Long lease for sale at Soho’s Film House
Sir Richard Sutton Ltd has put the long lease on Film House on Wardour Street, W1, up for sale for around £97m.
The company has instructed Knight Frank to find a buyer for the 129-year lease at a £1 pa head rent.
The Sutton family has owned the freehold of the site for more than 200 years and it is the first time since 1929 that a new ownership interest is being created over the site.
Sir Richard Sutton Ltd has put the long lease on Film House on Wardour Street, W1, up for sale for around £97m.
The company has instructed Knight Frank to find a buyer for the 129-year lease at a £1 pa head rent.
The Sutton family has owned the freehold of the site for more than 200 years and it is the first time since 1929 that a new ownership interest is being created over the site.
The multi-let property, which was the former headquarters of film company Associated British Pathé, currently provides 98,690 sq ft of office space across three buildings, but has planning permission for a MoreySmith-designed 176-bedroom hotel (pictured above) with rooftop restaurant and bar (pictured below) as well as ground-floor retail and leisure.
[caption id="attachment_947675" align="alignnone" width="847"] Rooftop restaurant and bar proposal, Film House, Soho[/caption]
Alternatively the property could be refurbished. Indicative plans from Robin Partington & Partners show it could provide 95,121 sq ft of office space, or a new build on the site could create 110,868 sq ft with 8,676 sq ft of terraces.
Vacant possession of the multi-let property is achievable in September 2020 when two headleases owned by Threadneedle Pensions expire and occupational interests below the headleases also expire.
Threadneedle Pensions currently pays Sir Richard Sutton Ltd £3,470 pa in head rent, but the company is prepared top up the rent to £4m pa until September 2020.
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