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A FREEHOLD INVESTMENT OPPORTUNIT Y
LONDON , W1
2 3
INVESTMENT SUMMARY
44 WHITFIELD STREET
• Located on the east side of Whitfield Street in Fitzrovia, close to Charlotte Street, Fitzroy Place and the new Elizabeth Line station at Tottenham Court Road.
• Freehold.
• Comprehensively refurbished in 2016 behind a new glazed brick façade.
• The building extends to 12,031 sq ft (NIA) over ground and five upper floors. There is no lower ground or basement accommodation.
• Grade A specification including VRF air-conditioning, LED lighting and fully accessed raised floors. The top three floors benefit from terraces.
• Multi-let to four tenants with the ground floor under offer. Once that lease completes the building will provide a WAULT of c. 4.8 years to expiry and 2.8 years to break.
Seeking offers in excess of £21,650,000 (Twenty One Million Six Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 4.06% after allowing for purchaser’s costs of 6.80%.
44 Whitfield Street
4 5
44 Whitfield Street represents an extremely rare opportunity to acquire a newly refurbished Grade A freehold office building on one of Fitzrovia’s best streets.
Aerial view of London
BT TOWER
80 CHARLOTTE ST
CENTRE POINT
BRITISH MUSEUM
CENTRAL ST GILES
THE CITY
OXFORD ST
SOHO SQ
TOTTENHAM CR
6 7
LOCATION
44 WHITFIELD STREET
44 Whitfield Street is located on the east side of the street opposite the junction with Scala Street. Whitfield is one of Fitzrovia’s prime streets running parallel to Charlotte Street
and Tottenham Court Road.
Fitzrovia is among London’s most vibrant and sought after locations. Nearby office occupiers
include Facebook, Arup and Estée Lauder.
Amenities include The London Edition, The Mandrake and The Sanderson Hotels,
along with numerous galleries. Restaurants include Roka, Bubbledogs and Hakkasan.
Fitzrovia continues to benefit from large scale development, Derwent London’s landmark 80 Charlotte Street scheme is 100 metres to
the north of the property.
The London Edition Salt Yard
Berners Tavern Rathbone Square
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Fitzroy Square Garden
Bedford Square
WarrenStreet
Goodge Street
TottenhamCourt Road
OxfordCircus
FITZROY STREET
CHARLOTTE STREET
NEW CAVENDISH STREET
H
OWLAND STREET
MAPLE STREETGRAFTON WAY
GRAFTON WAY
WHITFIELD STREET
WHITFIELD STREET
WHITFIELD STREET
CLEVELAND STREET
CLEVELAND STREET
T
OTTENHAM STREET
MORTIMER STREET
TORRINGTON PLACE
GOWER STREET
GOWER STREET
GREAT TITCHFIELD STREET
GREAT TITCHFIELD STREET
RIDING HOUSE STREET
BOLSO
VER STREET
GO
SFIELD STREET
FOLEY STREET
BEDFORD SQUARE
W
ARREN STREETEUSTON ROAD
PERCY STREET
OXFORD STREET
OXFORD STREET
REGENT STREET
TOTTENHAM COURT ROAD
TOTTENHAM COURT ROAD
GREAT PO
RTLAND STREET
GREAT PO
RTLAND STREET
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3
4
5
6
7
8
27
37
9
10
11
1228
36
13
15
1635
34
32
29
33
31
14
30
17
1819
21
2223
24
25
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OCCUPIERS27 Arup
28 BBC
29 Estée Lauder
30 Facebook
31 Lionsgate Films
32 Netflix
33 Capita PLC
34 Fletcher Priest Architects35 BT36 Double Negative37 EDF Energy
Charlotte Street
Noizé The House of Hô
ART & L IFEST YLE
15 Rosenfeld Porcini16 Woolff Gallery
17 FOLD Gallery
18 Rebecca Hossack Art Gallery
19 Nancy Victor
20 Epoch Fitness
21 The Disguisery22 Sharps Barbers23 Jonathan Quearney24 Black Eyewear25 Rivet & Hide26 Heals
E ATING AND DRINKING1 Pied à Terre2 Roka3 Noizé4 La Tagliata5 Lima6 Bubbledogs7 Señor Ceviche
8 Lokhandwala9 Berners Tavern10 Charlotte Street Hotel11 Draft House, Queen Charlotte12 Riding House Café13 Reverend JW Simpson14 Mortimer House
Not to scale. For identification purposes only.
N
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COMMUNICATIONS
Tottenham Court Road, Goodge Street and Warren Street underground stations are all within a eight-minute walk of the property,
giving access to the Central, Victoria and Northern lines.
Tottenham Court Road station will be transformed by the opening of the Elizabeth
Line (Crossrail) providing a direct fast connection to Liverpool Street, Canary Wharf
and London Heathrow Airport.
The Elizabeth Line is one of Europe’s largest infrastructure projects connecting 41 stations and increasing Central London rail capacity
by c. 10%. TRAVEL TIMES
UNDERGROUND
ELIZABETH LINE
Underground lines
Elizabeth line
Walking route
2 min walk
Goodge Street
London Euston
2 min
King’s Cross St Pancras
8 min
Charing Cross
3 min
Waterloo
6 min
Paddington
21 min
Oxford Circus
8 min
Marylebone
17 min
Bank
13 min
London Bridge
16 min
8 min walk
Tottenham Court Road
Paddington
5 min
Bond Street
2 min
Heathrow Central
28 min
Reading
56 min
Liverpool Street
5 min
Canary Wharf
12 min
Station Mins Mode
GOODGE STREET 2
TOT TENHAM COURT ROAD 8
WARREN STREET
Via Goodge Street
8
EUSTON 2
WATERLOO 6
KING’S CROSS ST PANCR AS
Via Tottenham Court Road
8
LIVERPOOL STREET 9
HE ATHROW 36
Journey times sourced from crossrail.co.uk/tfl.co.uk/maps.google.co.uk
Centre Point
12 13
80 Charlotte Street
St Giles Circus, Denmark Street
Network Building, Tottenham Court Road
The Post Building, New Oxford Street
One Soho Place
Centre Point, New Oxford Street
LOCAL DEVELOPMENTS
44 WHITFIELD STREET
CENTRE POINT New Oxford Street
Almacantar scheme. Refurbishment and conversion of the iconic Grade II listed tower into residential apartments, retail and leisure. Completes in 2019.
THE POST BUILDING New Oxford Street
Brockton Capital development. Comprehensive refurbishment of a former Royal Mail sorting office. Scheme totals 320,000 square feet with pre-lets to
Rothesay Life and McKinsey. Completes in 2019.
ST GILES CIRCUS Denmark Street
Consolidated Developments scheme. Mixed use development combining retail, leisure, office and
residential. Anticipated completion in 2020.
The area around Tottenham Court Road is being transformed by the delivery of the new Elizabeth
Line station. Once completed the station will offer an interchange between the Northern, Central
and Elizabeth Lines with capacity for more than 170,000 passengers every day.
The Elizabeth Line has acted as a catalyst for a series of significant local developments including Centre
Point, St Giles Circus, Soho Place and The Post Building.
Large scale public realm improvement works are also underway including the creation of a new
public piazza outside Centre Point.
ONE SOHO PLACE
Derwent London scheme directly above the new Crossrail station at Tottenham Court Road. 209,000 sq ft of offices, 36,000 sq ft of retail and
a new 40,000 sq ft theatre. Offices pre-let to G-Research. Anticipated completion in 2022.
NETWORK BUILDING Tottenham Court Road
Derwent London scheme running from Whitfield Street to Tottenham Court Road.
Potential 100,000 sq ft scheme. Earliest construction start in 2021.
80 CHARLOTTE STREET
Derwent London developing. Mixed use scheme delivering 321,000 sq ft of offices, 45,000 sq ft of
residential and 14,000 sq ft of retail. Office pre-lets secured with Boston Consulting Group and Arup.
Anticipated completion in H1 2020.
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44 WHITFIELD STREET
44 Whitfield Street offers 12,031 sq ft of Grade A office accommodation over ground and five upper floors. The building was comprehensively refurbished, behind a new façade, in 2016. The scheme was designed by Brimelow McSweeney Architects and shortlisted for best London office scheme in the 2017 RICS Awards. The specification is as follows:
• Exposed VRF air conditioning with suspended
plasterboard rafts
• 150mm fully accessible raised floor
• LED lighting throughout
• Demised WCs, showers and lockers
• 8 person passenger lift
• Excellent views and natural light
DESCRIPTION AND SPECIFICATION
44 Whitfield Street reception
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AREA SCHEDULE
D em i s e A re a (s q f t) A re a (s q m)
5TH FLOOR 890 82 .70
4TH FLOOR 1 , 862 173 .00
3RD FLOOR 2 ,026 188 . 20
2ND FLOOR 2 , 372 220 .40
1ST FLOOR 2 , 300 213 .70
GROUND 2 ,173 201 .90
RECEPTION 408 37.90
TOTAL 12 ,031 1 ,118
44 WHITFIELD STREET
44 Whitfield Street office fit out
The measured survey of the property can be assigned to the purchaser.
18 19
FIRST FLOOR 2,300 SQ FT
GROUND FLOOR2,173 SQ FT
WH
ITFI
ELD
STR
EET
WH
ITFI
ELD
STR
EET
Floor plans are not to scale. For indicative purposes only.
Floor plans are not to scale. For indicative purposes only.
Office
Terrace
Plant
Office
Terrace
Plant
44 WHITFIELD STREET
FLOOR PLANS
44 WHITFIELD STREET
FLOOR PLANS
THIRD FLOOR 2,026 SQ FT
SECOND FLOOR 2,372 SQ FT
WH
ITFI
ELD
STR
EET
WH
ITFI
ELD
STR
EET
NN
20 21
FIFTH FLOOR890 SQ FT
FOURTH FLOOR1,862 SQ FT
WH
ITFI
ELD
STR
EET
WH
ITFI
ELD
STR
EET
N
44 WHITFIELD STREET
FLOOR PLANS
Floor plans are not to scale. For indicative purposes only.
Office
Terrace
Plant
View from Third floor, 44 Whitfield Street
22 23
TENURE
44 WHITFIELD STREET
The property is held freehold under title number NGL238711.
Whitfield Street
Charlotte Mew
s
Whitfield Street
Colville Place
Charlotte Street
Whitfield Gardens
Whitfield M
emorial
Congregational C
hurch
Scala Street
Kings Court
Alfred Mews
Brook House
MinervaHouse
Play Area
GlenHouse
Goodge Street Station (LU)
N
For identification purposes only.
24 25
TENANCY SCHEDULE
D E M I S E T E N A N T S TA R T E X P I R Y R E N T P E R A N N U M R E N T P E R S Q F T A R E A ( S Q F T ) R E N T R E V I E W B R E A K O P T I O N C O M M E N T
5th Floor Channel Capital Advisors LLP 17/02/2017 16/02/2022 £77,875.00 £87.50 890 - -Contracted outside of the Landlord & Tenant Act 1954.
The 5th Floor is sub-let to Epoch Capital Ltd from 24/07/2018 to 24/08/2021 at a rent of £77,875 per annum.
The 5th and 4th Floors are held under a single lease.
Rent deposit of £240,800.00 plus VAT.4th Floor Channel Capital Advisors LLP 17/02/2017 16/02/2022 £162,925.00 £87.50 1,862 - -
3rd Floor Boat Rocker Rights (UK) Ltd 16/03/2018 15/03/2023 £172,210.00 £85.00 2,026 -16/03/2021 (T)
Contracted outside of the Landlord & Tenant Act 1954.
Rent free period from 16/03/2021 to 15/07/2021 if tenant break is not exercised.
Rent deposit of £129,157.50 plus VAT.
2nd Floor Epoch Capital Ltd 25/08/2016 24/08/2021 £199,248.00 £84.00 2,372 - -Contracted outside of the Landlord & Tenant Act 1954.
Rent deposit of £199,247.50 plus VAT.
1st Floor The Elf Factory Ltd 02/06/2017 04/01/2027 £189,750.00 £82.50 2,300 02/06/202204/01/2022 (T)
Contracted outside of the Landlord & Tenant Act 1954.
5 months rent free if break is not exercised.
Tenant break clause subject to a minimum of 6 months written notice.
Ground Floor Under Offer Ten year term £135,812.50 £62.50 2,173Rent review on fifth anniversary
Fifth year break (T)
To be contracted outside the Landlord and Tenant Act 1954.
12 months' rent free period from lease start.
A further 7 months rent free at the start of the sixth year.
Reception 408
TOTAL £937,820.50 £77.95 12 ,031
5th Floor office3rd Floor terrace
UN
DER
ON
E LE
ASE
26 27
TENANT DESCRIPTION TENANT DESCRIPTION
44 WHITFIELD STREET 44 WHITFIELD STREET
THE ELF FACTORY LIMITED (Company No. 06337849)
The Elf Factory is part of Astley Baker Davies, Bafta winning animation studio behind the
famous television series Peppa Pig, Ben & Holly’s Little Kingdom and The Big Knights.
www.theelffactory.co.uk
EPOCH CAPITAL LIMITED (Company No. 09184730)
Epoch Capital is an Australian trading and risk management firm founded in 2007
with offices in London and Sydney.
www.epoch.capital
CHANNEL CAPITAL ADVISORS LLP (Company No. OC322712)
Channel Capital is an FCA regulated investment management firm providing
finance solutions to corporates in the UK, Netherlands, Belgium and Germany.
Owned and operated by management, Channel was set up in 2006.
www.channelcapital.co.uk
BOAT ROCKER RIGHTS (UK) LIMITED (Company No. 11121340)
Boat Rocker Rights is the distribution arm of Boat Rocker Media.
Boat Rocker Media is a global entertainment company creating, producing and distributing award winning content
like Orphan Black, Killjoys, and X Company.
www.boatrocker.com
The area around Tottenham Court Road is being transformed by the delivery of the new Elizabeth
Line station. Once completed the station will offer an interchange between the Northern, Central
and Elizabeth Lines with capacity for more than 170,000 passengers every day.
The Elizabeth Line has acted as a catalyst for a series of significant local developments including
Centrepoint, St Giles Circus, Soho Place and The Post Building.
Large scale public realm improvement works are also underway including the creation of a new
public piazza outside Centrepoint.
28 29
INVESTMENT COMPARABLE EVIDENCE LEASING COMPARABLE EVIDENCE
DAT E A D D R E S S T E N A N T F L O O R A R E A ( S Q F T ) R E N T P S F
Q1 2019 14-16 Great Portland Street The Wing 1-5 floors 10,527 £84.65
Q1 2019 55 Wells Street Mayfair Capital 2nd floor 5,116 £83.50
Q4 2018 Kent House, 14-17 Market Place
Sequoia Investment Management 6th floor 2,760 £87.50
Q3 2018 146 New Cavendish Street London Doyle Hotels 2nd floor 1,329 £90.00
Q4 2018 2 Fitzroy Place Netflix 4th floor 12,878 £85.00
Q4 2018 20 Rathbone Place T-Systems 6th floor 4,188 £89.50
DAT E A D D R E S SS U B - M A R -K E T
T E N U R E A R E A ( S Q F T ) P R I C E N I YC A P VA L ( P E R F T )
C O M M E N T S
On market
66 Newman Street Fitzrovia
LLH (137 years at £2,000 pa)
15,945 £29 million 4.26% £1,819Single let for 20 years to a new serviced office co.
Q4 2018 55 Wells Street Fitzrovia FH 39,095£65.55 million 3.99% £1,767
Newly developed grade A multi-let development.
GPE sale.
Q4 2018 32-34 Gresse Street Fitzrovia FH 17,865 £25 million 3.84% £1,399GPE sale to Weybourne.
Multi-let.
Q3 2018 151 Wardour Street Soho FH 26,175 £49 million 4.11% £1,872Thor sale. Offices single let to TOG.
Multi-let retail.
Q1 2018 30 Broadwick Street Soho FH 94,297 £190 million 4.00% £2,015
GPE development. Multi-let to tenants including EQT, Boston Consulting and The Ivy.
5th Floor terrace 3rd Floor office
30 31
44 Whitfield Street staircase
44 Whitfield Street showers
44 Whitfield Street lockers
44 Whitfield Street exposed services
44 Whitfield Street lighting
32 33
INVESTMENT RATIONALE PROPOSAL
44 WHITFIELD STREET44 WHITFIELD STREET
We are seeking offers in excess of £21,650,000 (Twenty One Million Six Hundred and Fifty
Thousand Pounds) subject to contract and exclusive of VAT, which reflects a net initial yield of 4.06% after allowing for purchaser’s
costs of 6.80%.
44 Whitfield Street is a rare opportunity to purchase a newly developed Grade A office
building in a prime Fitzrovia location.
Fitzrovia is one of London’s most sought-after sub-markets and will continue to thrive with the upcoming opening of the Elizabeth Line
at Tottenham Court Road.
44 Whitfield Street was comprehensively refurbished in 2016 and offers occupiers top
quality Grade A office accommodation, which is scarce in the Fitzrovia sub-market. The building
offers a diverse tenant mix from a number of different sectors.
The immediate area around Whitfield Street will be transformed by the completion of
80 Charlotte Street in 2020.
FURTHER INFORMATION
VATThe building is elected for VAT.
EPC RATING44 Whitfield Street has an EPC rating of
B and a score of 32.
PLANNING44 Whitfield Street is in the
London Borough of Camden and the Charlotte Street conservation area.
WEBSITE LINKwww.44whitfieldstreet.com
MEASURED SURVEYDownloadable from the website.
34
44 Whitfield Street
Ben Blinston-JonesDL: +44 (0)207 514 9155M: +44 (0)7921 933 651
Chris StrongDL: +44 (0)207 514 9153M: +44 (0)7951 283 649
Keith Williams DL: +44 (0)207 514 9152M: +44 (0)7831 772 019
James Rood DL: +44 (0)207 514 9159M: +44 (0)7711 042 615
MISREPRESENTATION ACT 1967
Fineman Ross as agents for the vendor, or as the case may be, Lessor (the "Vendor") and for themselves, give notice that (1) These particulars are given merely as a general guide to the property. They are not and shall not hereafter become part of any offer or contract. (2) The statements here in are made in good faith but without any responsibility whatsoever on the part of the Vendor, Fineman Ross or their servants. It is for the purchaser or as the case may be Lessee (the "Purchaser") to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in entering into contract or otherwise rely upon the particulars as statements or representations of fact. (3) The Vendor does not make or give and neither Fineman Ross nor their servants has any authority, express or implied, to make or give and representations or warranties in respect of the property. (4) In the event of any inconsistency between these Particulars and the Conditions
of Sale, the latter shall prevail. June 2019. The market statistics, rental and investment comparables, have been supplied by third parties and their accuracy cannot be guaranteed.
