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11-15 FARM ST. W1
MAYFAIR
11-15 FARM ST. W1
MAYFAIR
INVESTMENT SUMMARY
Rare opportunity to acquire a Mayfair freehold interest
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Located in the heart of Mayfair, adjacent to the world renowned Berkeley Square
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Over 60% of Mayfair freeholds are owned by the London Estates; 11-15 Farm Street presents an exceptional opportunity to purchase
a Mayfair freehold interest
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Total net internal area (NIA) including reception and parking of 7,184 sq ft (667.5 sq m) and 8,804 sq ft (818 sq m) gross internal area (GIA)
over ground to third floors
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Planning consent for redevelopment to a residential dwelling house which will increase the existing massing to 13,228 sq ft (1,229 sq m) GIA
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Very rare opportunity to redevelop a new build single residential dwelling in Mayfair
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Potential to comprehensively refurbish or redevelop office accommodation (subject to obtaining the necessary planning consents)
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Full vacant possession available in September 2018. All leases are Outside the Landlord & Tenant Act 1954
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We are instructed to seek offers in excess of £20,000,000 subject to contract and exclusive of VAT
For indicative purposes only.For indicative purposes only.
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1
7
8
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11
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PICCADILLY
THE MALL
REGENT STREET
2
OXFORD STREET
MOUNT STREET
BOND STREET
9
11-15 FARM STREET
3
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11-15 FARM ST. W1
MAYFAIR
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810
PARK LANE
FARM STREET IS LOCATED IN THE CENTRE OF MAYFAIR IN LONDON’S WEST END.
CURZON STREET
SOUTH AUDLEY STREET
PLACES OF INTEREST
1. BERKELEY SQUARE
2. NEW BOND STREET
3. REGENT STREET
4. ST. JAMES’S SQUARE
5. ST. JAMES’S PARK
6. BUCKINGHAM PALACE
7. GREEN PARK
8. MOUNT STREET GARDENS
9. MOUNT STREET
10. THE DORCHESTER
11. HANOVER SQUARE
OFFICE OCCUPIERS
1. BLACKSTONE GROUP
2. WPP
3. LAZARDS
4. THE CARLYLE GROUP
5. LANDSDOWNE PARTNERS
6. CAIN HOY CAPITAL / AGC EQUITY PARTNERS
7. ARCELORMITTAL
8. BANK J. SAFRA SARASIN
11-15 FARM ST. W1
MAYFAIR
11-15 FARM ST. W1
MAYFAIR
LOCATIONFarm Street located in the centre of Mayfair in London’s West End. The property is situated 100 metres to the west of Berkeley Square which is internationally recognised as one of the most prestigious office locations in Mayfair and the world.
The area is home to the most exclusive real estate in London and is steeped in history and heritage. It is traditionally regarded as one of the most desirable business addresses in the world being the preferred headquarters location for a large number of market-leading national and international corporations. Mayfair’s global reputation for luxury homes has seen unprecedented demand for high-end residential property in recent years.
The location is synonymous with London’s finest restaurants, bars, hotels and private members clubs. Exclusive restaurants situated nearby include Scott’s, Sexy Fish, Nobu, Jamavar,
Gymkhana, Bellamy’s and The Araki. The area contains some of the world’s most famous hotels – The Ritz, Claridges, The Dorchester, The Connaught and Hilton Park Lane. There are a wide range of London’s private members clubs to choose from including Annabel’s, The Art’s Club, Morton’s, Little House Mayfair, Mark’s Club and 5 Hertford Street.
The area is further famed for its world renowned retailing with nearby Bond Street and Oxford Street hosting an abundance of luxury brands. Including Cartier, Burberry, Ralph Lauren, Hermes, Chanel, Louis Vuitton, Prada and Tiffany & Co. Mount Street has emerged over the past decade as a niche luxury retailing destination in its own right, home to designers such as Celine, Moynat, Simone Rocha, Marni, Lanvin, Goyard, Marc Jacobs, Nicky Clarke and Carolina Herrara.
THE HISTORY OF BERKELEY SQUAREBerkeley Square, adjacent to the property, was original laid out in the mid-18th Century by the eminent architect William Kent as an opulent residential area. Kent named the square after the Berkeleys, an aristocratic Gloucestershire family whose London home, Berkeley House, was situated nearby until 1733. The five acre square includes a parade of 220 year old London plane trees. Famous residents have included Sir Winston Churchill and Charles Rolls, the co-founder of Rolls Royce.
BERKLEY SQUARE - THE FUTUREMajor landowners, led by the Grosvenor Estate, have submitted proposals to subtly transform Berkeley Square by removing the current parking and replacing this with wide English Pennine stone paving and managing the flow of vehicular traffic by introducing a two-way system on Davies Street. A number of Glade Trees are set to be introduced alongside the installation of high quality street furniture and public art to enhance the overall experience of the square This improvement to the public realm is set to enhance this already highly sought after area.
11-15 FARM ST. W1
MAYFAIR
ST JAME’S SQUARE
THE SERPENTINE
ST JAMES’S PARK
GREENPARK
BUCKINGHAMPALACE
GARDENS
HYDE PARK
THE MALL
CONSTITUTION HILL
ST JAME’S STREET
PALL MALL
JERMYN STREET
GROSVENOR PLACE
SOUTH CARRIAGE DRIVE
KNIGHTSBRIDGE
HYDE PARK CORNER
KNIGHTSBRIDGE
3
ST JAMES’S
1
7
1
3
76
4
SQUARE
HANOVER
SQUARE
BERKELEYSQUAREMOUNT STREETGARDENS
CURZON STREET
MOUNT STREET
CHARLES STREET
STRATTON STREET
BERKELEY STREET
DAV
IES STR
EET
GROSVENOR ST
BRUTON STREET
NEW
BON
D STREET
FARM STREET
BOND STREET
MAYFAIR 4
8
7
10
3
1
1
10
12
13
5
3
4
1
6
11-15 FARM ST
GROSVENOR
PICCADILLY
OLD
BON
D STREET
SOU
TH
AUD
LEY ST
RE
ET
OXFORD STREET
OXFORD STREET
CON
DU
IT S
TREE
T
REGEN
T STREET
SOUTH STREET
PARK LANE
MARBLE ARCH
OXFORD CIRCUS
2
9
6
2
3
4
5
9
11
2
2
5
PICCADILLY
PARK
STR
EET
SAVILE ROW
PICCADILLY CIRCUS5
11
814
2
WEST END
PAR
K LAN
E
GREEN PARK
6
KEY● Restaurants
1. The Greenhouse2. Le Gavroche3. Hakkasan4. Nobu5. Cecconi’s6. Sketch7. Sexy Fish8. Jamavar9. Gymkhana10. Bellamy’s11. The Araki
● Hotels
1. The Mayfair Hotel2. Brown’s Hotel3. The Dorchester4. The Hilton5. The Metropolitan6. Four Seasons7. The Ritz8. Le Meridien Piccadilly9. The Westbury10. Claridge’s11. Marriott Grosvenor Square12. Millennium Hotel13. The Connaught14. Grosvenor House
● Retail
1. Fortnum & Mason2. Burlington Arcade3. Harvey Nichols4. Harrods5. Fenwick6. Liberty7. Selfridges
● Places of Interest
1. Buckingham Palace2. Royal Academy3. St Jame’s Palace
● Member’s Clubs
1. Annabel’s2. The Art’s Club3. Little House Mayfair4. Morton’s 5. 5 Hertford Street6. Mark’s Club
11-15 FARM ST. W1
MAYFAIR
ST JAME’S SQUARE
THE SERPENTINE
ST JAMES’S PARK
GREENPARK
BUCKINGHAMPALACE
GARDENS
HYDE PARK
THE MALL
CONSTITUTION HILL
ST JAME’S STREET
PALL MALL
JERMYN STREET
GROSVENOR PLACE
SOUTH CARRIAGE DRIVE
KNIGHTSBRIDGE
HYDE PARK CORNER
KNIGHTSBRIDGE
3
ST JAMES’S
1
7
1
3
76
4
SQUARE
HANOVER
SQUARE
BERKELEYSQUAREMOUNT STREETGARDENS
CURZON STREET
MOUNT STREET
CHARLES STREET
STRATTON STREET
BERKELEY STREET
DAV
IES STR
EET
GROSVENOR ST
BRUTON STREET
NEW
BON
D STREET
FARM STREET
BOND STREET
MAYFAIR 4
8
7
10
3
1
1
10
12
13
5
3
4
1
6
11-15 FARM ST
GROSVENOR
PICCADILLY
OLD
BON
D STREET
SOU
TH
AUD
LEY ST
RE
ET
OXFORD STREET
OXFORD STREET
CON
DU
IT S
TREE
T
REGEN
T STREET
SOUTH STREET
PARK LANE
MARBLE ARCH
OXFORD CIRCUS
2
9
6
2
3
4
5
9
11
2
2
5
PICCADILLY
PARK
STR
EET
SAVILE ROW
PICCADILLY CIRCUS5
11
814
2
WEST END
PAR
K LAN
E
GREEN PARK
6
For indicative purposes only.
11-15 FARM ST. W1
MAYFAIR
11-15 FARM ST. W1
MAYFAIR
SITUATIONWell positioned at the quieter eastern end of Farm Street, the property benefits from an abundance of natural light thanks to unbroken views down Hays Mews, to the front, and Mount Street Mews, to the rear.
Farm Street is popular with both office and residential occupiers owing to its quiet backdrop relative to its central London location. Farm Street comprises a mix of high end single dwellings and apartments as well as a number of office buildings. The Street’s famous Punchbowl pub is 150 metres to the west of the property. Mount Street, to the north of the property, can be accessed via Mount Street Gardens. Grosvenor Square and Berkeley Square are situated to the north and east respectively whilst the open spaces of Hyde Park and Green Park are within 500 metres of the property.
The exclusivity of ownership within this world renowned micro-location is a rare opportunity for investors, owner occupiers and developers alike.
11-15 FARM ST. W1
MAYFAIR
MOUNT STREET
11-15 FARM ST. W1
MAYFAIR
COMMUNICATIONSFarm Street benefits from excellent connectivity being within easy walking distance of both Bond Street (Central and Jubilee lines) and Green Park (Jubilee, Piccadilly and Victoria lines) London Underground stations.
The Elizabeth line (Crossrail) opens at Bond Street station in late 2018 providing a new high frequency, high capacity railway servicing 40 stations improving the east / west link for London and the South East.
Following the arrival of the Elizabeth line, journey times from Bond Street to Liverpool Street and Heathrow will take just 7 minutes and 27 minutes respectively.
11-15 FARM ST. W1
MAYFAIR
DESCRIPTION11-15 Farm Street comprises a modern office building arranged over ground and three upper floors.
The building fronts Farm Street with excellent uninterrupted views south down Hay’s Mews.
The ground floor office benefits from a private courtyard whilst the upper floors have rear views over Mount Street Mews through to Carlos Place.
The third floor office benefits from a small terrace whilst roof lights provide excellent natural light.
Internally the open plan office accommodation provides comfort cooling with separate male and female WCs found at first floor level with further WCs on ground and third floors.
A garage, making up approximately 50% of the ground floor, provides three marked vehicle parking bays.
11-15 FARM ST. W1
MAYFAIR
11-15 FARM ST. W1
MAYFAIR
SCHEDULE OF ACCOMMODATION
Floor Use Sq ft Sq m
Third Office 1,482 137.7
Second Office 1,680 156.1
First Office 1,652 153.5
Ground Office 772 71.7
Sub-total 5,586 (NIA) 519.0 (NIA)
Ground Reception & Storage 407 37.8
Ground Car Parking 1,191 110.7
Total 7,184 667.5
TENUREThe property is held Freehold.
TENANCYThe property is currently let on a short term basis. All leases
are Outside the Landlord and Tenant Act 1954.
Vacant possession is achievable in September 2018.
A tenancy schedule is available upon request.
11-15 FARM ST. W1
MAYFAIR
Existing Ground Floor
Typical Upper Floor (First Floor)
11-15 FARM ST. W1
MAYFAIR
CGI OF CONSENTED RESIDENTIAL SCHEME - © COLWYN FOULKES
OFFICE SCHEMEWe anticipate an increased office massing, established through the current consented residential scheme, could be used in order to redevelop a Grade A office headquarters.
11-15 FARM ST. W1
MAYFAIR
WEST END OFFICE OWNER-OCCUPIER MARKET11-15 Farm Street lends itself to an office redevelopment or refurbishment scheme. The size and location of the property are ideally suited to provide a prestigious office headquarters. Office owner occupiers continue to drive demand for sub 15,000 sq ft buildings in core West End sub-markets where vacant possession has been achieved / can be achieved within a short time frame. The unprecedented demand from owner occupiers in Mayfair and St James’s is evidenced by the below table of transactions:
Date Address Tenure Price Capital Value (psf)
April-16 27 Berkeley Square, W1 Long leasehold (10% gearing) £22.9m £3,856
Mar-16 33 Grosvenor Street, W1 Long leasehold (10% gearing) £31.0m £2,711
Mar-16 69 Grosvenor Street, W1 Long leasehold (10% gearing) £35.0m £2,404
Feb-16 21 Hanover Square, W1 Freehold £28.1m £3,608
Nov-15 20 St James’s Square, SW1 Freehold £32.5m £2,570
Sep-15 29 Charles Street, W1 Freehold £9.2m £3,918
Jan-15 6 Grafton Street, W1 Freehold £36.0m £2,719
11-15 FARM ST. W1
MAYFAIR
RESIDENTIAL MARKETToday Mayfair is split into nine distinct districts, the most desirable of which is Mayfair Village. Located in the heart of Mayfair Village, Farm Street offers a quiet retreat within central London and is consequently a highly sought after residential destination. Over the last few years many of Mayfair’s commercial properties have been reinstated to their original purpose as luxury residential addresses. These properties typically transact discreetly on an off market basis, but the few that do surface regularly see prices in excess of £3,000 per sq ft achieved. Whilst there is still a strong domestic market, the majority of recent transactions have involved Chinese, Russian and Middle Eastern buyers.
There are a number of luxury apartment blocks currently being developed and whilst this will help to meet the demands of those looking to buy flats in Mayfair, there is still a distinct lack of large private houses with integral parking. With hundreds of Mayfair’s traditional townhouses either Grade I or II Listed, planning laws severely restrict the work that can be undertaken to create a bespoke residential address. The opportunity to acquire a residential site, with consent for a high end single unit, with a range of luxury features is extremely rare.
11-15 FARM ST. W1
MAYFAIR
PLANNINGPlanning Consent (14/10858/FUL) was granted on 5 January 2016 for “Demolition of existing office building, excavation to provide a two storey
basement and erection of a residential dwellinghouse (Class C3) over sub-basement, basement, ground, first, second and third floor levels.”
The Planning Consent provides for a magnificent single dwelling arranged over double basement, ground and three upper floors providing a bespoke six bedroom house with extensive entertainment space, a gym, swimming pool, cinema, car stacker and staff accommodation. All floors
benefit from lift access, while there is off street parking for up to two cars.
A detailed breakdown of the consented scheme includes:Basement Level - A sports complex, including swimming pool, jacuzzi, steam room and gym, as well as a cinema room.Lower Ground Floor – An industrial kitchen and wine cellar, laundry, staff accommodation and a garage with car stacker.
Ground Floor – An impressive entrance lobby leading to a family room, reception room and private studyFirst Floor – A grand salon stretching the entire width of the property, a drawing room and dining room
Second Floor – An extensive master bedroom suite, with two further ensuite bedrooms, one of which benefits from a roof terrace.Third Floor – Three large ensuite bedrooms
PROPOSED DEVELOPMENT AREAS (GIA):
Floor Use Sq ft (GIA) Sq m (GIA)
Third Residential 1,690 157.0
Second Residential 1,981 184.0
First Residential 2,174 202.0
Ground Residential 2,411 224.0
Lower Ground Floor Residential 1,765 164.0
Basement Floor Residential 2,368 220.0
Sub-total 12,389 1,151.0
Ground Floor Parking 398 37.0
Lower Ground Floor Parking 441 41.0
Sub-total 839 78.0
Total Residential / Parking 13,228 1,229
The development is subject to the payment of an Affordable Housing Contribution of £411,318.
The property is situated within the Mayfair Conservation Area.
11-15 FARM ST. W1
MAYFAIR
CONSENTED RESIDENTIAL
CGI OF CONSENTED RESIDENTIAL SCHEME - © COLWYN FOULKES
11-15 FARM ST. W1
MAYFAIR
Consented Basement
11-15 FARM ST. W1
MAYFAIR
Consented Lower Ground Floor
11-15 FARM ST. W1
MAYFAIR
Consented Ground Floor
11-15 FARM ST. W1
MAYFAIR
Consented First Floor
11-15 FARM ST. W1
MAYFAIR
Consented Second Floor
11-15 FARM ST. W1
MAYFAIR
Consented Third Floor
11-15 FARM ST. W1
MAYFAIR
ADJACENT SCHEME UNDER CONSTRUCTION
21-23 FARM STREET The scheme proposes to deliver a new and improved street cleansing facility at ground and part first floors and 14 residential units over four upper floors.
This new development, is set to deliver a visibly attractive mixed use building which will greatly enhance the immediate townscape.
Currently being developed by Caudwell Properties Limited, the scheme is set for practical completion in 2018.
11-15 FARM ST. W1
MAYFAIR
11-15 FARM ST. W1
MAYFAIR
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. Design CommandD www.commandHQ.co.uk 07.17
CONTACT
VATThe property is elected for VAT
EPCEPC available upon request
DATAROOMAdditional information will be made available within the data room. Access can be provided upon request.
PROPOSAL We are instructed to invite offers in excess of £20,000,000
subject to contract and exclusive of VAT
www.allsop.co.uk
Nick Pemberton 020 7543 6775
James Stewart-Lockhart020 7543 2682
Piers Glover 020 7543 6810
Mark Ibbotson 020 7543 6879
