Lucrative redevelopment from office into luxury residential of prominently positioned office building in Soho with retail units and a restaurant on the ground floor
The new Golden Square building will feature 22 luxury residential units and will retain the retail on the ground floor.
Area: 3,091 sq.m.
The property is situated in Soho, one of the principal commercial sub-markets within London’s West End. The area has seen a considerable transformation over the last decade with a more corporate occupier base being attracted by the vibrant social scene and competitive rents which is matched by a higher demand for high-end residential units in the same area. It has also been developing as an attractive location for foreign investors buying apartments for a London “pied-a-terre”.
37 Golden Square is prominently located on the northern side of the square at its junction with Upper James Street and Beak Street and lies just to the south of the world renowned Carnaby Street. The location is served by excellent transport communications with Oxford Circus (Bakerloo, Victoria and Central lines), Tottenham Court Road (Central and Northern lines) and Piccadilly Circus (Bakerloo and Piccadilly lines) underground stations within close proximity. It is also a short walk to the new Crossrail Station being built at the end of Hollen Street.
This location provides for a natural “spill-over” from Mayfair on its western side across Regent Street and is therefore in a more prominent part of Soho as far as luxury residential is concerned.
The property currently comprises a mixed use office, retail and restaurant building totalling 3,091 sq m (33,271 sq ft) arranged over lower ground, ground and seven upper floors.
The proposal is to convert self-contained offices arranged over the first to seventh floors with a total net internal area of 2,433 sq m (26189 sq ft) to 22 luxury apartments with high quality specifications.
There is a plan to keep ground floor retail space 7,082 sq ft (657.93 sq.m) to attract stable cash flow and increase potential yield for the property.
Planning consent to convert the offices to 22 residential apartments is in place (subject to detailed architectural drawings).
Very rare opportunity of planning permission /consent to rearrange of use part of ground and seven upper flows to convert from office use to 22 luxury self-contained residential flats in central part of London.
This project has been initiated and would be managed and marketed by a very reputable and experienced development company, bringing over 30 years of track record in the construction and development industry. Their specific focus has been on constructing and managing luxury residential properties in London and its most luxurious suburbs.
Soho is one of the principal office sub-markets in London’s West End. Bounded by Oxford Street to the north, Regent Street to the west, Shaftesbury Avenue to the south and Charing Cross Road to the east, Soho is characterised by an eclectic mix of high quality office and residential accommodation and is associated with a wide range of leisure amenities including well-known hotels, restaurants, theatres and bars.
The area is synonymous as an office destination for the film, media and entertainment industry.
However, with the improvements to the office stock, including new developments such as 12 Golden Square, Air W1 (Glasshouse Street) and 25 Great Pulteney Street, Soho has attracted substantial office occupiers including Och Ziff, CarVal Investors, Diageo, Generation Investment Management and Nike together with long standing occupiers such as Sony, Emap, National Magazine Company, Time Warner, Bartle Bogle Hegarty and M&C Saatchi. Soho also offers a rich and diverse social scene and is renowned for its fusion of modern bars and restaurants with the more Mediterranean style pavement cafes/ bistros, Spanish tavernas and Asian restaurants.
Golden Square is considered the prime office location within Soho, which has been further strengthened by the recent completion of 12 Golden Square, Air W1 and 25 Great Pulteney Street office developments and the new Ham Yard and Café Royal Hotels. The location is served by excellent transport communications with Oxford Circus (Bakerloo, Victoria and Central lines), Tottenham Court Road (Central and Northern lines) and Piccadilly Circus (Bakerloo and Piccadilly lines) underground stations within close proximity. These provide access via the underground network to the main railway stations of Paddington, Waterloo, Victoria, Euston, St Pancras International, Kings Cross and Liverpool Street.
The area will also benefit from the Crossrail station at Tottenham Court Road which is due to start operating in 2018. Crossrail is the biggest transport improvement in London and is set to become London’s principal east to west rail link. Costing £16 billion, Europe’s largest infrastructure project will link 37 stations and two London airports (London Heathrow and City Airport) with journey times expected to be at least twice as fast as existing.
The property is a short walk from Hollen Street, the new western entrance of the Tottenham Court Road station.