The
Ashcombe
House
A Second Empire flagship on Boston's luxury street, leased to 2034.
Fenwright Advisors, as exclusive advisor to ownership, presents the 100% fee simple interest in The Ashcombe House, an 18,400 square foot single-tenant flagship on Newbury Street in Boston's Back Bay.
Built in 1892, the building is a brownstone and brick Second Empire corner with a rounded bay, a slate mansard roof and copper-trimmed dormers. Whitlow & Crane, the British heritage clothing and homeware brand, has occupied all five floors and the lower level as its North American flagship since 1994, on a NNN lease guaranteed by its BBB+ rated parent.
The roof and masonry were restored in 2025. Interior and accessibility work is planned for 2026 and 2027 at the tenant's cost. The property is offered unpriced, on an as-is basis, to a select group of qualified investors.
| Address | Newbury Street, Boston, MA 02115 |
| Building | 18,400 SF on six levels, built 1892 |
| Tenant | Whitlow & Crane Retail Inc. |
| Guarantor | Whitlow & Crane Group, S&P BBB+ |
| Lease | NNN to December 31, 2034, 8 years 3 months remaining |
| 2026 NOI | $2,186,800 |
| Pricing | Offered unpriced |
Irreplaceable real estate with bond-like income.
A complete Second Empire corner
Rounded corner bay, slate mansard and dormers intact, inside the Back Bay Architectural District.
One tenant since 1994
Whitlow & Crane exercised its final renewal option, which runs through 2034.
Investment-grade guarantee
A full corporate guarantee from Whitlow & Crane Group, rated BBB+ by S&P.
NNN rent, CPI protected
2026 total rent. The next CPI adjustment resets the rent on January 1, 2030.
Transit at the door
Hynes station and the Commonwealth Avenue Mall are a two-minute walk.
Capital work already done
Roof and masonry restored. Interior upgrade in 2026 and 2027 at the tenant's cost.
Boston's Back Bay
At the Massachusetts Avenue end of Newbury.
Imagery © Mapbox © Maxar. Streets © OpenStreetMap.
Eight blocks between the Public Garden and Massachusetts Avenue.
Newbury Street is Boston's main street for luxury and flagship retail, set in brownstone blocks between Commonwealth Avenue and Boylston Street. The Hereford end draws on the Hynes and Prudential Center side of the Back Bay, and on the Green Line at the door.
| Trade area | 1 mile | 3 miles | 5 miles |
| Population | 98,400 | 612,700 | 1,184,300 |
| Average household income | $186,400 | $142,900 | $128,300 |
| Daytime employees | 164,800 | 905,800 | 1,233,400 |
Six levels, run as a house.
| Fifth | 2,700 SF Private client and made to measure |
| Fourth | 2,850 SF Made to order |
| Third | 2,950 SF Home |
| Second | 2,950 SF Womenswear |
| Ground | 3,050 SF Menswear and entry hall |
| Lower level | 3,900 SF Tailoring, stock and staff |
A set of rooms, not a sales floor.
Each floor runs as a set of rooms, with the original staircase, plaster moldings and marble fireplaces in daily use. The fifth floor, under the mansard, holds the private client suite.
NNN to 2034, guaranteed by a BBB+ rated parent.
| Tenant | Whitlow & Crane Retail Inc. |
| Guarantor | Whitlow & Crane Group, full corporate |
| Premises | Entire building, 18,400 SF |
| Commenced | January 1, 1994 |
| Expires | December 31, 2034 |
| Renewals | Final option exercised |
| Rent | Base, CPI and percentage rent |
| CPI reset | Every five years to cumulative CPI-U (Boston), 2% floor and 3% cap a year; next January 1, 2030 |
| Percentage rent | 6% of sales above a fixed $26.5M breakpoint |
| Expenses | NNN; tenant carries taxes, insurance, roof and structure |
Whitlow & Crane is a British heritage clothing and homeware brand founded in 1871, with about 160 stores and $3.2 billion of annual revenue. This is its North American flagship and its largest store outside London.
2030 CPI reset modeled at 2.5% a year on base and CPI rent. Percentage rent held flat at $62,000, with no sales growth assumed.
Projected net operating income
| Year | Total rent | Non-recoverable | NOI |
| 2026 | $2,208,000 | (21,200) | $2,186,800 |
| 2027 | $2,208,000 | (21,836) | $2,186,164 |
| 2028 | $2,208,000 | (22,491) | $2,185,509 |
| 2029 | $2,208,000 | (23,166) | $2,184,834 |
| 2030 | $2,490,000 | (23,861) | $2,466,139 |
| 2031 | $2,490,000 | (24,577) | $2,465,423 |
| 2032 | $2,490,000 | (25,314) | $2,464,686 |
| 2033 | $2,490,000 | (26,073) | $2,463,927 |
| 2034 | $2,490,000 | (26,856) | $2,463,144 |
Non-recoverable costs are a $0.50/SF capital reserve and ownership entity costs, growing 3% a year.
Valuation sensitivity
The Property is offered unpriced. Indicative value at a range of going-in cap rates on 2026 NOI of $2,186,800.
Four Back Bay high street sales since mid-2025
| Location | Sold | Price | SF | $ / SF | Cap rate | |
| 1 | Newbury St, Berkeley to ClarendonSingle tenant, luxury apparel | Jun 2025 | $28.50M | 11,200 | $2,545 | 4.85% |
| 2 | Newbury St, Dartmouth to ExeterSingle tenant, jewelry | Nov 2025 | $19.80M | 8,900 | $2,225 | 5.10% |
| 3 | Newbury St, Fairfield to GloucesterSingle tenant, flagship apparel | Mar 2026 | $34.00M | 13,600 | $2,500 | 4.90% |
| 4 | Boylston St, Exeter to FairfieldTwo tenants, retail and fitness | May 2026 | $41.20M | 19,800 | $2,081 | 5.35% |
| Average | $2,338 | 5.05% |
At a 5.00% cap the Property prices above the comparable average, supported by its corner position, investment-grade guarantee and eight years of remaining term.
This memorandum is confidential and furnished only to consider an acquisition of the Property. Information is from sources believed reliable but not verified. No warranty or representation is made, and prospective purchasers should make their own investigations.