Rare Pair of Beautiful Freehold Period Properties with Vacant Possession. Prime Bloomsbury / Mid Town Mixed Use Development Opportunity with Planning Consents. Suitable for Developers and Owner Occupiers.
PAGE 2 36 & 37 GREAT RUSSELL STREET
PAGE 3 PAGE STREET RUSSELL GREAT 37 & 36 EXECUTIVE SUMMARY
Freehold
Prime Mixed Use Development Opportunity
Two attractive adjoining and prominent period buildings located in the heart of Bloomsbury, adjacent to The British Museum
The property benefits from excellent transport links being in close proximity to Holborn, Covent Garden and Goodge Street underground stations, and minutes from Tottenham Court Road station, soon to be one of London’s most important Crossrail stations with fast links to the City, Canary Wharf and Heathrow
Self-contained office buildings arranged over lower ground, ground and three upper floors, with No. 36 comprising 2,567 sq ft NIA (238.48 sq m), and No. 37 comprising 2,896 sq ft NIA (296.04 sq m), providing a total combined area of 5,463 sq ft NIA (507.53 sq m)
The property is available with full Vacant Possession
Two planning consents in place for the erection of rear extensions at basement to 2nd floor levels, one to provide additional retail and office massing with new penthouse conversion, one to provide additional residential space to the rear, improved internal STREET RUSSELL GREAT & 37 36 circulation, physically connecting the two buildings laterally and a new passenger lift. Additional massing opportunities STPP also considered likely across the buildings
Offers are invited in excess of £4,950,000 for the Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a capital value of £906 per sq ft on the existing building. PAGE 6 PAGE HOLBORN CENTRE TOTTENHAM VICTORIA THE BRITISH RUSSELL UNIVERSITY STATION POINT COURT ROAD HOUSE MUSEUM SQUARE COLLEGE STATION LONDON 36 & 37 GREAT RUSSELL STREET RUSSELL GREAT & 37 36 3637& GREAT RUSSELL STREET PAGE 8 PAGE PAGE7 IN THE HEART OF BLOOMSBURY
36 & 37 Great Russell Street are located in a prime position in the heart of Bloomsbury, adjacent to the world famous The British Museum, the single most visited tourist attraction in London and the UK with approximately 5.9 million tourists per annum. Widely considered a 7-day location, the village atmosphere found in Bloomsbury attracts office workers, residents, and students.
With numerous high-profile developments, including Central Saint Giles, 10 Bloomsbury Way, Centre Point, The Post Building and Castlewood & Medius House now under construction, the area is experiencing considerable change, with much- improved streetscape and active frontages, enhancing the character and popularity of the area. Bloomsbury forms part of Midtown, acknowledged to be at the centre of the Education (UCL, Birkbeck, LSE, SOAS and Kings Universities all close by) and Medical (UCL, Crick, Welcome) as well as Technology (Google, Facebook, Twitter, Microsoft, What App) District for London.
Camden’s £35m ‘The West End Project’ will also further transform the area, with initiatives such as widening pavements and changing the traffic to a two-way system on Tottenham Court Road and Bloomsbury Street already complete, as well as the creation and expansion of a number of public spaces currently underway. 36 & 37 GREAT RUSSELL STREET RUSSELL GREAT & 37 36 PAGE 10 PAGE Not to scale, indicative only. RUSSELL SQUARE 10 mins
QUEEN RUSSELL SQUARE SQUARE GARDENS CONNECTIVITY
36 & 37 Great Russell Street benefits from excellent transport links, being in very close proximity to Holborn, Goodge Street and Covent Garden underground stations, as well as Tottenham Court Road station, only a 4-minute walk away, which will soon become one of the most important transport hubs in central London with the arrival of Crossrail (Elizabeth Line).
CROSSRAIL RED LION THE BRITISH SQUARE BEDFORD MUSEUM Crossrail from Tottenham Court Road (in minutes) BLOOMSBURY GARDENS SQUARE SQUARE GARDEN GARDEN 28 Heathrow Airport 05 Paddington Bond Street HOLBORN
8 mins 02 Tottenham Court Road
4 mins Farringdon TOTTENHAM COURT ROAD 03 05 Liverpool Street SOHO SQUARE GARDENS passengers per to London Heathrow annum Airport from 200 28 Tottenham Court Road million minutes 36 & 37 GREAT RUSSELL STREET RUSSELL GREAT & 37 36
Bringing an extra A train every people within 45 at peak times through minutes of Central Central London 9 mins 1.5 London 150 million seconds COVENT GARDEN
passengers per day at Tottenham 70 Court Road station thousand LOCAL NEIGHBOURS PAGE 12 PAGE DESCRIPTION
ACCOMMODATION
The property has been measured by Greenhatch Group in accordance with the RICS issued Code of Measuring Practice (6th Edition) and comprises the following approximate net internal floor areas: 36 37
FLOOR USE SQ FT SQ M FLOOR USE SQ FT SQ M (NIA) (NIA) (NIA) (NIA)
3rd Office 388 36.05 3rd Office 431 40.04
2nd Office 414 38.46 2nd Office 398 36.98
1st Office 398 36.98 1st Office 409 38.00
Ground Office 904 83.98 Ground Office 926 86.03
Lower Office 463 43.01 Lower Office 732 68.00 Ground Ground
TOTAL 2,567 238.48 TOTAL 2,896 269.04
OVERALL 36 & 37 GREAT RUSSELL STREET RUSSELL GREAT & 37 36
36 & 37 Great Russell Street comprises two adjoining period buildings arranged over lower ground, raised ground and three upper floors, with all floors the same level across 5,463 both buildings and a central wall effectively creating a SQ FT mirror image of the layouts, stairs, and entrances in each building. Currently the buildings are commercial space (Class E) with the third floor of each building comprising a residential dwelling, with the remaining floors in office use. 507.53 With an attractive stucco frontage, the property was SQ M 3637& GREAT RUSSELL STREET originally constructed in circa 1880, benefitting from good natural light, generous floor to ceiling heights of 2.7m to 3.0m plus, and period features. An extension to the rear ground floor also provides high ceilings to a large roof-light and stairwell access to a flat roof. PAGE 14 PAGE PAGE13 PLANNING FURTHER PERMISSION INFORMATION
Both planning permissions establish the principle of amalgamating the two buildings TENURE (or retaining these buildings as separate buildings) and extending the properties at the rear by adding additional massing at first and second floor levels. These planning The properties are held freehold. Title number: NGL612964 permissions also demonstrate the opportunity to either amalgamate or increase the number of residential units (planning permission ref. 2018/4940/P amalgamates the 2x existing residential units into a single residential unit, increasing the office accommodation, whilst planning permission ref. 2017/2149/P created a net additional VAT residential unit – x3 residential units total) and introduce roof terraces with views towards The British Museum. The properties are elected for VAT. The transaction cannot be treated as a Transfer of Going Concern (TOGC). It is considered there is opportunity to further enhance the consented extensions at the rear, subject to planning and legal enquiries. In discussion with the Local Planning Authority, it was established that uses could potentially be swapped with EPC other buildings in the vicinity of the site to, for example, increase or reduce the residential accommodation (i.e., land use swaps between commercial and residential accommodation). Similarly, the front under pavement vaults were not referenced Energy Performance Rating certificates in the planning approvals even though they form part of the building and can be available upon request. reclaimed as part of the usable space for the buildings.
Planning records show the Local Planning Authority (London Borough of Camden) DATAROOM considered the ground floor and basement use of both no. 36 and 37 Great Russell Street to be Use Class A1, whilst the first and second floors were considered Use Class B1. The basement to second floors are therefore considered to be Use Class E Access to the Dataroom available upon request after (the new amalgamated Use Class created in 2020 comprising ‘Commercial Business an inspection of the property. and Service Use’), allowing for a range of town centre uses such as office, retail, café / restaurant, and indoor fitness. The third floor of both no. 36 and 37 is considered to be residential (Use Class C3).
INDICATIVE ILLUSTRATIONS OF PROPOSED PLANS
Full plans are available upon request. PROPOSAL 36 & 37 GREAT RUSSELL STREET RUSSELL GREAT & 37 36 Offers are invited in excess of £4,950,000 for the Freehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a capital value of £906 per sq ft on the existing building.
This is a print of the view of the title plan obtained from HM Land Registry showing the state of the title plan on 07 May 2019 at 16:54:14. This title plan shows the general position, not the exact line, of the boundaries. It may be subject to distortions in scale. Measurements scaled from this plan may not match measurements between the same points on the ground.
3637& GREAT RUSSELL STREET This title is dealt with by HM Land Registry, Croydon Office. MISREPRESENTATION ACT 1967: These particulars do not constitute either the whole or any part of anCrown invitation,Copyright. offer orProduced contract byin relationHM Land to Registry. Reproduction in whole or in part is prohibited without the prior written permission of Ordnance Survey. Licence the property described in the particulars. Neither Farebrother, nor Numberits Directors,100026316. employees and agents, have authority to make or give any representation or warranty, express or implied, on behalf of any party in relation to the property. Whilst the particulars are given in good faith, intending purchasers or tenants must satisfy
themselves independently as to the accuracy of all matters on which they intend to rely. All negotiations are 16 PAGE subject to contract. May 2021. PAGE 15 BROCHURE DESIGNED BY DESIGNED BROCHURE FULFILAMENT.CO.UK
CONTACT
JAMIE GUNNING ALISTAIR SUBBA ROW T +44 7967 751 394 T +44 7973 841 691
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GUY PASSEY MICHAEL STEPHENSON T +44 7961 375 758 T +44 7540 973 413