Russell Square London Wc1

Home , Alan Turing Institute, Brunswick Centre, Russell Square, Southampton Row

A PRIME BLOOMSBURY OFFICE INVESTMENT, OVERLOOKING ONE OF LONDON’S MOST PRESTIGIOUS GARDEN SQUARES 55-56 Russell Square 3

EXECUTIVE SUMMARY

3 Prime Bloomsbury location situated overlooking the highly prestigious Russell Square.

3 Bloomsbury is one of central London’s most dynamic sub-markets offering an array of amenities to a hugely diverse occupier base.

3 The property benefits from excellent transport connectivity located within just 3 minutes’ walk of Russell Square and 7 minutes' walk of Holborn Underground stations.

3 Connectivity will be further enhanced following the delivery of The Elizabeth line (Crossrail) and HS2.

3 Attractive Grade II listed Georgian property providing approximately 9,036 sq ft (839.5 sq m) NIA of modern office and ancillary accommodation arranged over lower ground, ground and four upper floors.

3 Single-let to Business Cube Management Solutions Ltd for a term expiring 30th April 2024 (approximately 3.59 years unexpired).

3 Gross passing rent of £513,790 per annum reflecting a reversionary £56.86 per sq ft overall, demonstrated by recent evidence created within the building.

3 The property is held on a 125 year Long Leasehold from Woburn Estate Company Ltd and Bedford Estates Nominees Ltd from 25th March 1987 (approximately 91.5 years unexpired) at a nominal current ground rent of £2,000 per annum.

3 Offers sought in excess of £8,000,000 subject to contract and exclusive of VAT.

3 A purchase at this level reflects a highly attractive net Initial yield of 6.0% and a capital value of £885 per sq ft, assuming purchaser’s costs of 6.67%. THE HOXTON MCKINSEY CENTRAL SAINT MEDIACOM HOTEL & COMPANY GILES (GOOGLE) RUSSELL SQUARE HOLBORN CHARING CROSS TOTTENHAM COURT ROAD (EMBANKMENT) GREAT ORMOND WARNER THE BRITISH SODEXO COS STREET HOSPITAL BROTHERS ROSEWOOD MUSEUM

BLOOMSBURY BALLROOM

BEDFORD SQUARE

THE RUSSELL THE UNIVERSITY KIMPTON SQUARE OF LONDON

THE BRUNSWICK THE UNIVERSITY CENTRE OF LAW 55-56 Russell Square 7

LOCATION

55-56 Russell Square is prominently situated on the southern side of the prestigious Russell Square, close to its junction with Southampton Row, in the heart of historic Bloomsbury, one of central London’s major sub-markets. The Brunswick Centre Covent Garden Piazza Bloomsbury benefits from beautiful architecture and history with the 30-acre estate of Bedford Estates, the largest private landlord in the area, owned by the Russell Family since 1669. Bloomsbury has established itself as a sought-after business location, typified by historic architecture, literary associations, picturesque garden squares, upmarket amenities and excellent transport links. It is also home to some of London’s world famous museums including The British Museum, located just a few hundred metres to the west of the property.

Russell Square is located in the heart of London’s Knowledge Quarter, a radius spanning from King’s Cross encompassing Euston and Bloomsbury. The Quarter comprises a consortium of over 80 academic, cultural, research, scientific and media organisations and boasts key educational establishments including the British Library, the University of the Arts London and the Alan Turing Institute. The Knowledge Quarter has become the global hub for research and life science with over 60,000 employees.

High Holborn, within 500 meters to the south of the property provides the key arterial link between the City and West End. Kimpton Fitzroy London The British Museum Proposed HS2 station entrance at Euston The wider Midtown locality offers excellent amenities with an exciting array of local bars, restaurants and cafés; Covent Garden’s renowned piazza, the West End’s famous theatres and the world class retail offering on Oxford Street and Regent Street all within close proximity. The locality also benefits from a number of leading hoteliers including the 5-star Rosewood Hotel on High Holborn and the Kimpton Fitzoy London on Russell Square itself.

Bloomsbury's association with education, research, medical, legal and technology sectors ensures it continues to attract a hugely diverse mixture of occupiers. Current local occupiers include ITV’s headquarters, Time Warner, The Office Group, Mediacom, Mishcon De Reya, Great Ormond Street Hospital, and The University of London.

Tottenham Court Road Crossrail station development (CGI) Rosewood Hotel The Hoxton Holborn 55-56 Russell Square 9

KING’S CROSS 18 mins E V ST. PANCRAS E 18 mins R S H O CONNECTIVITY L T S T R E 55-56 Russell Square benefits from excellent transport infrastructure, being E T D OA situated in close proximity to a number of Mainline Rail, International and R ON London Underground Stations. ST U J E U The fully integrated transport network in the surrounding area provides direct D EUSTON D S access throughout London, the major London airports and the rest of the UK 15 mins K T I R N and Europe. E G E ’S T C R The delivery of HS2 in 2026 from Euston will be key to the Capital-to-national O S reach, whilst The Elizabeth line (Crossrail) from Tottenham Court Road from S R O 2022 will provide a high speed east to west link. A D E C LA EUSTON SQUARE TAVISTOCK P K 12 mins SQUARE C TO T IS THE ELIZABETH LINE O AV T T T GORDON ET (CROSSRAIL) RE E SQUARE ST N RD H O ILF A GU The property is well positioned to benefit from the arrival M of the Elizabeth Line (Crossrail) services in 2022, being C RUSSELL SQUARE O located a short walk from the eastern ticket hall outside U 3 mins Centre Point at Tottenham Court Road. R T R The locality is due to benefit from major public realm O A works and station upgrades forming a key part of the D RUSSELL £1bn transformation of Tottenham Court Road as it M SQUARE O becomes one of London’s busiest stations with 24 trains N per hour running at peak times on the new line, replacing T Tottenham Court Road Elizabeth line station CGI A G Oxford Circus as the gateway to the West End. G R GOODGE STREET U E E Y 10 mins S ’ S Stratford T

R I N E N E

T R Hayes Ealing Tottenham Liverpool BLOOMSBURY O E A & Harlington Broadway Paddington Court Road Street BEDFORD C SQUARE A D SQUARE L P Y R U B S LBORN M HIGH HO O O L B HOLBORN 7 mins Maidenhead West Acton Bond Street Farringdon Whitechapel Ealing Main Line TOTTENHAM Heathrow COURT ROAD Canary Wharf 11 mins SOHO SQUARE Not to scale. Indicative only. 55-56 Russell Square 11

DESCRIPTION

55-56 Russell Square forms part of a Grade II listed terrace of buildings, originally developed as town-houses by James Burton on behalf of The Duke of Bedford in the early 1800s.

The property comprises two adjoining Georgian buildings overlooking one of London’s most prestigious garden squares, Russell Square. It provides approximately 9,036 sq ft (839.5 sq m) NIA of modern office and ancillary accommodation arranged over basement, ground and four upper floors. The property benefits from attractive views overlooking the square to the north, as well as the gardens to the south.

The offices are accessed through a self-contained entrance off Russell Square via a refurbished entrance lobby. Typical floors are in the order of 1,600 sq ft (149 sq m) and benefit from attractive period features, outstanding ceiling heights and natural light. INTERNAL The property benefits from an attractive substantial courtyard SHOTS to the rear.

SPECIFICATION

The building specification can be summarised as follows:

Generous ceiling heights of up to 3.75 metres

Mixture of raised floors and perimeter trunking

4 person passenger lift serving all floors

VRF air conditioning system

LED lighting

Male and female WCs on alternate floors

Shower facilities

Russell Square c.1922 55-56 Russell Square 13 55-56 Russell Square 15

ACCOMMODATION FLOOR PLANS

The property has been measured by Sterling Temple in accordance with the RICS Code of Measuring Practice GROUND FLOOR TYPICAL UPPER FLOOR 6th Edition. RUSSELL SQUARE RUSSELL SQUARE

FLOOR USE NIA NIA SQ FT SQ M WC Fourth Office 1,346 125.0

Reception Third Office 1,633 151.7 Second Office 1,603 148.9 WC First Office 1,516 140.8 Office 1,155 107.3 Ground Reception 251 23.3 Lower Office 1,534 142.5 Ground TOTAL 9,036 839.5

Not to scale. Indicative only. 55-56 Russell Square 17

TENANCY TENURE

The property is let to Business Cube Management Solutions Limited on a full repairing and insuring lease The property is held on a 125 year Long Leasehold interest from Woburn Estate Company Ltd and Bedford for a term expiring 30th April 2024 (approximately 3.59 years unexpired). The lease is held outside of the Estates Nominees Ltd from 25th March 1987 (approximately 91.5 years unexpired). security of tenure provisions of the Landlord and Tenant Act 1954. The current head rent payable is £2,000 per annum and doubles every 25 years as follows: The total gross passing rent is £513,790 per annum equating to a reversionary £56.86 per sq ft overall. From 25th March 2012 until 25th March 2037 - £2,000 pa The property has been sub-let to five tenants on short term leases. Further details are available upon request. From 25th March 2037 until 25th March 2062 - £4,000 pa

From 25th March 2062 until 25th March 2087 - £8,000 pa 8

From 25th March LB2086 until expiration of term - £16,000 pa 1

The property is registered under6 title number NGL711845. 5 7 1 to se ou 73 H ns ee ASSET MANAGEMENT Qu Imperial Hotel

R U S SQ S E U L OPPORTUNITIES AR L E Fn 6 1

to 6 6 55-56 Russell Square offers a purchaser a number of asset management opportunities to increase value in the short and medium term. These include; TCBs 1 5 6 a

1 5 1) Extend the headlease. 6 St Giles College

2) Extend into the rear courtyard, increasing the net lettable area, subject to the necessary consents. 1 5 4

Premier 6

3) Change of use to educational, hotel or residential, subject to the necessary consents. 0 House

1 5 0 2 2

4) Extend existing occupational lease with Business Cube Management Solutions Ltd. 0 1

5 E 7 AR l 1 e U 4 s Q 0 s S u to R 5) Multi-let the property on short term, flexible leases at higher rents. L 1 a L 4 E 8 M Statue SS U

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INFORMATION

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1 H 2 o te l 1 5 Business Cube Management Solutions Ltd (Company number 07594193) 1

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4 Business Cube was founded in 2012 with the objective of creating a business centre community in which tenants 2

1 can form rewarding business relationships with each other thereby creating a lucrative and inspiring working 2

8 environment. The company currently has 8 business centres in Central London in locations including, Mayfair, 2 B E 1 D 0 F

9 Bevis Marks and 5 in Shoreditch/Clerkenwell. In the year ended 31 December 2019, Business Cube Management u 2 R e D 9 H P

o L

t 0 e 3 A Solutions reported a total net worth of £1,261,846. The company has a D&B rating of 1A2 indicating 'lower than l C

E 8 1

average' risk of business failure. 3

Not to scale. For identification purposes only. This plan is based Further information can be found at: www.businesscube.co.uk upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved FURTHER INFORMATION

PLANNING VAT EPC

The property is located in the The property is elected for VAT. The property has an EPC London Borough of Camden. It is rating of C & D. A copy of the Grade II listed and lies within the certificates are available upon Bloomsbury Conservation Area. request.

PROPOSAL

We are instructed to seek offers in excess of £8,000,000 subject to contract and exclusive of VAT for our client’s long leasehold interest in the property.

A purchase at this level reflects a highly attractive net initial yield of 6.0%, and a capital value of £885 per sq ft after purchaser’s costs of 6.67%.

CONTACTS

MATTHEW MILLMAN ANTONIA BEECH +44 (0)7703 039 177 +44 (0)7391 865 615 [email protected] [email protected]

OLIVER TURNEY MARK IBBOTSON +44 (0)7425 862 794 +44 (0)7765 976128 [email protected] [email protected]

Allsop LLP on their behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsi- bility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. The market statistics, rental and investments comparables have been supplied by third parties and their accuracy cannot be guaranteed. October 2020 www.cube-design.co.uk (Q4587)