17 HOMER ROW - images1.loopnet.com...17 HOMER ROW • MARYLEBONE W1. 17 HOMER ROW • MARYLEBONE W1. EXECUTIVE SUMMARY. ominent Freehold building.Pr rime location in affluent Marylebone

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.



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


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


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


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

s

Our Lady of the Rosary

RC Church

PH

Gerrard

House

Crawfor

d Place

Dwelling

s

PH

Elliott House

BarhamHouse

PH

MansionsCrawford

67 to 72

Macready House

19

14a

15

14

8

3

45

3028

51

46

41

1 to 8

38

8

36

6

40 to 42

18

22

24

1

1a

1 to52

11

5to

19

21

1to

10

2729

31

223to231

1

209

7 to 15

211

5

1

207

37

32

42

41 to 50

21 to 30

1 to 1057

1 to 1658

6059

61

1 to 10

11 to 20

17

21to67

8

9397

31

2928

5

27

1106 104

100

17

12 to 14

6 to 11

20

1 to 84

1

3

Sent

inel

Hous

e

Varsity

Charter Court

Court

1 to 15

1 to 11

32

108

4

3

199

1 to 22

3335

2 to 5

Mews House

16

17ato19

15

300

to30

8

20

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.)


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.


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

[email protected]

Richard How+44 (0)20 7344 2652

[email protected]

RESIDENTIAL

Chloe Newton+44 (0)20 7543 6886

[email protected]

Mark Ibbotson+44 (0)20 7543 6879

[email protected]

COMMERCIAL

allsop.co.uk

Documents

17 HOMER ROW - images1.loopnet.com...17 HOMER ROW • MARYLEBONE W1. 17 HOMER ROW • MARYLEBONE W1. EXECUTIVE SUMMARY. ominent Freehold building.Pr rime location in affluent Marylebone