Commercial property for sale

Features

• Grade II Listed
• Vacant
• Georgian Adam Style Building
• First time on market since 1931
• 7,868 sq ft
• Frontage to Stratford Place and Marylebone Lane
• 100meters from Oxford Street
• Unrivalled position with Bond Street Station
• Variety of Uses (STP)

Description

Executive Summary

•A Grade II listed building within the Stratford Place Conservation Area and comes within the core Central Activity Zone.


•A double fronted Georgian Adam style building built around 1775 by architect Richard Edwin with an impressive staircase and magnificent first floor having Adamesque ceilings and fireplaces.


•This is the first time since 1931 that the freehold interest has been offered to the market.


•The building offers approximately 7,868 sq ft GIA space on five floors.


•The property has frontages to Stratford Place and Marylebone Lane.


•An unrivalled position with Bond Street Underground Station and Oxford Street within 100 meters.


•In its current form, the property attracts SDLT at 4%


•The property is capable of being restored (subject to planning) to a grand period mansion house.


•The property also offers potential for a variety of other uses including mixed use, offices, institutional or an Embassy use (STP).




Location:

The property is situated at the northern end and on the eastern side of Stratford Place. Stratford Place is an exclusive cul-de-sac off Oxford Street within the southern part of Marylebone. The site has a rear frontage and access into Marylebone Lane.




10 Stratford Place was built around 1775 on the site of the former Lord Mayor's Banqueting House where he, and the Corporation, feasted after hunting.




At the northern end, and which the property ajoins, is the famous Oriential Club (Stratford House).
Oxford Street is renowned as being one of the premier shopping streets in London, and Bond Street, which is known for high class fashion and jewellery houses, is known throughout the world.




Bond Street Underground Station having direct interchanges with the Central Line and Jubilee Lines will also be one of the new stations for Crossrail which is scheduled to open in 2018. Crossrail will provide fast services to passengers travelling into and across central London.




Existing Floor Areas (GIA)


Vaults - 523 sq ft / 48.60 sq m


Lower Ground Floor - 1,390 sq ft / 129.15 sq m


Ground Floor - 1,472 sq ft / 136.72 sq m

First Floor - 1,535 sq ft / 142.59 sq m


Second Floor - 1,522 sq ft / 141.44 sq m


Third Floor - 1,426 sq ft / 132.51 sq m


Total (GIA) - 7,868 sq ft / 731.01 sq m




Existing Floor Areas (NIA)


Vaults - 361 sq ft / 33.52 sq m

Lower Ground Floor - 983 sq ft / 91.33 sq m

Ground Floor - 988 sq ft / 91.78 sq m


First Floor - 1,165 sq ft / 108.22 sq m


Second Floor - 1,144 sq ft / 106.30 sq m


Third Floor - 1,228 sq ft / 114.06 sq m


Total (GIA) - 5,869 sq ft / 545.21 sq m




Planning:


A planning pre-application submission has taken place following a proposal for a mixed use development to include an additional floor, a lift and a general refurbishment scheme.




The property has been occupied by The Royal Society of Musicians and other charities and institutions for offices together with a caretaker's flat on part of the third floor. The planning authority considers that the building has a mix of Class B1 Office, Institution and Residential uses (Sui Generis). The building is now mostly vacant.




The proposed additional floor and lift were considered by the planning authority to be unacceptable. They have indicated that from a listed buildings viewpoint given the option of a mixed use scheme or a private dwelling, returning the property to its original intended use as a single dwelling is preferred. Prospective purchasers should make their own enquiries.




EPC:


An EPC is available upon request




Method of Sale:


Davis Brown are instructed as sole agents by The Royal Society of Musicians, a registered charity, to invite best unconditional offers for the freehold interest with vacant possession.




Price:


Offers are invited in excess of £10,000,000.




The building has not been elected for VAT.




Tender Procedure:


Offers are to be received at the offices of Davis Brown by 5pm on Monday 13th 2015.




Bids are to be delivered by e-mail, post or by personal delivery on the "tender form" (available from the agent).




Purchasers Notice:


The seller does not undertake to accept the highest bid or any offer received. Offers must state a specific sum of money to be paid with the name and address of their legal advisers and proof of funding. It is intended that a successful bidder would be able to exchange contracts on an unconditional basis within 4 weeks of receipt of a contract with completion 4 weeks thereafter.




Disclaimer:


Davis Brown for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers, or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants 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; (iii) no person in the employment of Davis Brown or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices quoted are exclusive of VAT (if chargeable)


SUBJECT TO CONTRACT