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30 Broadwick Street development in October 2016

30 Broadwick Street development in October 2016

23.10.2016

30 Broadwick Street

Address:
30 Broadwick Street, London W1F 8JB
Type:
Commercial
Completion:
November 2016
Area:
92,300 sq ft
Offices:
1
Retails:
1
Viewed:
4808

Description of 30 Broadwick Street

30 Broadwick Street (formerly St Lawrence House) is a 92,300 sq ft new-build office and retail building in London W1.

2016 November - development completes.

2014 March - Planning application submitted to Westminster City Council:
Demolition of the existing buildings at 26-34 Broadwick Street and 10 Livonia Street and redevelopment comprising dual / alternative use of part of the basement and ground floors as either retail (A1) or office (B1a) or light industrial (Class B1c) accommodation; restaurant (Class A3) at part ground floor level and office (Class B1a) accommodation at ground to sixth floor level. Creation of terraces and green roof areas at fourth, fifth, sixth and seventh floor levels; installation of plant within an enclosure and photovoltaic cells at seventh floor level; alterations to all facades of the building; public realm improvements on the public highway and other associated works. (Part of land use swap with 78-80 and 82 Great Portland Street and 15-23 Riding House Street). Ref. no: 14/02855/FULL.[1]

2004 August - Great Portland Estates plc 'GPE' by way of a corporate purchase has acquired the freehold of St Lawrence House, 26/34 Broadwick Street, 10 Livonia Street and 1a and 1b Poland Street from Capital and City plc for £37.73 million in cash (of which £25.75 million has been used to discharge debt), reflecting a yield of 6.4% on cost.

Sources:
1. Westminster City Council www.westminster.gov.uk/planning

Connected Companies

Architect:

Buildington Rating & Notes

News & Comments: (8)

Buildington
2017/05/24 09:59

Letting interest in the 30 Broadwick Street building has been strong and the 7,950 sq ft restaurant unit has been let to The Ivy Soho Brasserie and the third floor (14,600 sq ft) to EQT, the European private equity business.

Since completion, GPE has let three further office floors and
the remainder of the retail space. In total, £5.6 million of rental income has been secured within seven months of completion.

The building is now 69% let, with two office floors remaining (28,100 sq ft) of which a part floor is under offer with good interest in the remainder.

Source: Great Portland Estates plc results for the year to 31 March 2017 24.05.2017 gpe.co.uk.

Buildington
2017/03/30 07:18

GPE has let 8,900 sq ft of retail space at 30 Broadwick Street to October’s Very Own, Nespresso and Bobbi Brown for a combined rent of £437,500 on minimum 10-year terms .

GPE has also let 6,825 sq. ft. of office space to Exponent Private Equity LLP who will occupy the sixth floor on a 10 year term (no break) paying an annual rent of £750,750, equating to £110 per sq ft, the highest office rent ever achieved in Soho.

With four of the six office floors and all the retail space now let, the building is 68% occupied with good interest in the remaining two floors.

Marc Wilder, Leasing Director at GPE, commented: "We continue to see healthy tenant demand for prime, well-located space within our portfolio and together these lettings are testament to the quality of our developments."

Buildington
2017/01/26 11:41

30 Broadwick Street is now 55% let with a further 6% under offer.

Source: Great Portland Estates Trading Update for the quarter to 31 December 2016 www.gpe.co.uk

Buildington
2016/12/02 13:42

Great Portland Estates plc has let a further 25,200 sq. ft. of office space in its recently completed 30 Broadwick Street development.

Jagex Limited gaming company has taken 10,600 sq. ft. on the 5th floor and 14,600 sq. ft. on the 2nd floor was let to BCG Digital Ventures, a corporate innovation, incubation and investment arm of The Boston Consulting Group.

The lettings equate to a cumulative rent of £2,416,090 per annum, which is 3.3% ahead of the March 2016 ERV.

Neil Thompson, Executive Director of GPE said: "We are delighted to build on our recent leasing success with two further high-quality endorsements of this excellent Soho development. Despite only completing the building this month, we have already secured over 55% of the scheme’s gross development value – a figure we expect to improve on in the near future.”

Source: Great Portland Estates gpe.co.uk 1.12.2016

Buildington
2016/11/18 16:27

30 Broadwick Street construction work completed in November delivering the only new build office completion in the Soho market in 2016, reports Great Portland Estates.

Letting interest in the building has been strong and in June GPE pre-let the 7,950 sq ft restaurant unit to The Ivy Soho Brasserie on a 20 year term (no breaks) paying an annual rent of £658,000.

In September, the third floor (14,600 sq ft) was pre-let to EQT, the European private equity business, on a 15 year term (break at ten) paying annual rent of £1.3 million.

The building is 25% pre-let and today GPE has a further two office floors and all the remaining retail space under offer (34,500 sq ft) with good interest in the remainder (35,550 sq ft).

Source: Great Portland Estates plc half year results, six months ended 30 September 2016.

Buildington
2016/07/07 11:38

The construction works are on programme at 30 Broadwick Street to complete in September 2016. Letting interest in the building has been strong and the 7,950 sq ft restaurant unit has been let.

Source: Great Portland Estates trading update for the quarter to 30 June 2016 www.gpe.co.uk

Buildington
2015/11/11 11:34

30 Broadwick Street structural works are in progress and the pre-letting campaign will commence shortly, reports GPE.

The project is on schedule to complete in September 2016 and they already have good tenant interest for the office space ahead of the pre-letting campaign.

Based on current market assumptions, the scheme is expected to deliver GPE a profit on cost of 34.4%.

Source: Great Portland Estates plc Half Year Results 2015 www.gpe.co.uk

Buildington
2015/07/08 12:01

Demolition at 30 Broadwick Street has completed and structural works are in progress, reports developer Great Portland Estates.

The project is on schedule to complete in September 2016.

Source: Great Portland Estates trading update for the quarter to 30 June 2015.

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