 Paddenswick Road
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ling
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B350 Lonsdale Road
A2
19
Fullham Palace R
oad
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6 C
aste
lnau
A306
Ha
mm
ersm
ith B
ridge
Roa
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A315 King Street
A315 Glenthorne Road
A219
She
pher
ds B
ush
Road
A315 Hammersmith Road
A3218 Lillie Road A3218 Lillie
Road
Talgarth RoadTalgarth Road
A402 Goldhawk Rd
A4
02
Gol
dhaw
k R
oad
A4 Talgarth RoadA4 Hammersmith flyoverA4 Great West Road
A3220 Holland Road
A3220 AddisonRoad
1 HAMMERSMITHBROADWAYLONDON
Heathrow
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Gatwick
Stansted
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DorkingGUILDFORD Reigate
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READING
OXFORD
Henley-on-ThamesMaidenhead
EpsomSutton
Swanley
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RichmondHounslow
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Southend-on-SeaBenfleetCanveyIsland
Brentwood
Chelmsford
ChippingOngar
Basildon
Welwyn GardenCity
Walton-on-Thames
KingstonUpon Thames
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Harpenden
HAMMERSMITH
ONE & THREE HAMMERSMITH BROADWAY, LONDON W6
HAMMERSMITH STATION
London Heathrow 28 minutes
Liverpool Street Station 33 minutes
Piccadilly Circus 15 minutes
Cannon Street 23 minutesEarls Court 7 minutes Victoria 14 minutes Westminster 17 minutes Blackfriars 21 minutes
Knightsbridge 12 minutes King’s Cross St. Pancras 23 minutes
King’s Cross St. Pancras 25 minutesGreat Portland Street 21 minutesPaddington 11 minutes
M4
M4
M4
M4 A4
WestwayWestway
Western Avenue
Old Kent Road
A4
A40
A202
A12A11
A10
A501
CENTRAL LONDON
HAMMERSMITH
CHISWICK
FULHAMBARNES
KEWGARDENS
CHISWICK HOUSE& GARDENS
CHISWICK COMMON
HYDE PARK
BATTERSEAPARK
GREEN PARK
GREENWICHPARK
REGENTS PARK
VICTORIA
PADDINGTON
HAMMERSMITH
SHEPHERD’S BUSH
EARL’S COURT
WESTMINSTER
BLACKFRIARS
LONDON BRIDGE
KINGS CROSS
STRATFORD
LIVERPOOL ST
KNIGHTSBRIDGE
PICCADILLY CIRCUS
GT PORTLAND ST
M4 JUNCTION (Jct 1)
n Piccadilly n Hammersmith & City n Circle n District
n Jubilee n Victoria n Central n Bakerloo n Northern n Metropolitan
LONDON UNDERGROUND TRAVEL TIMES
SITUATIONOne & Three Hammersmith Broadway forms part of the Centre West Development which comprises the subject property, the recently refurbished One Queen Caroline Street and the Broadway Shopping Centre. The centre has an annual footfall in excess of 37.8 million with a tenant lineup including Boots, WHSmith, Tesco, Pret, Costa, McDonalds and numerous other well known brands.
The property is prominently located on the northern side of the Hammersmith roundabout between the junctions of King Street and Shepherds Bush Road and above the entrance to Hammersmith Underground station.
The surrounding area benefits from numerous amenities including an extensive retail offering and various leisure/cultural buildings including Hammersmith Apollo, London Olympia, The Lyric Theatre, and The Riverside Studios. Further afield there is Westfield London 1.3 miles to the north and Earls Court 1.5 miles to the east.
As well as being a transport hub One & Three Hammersmith Broadway is well positioned to access the wider retail and leisure offerings close by. King Street, immediately to the west, provides an extensive retail offering and is undergoing regeneration with ongoing work at King’s Mall Shopping Centre.
Helical Bar and Grainger plc are in the process of developing a mixed use scheme around Hammersmith Town Hall to provide new offices, approximately 200 apartments, new retail and leisure space, and an attractive public square with works due to start in early 2016.
Outline for indicative purposes only
ONE & THREE HAMMERSMITH BROADWAY, LONDON W6
DESCRIPTIONOne & Three Hammersmith Broadway was originally built in the 1980s and provides a total of 2,678.82 sq m (28,835 sq ft) arranged over ground and five upper floors. The property is held under two separate titles:
One Hammersmith Broadway comprising part reception (main entrance area), mezzanine behind the reception and floors two to five.
Three Hammersmith Broadway comprising part reception (area with the stairs leading to the first floor) and the first floor.
The office accommodation is situated on second to fifth floors and the new café and break out room are situated on the first floor.
The office accommodation is mainly open plan with some glazed partitioning on the majority of the floors.
There are two passenger lifts accessed from the mezzanine floor behind and above the reception, these provide access to the second to fifth floors. A disabled lift is accessible from ground floor reception and provides access to the mezzanine and first floor. There is also a goods lift which services floors two to five which is accessed from the ground floor of Three Hammersmith Broadway.
The property is of high quality specification and provides:
• VRV air conditioning• Raised floors (100-110 mm)• 2.8m floor to ceiling heights• Kitchenette and male & female WC’s on each of the office floors• Two 10 person passenger lifts, a disabled lift and a goods lift• Shower Facilities• Communal café and break out room
The property provides 22 underground car parking spaces, situated within the Broadway Shopping Centre Car Park, with a car parking ratio of 1:1,310 sq ft.
In 2012 the property was refurbished as follows:
Ground Floor – new reception, refurbishment of the staircase to first floor, refurbishment of the lift (to provide access to the first floor and now DDA compliant), improved lighting and reconfiguration to the floorplate to create a more open floorspace.
First Floor – new suite of four meeting/conference rooms and ancillary accommodation, new food preparation room, a new hub room to serve the meeting rooms, new DDA compliant WC, and a general refurbishment.
Second to Fifth Floors – each of the office floors refurbished to form revised office accommodation with meeting rooms and cellular offices in part, formation of server rooms and refurbishment of kitchenette or installation of new kitchenette.
During 2015 the property has had an ongoing refurbishment program as follows:
Ground Floor – new reception fittings, new lighting, new flooring, new signage, new furniture and graphics to the exterior glazing. To be completed by December 2015.
First Floor – extensive refurbishment to create a new staff café and break out room. The café provides subsidised food and drink and informal meeting space with two meeting booths in the ‘dining area’ of the floor. The break out room is an informal meeting space.
Second to Fifth Floors – the office floors are part of an ongoing refurbishment program to include new carpets, new glazed partitioning and office reconfiguration, new lighting, new office fittings and new furniture. The third floor has undergone refurbishment as detailed above with the second and fourth floors to be completed by December 2015, and the fifth floor to be completed by early 2016.
Once completed the tenant will have spent approximately £70 psf on the property over the last three years.
More information available on request.
Café Dining Area
Breakout room
5
4
3
2
FLOORPLANS
n Office area n Kitchen area n Toilet facilities n Stairwells n Lift
First Floor3 Hammersmith Broadway
Second Floor1 Hammersmith Broadway
Third Floor1 Hammersmith Broadway
Fourth Floor1 Hammersmith Broadway
Fifth Floor1 Hammersmith Broadway
Floorplans for illustrative purposes only
Floor Sq M Sq Ft
5th 612.22 6,590
4th 612.22 6,590
3rd 617.24 6,644
2nd 616.96 6,641
1st 201.04 2,164
Reception 19.14 206
Total 2,678.82 28,835
ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following net internal floor areas:
The property provides 22 car parking spaces.
SITE AREAThe property occupies a site of approximately 0.081ha (0.2 acres).
1n Café & Dining n Breakout room n Stairwell n Toilet facilities
Refurbished office floor Break out room Staff café
Staff café
ONE & THREE HAMMERSMITH BROADWAY, LONDON W6
Outline for indicative purposes only
5.5m
6.7m
5.7m
5.5m
Subway
LB
TALGARTH ROAD
SLs
SL
Car Park
Priory
34
St Augustine's
ge C
ourt
PH
Hall
Theatre
24
HouseBradmore
PC
47
Shelter Police Station
SL
Sand Drag
BuildingMetro
5.7m
5.4m
5.3m
5.7m
5.5m
5.0m
5.8m
PostsTCB
TCBLB
LB TCB
TCB
BUTTERWICK
HAMMERSMITH
QUEEN
CA RO
LI NE ST RE ET
BROADWAY
Underground Railway
Bank
8
46
204
26
PH
Arcade 22
14
1
2
(LU)
3
to
5
38
Chambers
George
7
3
4
24
16
18Broadway
Metropolitan Station
The
206
14
(PH)
2
l Sub S ta
8 16
6
30
3
Broadway
Buildings
20
208
12
1
2
Shelter
10
2
12
102
255
Shelter
0m 10m 20m 30m
Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:994
The
Broa
dway
Cen
tre
Bus Station
Hammersmith
Station
Hammersmith
ONE & THREE HAMMERSMITH BROADWAY, LONDON W6
TENUREThe property is held on two seperate long leasehold interests as detailed below:
TENANCYThe property is to be under-let to BC Hammersmith Property Management Limited by two separate underleases as follows:
1. One Hammersmith Broadway
2. Three Hammersmith Broadway
The underleases will be on FRI terms for 10 years from completion of the sale. The leases will contain upward only rent reviews in year five. The tenant is to have an option to renew for a further 10 years at the expiry of the lease at market rent.
The rent is to be apportioned to each of the separate underleases based on their respective floor areas as follows:
One Hammersmith Broadway – the rent is £1,310,017 per annum which equates to £49.50 per sq ft, with zero rent applied to the reception.
Three Hammersmith Broadway – the rent is £107,118 per annum which equates to £49.50 per sq ft, with zero rent applied to the reception.
The total rent passing is £1,417,136 per annum which equates to an average of £49.50 per sq ft overall.
COVENANTBC Hammersmith Property Management Limited is within Blenheim Chalcot responsible for property management services.
Blenheim Chalcot traces its origins back to 1998, when it was set up as an IT service provider, helping large corporates to adapt to the fast changing technology environment at that time. Since then, the two founders and an expanding team of experienced and trusted CEO’s have created or acquired more than 30 businesses, mostly in the core domains of Digital Finance, Digital Education, Digital Media and Digital Tech.
Blenheim Chalcot has over time become one of the UK’s leading ‘Venture Builders’ – having created a unique corporate DNA and support system infrastructure, which allows start-up teams to efficiently and rapidly start up and grow new businesses. Its synergetic and supportive incubator environment has nurtured many highly successful companies. Today, these companies have sales of over £300 million and employ in excess of 3,000 people.
Some of the notable companies in the portfolio are:
• Agilisys: one of the largest BPO service providers to the public sector in the UK
• Brightbridge Ventures: one of UK’s largest FinTech incubator
• Captured: shared learning platform provider
• Contentive: global online lead generation platform
• Floream: largest online business college in the UK
• Liberis: Largest independent merchant cash advance provider in the UK
BC Hammersmith Property Management Limited
2013/14 2014/15 2015/16
Sales £1,612,801 £1,935,107 £3,162,795
Costs £1,321,027 £1,546,860 £2,956,057
Gross Profit £291,774 £388,2461 £206,7382
Net Worth £132,947 £521,193 £727,932
1. Draft figure. 2. Forecasted figure.Further information available upon request.
Long Leasehold 1 Hammersmith Broadway
Title Number BGL41046BC Hammersmith Property Limited
Dated 11 February 2002c. 164 years to expiry
Peppercorn rent
Long Leasehold 3 Hammersmith Broadway
Title Number BGL10192BC Hammersmith Property Limited
Dated 3 February 1994c. 103 years to expiry
Peppercorn rent
FreeholdTitle Number NGL634727
London Underground Limited
Long LeaseholdTitle Number BGL10281
Hammersmith Broadway SARLDated 15 April 1994c. 164 years to expiry
© Crown Copyright, ES 100004106. For identification purposes only.
n First floor title only - 3 Hammersmith Broadway
The long leaseholder of One Hammersmith Broadway has been granted, by the landlord, an exclusive right to park in 22 spaces which the landlord may from time to time designate. This right is co-terminus with the long lease of One Hammersmith Broadway expiring on 27 January 2179.
HAMMERSMITH OCCUPATIONAL MARKET COMMENTARY
Average annual take-up in Hammersmith over the past five years has been approximately 228,000 sq ft. Take-up in 2014 totalled approximately 241,000 sq ft, exceeding both the five and 10 year averages.
The majority of office take-up over the last 10 years has been from companies already based in the London Borough of Hammersmith & Fulham, however, more recently there has been an influx of occupiers moving to Hammersmith from further afield. These include GE (West End), Dunnhumby (Ealing), Harrods (Knightsbridge), Medidata (Uxbridge), Philip Morris (Richmond) and Virgin Media (Covent Garden).
Take-up has traditionally been for Grade A accommodation, with 83% of all take-up over the last 10 years falling into this category. During the last five years, Grade B take-up has further reduced and only accounted for 13%.
10 Hammersmith Grove is the only new Grade A office building to have been delivered in the last 10 years and has benefited from the most high-profile letting activity. The entire building was under-offer within six months of practical completion and fully let within 12 months.
The average building/floor size of take-up in Hammersmith has remained relatively constant for the last 10 years at approximately c. 20,000 sq ft.
INVESTMENT MARKET COMMENTARY
The West London market has experienced considerable demand over the past 12 months, with investors attracted by the strong occupational picture and continued rental growth in locations such as Hammersmith. The improving economy and lack of development activity has resulted in extremely low vacancy rates and the potential for continued rental growth has attracted investors to this booming market.
With yields in the West End and City of London reaching all-time lows, investors are pursuing opportunities outside of these core markets in the search for higher returns.
The Hammersmith market in particular offers robust occupational and investment credentials, underpinned by a severe lack of supply, attractive current rents relative to the West End, strong rental growth prospects and excellent transport links.
Date Property Description Area (sq ft) Rent (per sq ft) Tenant Term (term certain)
Available One Queen Caroline Street Total Building 82,893Quoting £57.50
– –
Under Offer Lyric House, 149 Hammersmith Road 5th Floor 3,015 £52.50 Confidential Unknown
Under Offer One King Street 5th Floor 3,714 £55.00 Confidential 10 years (5 years)
Under Offer One King Street 4th Floor 5,102 £52.50 Confidential 10 years
Aug-15 227 Shepherd’s Bush Road 3rd Floor 3,613 £50.50 Starlight 15 years
May-15 Broadway Studios Part 3rd Floor 3,000 £50.00 NPD Marketing 5 years
May-15 Colet Court Part 2nd Floor 5,055 £47.00 Newell RubbermaidCo-terminus 9 years (4 years)
May-15 Lyric House, 149 Hammersmith Road 1st Floor 4,069 £47.50 Vessels Value 5 years
Mar-15 Griffin House Whole Building 88,872 £45.74 Virgin Media 10 years
Feb-15 200 Hammersmith Road 1st Floor 5,421 £50.00 Western Union 10 years (5 years)
Sept-14 10 Hammersmith Grove 6th-8th Floors 34,250 £50.00 Philip Morris 10 years
Aug-14 10 Hammersmith Grove Part 2nd & 3rd Floors 22,600 £47.50 Fox Intl Channels 10 years
Jul-14 10 Hammersmith Grove 1st & Part 2nd Floors 24,800 £46.00 Accor 10 years
Feb-14 10 Hammersmith Grove 4th & 5th Floors 32,000 £48.00 UK TV 15 years
Date Address Tenant(s) Lease Expiry (Break)
Price NIY Cap Val (per sq ft)
Purchaser
Coming to market 184 Shepherds Bush Road, Shepherds Bush Dunnhumby New 15 year
leaseQuoting
c.£95.00m 4.50% c.£812 -
On market Metro Building, Hammersmith Mutli-let (13 tenants) 6.9 years (2.7 years)
Quoting £61.00m
Quoting 6.00% £560 -
Aug-15 Griffin House, 161 Hammersmith Road Virgin Media Ltd 9.7 years £75.55m 5.06% £850 Overseas private investor
Jun-15 Argentum, Hammersmith Regus 5.2 years £15.78m 4.22% £623 Royal London
Mar-15 26-28 Hammersmith Grove, Hammersmith Multi-Let (31 tenants) 7.2 years (4.3 years) £130.00m 4.31% £636 Hermes
Mar-15 Stage 6 Television Studio, Shepherds Bush BBC Worldwide Ltd 25 years £67.00m 3.75% £713 Aviva
Mar-15 St George’s House West, Wimbledon Multi-Let (4 tenants) 8.7 years £58.70m 4.56% £691 Orchard Street
Jan-15 Landmark House & Thames Tower, HammersmithMulti-Let (Thames Tower – Vacant) (Landmark House – Various short term leases)
0.7 years £57.00m N/A £421 Eastern & Oriental
Dec-14 43 Brook Green, Hammersmith Halcrow Group Ltd 16.0 years (11.0 years) £54.90m 4.95% £640 IVG
Jun-14 27 Wrights Lane, Kensington Warner/Chappell Music Ltd 6.5 years £60.00m 4.23% £867 Warner Music Group
LONDON
M1
M4
M4
M2
M3
M3
M10
M40
A404(M)
A329(M)
M25
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
A1(M)
M1
Brentford
£28.00Staines
Uxbridge
Windsor
SloughMaidenhead
Basingstoke
Reading
Bracknell
CityMid Town
Heathrow
Ealing
Chiswick
£21.00
£33.00
£21.50
£28.60
£33.00
£32.50£27.50 £32.00
£32.50
HAMMERSMITH
£57.50
£65.00£80.00
Paddington
£60.00West End
£130.00
£32.50
£58.00
KING STREET DEVELOPMENT, HAMMERSMITH
Helical Bar and Grainger plc joint venture to deliver a £150m mixed use scheme providing new offices, approximately 200 apartments, new retail and leisure space (including a new three screen Curzon cinema) and an attractive public square. The development is due for completion in 2019.
ST JAMES, WHITE CITY
In May 2015 St James secured planning permission for a new development with up to 1,465 homes in White City. The wider development aims to deliver up to 1,465 new homes, along with commercial, office, community and leisure space. The development will bring £615m of investment to the area, creating 620 jobs in construction and 350 permanent jobs. The scheme will be delivered in phases over a 15 year period.
EARLS COURT REDEVELOPMENT
Nearby Earls Court is subject to one of the biggest redevelopments in London. Over the next 15 years an £8 billion, 77 acre scheme will be developed with proposals to build 7,500 new homes and a new high street running through the centre. The scheme will create up to 10,000 new permanent jobs and a further 36,000 construction jobs. There will also be a new primary school, a large sporting and leisure facility, £5 million improvements to West Brompton Station, improvements to the streets and public realm and the creation of 27 acres of green space. Finally the Empress State building will be converted to provide a further 500 homes.
REGENERATION
Hammersmith continues to undergo regeneration improving both the residential and commercial markets for the area. A number of projects are currently ongoing or in the planning process including the below:
WESTFIELD PHASE 2
Westfield have long had plans to invest £1bn to redevelop the land to the north of Westfield London. In April 2014 outline planning consent was granted to build 1,347 new homes as mixed-use blocks and standalone residential. The refined scheme will create distinct but integrated zones including retail, with an 800,000 sq ft extension to Westfield London and a new flagship John Lewis department store, and residential helping to create a residential community and further green space. The aim is for the scheme to be open in time for Christmas 2017.
BBC TELEVISION CENTRE, WHITE CITY
The redevelopment of the BBC Television Centre will transform the area hugely providing up to 950 new homes, 500,000 sq ft of new Grade A offices with BBC Worldwide already in residence, a 47 bedroom hotel and new private members’ club from Soho House, significant leisure offerings with all day cafés, restaurants and an independent cinema and a mix of quality amenities.
BBC MEDIA VILLAGE, WHITE CITY
The BBC are reducing their operations at BBC Media Village and have vacated some of the buildings initiating the refurbishment and re-letting of the existing buildings as well as the redevelopment of the 3 acre site for 180,000 sq ft of mixed-use development, which currently has planning permission for an office and music centre.
IMPERIAL WEST (SOUTH), WHITE CITY
A development site with outline planning permission for a residential-led scheme comprising up to 1,150 new homes plus retail and office accommodation arranged over 11 buildings. Imperial College, London acquired the site in 2013 and are currently working on a masterplan to create a world-leading technology innovation campus which will ultimately integrate with Imperial West (North) creating a campus of over 3 million sq ft.
FULHAM REACH
A recent regeneration project in Hammersmith is the Fulham Reach development which is a 7.25 acre mixed use development comprising approximately 750 new homes and over 44,000 sq ft of restaurant, retail and office space. The development is due for completion in 2017.
HAMMERSMITH FLYUNDER
There are ongoing discussions for the redevelopment of the Hammersmith flyover to create the ‘Hammersmith Flyunder’ which would be built underground and with the removal of the flyover, would free up 360,000 sq m (circa £1 billion) worth of residential and commercial space. The development would take three years to complete once the project has been approved and is estimated to cost up to £1.7 billion depending on the extent of the ‘Flyunder’.
ONE & THREE HAMMERSMITH BROADWAY, LONDON W6
CAR PARKING SERVICE CHARGEThe current Car Parking Service Charge for One and Three Hammersmith Broadway, for the year ending 31/03/2016 is £39,608.
BUILDING SERVICE CHARGEThe current Building Service Charge for One Hammersmith Broadway, for the year ending 31/03/2016 is £10,050.41.
The current Building Service Charge for Three Hammersmith Broadway, for the year ending 31/03/2016 is £68,342.82.
The total building service charge for the year ending 31/03/2016 is £78,393.23 which equates to £2.72 psf and is paid to Hammersmith Broadway SARL.
CAPITAL ALLOWANCESAny capital allowances available to a qualifying purchaser can be made available by separate negotiation. More information can be provided upon request.
EPCThe property has been rated C(61) on the EPC rating list. More information available on request.
VATWe understand the property is elected for VAT which will be chargeable on the purchase price. It is anticipated that the transaction is to be treated as a transfer of a going concern (TOGC).
DATAROOMA dataroom is available. Further information upon request.
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. Design: CommandD www.commandHQ.co.uk 10.15
www.allsop.co.uk
Guy Scott Plummer020 7543 [email protected]
Scott Tyler020 7543 [email protected]
Richard Lea020 7543 [email protected]
Ben Blinston-Jones020 7543 [email protected]
FOR FURTHER INFORMATION OR TO MAKE ARRANGEMENTS FOR VIEWING PLEASE CONTACT:
PROPOSAL
Offers are sought in excess of £25,500,000 (Twenty Five Million, Five Hundred Thousand Pounds), subject to contract and exclusive of VAT, equating to an attractive net initial yield of 5.25% after allowing for purchaser’s costs of 5.8%
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