the opportunity - levy real estate

02. THE OPPORTUNITY

— Central London freehold property situated between Chancery Lane and New Fetter Lane

— Existing B1a office building providing 4,838 sq ft (449.5 sq m) GIA over lower ground, ground and three upper floors

— Full planning consent for the provision of eight residential apartments (C3) comprising 8,533 sq ft (792.7 sq m) GIA and 6,696 sq ft (622.1 sq m) NSA over lower ground, ground and five upper floors

— Potential to revise the planning consent to provide nine private apartments, subject to obtaining the necessary consents

— Vacant possession

— Offers are sought in excess of £5,000,000 subject to contract and exclusive of VAT

Computer Generated Image for the 2016 consented scheme (REF:15/00971/FULL)

EC

4

BREAM’SBUILDINGS

04. London Eye

Westminster Charing Cross

London School of Economics

Temple Leicester Square

Covent Garden

Soho Tottenham Court Road

Holborn Chancery Lane

The British Museum

EC

4

BREAM’SBUILDINGS

St James’s Park

Green Park

Hyde Park

Lincoln’s Inn Fields

The property is located within the City of London on Bream’s Buildings, which runs to the east of Chancery Lane through to New Fetter Lane.

6 Bream’s Buildings is situated on the south side of the street close to the border of EC4 and WC2 benefitting from close proximity to both the City and West End and is a short walk from Covent Garden. WC2 is the heart of London’s theatreland and is also home to the legal profession (the Royal Courts of Justice and the Temple are situated close by).

There are a number of well known restaurants in the area including REMO, Clifford’s, STK and ROKA and Soho House are opening a new club at 180 The Strand. Covent Garden provides a wider array of retail, restaurant and leisure uses and Somerset House hosts a regular programme of visiting artists and festivals. A number of London’s top universities are located close by including The London School of Economics, The University of the Arts and King’s College.

LOCATION06.

12

13

14

9

22

16

15 8

4

5

1724

25

26

27

2

18

19

3

7

2021

1

11

10

6

23

BARBICAN

ST PAUL’S

COVENTGARDEN

EMBANKMENT

TEMPLE

SOUTHWARK

MAYFAIR

SOHO

GREEN PARK

OXFORD STREET

PO

RTLA

ND

PL

OLD ST

CANNON ST

HOLBORN

STRA

ND

UN

DER

PASS

THEOBALDS ROAD

STRAND

THE MALL

PICCADILLY

AR

UN

DEL STR

EETFLEET ST

GOLDEN JUBILEE BRIDGES

WA

TERLO

O B

RID

GE

EG

DIR

B S

RAI

RFK

CA

LB

REGEN

T STREET

CH

AR

ING

CR

OS

S RO

AD

SHAFTESBURY AVE

TOTTEN

HA

M CO

URT RO

AD

MORTIMER STREET

SOUTH

AM

PTON

ROW

GRAY’S IN

N RO

AD

KING’S CROSS ROAD

FITZROVIA

MARYLEBONE

TEMPLE

BBC

CHARINGCROSS

PICCADILLYCIRCUS

GREEN PARK

OXFORDCIRCUS

TOTTENHAMCOURT ROAD

RUSSELLSQUARE

HOLBORN

CHANCERYLANE

GREAT PORTLANDSTREET

EUSTONSQUARE

SOUTHWARK

CLERKENWELL

ST PANCRAS

RIVER THAMES

EUSTON

FARRINGDON

HORSE GUARDS PARADE

CITY OFLONDON

5 MINS 10 MINS 15 MINS

CHA

NCERY

LAN

E

LONDON1. LINCOLN’S INN FIELDS2. ROYAL COURTS OF JUSTICE3. LONDON STOCK EXCHANGE4. PICCADILLY

CULTURE5 SOMERSET HOUSE6 SOUTHBANK CENTRE7 ST PAUL’S CATHEDRAL8 ROYAL OPERA HOUSE9 THE BRITISH MUSEUM10 TATE MODERN11 NATIONAL THEATRE12 THE NATIONAL GALLERY

SHOPPING13 COVENT GARDEN14 FORTNUM & MASON15 CARNABY ST16 LIBERTY

EDUCATION17 KING’S COLLEGE LONDON18 LONDON SCHOOL OF ECONOMICS19 UNIVERSITY OF THE ARTS LONDON

RESTAURANTS20 BALTHAZAR21 THE DELAUNAY22 ST JOHN23 HAWKSMOOR

HOTELS24 NO 1 ALDWYCH25 SAVOY26 THE RITZ27 CLARIDGE’S E

C4

BREAM’SBUILDINGS

All travel times are from 6 Bream’s Buildings and are approximate.

Sources: Google maps and crossrail.co.uk. Elizabeth Line journey times valid from 2021.

Transport links to the property are excellent with Chancery Lane (Central Line), Holborn (Central & Piccadilly Lines) and Temple (Circle & District Lines) stations all within a short walk.

Thameslink services also run from both Blackfriars and Farringdon, the latter of which will benefit from Crossrail, with direct services to Paddington (8 mins) and Heathrow (31 mins).

There are numerous bus routes in the locality servicing both the immediate and wider area.

COMMUNICATIONS09.

HolbornVia London Underground

06mins

Chancery LaneBy Foot

05mins

Via London Underground

11mins

BlackfriarsBankVia London Underground

13mins

Via Tottenham Court RoadCrossrail Station

42mins

HeathrowCanary WharfVia Tottenham Court RoadCrossrail Station

26mins

PaddingtonVia Tottenham Court RoadCrossrail Station

19mins

Tottenham Court RoadVia London Underground

14mins

Liverpool StreetVia London Underground

11mins

08.

EC

4

BREAM’SBUILDINGS

The property comprises an attractive 19th century brick and limestone building on lower ground, ground and three upper floors. The existing building is accessed via a main entrance from Bream’s Buildings with secondary access at the rear of the building.

The existing building benefits from good fenestration to the front in addition to generous floor to ceiling heights. There are lightwells to the front and rear of the building providing natural light to the lower ground floor. The existing property comprises 4,838 sq ft (449.5 sq m) GIA (excl. vaults) of B1a office accommodation.

Existing Area Schedule

FLOOR SQ FT GIA SQ M GIA

3 967 89.8

2 1,033 96.0

1 1,020 94.8

G 1,070 99.4

LG 748 69.5

TOTAL 4,838 449.5

The building is located in the City of London, is not listed and lies within the Chancery Lane Conservation Area. The existing use is as offices (B1a). Planning consent was originally granted on 10/03/2016 (Ref: 15/00971/FULL) for:

Part demolition and extension of the existing building, associated with change of use from Class B1 to Class C3, including; demolition of the ground, first, second and third floors, excavation of existing lower ground slab, extensions to ground, first, second and third floors, new fourth and fifth floors with a roof terrace above, for the creation of 9 residential units with the creation of a new residential entrance, cycle parking, ground floor waste store, plant areas, terraces/Juliet balconies to the rear and other associated works.

The original permission has since been varied by way of a section 73 notice (18/01376/FULL) on 14/03/2019 for:

Part demolition and extension of the existing building, associated with change of use from Class B1 to Class C3, including; part demolition of the ground floor and the rear closet wing, demolition of the rear facade, excavation of existing lower ground slab, extensions to ground, first, second and third floors, new fourth and fifth floors with a roof terrace above, for the creation of 8 residential units alterations to the existing entrance, cycle parking, ground floor waste store, plant areas, terraces/Juliet balconies to the rear and other associated works.

The consent is not subject to a S106 agreement and Mayoral and Borough CIL is estimated at £62,755 of which there is approximately £20,000 that remains to be paid. Interested parties should rely on their own enquires in this regard.

Akin to the original permission, the S73 variation seeks to maintain the existing façade through to 3rd floor level. The S73 variation further provides for the existing stairwell to be maintained (thereby mitigating build costs), the location of the existing entranceway has been maintained and floor levels have been rationalised (thereby avoiding an internal step).

There is a further opportunity to revise the consent to provide nine private residential units through subdividing one of the existing 2-bed units to provide two 1-bed units , subject to obtaining the necessary consents.Proposed Area Schedule

GIA NSAAPARTMENT FLOOR PROVISION SQ M SQ FT SQ M SQ FT

Unit 1 LG Two bed 4-person 127.9 1,377 87.6 943

Unit 2 G Two bed 4-person 114.0 1,227 78.8 848

Unit 3 1 Two bed 4-person 113.7 1,224 96.4 1,038

Unit 4 2 Two bed 4-person 113.6 1,223 96.5 1,039

Unit 5 3 One bed 1-person116.5 1,254

40.0 431

Unit 6 3 One bed 2-person 49.0 527

Unit 7 4 Two bed 4-person 109.5 1,179 91.8 988

Unit 8 5 Two bed 4-person 97.5 1,049 82.0 883

TOTAL 792.7 8,533 622.1 6,696

(GIA’s excluding vaults)

(GIA’s excluding vaults)

EXISTING BUILDING PLANNING PERMISSION10. 11.

BEDROOM

BEDROOM

VAULTS VAULTS

ENSUITE

ENSUITE

WCLIFT

STAIR 1

HALL

LIVING

TERRACE

DINING

Plan not to scale, indicative only

BEDROOM

BEDROOM

ENSUITE

ENSUITE

WC

LIFT

STAIR 1

HALL

HALL

LIVINGDINING


B R E A M’S B U I L D I N G S


PROPOSED GROUND FLOORUnit 2: 848 sq ft / 78.8 sq m (NSA)

12. 13.PROPOSED LOWER GROUNDUnit 1: 943 sq ft / 87.6 sq m (NSA)

BEDROOM

BEDROOM

ENSUITE

ENSUITEWC

LIFT

STAIR 1

HALL

LIVING DINING

Plan not to scale, indicative onlyPlan not to scale, indicative only


BEDROOM

BEDROOM

ENSUITE

ENSUITE

WC

LIFT

STAIR 1 HALL

LIVING DINING


PROPOSED 1ST FLOORUnit 3: 1,038 sq ft / 96.4 sq m (NSA)

PROPOSED 2ND FLOORUnit 4: 1,039 sq ft / 96.5 sq m (NSA)

14. 15.

Plan not to scale, indicative onlyPlan not to scale, indicative only

BEDROOM

BEDROOM

ENSUITE

ENSUITE

WC

LIFT

STAIR 1 HALL

LIVING/DINING

LIVING/DINING

BEDROOM

BEDROOM

ENSUITE

ENSUITEWC

LIFT

STAIR 1 HALL

LIVINGDINING

B R E A M’S B U I L D I N G S B R E A M’S B U I L D I N G S

Unit 6

Unit 5

16. 17. PROPOSED 4TH FLOORUnit 7: 988 sq ft / 91.8 sq m (NSA)

PROPOSED 3RD FLOORUnit 5: 431 sq ft / 40.0 sq m (NSA) Unit 6: 527 sq ft / 49.0 sq m (NSA)


BEDROOM

BEDROOM

ENSUITE

ENSUITE

WC

LIFT

STAIR 1HALL

LIVING

DINING


18. 19.

Office RepositioningThe office occupational dynamics in Midtown remain strong with one of the lowest vacancy rates of any Central London submarket and a highly constrained development pipeline. With headline rental values having achieved in excess of £70 per sq ft nearby, 6 Bream’s Buildings provides an opportunity to extend the existing building in line with that granted under the residential consent to create a newly refurbished, enlarged and enhanced office building. Small office floorplates of c. 1,250 sq ft GIA, generous floor-to-ceiling heights and the inclusion of terraces and tenant amenities would be achievable and highly desirable.

Above: Pinks Mews

Above: Lincoln Square

THE MARKET18.

Residential Market CommentaryThere are a number of schemes on the market in the locality including Lincoln Square and Pinks Mews with headline pricing in the order of c. £2,500 per sq ft.

New homes sales have been stronger than anticipated in recent months. In part this is in response to government initiatives in respect of SDLT. It is also the case that London continues to be a mecca for overseas investment, as evidenced by overseas sales campaigns where take up from Hong Kong nationals in particular has been strong.

Westminster City Council’s wider tightening of planning policy in respect of change of use to residential means that there are now more limited unbuilt consents. Opportunities such as 6 Bream’s Buildings are therefore likely to become increasingly finite.

PROPOSED 5TH FLOORUnit 8: 883 sq ft / 82.0 sq m (NSA)

FURTHER INFORMATION

TenureThe property is held freehold under title number LN187114.

TenancyThe property is offered with the benefit of vacant possession.

VATThe property is elected for VAT and the intent is that the transaction will be treated as a zero-rated supply.

Data roomData room access will be provided upon request.

ProposalOffers are sought in excess of £5,000,000 subject to contract and exclusive of VAT.

Law Courts

64

11 13

15 to 25

Rolls House

BREAM’S BUILDINGS

For further information or to inspect please contact:

20.

DAN DRURY

07733 011 096 [email protected]

MATT SHARMAN07974 364 043 [email protected]

KIT HAIG 07854 963 145 [email protected]

MISREPRESENTATION ACT 1967 - Levy Real Estate LLP and DJD Real Estate for themselves and for the Vendors or lessors of this property whose agents they are given notice that: All description, dimensions, reference 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 ofeach of them. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. These particulars areproduced in good faith and set out a general guide only and do not constitute part of any offer or contract. No person in the employment of Levy Real Estate LLP or DJD Real Estate has any authority to make or give representation or warranty in relation to this property. All prices and rents are quoted exclusive of VAT unless otherwise stated. September 2020

Design by Tayler Reid

the opportunity - levy real estate

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