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SALISBURY PLACEMarylebone W1H 1FJ
Ideal for Owner Occupiers or Residential Developers
Freehold Vacant Office For Sale
Executive Summary
Freehold office building for sale
Located in the highly sought after Marylebone
Within a few minutes walking distance to Baker Street and Marylebone Underground station
Available with full vacant possession
Lateral office space arranged over ground, first and second floors (no basement)
Floor area 3,842 sq ft (356.9 sq m)
Benefiting from 1 car parking space
Front and rear entrances
Positive pre-app response for extension and conversion of the property to 3 residential units
Potential for alternative uses (STPP)
Property is not elected for VAT
Offers in excess of £4,000,000, subject to contract, for the benefit of the Freehold interest
SALISBURY PLACE | MARYLEBONE W1
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SALISBURY PLACE | MARYLEBONE W1
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The LocationSalisbury Place is a quiet mews and well-connected location between Gloucester Place and Upper Montagu Street, running parallel and just south of the busy Marylebone Road (A40) in the Baker street area. The property lies directly behind the Old Marylebone Town Hall.
Baker Street and Marylebone Road both have a wide range of amenities including numerous restaurants, bars and retail services. Oxford Street, all the benefits of the West End, as well as London’s Regents Park, Hyde Park and Paddington Canal basin are close by.
Local Occupiers
Lifestyle
01. Selfridges 06. Churchill Hotel
02. Madame Tussauds 07. The Marylebone Hotel
03. The Landmark 08. Third Space Marylebone
04. Home House 09. BXR
05. Nobu Hotel 10. Fitness First
Restaurants/ Cafes
11. AOK 21. Gogi
12. Boxcar Coffee 22. Roka Mayfair
13. Anacapri 23. Daisy Green
14. Kitchen at Holmes 24. Pachamama
15. Chiltern Firehouse 25. Delamina
16. Dinings 26. Brasserie of Light
17. The Monocle Cafe 27. L’Entrecote
18. Il Baretto 28. The Marylebone Kitchen
19. Wulf & Lamb 29. The Potting Shed
20. Carousel
Pubs/Bars
30. The Royal Oak 36. Burlock
31. The Duke of Wellington 37. Oriental Club
32. Thornbury Castle 38. The Trader’s Inn
33. The Larrik 39. Arro Coffee
34. Sir John Balcombe 40. Lord Wargrave
35. The Coachmakers Arms
SALISBURY PLACE | MARYLEBONE W1
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SEYMOUR STREET
WIGMORE STREET
WIGMORE STREET
NEW CAVENDISH STREET
UPPER BERKLEY STREET
GEORGE STREET
MARYLEBONE ROAD
MARYLEBONE ROAD
MELCOMBE PLACE
GLOUCESTER PLACE
PARK STREET
MAR
YLEB
ONE
HIG
H S
TRRE
T
PARK LANE
SEYMO
UR PLACE
MO
NTAGU STREET
BAKER STREET
N AUDLEY STREET
HARLEY STREET
WIM
POLE STREET
WIM
POLE STREET
MONTAGU PLACE
DORSET STREET M
ANCHESTER STREET
DUKE STREET
PORTLAND PLACE
REGENT STEET
HARLEY STREET
OXFORD STREET
OXFORD STREET
EDGWARE ROAD
EDGWARE ROAD
NEW BOND STREET
CLEVELAND STEETREGENT STREET
YORK STREET
GILBERT STRRET
HYDE PARK PLACE
ULSTER TERRACE
BAKER STRREET
PARK ROAD
LISSON GROVE
ROSSMORE ROAD
EDGWARE ROAD
WESTWAY
PRAED STREET
SUSSEX GARDENS
OLD
MAR
YLEB
ONE
ROAD
CHRUCH STREET
SALISBURY PL
KEND
AL S
TREE
T
CRAWFORD STREET
PADDINGTON STREET
GLOUCESTER PLACE
BALCOM
BE STREET
OUTER CIRCLE
DEVONSHIRE STREET
CONNAUGHT STREET
STANHOPE TERRACE
BATHURST STREET
SALE PLACE
BROADLEY STREET
BELL STREET
WESTWAY
MARYLEBONE ROAD
PENFOLD STREET
FRAMPTON STREET
WELBECK STREET
UPPER BROOK STREET
BROOKE STREET
HYDE PARK GROSVENORSQUARE
MARBLEARCH
PORTMANSQUARE
REGENT’S PARK PARK
SQUARE
PARKCRESCENT
MANCHESTER SQUARE
GLOUCESTERSQUARE
BOND STREET
MARBLEARCH
BAKERSTREET
PADDINGTON
OXFORDCIRCUS
EDGWAREROAD
MARYLEBONE
01
02
03
0405
06
0708
09
10
1112 13
14
15
16
17
18
19
20
21
22
24
28
29
30
31
32
33
34
35
25
2636
37
38
39
40
40
27
2324
12
05
SALISBURY PLACE | MARYLEBONE W1
BOND STREET
18 MINS WALK
BAKER STREET
6 MINS WALK
MARLEYBONE 6 MINS WALK
PADDINGTON 18 MINS WALK
OXFORD CIRCUS 10 MINS
GREEN PARK 9 MINS
Bakerloo Line
Jubilee Line
Central Line
Circle / Hammersmith & City / Metropolitan Lines
National Rail
Victoria Line
Elizabeth Line
ConnectivityThe property benefits from an abundance of travel links that provides immediate access to the City and the rest of London. Underground train stations immediately nearby include Baker Street and Marylebone Stations which are on the TfL Bakerloo, Circle, Hammersmith & City, Jubilee and Metropolitan lines. The Marylebone mainline Chiltern line and Paddington mainline to Heathrow Airport, Oxford & Bristol are also within a few minutes’ walk. The property is also easily accessible by car with the A40 leading west towards the M40 and the A41 leading north onto the M1. The Marylebone Road (A501) also provides direct access to the City and east London and the A41 leading north to the North Circular Road (A406) M1 & M25 Orbital route.
Euston 12 mins
King’s Cross St Pancras 12 mins
Liverpool Street 21 mins
Standsted Airport 1hr 14mins
Bank 24 mins DLR
Charing Cross 14 mins
Waterloo 17 mins
London Bridge 21 mins
Victoria 19 mins
Gatwick Airport 51 mins
Heathrow Airport 26 mins
*Journey time from Bond Street on completion of the Elizabeth Line.
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SALISBURY PLACE | MARYLEBONE W1
The Building The property comprises lateral office accommodation and is arranged over ground, first and second floors, with one surface car parking space in the rear courtyard.
PlanningThe property currently benefits from office use. As of 1st September 2020, this use class is now considered to be Class E. There is potential for conversion to residential use as detailed on page 10.
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SALISBURY PLACE | MARYLEBONE W1
Amenities
Cycle Rack
Kitchenette on Every Floor
Gas Central Heating
Shared Courtyard
LED Lighting
Plans for Exposed Ceilings & Screed Concrete Flooring
Excellent Natural Light
Largely Open Plan
1-2 Parking Spaces
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SALISBURY PLACE | MARYLEBONE W1
AccommodationOffice GIA
Floor Sq Ft Sq M
Ground 1,150 106.8
First 1,591 147.8
Second 1,101 102.3
Total 3,842.1 356.9
Second Floor 1,335 Sq Ft / 124.0 Sq M
First Floor 1,591 Sq Ft / 147.8 Sq MGround Floor 1,150 Sq Ft / 106.8 Sq M
SALISBURY PLACE SALISBURY PLACE
SALISBURY PLACE
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SALISBURY PLACE | MARYLEBONE W1
Development & Asset Management PotentialThe property benefits from a number of asset management opportunities including residential conversion and refurbishment of the commercial space. Westminster Council have confirmed that they will support a residential led scheme. A detailed pre app was submitted showing 2 x 4 bed houses and a 2 bedroom duplex apartment which would incorporate an extension of the mansard roof and a new basement. A copy of their positive response is available. Several alternative configurations may also be considered. A schedule of proposed floorplans can be found on the next page.
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SALISBURY PLACE | MARYLEBONE W1
Development & Asset Management PotentialSchedule of Proposed Areas
Floor Sq Ft GIA Sq M GIA
Basement 1,456 135.3
Ground 1,150 106.8
First 1,591 147.8
Second 1,335 124.0
Total 5,532 513.9
Basement Floor 1,456 Sq Ft / 135.3 Sq M
First Floor 1,591 Sq Ft / 147.8 Sq M
Ground Floor 1,150 Sq Ft / 106.8 Sq M
Second Floor 1,335 Sq Ft / 124.0 Sq M
SALISBURY PLACE SALISBURY PLACE
SALISBURY PLACE SALISBURY PLACE
Unit 1 - 160 SQ M / 4 Bed
Unit 2 - 198 SQ M / 4 Bed
Unit 3 - 133 SQ M / 2 Bed
Residential Sales ComparablesMarylebone continues to attract a variety of residents from high profile celebrities, professionals to university students. Despite Marylebone’s central location, it also boats some of London’s most admired green spaces with Regent’s Park, Hyde Park and St James’s Park all within close proximity. In spite of the recent global pandemic, residential prices have risen over 2% over the last 5 years.
Property Tenure Sale Date Size Sq ft Price Price £psf
16 Bryanston Mansions, W1 (Second Floor Flat)
Leasehold; TBA 09/04/2021 1,308 £2,275,000 £1,739
78 Montagu Mansions, W1 (Third Floor Flat)
Leasehold; plus share of F/H
07/05/2021 1,352 £2,750,000 £2,034
Flat 3, (Ground Floor) 34 Bryanston Square, W1
Leasehold; 983 years approx unexpired
28/06/2021 1,186 £2,375,000 £2,003
2 York House, 39 UpperMontagu Street, W1 (Ground Floor Flat)
Leasehold 26/10/2021 1,008 £1,720,000 £1,706
Flat 4, (Third Floor) 5 Bryanston Square, W1
Leasehold; plus share of F/H
19/10/2021 1,150 £1,975,000 £1,717
Office Sales ComparablesThe Marylebone office market has been one of the strongest across the ‘core’ West End in 2021. More specifically, there has been increased activity in the small sub – 5,000 sq ft size bracket.
Despite the Covid-19 pandemic, London has continued to attract global capital as it maintains it’s ‘safe-haven’ status.
There remains strong demand for vacant properties in the West End, with owner occupiers driving interest as they choose to purchase attractive assets that reflect their long term requirements and presence.
Property Tenure Sale Date Size Sq ft Price Price £psf
4-6 York Street, W1 Freehold 01/07/2021 9,832 £11,850,000 £1,205
2-4 Huntsworth Mews, W1 Freehold 30/03/2021 2,854 £3,050,000 £1,068
17 Homer Row Freehold 22/12/2020 3,001 £4,250,000 £1,416
32 Percy Street W1 Freehold 25/06/2021 3,167 £4,000,000 £1,263
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SALISBURY PLACE | MARYLEBONE W1
Market Commentary
Sint and Robert Irving Burns give notice that these particulars are set out as a general outline only for the guidance of intending. Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Sint and Robert Irving Burns has any authority to make any representation or warranty whatsoever in relation to this property. November 2021. Map data ©2021 Google Maps.
Designed by www.darwooddesign.com
SALISBURY PLACE | MARYLEBONE W1
Dan [email protected] 357 260
David [email protected] 238 184
Aubrey [email protected] 600 004
Damien [email protected] 125 543
Adam [email protected] 497 365
Further Information
EPCAvailable on request.
VATThe property is not eleceted for VAT.
For further information please contact sole agents:
Proposal
Seeking offers in excess of £4,000,000, subject to contract, for the benefit of the Freehold interest.