Orchard Street lets Heron House in Richmond to RM Sotheby's
Orchard Street Investment Management (Orchard Street) has fully let Heron House in Richmond to classic car auction house RM Sotheby’s.
The recently refurbished Grade II listed property at Heron Square has been owned by Orchard Street since 2014 on behalf of St James’ Place plc.
Property consultants Vail Williams, acting on behalf of RM Sotheby's, brokered a ten-year lease on the entirety of the three-storey townhouse, comprising 3,133 sq ft of grade A office space. RM Sotheby’s will relocate its European headquarters from New Bond Street in central London to the exclusive Richmond Riverside estate, as the business looks to expand its European operations.
Originally built in 1716, Heron House was redeveloped in the 1980’s and has recently undergone extensive internal refurbishment to modernise the building’s interior, while preserving the grandeur of its classic external façade. The self-contained building comprises a private garden overlooking the River Thames, and RM Sotheby’s will have access to the forecourt surrounding the building to display its prized vehicles prior to auction. Specialising in the auction and private sale of key marques including Ferrari, Porsche, Mercedes-Benz, and Aston Martin, the business ranks number one globally for cars sold for more than USD1,000,000.
Conveniently located within Heron Square and forming part of the Richmond Riverside development on the banks of the River Thames, Heron House sits at the edge of Richmond’s upmarket town centre and its abundance of retail and leisure offerings. The property also benefits from strong transport links, with Richmond Railway Station located within walking distance and providing direct trains to London Waterloo within 20 minutes.
Jamie Munday, Asset Manager at Orchard Street, says: “Heron House is a striking and distinguished property both inside and out, and makes an ideal fit for the new home of such an esteemed auction house. RM Sotheby’s decision to relocate from prime central London to suburban Richmond represents a strong endorsement for the location, as well as the quality of office space on offer. To be able to sympathetically refurbish and enhance a Grade II listed building, against the backdrop of Covid-19, is a testament to Orchard Street’s asset management expertise and exemplifies our ability to consistently deliver secure income streams on behalf of our clients.”
Greg Anderson, Chief Operating Officer, Europe at RM Sotheby's, says: “Heron House is a beautiful building with a grandeur and style that will complement the classic motor vehicles we plan to bring to auction and display in advance here. We look forward to making the most of our stunning new backdrop on the banks of the River Thames, as we continue to auction some of the world’s best investment-quality automobiles online amid the current pandemic.”
Mark Llewelyn Jones, the partner at Vail Williams who advised on the deal, says: “Buildings of this kind come to market once in a blue moon and we are delighted to have secured this distinguished building which will support the future growth of the business over the next 10 years.”
As part of the deal, Vail Williams negotiated the ability for RM Sotheby’s to make occasional use of the forecourt surrounding the building to display vehicles prior to auction, which during the pandemic are taking place online.
Orchard Street was advised by Michael Rogers LLP on the letting.