Single-Let Office/ Residential Conversion Opportunity gva.co.uk/investment
For Sale - Single-Let Office/Development Opportunity Executive Summary Virtual Freehold office of 2,758 sq ft (NIA) / 3,910 sq ft (GIA). Single let to ARM Direct Ltd. Unexpired Lease Term of 2.8 years to Expiry and 0.8 years to Break. Attractive self contained mews office situated off Marylebone Lane. Ideal for owner occupier (subject to Landlord and Tenant Act). Potential for conversion to residential use (subject to planning consent). We are instructed to seek offers in excess of 2,000,000 (Two million pounds) reflecting a capital value of 725 per sq ft (NIA) / 512 per sq ft (GIA). Location The property is located in Marylebone in the heart of Central London and benefits from excellent communications being in close proximity to the A5, A40 and A4 all providing links to the A406 (North Circular Road) and M25 motorway which in turn provides access to the national motorway network. Marylebone is served by all London airports and there are extensive rail links with a number of stations within easy reach of the subject property including Marylebone, Paddington and Kings Cross & St Pancras, Euston. Marylebone has benefited from gentrification over the last five years and has become highly affluent and one of the most attractive locations in central London for businesses, residences and retailers. Situation Bentinck Mews is situated just 0.2 miles north of Oxford Street. The property is situated on the south side of Bentinck Mews, which is located off Marylebone Lane approximately 50 metres to the north of the junction with Wigmore Street. The property benefits from excellent public transport links with Bond Street (Jubilee and Central lines), Oxford Circus (Victoria, Central and Bakerloo Lines) and Baker Street (Hammersmith & City, Metropolitan, Circle, Jubilee and Bakerloo lines) underground stations in close proximity. The surrounding area is a mix of commercial and residential uses, with extensive retail to the south.
Opportunities Suitable for owner-occupier (subject to Landlord and Tenant Act). Potential for conversion to residential use, (subject to planning consent). Secure uplift in rental income at lease renewal. Image: Ground floor The site is approximately 0.03 acres (0.01 ha). Description The property is a terraced mews building arranged over 5 storeys originally constructed in the 19th Century as a warehouse but has since been converted for office use providing 2,758 sq ft (NIA) / 3,910 sq ft (GIA)of accommodation. The building provides floor plates which are mostly open plan in layout and their specification includes solid floors, double glazed hardwood timber framed windows and domed roof lights set into the ceiling. Tenure Business Rates Long leasehold from 1 July 1920 for a term of 999 years (909 years unexpired). The head rent payable is fixed at 5 per annum. Service Charge Not applicable. The property is single let on full repairing and insuring terms. Business rates payable are estimated to be 13.43 per sq ft.
Floor Plans Indicative floor plans below. Please visit www.gva.co.uk/investment/bentinckmews to view full floor plans. Lower Ground Floor First Floor Third Floor The Gross Internal Area has been measured at 3,910 sq ft (363 sq m). Second Floor Ground Floor Tenancy Schedule Demise Tenant Net Internal Area (sq ft) Start Date End Date (Break) Rent Rent pa Comment Review ( per sq ft) Whole ARM Direct Limited 2,758 08 Apr 2009 07 Apr 2014 (08 Apr 2012) n/a 57,500 ( 20.85) Whole Head Lease 01 Jul 1920 30 Jun 2919 n/a - 5.00 Totals 2,758 Proposal We are instructed to seek offers in excess of 2,000,000 (Two million pounds) reflecting a capital value of 725 per sq ft (NIA) / 512 per sq ft (GIA). 57,495 Lease benefits from security of tenure. For further information please contact: Barry Marshall - 020 7911 2558 barry.marshall@gva.co.uk Mark Frampton - 020 7911 2181 mark.frampton@gva.co.uk Piers Glover - 020 7911 2774 piers.glover@gva.co.uk Simon Hedley - 020 7935 8592 sh@druce.com Floor plans, documents and additional photos are available at www.gva.co.uk/investment/bentinckmews
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