Prominent Freehold Central London Investment and Refurbishment Opportunity
First time on the market for approximately 40 years
Comprises a Cinema Preview Theatre and four floors of offices above, totalling about 658.12 sq m (7,084 sq ft)
Cinema Preview Theatre - in occupation for over 30 years
Third/fourth floor - tenant in occupation for over 15 years
Asset Management Opportunities including Imminent Lease Renewal, Refurbishment and Change of Use Potential
Excellent location in the heart of vibrant Soho
VAT-free Investment
Low Capital Value per sq ft on Guide Price (Approx £670 per sq ft)
Lot 10
Auction 28th October 2020
Rent £174,450 per Annum Exclusive
Status Sold Prior
Price
Sector Office
Auction Venue Live Streamed Auction
Property Information
Location
Miles
0.3 miles south-east of Oxford Circus
Roads
Oxford Street (A40)
Rail
Oxford Circus (Central, Bakerloo,
Victoria Lines), Tottenham Court Road (Central, Northern Lines)
Air
London City, London Heathrow
Situation
Soho, which forms part of London's West End and is a long established media and entertainment area. The area benefits from excellent rail connections being a short walk from both Oxford Circus (Central, Bakerloo & Victoria Lines) and Tottenham Court Road (Central & Northern Lines, and imminent Crossrail - Elizabeth Line). The property is situated in a very prominent location on the north side of D'Arblay Street, in the heart of Soho, between Berwick Street and Poland Street. Nearby occupiers include numerous restaurants, cafe's and bars.
Tenure
Freehold.
Location
Miles
0.3 miles south-east of Oxford Circus
Roads
Oxford Street (A40)
Rail
Oxford Circus (Central, Bakerloo,
Victoria Lines), Tottenham Court Road (Central, Northern Lines)
Air
London City, London Heathrow
Situation
Soho, which forms part of London's West End and is a long established media and entertainment area. The area benefits from excellent rail connections being a short walk from both Oxford Circus (Central, Bakerloo & Victoria Lines) and Tottenham Court Road (Central & Northern Lines, and imminent Crossrail - Elizabeth Line). The property is situated in a very prominent location on the north side of D'Arblay Street, in the heart of Soho, between Berwick Street and Poland Street. Nearby occupiers include numerous restaurants, cafe's and bars.
Tenure
Freehold.
Description
The property comprises a five storey building arranged as a cinema preview theatre on the ground & basement floors, with separately accessed offices arranged on the first, second, third and fourth floors.
VAT
VAT is not applicable to this lot.
Planning
The upper floors may be suitable for alternative uses subject to obtaining all the necessary consents. All enquiries should be made via Westminster City Council (www.westminster.gov.uk/planning).
Completion Period
Six Week Completion
EPC
Various. See legal pack at www.acuitus.co.uk.
Description
The property comprises a five storey building arranged as a cinema preview theatre on the ground & basement floors, with separately accessed offices arranged on the first, second, third and fourth floors.
VAT
VAT is not applicable to this lot.
Planning
The upper floors may be suitable for alternative uses subject to obtaining all the necessary consents. All enquiries should be made via Westminster City Council (www.westminster.gov.uk/planning).
Completion Period
Six Week Completion
EPC
Various. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Basement
Cinema Cinema
156.08 sq m 178.74 sq m
(1,680 sq ft) (1,924 sq ft)
MR. YOUNGS PREVIEW THEATRE LIMITED (1) t/a Soho Screening Rooms
5 years from 25/03/2017 until 24/03/2022
£120,000
Fixed rental uplift to £125,000 on 23/03/2021
First Second
Office Office
111.48 sq m 72.93 sq m
(1,200 sq ft) (785 sq ft)
VACANT
-
-
-
Third
Office
78.97 sq m
(850 sq ft)
AIKEN SPENCE LIMITED t/a Perfect Day Creative Branding Agency
5 years from 14/01/2016 until 13/01/2021 (2)
£31,875
-
Fourth
Office
59.92 sq m
(645 sq ft)
AIKEN SPENCE LIMITED t/a Perfect Day Creative Branding Agency
5 years from 14/01/2016 until 13/01/2021 (2)
£22,575
-
Total
658.12 sq m
(7,084 sq ft)
£174,450
(1) Soho Screening Rooms have served film, television and media companies for over 50 years and are the only independent trade preview screening complex (www.sohoscreeningrooms.co.uk). The tenant has been in occupation for about 30 years. A rent deposit of £32,05.92 is held. (2) The lease is drawn up outside the provisions of the Landlord & Tenant Act 1954. The tenant has been in occupation for about 15 years.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
