DOVER STREET - Michael Elliott England · · 2017-03-275-7 dover street, london w1 5-7 dover street, london w1 4 5 st james’s square piccadilly circus oxford circus regent bond

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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

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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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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



1 4

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

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S T R E E T

Artist’s impression of the proposed Bond Street Crossrail station


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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






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 [email protected]

Richard Carter020 7529 [email protected]

Nathan Sugar020 7529 [email protected]

Peter Ng+65 6733 [email protected]

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

Documents

DOVER STREET - Michael Elliott England · · 2017-03-275-7 dover street, london w1 5-7 dover street, london w1 4 5 st james’s square piccadilly circus oxford circus regent bond