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5 - 7 D O V E R S T R E E T , L O N D O N W 1
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D O V E R S T R E E TL O N D O N W 1
P R I M E A 1 R E T A I L & R E S I D E N T I A L I N V E S T M E N T O P P O R T U N I T Y I N T H E H E A R T O F M A Y F A I R
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Attractive mixed-use investment in the heart of Mayfair.
Located in a prominent position on Dover Street close to the junction with Piccadilly,
one of London’s most fashionable retail and residential locations.
9,146 sq ft (849.7 sq m) of retail, office and residential accommodation arranged over
ground and 5 upper floors.
Prime Dover Street A1 retail rents are now approaching £600 ITZA.
Unprecedented demand for well-located residential apartments
and office accommodation.
To be sold with the benefit of full vacant possession.
Long leasehold with approximately 53 years unexpired.
Offers invited for our client’s leasehold interest.
I N V E S T M E N T S U M M A R Y
5 - 7 D O V E R S T R E E T , L O N D O N W 1 5 - 7 D O V E R S T R E E T , L O N D O N W 1
4 5S T J A M E S ’ S
S Q U A R EP I C C A D I L L Y
C I R C U SO X F O R DC I R C U S
R E G E N T S T R E E TG R E E N P A R KB O N D S T R E E T
B E R K E L E Y S Q U A R E
5 - 7D O V E R S T R E E T
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DOVER STREET IS LOCATED IN THE HEART OF MAYFAIR AND LIES PARALLEL TO BERKELEY STREET AND ALBEMARLE STREET. BOND STREET, ONE OF THE WORLD’S MOST FAMOUS RETAILING DESTINATIONS IS LOCATED MOMENTS AWAY OFFERING AN EXCLUSIVE MIX OF LUXURY BOUTIQUES AND HIGH END BRANDS.
Bordering the luxurious St James’s to the South, vibrant Soho to the East and the opulent Marylebone to the North, Mayfair is considered one of the Capital’s most exclusive and desirable residential, retail and business addresses.
Mayfair offers a rich and impressive cultural and social scene and is home to some of the most globally renowned restaurants and hotels including Nobu, Novikov, Cipriani, Cecconi’s, Sexy Fish, La Petite Maison, Hakasan, C-London, The Ritz, Claridges, The Dorchester and The Westbury. Retailers represented on Bond Street include Prada, Cartier, Chanel, Asprey, Tiffany, Giorgio Armani, Burberry, Ralph Lauren and Louis Vuitton. The area is also synonymous for exclusive private members clubs including The Arts Club, 5 Hertford Street and George.
Mayfair benefits from its many local amenities, numerous Grade A office buildings and luxury apartment blocks, making it one of the world’s most desirables places to live and work. Office occupiers located in the area include Lazard, Blackstone, KPMG, Carlyle Group and SAB Miller.
L O C A T I O N
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Dover Street is situated directly north of Piccadilly and lies parallel to Albemarle Street and Berkeley Street, approximately 50 metres from Berkeley Square.
The property is prominently positioned on the eastern side of Dover Street at the southern end close to its junction with Piccadilly.
S I T U A T I O N
CLARIDGES
AMERICANEMBASSY
GEORGE
LA PETITEMAISON
MORTONS
HAKKASAN
NOBU
NOVIKOV
ARTSCLUB
NOBU
5 HERTFORD
COYA
MURANO
SAVILE ROW
BURLIN
GTON
ARCADE
BRUTON S
TREET
CONDUIT
STR
EET
HYDE PARK
GREEN PARK
ROYAL ACADEMYOF ARTS
THE WESTBURY HOTEL
LOUIS VUITTON
PATEKPHILIPPE
CARTIER
TIFFANY
WILLIAM & SON
SOTHEBY’S
FORTNUM& MASON
MAYFAIR
CHINA TOWN
HOUSES OFPARLIAMENT
THEATREDISTRICT
MARBLE ARCH
EMBASSYOF JAPAN
SCOTT’S
HYDE PARKCORNER
PICCADILLY
GREEN PARK
OXFORD CIRCUS
BOND STREET
BOND STREETWESTERN TICKET HALL
MARBLE ARCH
BOND STREETEASTERN TICKET HALL
PARK LANE
NEW
BON
D STREET
OLD
BON
D STREET
CURZON STREET
MOUNT STREET
SOU
TH A
UD
LEY STREET
GROSVENORSQUARE
PICCADILLY
THE MALL
CONSTITUTION HILL
REGENTS STREET
OXFORD STREET
BERKELEYSQUARE
ST JAMES’SSQUARE
5 - 7D O V E R S T R E E T
DOVER STREET
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1 0 1 1
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The Central London retail market has seen record growth over the past few years especially in the most sought after locations on Bond Street, Oxford Street and Regent Street where demand for premises remains exceptionally strong with virtually zero vacancy rates.
Dover Street and other surrounding retail locations have benefitted from this unprecedented demand as it has forced many retailers to seek alternative locations, thereby improving the retail offering in wider Mayfair and resulting in rental growth in those areas.
D O V E R S T R E E T R E T A I L I N G
MNKY HSE
RESTAURANT
ASTON
MARTINCASCADES
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1 55 - 7 D O V E R S T R E E T , L O N D O N W 1
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SOHO
MAYFAIR 5 - 7D O V E R S T R E E T
HYDE PARKCORNER
PICCADILLY
GREEN PARK
OXFORD CIRCUS
BOND STREET
MARBLE ARCH
BOND STREETEASTERN TICKET HALL
13 MINS1.0 KM
11 MINS0.9 KM
2 MINS0.2 KM
8 MINS0.6 KM
Crossrail / Elizabeth Line is Europe’s largest infrastructure project costing approximately £15 billion once completed. Due to open in 2018, Crossrail will increase London’s rail based transport network capacity by 10% and dramatically cut journey times across the city with an estimated 200 million people travelling by Crossrail each year.
Once opened, roughly a quarter of England’s population will be able to reach Oxford Street and Tottenham Court Road Station within 45 minutes amounting to over 13 million people.
Crossrail will directly connect all of London’s main business centres, linking Heathrow with Paddington, the West End, City and Canary Wharf with up to 24 trains per hour, each carrying 1,500 passengers during peak periods.
Dover Street benefits from Mayfair’s excellent transport communications including the nearby Green Park (Victoria, Jubilee & Piccadilly lines), Piccadilly Circus (Bakerloo & Piccadilly lines)
and Bond Street (Central & Jubilee lines).
London’s International airports are accessed via the Heathrow Express departing from Paddington and the Piccadilly line from Green Park, as well as the Gatwick Express departing
from Victoria Station.
C R O S S R A I L ( E L I Z A B E T H L I N E )C O M M U N I C A T I O N S
HEATHROWAIRPORT
HAYES &HARLINGTON
EALINGBROADWAY
PADDINGTONTOTTENHAMCOURT ROAD
MAIDENHEAD BONDSTREET
FARRINGDON WHITECHAPEL
LIVERPOOLSTREET
ABBEY WOOD
STRATFORD SHENFIELD
LUTONGATWICK
STANSTED
CANARYWHARF
39 19
33
10 3 1 5 7 10
16
14
48
26
5 - 7D O V E R
S T R E E T
Artist’s impression of the proposed Bond Street Crossrail station
5 - 7 D O V E R S T R E E T , L O N D O N W 1 5 - 7 D O V E R S T R E E T , L O N D O N W 1
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Built in 1983, the property is of brick construction and is arranged over ground and 5 upper floors. The ground floor provides A1 retail accommodation and first floor comprises office accommodation. The 2nd to 5th floors are arranged as 7 residential flats which each benefit from excellent natural light.
The residential accommodation is separately accessed, however there is internal access interlinking with the retail at 1st floor level.
The building benefits from a single lift and stairwell. The flats would benefit from some modernisation.
D E S C R I P T I O N
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FLOOR USE GIA GIA(SQ FT) (SQ M)
Penthouse Residential 1,100 102.2
Flat 6 Residential 950 88.3
Flat 5 Residential 670 62.2
Flat 4 Residential 950 88.3
Flat 3 Residential 670 62.2
Flat 2 Residential 950 88.3
Flat 1 Residential 670 62.2
Sub Total 5,960 553.7
FLOOR USE NIA NIA(SQ FT) (SQ M)
Part 1st Office 1,397 129.8
Part 1st Storage 257 23.9
Part 1st Ancillary 117 10.9
Ground Retail 1,388 128.9
Ground Ancillary 27 2.5
Sub Total 3,186 296.0
Total 9,146 849.7
5-7 Dover Street has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following areas:
A C C O M M O D A T I O N
Note: Ground floor ITZA - 778 sq ft (72.3 sq m)
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T E N U R E T E N A N C Y
5-7 Dover Street is held leasehold for a term of 99 years from 25 December 1971 expiring on 25 December 2070, therefore providing approximately 53 years unexpired.
The current head rent payable is £185,000 per annum exclusive. The rent is reviewed on an upwards only basis to 50% of the sum of the annual rent or aggregate annual rents at which the demised premises might reasonably be expected to be let without premium in the open market. The next rent review is on 25 December 2034.
To be sold with the benefit of full vacant possession.
m
BERKELEY STREET
Hotel
51
77
36
74 to 76
3
(site of)Ho
useClarendon
17.
TCB
TCBs
LB
Mon
TCBs
OLD BOND STREET
ALBEMARLE STREET
DOVER STREET
STAFFORD STREET
DOVER
YARD
PICCADILLY
BENNET STREET
ARLINGTONS
50
Hotel
39 to
40
3
6
8
1
61a
46
6
70 to 72
1
PH
22
17
59
38
157 to 160
2
50
44
49
18
8 to 9
53
1
7
4
5
8
44 to
48
3
Clarence
2
19
11
11
42
7
41
38
63 to 65
10
49
PO
45
5
50161
62a
4
41
37
6
61
40
43
57
7
62
42
9
44
10
43
54
18
37
Bank
7a
17
5
16
7
3
45
43
40
1
5 to 7
(PH)
PH
48 to
49
Bank
El Sub Sta
39
41
4
9
162
Cardinal House
15
Hotel
7352
1b
6
40a
4
150
PH
STREET
7
10
9
SwanHouse
35
Brown's Hotel
33
35
PH 13
3
10
20
11
34
6
16
1514
17
12
gton Arca
38
3
Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved
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I N V E S T M E N T
O C C U P A T I O N A L
M A R K E T C O M M E N T A R Y
DATE ADDRESS TENURE AREA PRICE NIY CAPITAL VALUE
Q1 2017 190 Oxford St VFH 33,349 £88,000,000 3.86% £2,639
Q3 2016 81-82 Dean Street VFH 5,457 £14,500,000 3.88% £2,657
Q3 2016 6-8 Maddox Street VFH 3,646 £8,400,000 3.35% £2,304
Q3 2016 1&2 Berkeley Square FH 3,500 £10,500,000 VP £3,000
Q2 2016 14 Albemarle Street FH 6,357 £21,000,000 1.19% £3,303
Q2 2016 1 Dover Street FH 23,310 £41,000,000 - £1,759
DATE ADDRESS TENANT TRANSACTION TYPE
RENT (ITZA)
Q1 2017 1 Dover Street Café Concerto OML £505
Q1 2016 8 Dover Street Aston Martin OML £500
Q2 2015 40 Albemarle Street Pret A Manger LR £600
Q4 2014 43/44 Albemarle Street Alexander Wang OML £600
Q4 2014 43/44 Albemarle Street Hix Mayfair OML £600
Q3 2014 36a Dover Street Victoria Beckham OML £595
Q2 2014 17/18 Dover Street Dover Street Market RR £545
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O F F E R S I N V I T E D F O R O U R C L I E N T ’ S L E A S E H O L D I N T E R E S T .
P R O P O S A L
Mark Shipman020 7529 5708markshipman@michaelelliott.co.uk
Richard Carter020 7529 5707richardcarter@michaelelliott.co.uk
Nathan Sugar020 7529 5716nathansugar@michaelelliott.co.uk
Peter Ng+65 6733 3212peterng@michaelelliott.co.uk
Declaration: Michael Elliott for themselves and for the vendors of this property whose agents they are, give 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 has any authority to make or give any representations or warranty whatever in relation to this property. March 2017
C O N T A C T
www.cube-design.co.uk (Q3723)
P L A N N I N G5-7 Dover Street lies within
the London Borough of Westminster. The
property is not listed, but is situated within the Mayfair
Conservation area.
V A TThe property is elected
for VAT.
E P CCommercial - D (90).
Residential – Available upon request.
F U R T H E R I N F O R M A T I O N
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