SHEPHERD’S
BUSH HAMMERSMITH KENSINGTON OLYMPIA
WESTFIELD
LONDON KINGS MALL SHOPPING CENTRE EVENTIM APOLLO HOLLAND PARK THE ARK HYDE PARK
SH
EPH
ERD
’S
BU
SH
RO
AD
Indicative purposes only. 77 FULHAM PALACE ROAD
SOLD SEP 14 £81.75M/6.33%
FUL
HA
M PA
LACE R
OAD
KING S
TREET
GRIFFIN HOUSE SOLD AUG 15 £75.55M/5.06%To London Heathrow airport 12 miles/20 mins
To Central London 4.5 miles/15 mins
<
26/28 HAMMERSMITH GROVE SOLD JUN 15 £131M/4.11% STAGE 6 TELEVISION STUDIO (BBC)
SOLD MAR 15 £67M/3.73%
A4
ARGENTUM SOLD JUN 15 £15.78M/4.22%
INVESTMENT SUMMARY
O
Prime
and
prominent
office building situated
in the centre of Hammersmith
O
Hammersmith has the
lowest office vacancy
rate in London
O
Hammersmith is an established business location
with other significant occupiers in The Broadway
development including AOL, Walt Disney, EMI,
Time Warner
O
Excellent amenities being located above the
Hammersmith Broadway Shopping Centre and
close to the high street where occupiers include
M&S, Pret, Costa, TK Maxx and restaurants such
as Bill’s and Byron
O
Surrounding areas of Earl’s Court and Shepherd’s
Bush are undergoing significant regeneration
with various iconic schemes such as the BBC
TV Centre, the redevelopment of Earls Court
Exhibition Centre and the Westfield extension
O
Attractive building with unparalleled transport
links situated
directly above Hammersmith
Underground and bus station
O
Two separate long leasehold interests
O
A new
10 year
lease to be granted to
BC
Property Management Limited
, a subsidiary
of Blenheim Chalcot on an institutional FRI lease
with an upward only rent review in year five.
The tenant is to have an option to renew for
a further 10 years at market rent
O
High quality office accommodation with a newly
created staff café and break out area totalling
2,678.82 sq m (28,835 sq ft)
O
The property has a total of
22 car parking spaces
O
Excellent rental growth prospects in Hammersmith
with rents rising over
8% last year
O
Current income of
£1,417,136
per annum,
reflecting
£49.50
per sq ft based on first to fifth floors
O
Offers are sought in excess of
£25,500,000
(Twenty Five Million, Five Hundred
Thousand Pounds)
, subject to contract
and exclusive of VAT, equating to an attractive
net initial yield of
5.25%
after allowing for
purchaser’s costs of 5.8%
HAMMERSMITH
Hammersmith is the business hub and strategic gateway in the western corridor of London connecting the area to Central London approximately four miles to the east. The area benefits from excellent transport links with the A4 providing access into Central London approximately four miles to the east and access to the M4 (Junction 1) three miles to the west and the M4/M25 interchange 10 miles to the west. The London Underground serves Hammersmith via four of the lines including the District, Circle, Piccadilly and Hammersmith and City lines providing access to Central London in approximately 20 minutes. The London
Underground provides access to King’s Cross and Euston railway stations, with quickest journey times of 23 minutes and 25 minutes respectively. Shepherd’s Bush Underground is a short distance away and provides access to Central London via the Central Line. Hammersmith is also a major part of the bus network with 17 routes utilising Hammersmith Bus Station. Hammersmith is considered one of the best connected stations in London.
The area is well connected by air with London Heathrow situated 10 miles to the west and also accessible via the London Underground (Piccadilly Line) in approximately 30 minutes.
Hammersmith benefits from an extensive retail offering with the Broadway Centre and King’s Mall both providing a significant retail provision. The former has an annual footfall in excess of 37.8 million (source: completely retail). The Westfield Shopping Centre is situated nearby and provides one of the most extensive shopping destinations in London with over 300 shops, 60 drinking and dining places and a leisure offering.
The borough is home to over 10,500 businesses employing more than 127,000 people (source: Hammersmith and Fulham Borough Profile). A number of established global companies have located their headquarters in Hammersmith including GE, Disney, L’Oréal, Sony Ericsson, Phillip Morris and Virgin Media amongst others.
O
WORLD CLASS COMMERCIAL LOCATION
O
LOWEST VACANCY RATE IN LONDON
O
BUSINESS HUB
O
HIGHLY SKILLED EMPLOYMENT POOL
O
SIGNIFICANT INVESTMENT IN THE AREA
O
UNRIVALLED RENTAL GROWTH POTENTIAL
O
FIRST CLASS TRANSPORT AND AMENITIES
Hammersmith Hammersmith Ravenscourt
Park
Barons Court KensingtonWest Kensington Olympia Hammersmith Creek Bayonne Park Lillie Road Recreation Ground Normand Park Marcus Garvey Park Olympia London Ravenscourt Park H am m er sm ith G ro ve Queen Carolin e Stre et Brook Gre en Brook Gree n Pallis er R oad Gli dd on R oa d St. Dunst an’s Road
Margravine Gardens Baron’s Court Road Sh ortlan ds Cole t G ar dens Edith Road Iffle y Ro adAdie RoOad vers to ne R oad Ra vens co ur t Roa d Chan cellor’s R oad Crisp R oad R owan Roa d B ute Gardens B3 17 N orth E nd R oad B4 08 Pad den swick Road B408 Dal ling Ro ad B350 Lonsdale Road A 21 9 F ullham P alace R oad A30 6 Cas teln au A306 Ha mm ersm ith B ridge Roa d
A315 King Street
A315 Glenthorne Road
A2 19 She pher ds B ush Road A315 H ammers mith R oad A3218 Lillie R oad A3218 L illie Ro ad Talgarth Road Talgarth Road A402 Gold hawk Rd A 4 02 Gol dh aw k R oad A4 Talgarth Road A4 Hammersmith flyover
A4 Great West Road
A3 220 Holla nd R oad A3220 Add isonR oad 1 HAMMERSMITH BROADWAY
LONDON
Heathrow London City Gatwick Stansted Luton J27 J25 J23 J21 J20 J19 J16 J15 J12 J10 J7 J8 J9 J6 J5 J3 J2 J29 J28 A5 A505 A418 A602 A131 A130 A138 A130 A127 A217 A331 A322 A339 A316 A309 A232 A264 A264 A229 A120 A404 A355 A404 A413 A4142 A4010 A414 A414 A414 A1 A2 A3 A3 A41 A34 A40 A31 A24 A22 A21 A20 A10 A10 A12 A12 A13 A26 A21 A23 A23 A420 A303 A34 A34 A44 A40 M1 M4 M4 M2 M3 M3 M10 M40 A404(M) A329(M) M25 M25 M25 M25 M25 M25 M23 M26 M20 M20 M11 M11 A1(M) M1 Harlow Bishop’s Stortford Epping Potters Bar Knebworth Hertford Aylesbury Dunstable Stevenage Hatfield Dartford Bromley Gravesend Gillingham Shoreham Rochester Sittingbourne Croydon Biggin Hill Romford Sevenoaks Tonbridge Royal Tunbridge Wells Maidstone Snodland Sheerness Staplehurst Paddock Wood East GrinsteadCrawley Three Bridges
Horley Horsham Witley Godalming Cranleigh North Horsham Haywards Heath Burgess Hill Redhill Oxted Dorking GUILDFORD Reigate Staines Hemel Hempstead Chesham Berkhamsted St Albans High Wycombe Thame Watford Wembley Uxbridge Ruislip Rickmansworth Brent Cross Woking South Oxney Luton Harefield Harrow Hampstead Borehamwood Enfield Windsor Slough Famborough Aldershot Alton BASINGSTOKE Famham Fleet WokinghamBracknall Egham Ascot Sandhurst Bagshot READING OXFORD Henley-on-Thames Maidenhead Epsom Sutton Swanley Fulham Brentford Ashford Richmond Hounslow Southall Billericay Wickford Stanford-le-Hope Southend-on-Sea Benfleet Canvey Island Brentwood Chelmsford Chipping Ongar Basildon Welwyn Garden City Walton-on-Thames Kingston Upon Thames Clapham Harpenden
HAMMERSMITH
HAMMERSMITH
STATION
London Heathrow28 minutes
Liverpool Street Station 33 minutes Piccadilly Circus 15 minutes
Cannon Street 23 minutes
Earls Court 7 minutes Victoria 14 minutes Westminster 17 minutes Blackfriars 21 minutes
Knightsbridge 12 minutes King’s Cross St. Pancras 23 minutes
King’s Cross St. Pancras 25 minutes Great Portland Street 21 minutes
Paddington 11 minutes M4 M4 M4 M4 A4 Westway Westway Western Avenue
Old Kent Road A4 A40 A202 A12 A11 A10 A501
CENTRAL LONDON
HAMMERSMITH
CHISWICK
FULHAM
BARNES
KEW
GARDENS
CHISWICK HOUSE & GARDENS CHISWICK COMMONHYDE PARK
BATTERSEA PARK GREEN PARK GREENWICH PARK REGENTS PARK VICTORIA PADDINGTON HAMMERSMITH SHEPHERD’S BUSH EARL’S COURT WESTMINSTER BLACKFRIARS LONDON BRIDGE KINGS CROSS STRATFORD LIVERPOOL ST KNIGHTSBRIDGE PICCADILLY CIRCUS GT PORTLAND ST M4 JUNCTION (Jct 1)n Piccadilly n Hammersmith & City n Circle n District
n Jubilee n Victoria n Central n Bakerloo n Northern n Metropolitan
LONDON
UNDERGROUND
TRAVEL TIMES
SITUATION
One & Three Hammersmith Broadway forms part of the Centre West Development which comprises the subject property, the recently refurbished One Queen Caroline Street and the Broadway Shopping Centre. The centre has an annual footfall in excess of 37.8 million with a tenant lineup including Boots, WHSmith, Tesco, Pret, Costa, McDonalds and numerous other well known brands. The property is prominently located on the northern side of the Hammersmith roundabout between the junctions of King Street and Shepherds Bush Road and above the entrance to Hammersmith Underground station. The surrounding area benefits from numerous amenities including an extensive retail offering and various leisure/ cultural buildings including Hammersmith Apollo, London Olympia, The Lyric Theatre, and The Riverside Studios. Further afield there is Westfield London 1.3 miles to the north and Earls Court 1.5 miles to the east.
As well as being a transport hub One & Three Hammersmith Broadway is well positioned to access the wider retail and leisure offerings close by. King Street, immediately to the west, provides an extensive retail offering and is undergoing regeneration with ongoing work at King’s Mall Shopping Centre.
Helical Bar and Grainger plc are in the process of developing a mixed use scheme around Hammersmith Town Hall to provide new offices, approximately 200 apartments, new retail and leisure space, and an attractive public square with works due to start in early 2016. Outline for indicative purposes only
DESCRIPTION
One & Three Hammersmith Broadway was originally built in the 1980s and provides a total of 2,678.82 sq m (28,835 sq ft) arranged over ground and five upper floors. The property is held under two separate titles:
One Hammersmith Broadway comprising part reception (main entrance area), mezzanine behind the reception and floors two to five. Three Hammersmith Broadway comprising part reception (area with the stairs leading to the first floor) and the first floor. The office accommodation is situated on second to fifth floors and the new café and break out room are situated on the first floor. The office accommodation is mainly open plan with some glazed partitioning on the majority of the floors.
There are two passenger lifts accessed from the mezzanine floor behind and above the reception, these provide access to the second to fifth floors. A disabled lift is accessible from ground floor reception and provides access to the mezzanine and first floor. There is also a goods lift which services floors two to five which is accessed from the ground floor of Three Hammersmith Broadway.
The property is of high quality specification and provides:
• VRV air conditioning
• Raised floors (100-110 mm)
• 2.8m floor to ceiling heights
• Kitchenette and male & female WC’s on each of the office floors
• Two 10 person passenger lifts, a disabled lift and a goods lift
• Shower Facilities
• Communal café and break out room
The property provides 22 underground car parking spaces, situated within the Broadway Shopping Centre Car Park, with a car parking ratio of 1:1,310 sq ft.
In 2012 the property was refurbished as follows:
Ground Floor – new reception, refurbishment of the staircase to first floor, refurbishment of the lift (to provide access to the first floor and now DDA compliant), improved lighting and reconfiguration to the floorplate to create a more open floorspace.
First Floor – new suite of four meeting/conference rooms and ancillary accommodation, new food preparation room, a new hub room to serve the meeting rooms, new DDA compliant WC, and a general refurbishment.
Second to Fifth Floors – each of the office floors refurbished to form revised office accommodation with meeting rooms and cellular offices in part, formation of server rooms and refurbishment of kitchenette or installation of new kitchenette.
During 2015 the property has had an ongoing refurbishment program as follows:
Ground Floor – new reception fittings, new lighting, new flooring, new signage, new furniture and graphics to the exterior glazing. To be completed by December 2015.
First Floor – extensive refurbishment to create a new staff café and break out room. The café provides subsidised food and drink and informal meeting space with two meeting booths in the ‘dining area’ of the floor. The break out room is an informal meeting space. Second to Fifth Floors – the office floors are part of an ongoing refurbishment program to include new carpets, new glazed partitioning and office reconfiguration, new lighting, new office fittings and new furniture. The third floor has undergone refurbishment as detailed above with the second and fourth floors to be completed by December 2015, and the fifth floor to be completed by early 2016. Once completed the tenant will have spent approximately £70 psf on the property over the last three years.
Café Dining Area Breakout room
5
4
3
2
FLOORPLANS
nOffice area nKitchen area nToilet facilities nStairwells nLift First Floor 3 Hammersmith Broadway Second Floor 1 Hammersmith Broadway Third Floor 1 Hammersmith Broadway Fourth Floor 1 Hammersmith Broadway Fifth Floor 1 Hammersmith BroadwayFloorplans for illustrative purposes only
Floor Sq M Sq Ft 5th 612.22 6,590 4th 612.22 6,590 3rd 617.24 6,644 2nd 616.96 6,641 1st 201.04 2,164 Reception 19.14 206 Total 2,678.82 28,835
ACCOMMODATION
The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following net internal floor areas:
The property provides 22 car parking spaces.
SITE AREA
The property occupies a site of approximately 0.081ha (0.2 acres).
1
nCafé & Dining
nBreakout room
nStairwell
nToilet facilities
Refurbished office floor Break out room Staff café
5.5m 6.7m 5.7m 5.5m Subway LB TALGARTH ROAD SLs SL Car Park Priory 34 St Augustine's ge C ourt PH Hall Theatre 24 House Bradmore PC 47
Shelter Police Station
SL Sand D rag Building Metro 5.7m 5.4m 5.3m 5.7m 5.5m 5.8m Posts TCB TCB LB LB TCB TCB BU TT ERW ICK HAMM ERSM ITH Q UE EN C AR O LIN E STR EE T BROA DWAY Undergroun d Railway Bank 46 204 26 PH Arcade 22 1 2 (LU) 3 to 38 George 4 24 Metropolitan S tation The 206 (PH) 2 30 Buildings 20 208 1 2 Shelter 2 255 Shelter 0m 10m 20m 30m
Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:994
Th e Br oa dw ay C en tre Bus Station Hamm ers mith Sta tion Hamm ers mith
TENURE
The property is held on two seperate long leasehold interests as detailed below:
TENANCY
The property is to be under-let to BC Hammersmith Property Management Limited by two separate underleases as follows:
1. One Hammersmith Broadway 2. Three Hammersmith Broadway
The underleases will be on FRI terms for 10 years from completion of the sale. The leases will contain upward only rent reviews in year five. The tenant is to have an option to renew for a further 10 years at the expiry of the lease at market rent. The rent is to be apportioned to each of the separate underleases based on their respective floor areas as follows:
One Hammersmith Broadway – the rent is £1,310,017 per annum which equates to £49.50 per sq ft, with zero rent applied to the reception.
Three Hammersmith Broadway – the rent is £107,118 per annum which equates to £49.50 per sq ft, with zero rent applied to the reception.
The total rent passing is £1,417,136 per annum which equates to an average of £49.50 per sq ft overall.
COVENANT
BC Hammersmith Property Management Limited is within Blenheim Chalcot responsible for property management services. Blenheim Chalcot traces its origins back to 1998, when it was set up as an IT service provider, helping large corporates to adapt to the fast changing technology environment at that time. Since then, the two founders and an expanding team of experienced and trusted CEO’s have created or acquired more than 30 businesses, mostly in the core domains of Digital Finance, Digital Education, Digital Media and Digital Tech. Blenheim Chalcot has over time become one of the UK’s leading ‘Venture Builders’ – having created a unique corporate DNA and support system infrastructure, which allows start-up teams to efficiently and rapidly start up and grow new businesses. Its synergetic and supportive incubator environment has nurtured many highly successful companies. Today, these companies have sales of over £300 million and employ in excess of 3,000 people.
Some of the notable companies in the portfolio are:
• Agilisys: one of the largest BPO service providers to the public sector in the UK
• Brightbridge Ventures: one of UK’s largest FinTech incubator
• Captured: shared learning platform provider
• Contentive: global online lead generation platform
• Floream: largest online business college in the UK
• Liberis: Largest independent merchant cash advance provider in the UK
BC Hammersmith Property Management Limited
2013/14 2014/15 2015/16
Sales £1,612,801 £1,935,107 £3,162,795
Costs £1,321,027 £1,546,860 £2,956,057
Gross Profit £291,774 £388,2461 £206,7382
Net Worth £132,947 £521,193 £727,932
1. Draft figure. 2. Forecasted figure. Further information available upon request.
Long Leasehold 1 Hammersmith Broadway Title Number BGL41046 BC Hammersmith Property Limited Dated 11 February 2002 c. 164 years to expiry Peppercorn rent Long Leasehold 3 Hammersmith Broadway Title Number BGL10192 BC Hammersmith Property Limited Dated 3 February 1994 c. 103 years to expiry Peppercorn rent Freehold Title Number NGL634727
London Underground Limited
Long Leasehold Title Number BGL10281
Hammersmith Broadway SARL
Dated 15 April 1994 c. 164 years to expiry © Crown Copyright, ES 100004106.
For identification purposes only. 3 Hammersmith Broadwayn First floor title only -
The long leaseholder of One Hammersmith Broadway has been granted, by the landlord, an exclusive right to park in 22 spaces which the landlord may from time to time designate. This right is co-terminus with the long lease of One Hammersmith Broadway expiring on 27 January 2179.
HAMMERSMITH OCCUPATIONAL
MARKET COMMENTARY
Average annual take-up in Hammersmith over the past five years has been approximately 228,000 sq ft. Take-up in 2014 totalled approximately 241,000 sq ft, exceeding both the five and 10 year averages.
The majority of office take-up over the last 10 years has been from companies already based in the London Borough of Hammersmith & Fulham, however, more recently there has been an influx of occupiers moving to Hammersmith from further afield. These include GE (West End), Dunnhumby (Ealing), Harrods (Knightsbridge), Medidata (Uxbridge), Philip Morris (Richmond) and Virgin Media (Covent Garden).
Take-up has traditionally been for Grade A accommodation, with 83% of all take-up over the last 10 years falling into this category. During the last five years, Grade B take-up has further reduced and only accounted for 13%. 10 Hammersmith Grove is the only new Grade A office building to have been delivered in the last 10 years and has benefited from the most high-profile letting activity. The entire building was under-offer within six months of practical completion and fully let within 12 months.
The average building/floor size of take-up in Hammersmith has remained relatively constant for the last 10 years at approximately c. 20,000 sq ft.
INVESTMENT MARKET COMMENTARY
The West London market has experienced considerable demand over the past 12 months, with investors attracted by the strong occupational picture and continued rental growth in locations such as Hammersmith. The improving economy and lack of development activity has resulted in extremely low vacancy rates and the potential for continued rental growth has attracted investors to this booming market.
With yields in the West End and City of London reaching all-time lows, investors are pursuing opportunities outside of these core markets in the search for higher returns.
The Hammersmith market in particular offers robust occupational and investment credentials, underpinned by a severe lack of supply, attractive current rents relative to the West End, strong rental growth prospects and excellent transport links.
Date Property Description Area (sq ft) Rent (per sq ft) Tenant Term (term certain)
Available One Queen Caroline Street Total Building 82,893 Quoting £57.50 – –
Under Offer Lyric House, 149 Hammersmith Road 5th Floor 3,015 £52.50 Confidential Unknown
Under Offer One King Street 5th Floor 3,714 £55.00 Confidential 10 years (5 years)
Under Offer One King Street 4th Floor 5,102 £52.50 Confidential 10 years
Aug-15 227 Shepherd’s Bush Road 3rd Floor 3,613 £50.50 Starlight 15 years
May-15 Broadway Studios Part 3rd Floor 3,000 £50.00 NPD Marketing 5 years
May-15 Colet Court Part 2nd Floor 5,055 £47.00 Newell Rubbermaid Co-terminus 9 years (4 years)
May-15 Lyric House, 149 Hammersmith Road 1st Floor 4,069 £47.50 Vessels Value 5 years
Mar-15 Griffin House Whole Building 88,872 £45.74 Virgin Media 10 years
Feb-15 200 Hammersmith Road 1st Floor 5,421 £50.00 Western Union 10 years (5 years)
Sept-14 10 Hammersmith Grove 6th-8th Floors 34,250 £50.00 Philip Morris 10 years
Aug-14 10 Hammersmith Grove Part 2nd & 3rd Floors 22,600 £47.50 Fox Intl Channels 10 years
Jul-14 10 Hammersmith Grove 1st & Part 2nd Floors 24,800 £46.00 Accor 10 years
Feb-14 10 Hammersmith Grove 4th & 5th Floors 32,000 £48.00 UK TV 15 years
Date Address Tenant(s) Lease Expiry
(Break) Price NIY (per sq ft)Cap Val Purchaser
Coming to
market 184 Shepherds Bush Road, Shepherds Bush Dunnhumby New 15 year lease c.£95.00mQuoting 4.50% c.£812 -On market Metro Building, Hammersmith Mutli-let (13 tenants) (2.7 years)6.9 years £61.00mQuoting Quoting 6.00% £560
-Aug-15 Griffin House, 161 Hammersmith Road Virgin Media Ltd 9.7 years £75.55m 5.06% £850 Overseas private investor
Jun-15 Argentum, Hammersmith Regus 5.2 years £15.78m 4.22% £623 Royal London
Mar-15 26-28 Hammersmith Grove, Hammersmith Multi-Let (31 tenants) (4.3 years)7.2 years £130.00m 4.31% £636 Hermes
Mar-15 Stage 6 Television Studio, Shepherds Bush BBC Worldwide Ltd 25 years £67.00m 3.75% £713 Aviva
Mar-15 St George’s House West, Wimbledon Multi-Let (4 tenants) 8.7 years £58.70m 4.56% £691 Orchard Street
Jan-15 Landmark House & Thames Tower, Hammersmith Multi-Let (Thames Tower – Vacant) (Landmark House –
Various short term leases) 0.7 years £57.00m N/A £421
Eastern & Oriental
Dec-14 43 Brook Green, Hammersmith Halcrow Group Ltd (11.0 years)16.0 years £54.90m 4.95% £640 IVG
LONDON
M4
M4
M2
M3
M3
M10
M40
A404(M)
A329(M)
M25
M25
M25
M25
M25
M25
M23
M26
M20
M20
M11
M11
M1
Brentford
£28.00Staines
Uxbridge
Windsor
Slough
Maidenhead
Basingstoke
Reading
Bracknell
City
Mid Town
Heathrow
Ealing
Chiswick
£21.00 £33.00 £21.50 £28.60 £33.00 £32.50 £27.50 £32.00 £32.50HAMMERSMITH
£57.50 £65.00£80.00Paddington
£60.00West End
£130.00 £32.50 £58.00KING STREET DEVELOPMENT, HAMMERSMITH
Helical Bar and Grainger plc joint venture to deliver a £150m mixed use scheme providing new offices, approximately 200 apartments, new retail and leisure space (including a new three screen Curzon cinema) and an attractive public square. The development is due for completion in 2019.
ST JAMES, WHITE CITY
In May 2015 St James secured planning permission for a new development with up to 1,465 homes in White City. The wider development aims to deliver up to 1,465 new homes, along with commercial, office, community and leisure space. The development will bring £615m of investment to the area, creating 620 jobs in construction and 350 permanent jobs. The scheme will be delivered in phases over a 15 year period. EARLS COURT REDEVELOPMENT
Nearby Earls Court is subject to one of the biggest redevelopments in London. Over the next 15 years an £8 billion, 77 acre scheme will be developed with proposals to build 7,500 new homes and a new high street running through the centre. The scheme will create up to 10,000 new permanent jobs and a further 36,000 construction jobs. There will also be a new primary school, a large sporting and leisure facility, £5 million improvements to West Brompton Station, improvements to the streets and public realm and the creation of 27 acres of green space. Finally the Empress State building will be converted to provide a further 500 homes.
REGENERATION
Hammersmith continues to undergo regeneration improving both the residential and commercial markets for the area. A number of projects are currently ongoing or in the planning process including the below:
WESTFIELD PHASE 2
Westfield have long had plans to invest £1bn to redevelop the land to the north of Westfield London. In April 2014 outline planning consent was granted to build 1,347 new homes as mixed-use blocks and standalone residential. The refined scheme will create distinct but integrated zones including retail, with an 800,000 sq ft extension to Westfield London and a new flagship John Lewis department store, and residential helping to create a residential community and further green space. The aim is for the scheme to be open in time for Christmas 2017.
BBC TELEVISION CENTRE, WHITE CITY
The redevelopment of the BBC Television Centre will transform the area hugely providing up to 950 new homes, 500,000 sq ft of new Grade A offices with BBC Worldwide already in residence, a 47 bedroom hotel and new private members’ club from Soho House, significant leisure offerings with all day cafés, restaurants and an independent cinema and a mix of quality amenities.
BBC MEDIA VILLAGE, WHITE CITY
The BBC are reducing their operations at BBC Media Village and have vacated some of the buildings initiating the refurbishment and re-letting of the existing buildings as well as the redevelopment of the 3 acre site for 180,000 sq ft of mixed-use development, which currently has planning permission for an office and music centre.
IMPERIAL WEST (SOUTH), WHITE CITY
A development site with outline planning permission for a residential-led scheme comprising up to 1,150 new homes plus retail and office accommodation arranged over 11 buildings. Imperial College, London acquired the site in 2013 and are currently working on a masterplan to create a world-leading technology innovation campus which will ultimately integrate with Imperial West (North) creating a campus of over 3 million sq ft. FULHAM REACH
A recent regeneration project in Hammersmith is the Fulham Reach development which is a 7.25 acre mixed use development comprising approximately 750 new homes and over 44,000 sq ft of restaurant, retail and office space. The development is due for completion in 2017.
HAMMERSMITH FLYUNDER There are ongoing discussions for the redevelopment of the Hammersmith flyover to create the ‘Hammersmith Flyunder’ which would be built underground and with the removal of the flyover, would free up 360,000 sq m (circa £1 billion) worth of residential and commercial space. The development would take three years to complete once the project has been approved and is estimated to cost up to £1.7 billion depending on the extent of the ‘Flyunder’.
CAR PARKING SERVICE CHARGE
The current Car Parking Service Charge for One and Three Hammersmith Broadway, for the year ending 31/03/2016 is £39,608.BUILDING SERVICE CHARGE
The current Building Service Charge for One Hammersmith Broadway, for the year ending 31/03/2016 is £10,050.41. The current Building Service Charge for Three Hammersmith Broadway, for the year ending 31/03/2016 is £68,342.82. The total building service charge for the year ending 31/03/2016 is £78,393.23 which equates to £2.72 psf and is paid to Hammersmith Broadway SARL.
CAPITAL ALLOWANCES
Any capital allowances available to a qualifying purchaser can be made available by separate negotiation. More information can be provided upon request.
EPC
The property has been rated C(61) on the EPC rating list. More information available on request.
VAT
We understand the property is elected for VAT which will be chargeable on the purchase price. It is anticipated that the transaction is to be treated as a transfer of a going concern (TOGC).
DATAROOM
A dataroom is available. Further information upon request.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 10.15
www.allsop.co.uk
Guy Scott Plummer020 7543 6726 guy.scott-plummer@allsop.co.uk Scott Tyler 020 7543 6719 scott.tyler@allsop.co.uk Richard Lea 020 7543 6832 richard.lea@allsop.co.uk Ben Blinston-Jones 020 7543 6716 ben.blinston-jones@allsop.co.uk
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