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Property Summary
• Located in the heart of Covent Garden, one of the key sub-markets in London’s West End.
• Prominent position on the west side of St Martin’s Lane, close to its junction with William IV Street and Charing Cross Road to the south.
• Excellent communication links with Charing Cross and Leicester Square London Underground Stations within close proximity.
• 1980’s built property providing a mix of self contained offices and retail arranged over basement, ground and six upper floors totalling 34,044 sq ft (3,163 sq m).
• Freehold.
• Let in its entirety to True North Holdings (UK) Ltd(a wholly owned subsidiary of Publicis Group)expiring 23 June 2013 at a rent of £1,609,216 pa equating to £51.00 per sq ft on the best office accommodation and £45.55 per sq ft overall.
• Active management opportunities including lease re-gear, office refurbishment and change of use, subject to planning.
DRAFT110 St Martin’s LaneLondon, WC2
110 St Martin’s Lane - London, WC2
DRAFTLocation
The property is located in Covent Garden, one of the key sub-markets of the West End of London. The property is located on St Martin’s Lane which runs parallel with Charing Cross Road and links Long Acre with Trafalgar Square.
Situation
110 St Martin’s Lane occupies a prominent position on the west side of St Martin’s Lane, opposite the Coliseum Theatre, closeto its junction with William IV Street and Charing Cross Road to the south.
Charing Cross Mainline and London Underground Station (Northern and Bakerloo lines), one of Central London’s key transport hubs, is located approximately 200 metres to the south-east. Leicester Square Underground Station (Northern and Piccadillylines) is located approximately 200 metres to the north-west.
Not to Scale. For Identification Purposes Only.
110 St Martin’s Lane - London, WC2
DRAFTDescription
110 St Martin’s Lane is a 1980’s built property of reinforced concrete construction and provides a mix of self-contained offices and retail accommodation arranged over basement, ground and six upper floors The property totals approximately 34,044 sq ft (3,163 sq m) and includes two self-contained ground floor retail units fronting St Martin’s Lane, either side of the office reception.
The specification of the office accommodation includes the following:
§ Ground floor reception area
§ VAV air conditioning
§ Suspended ceiling
§ Perimeter Trunking
§ Category II recessed lighting
§ 2x 10 person passenger lifts
§ Male & Female WC’s on all floors.
§ Shower facilities at ground floor level.
Accommodation
The property will be measured by Plowman Craven and a copy of their report will be made available shortly. Indicative net internal areas are as follows:
Floor Description sq m sq ft
6th Office 261.8 2,818
5th Office 284.1 3,058
4th Office 433.4 4,665
3rd Office 445.9 4,800
2nd Office 448.8 4,831
1st Office 446.9 4,811
Ground Office 283.1 3,047
Ground Reception 32.0 344
Ground Retail (ITZA) 88.3 950
Basement Offices 291.7 3,140
Basement Storage 32.5 350
Basement Plant Room 114.3 1,230
TOTAL 3,162.8 34,044Source: Areas agreed at 24 June 2008 rent review.
110 St Martin’s Lane - London, WC2
DRAFTPlanning
The property lies within the City of Westminster. The property is not listed but is in the Trafalgar Square conservation area.
Tenure
Freehold.
Tenancy
The property is let in its entirety to True North Holdings (UK) Ltd on a lease commencing 24 June 1993 and expiring 23 June 2013 at a current passing rent of £1,609,216 per annum. This equates to a rent on the best office accommodation of £51.00 per sq ft and an overall passing rent on the offices of £45.55 per sq ft.
True North Holdings (UK) Ltd is a wholly owned subsidiary of the Publicis Group.
Opportunity
110 St Martin’s Lane offers a number of active management opportunities including the following:
• Re-gear the current lease with the existing tenant or negotiate new leases with current sub-tenants.
• Comprehensive office refurbishment with delivery into an improving office market.
• Change of use to residential or hotel.
110 St Martin’s Lane - London, WC2
DRAFTContact
For further information or to arrange an inspection please contact:
MISREPRESENTATION ACT •COPYRIGHT •DISCLAIMERCOPYRIGHT © JONES LANG LASALLE IP, INC & CORTEX PARTNERS LONDON LIMITED. 2011. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle & Cortex Partners. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. November 2011.
Charles PinchbeckJones Lang LaSalle
DD +44 (0)20 7399 [email protected]
James BuckeyJones Lang LaSalle
DD +44 (0)20 7087 [email protected]
Kirsty AndersonJones Lang LaSalle
DD +44 (0)20 7399 [email protected]
Pedro MilborneCortex Partners
DD +44 (0)20 7534 [email protected]
Tim CuzensCortex Partners
DD +44 (0)20 7534 [email protected]
