LONDON WC1

FOR SALE LONG LEASEHOLD INTEREST

Vacant Development, Refurbishment or Owner Occupier Opportunity in the Heart of Midtown 2-10 PRINCETON STREET 1 INVESTMENT HIGHLIGHTS

• Commercial and residential opportunity • Enviable location in the heart of London’s Midtown • 20,537 sq ft of accommodation comprising 17,921 sq ft of commercial accommodation and 2,616 sq ft of residential accommodation • Long leasehold interest of 150 years from 25 March 2005 at a peppercorn rent • Offered with vacant possession • Numerous asset management opportunities including refurbishment, change of use and redevelopment (subject to obtaining the necessary consents)

THE PROPOSAL

Offers in excess of £13,500,000 are invited for the long leasehold interest, subject to contract. This reflects anattractive capital value of £657 per sq ft.

2 2-10 PRINCETON STREET 2-10 PRINCETON STREET 3 MIDTOWN IS ONE OF THE MOST DYNAMIC AND EVOLVING LOCATIONS OF LONDON

Lamb’s Conduit Street

Rosewood Hotel

MIDTOWN

Midtown is one of the most dynamic and evolving locations in London. Benefitting from a strategic location between the West End and City markets, Midtown has and provides enviable transport Gray’s Inn Gardens links and accessibility for workers and visitors alike. Occupiers and visitors are attracted to Midtown by its wide range of amenity including restaurants such as Hubbard & Bell, Holborn Dining Room and Noble Rot, and hotels such as The Hoxton and Rosewood Hotel. Whilst once associated with the legal profession, owing to its proximity to the Royal Courts of Justice and Lincoln’s Inn Fields, the location has now evolved into a diverse and mixed tenant location. Occupiers ranging from tech, media and financial to start- ups have all been attracted to Midtown, including Warner Bros, Amazon, Skype, Mediacom and Framestore. Additionally, the area can boast of being home to a number of internationally recognised educational institutions including the University of Arts, UCL, LSE and King’s College London.

Hubbard & Bell

4 2-10 PRINCETON STREET 2-10 PRINCETON STREET 5 CHANCERY LANE ST. PANCRAS INTERNATIONAL FARRINGDON BLACKFRIARS HOLBORN

TATE CITY OF LONDON BARBICAN CLERKENWELL ST. PAUL’S MODERN KING’S CROSS SOUTHBANK COVENT GARDEN SOHO MAYFAIR

6 2-10 PRINCETON STREET 2-10 PRINCETON STREET 7 5 GRAY’S INN RD

6 6 1 3

RUSSELL SQUARE 5 CLERKENWELL RD 4

SOUTHAMPTON ROW

5 GRAY’S INN RD

THEOBALD’S RD 9 3 4 FARRINGDON 4 2 2 3 The Rosewood Hotel CHANCERY LANE 3 7 HOLBORN 5 6 HIGH HOLBORN BLOOMSBURY WAY 2 5 1 8 HOLBORN 1 CHANCERY LN NEW OXFORD ST 6 1 1 FARRINGDON ST 1

KINGSWAY4 2 3 SHAFTESBURY AVE 2 FETTER LN

FLEET ST

STRAND CITY THAMESLINK 8 7 COVENT GARDEN

STRAND 4 BLACKFRIARS

Leather Lane Market

PLACES TO STAY GREEN SPACES EDUCATION 1. The Hoxton 1. Lincoln’s Inn Fields 1. University of the Arts London 2. Rosewood Hotel 2. Red Lion Gardens 2. LSE 3. Premier Inn 3. Bloomsbury Square Gardens 3. London School of Photography 4. Grange Holborn Hotel 4. Russell Square 4. King’s College London 5. L’Oscar Hotel 5. Gray’s Inn Gardens 5. UCL 6. Brunswick Square Gardens

RESTAURANTS & BARS PLACES OF INTEREST 1. The Espresso Room 1. Sir John Soane’s Museum 2. Great Queen Street 2. The British Museum 3. Belgo Holborn 3. Charles Dickens Museum 4. Bill’s 4. Leather Lane Market 5. Holborn Dining Room 5. Lamb’s Conduit Street 6. Byron Burger 6. The Brunswick Centre 7. Pizza Express 7. Aldwych Theatre 8. Scarfes Bar 8. Royal Opera House 9. The Constellations Restaurant Gray’s Inn Gardens The Hoxton Hotel

8 2-10 PRINCETON STREET 2-10 PRINCETON STREET 9 CLOSE TO MAJOR TRANSPORT HUBS HOLBORN STATION IMPROVEMENT WORKS

2-10 Princeton Street benefits from excellent transport links across London. Holborn TFL have announced significant improvement works to Holborn Station, including a new entrance on underground station is situated to the south of the property providing access to the Central and Procter Street, additional escalators and lifts and step free access from entrance to platform. Piccadilly lines. Chancery Lane (Central Line) and Russell Square (Piccadilly line) stations are also These works are scheduled to commence in 2023/24. within a close walking distance. Theobald’s Road to the north and High Holborn to the south provide a number of key bus routes providing connectivity south to Waterloo as well as north to King’s Cross and St Pancras.

TRAIN TIMES FROM HOLBORN STATION

02 03 05 07

OXFORD CIRCUS KING’S CROSS BANK LIVERPOOL STREET

09 10 14 37

WATERLOO VICTORIA LONDON BRIDGE HEATHROW AIRPORT CGI

Travel times from tfl.gov.uk

ELIZABETH LINE (CROSSRAIL)

Within ten minutes’ walk are Farringdon and Tottenham Court Road stations - two major Elizabeth Line hubs. Due to open in 2022, the Elizabeth Line will significantly improve access across Central London. Europe’s largest infrastructure project will boost Central London rail capacity by 10% and bring an extra 1.5 million people within a 45 minute commute of Central London. STRATFORD

HAYES & HARLINGTONSOUTHALL HANWELL WEST EALINGEALING ROADWAYACTON MAINPADDINGTON LINE BOND STREETTOTTENHAMFARRINGDON COURT ROADLIVERPOOL STREETWHITECHAPEL

HEATHROW CANARY WHARF

10 2-10 PRINCETON STREET 2-10 PRINCETON STREET 11 LOCAL DEVELOPMENTS

Midtown has been subject to significant development activity in recent years, with the delivery of a number of high quality commercial and residential developments. This change has largely been driven by demand from occupiers who have sought to relocate and establish themselves in this lively, fashionable and diverse location. As a result, Midtown continues to thrive and evolve as one of Central London’s most vibrant and established live/work neighbourhoods. A summary of current and proposed developments is set out below:

THESE WILL HELP FURTHER MIDTOWN’S EVOLUTION AND REPUTATION AS A COMMERCIAL HUB IN CENTRAL LONDON

262 HIGH HOLBORN, WC1 150 HOLBORN, EC1 FIVE NORWICH STREET, EC4 Lazari Developments Dar Group Scopus Holdings Limited 40,687 sq ft of office and retail accommodation 110,000 sq ft of office and retail accommodation 29,336 sq ft of office accommodation Completed summer 2020 Completion 2022 Completed 2019 50% let

THE BUREAU, EC4 20 RED LION STREET, WC1 THE POST BUILDING, WC1 Evans Randall Mayfair Capital Brockton Capital & Oxford Properties JV (purchased by Pontegadea) 74,000 sq ft of office accommodation 37,000 sq ft of office accommodation 390,000 sq ft of office and retail accommodation Completed 2018 Completed 2019 Completed 2019 85% let 60% let 100% let

12 2-10 PRINCETON STREET 2-10 PRINCETON STREET 13 DESCRIPTION SPECIFICATION

2-10 Princeton Street is situated on the north side of Princeton The commercial accommodation occupied by City, University of Street, bounded by Theobald’s Road to the north and High London provides a mixture of meeting rooms and lecture rooms Holborn to the south, two of London’s key arterial roads from with ancillary offices and storage on the lower ground floor. east to west. The majority of accommodation benefits from a VRF air The property is of brick construction and provides a total of 17,921 conditioning system, suspended ceilings and recessed sq ft of commercial accommodation and 2,616 sq ft of residential fluorescent lighting. accommodation over 6 storeys comprising lower ground, ground There are two lifts located at the north and southern entrances. and four upper floors. The lift servicing the Princeton Street entrance has access to the The commercial accommodation is located from lower ground to commercial accommodation, whilst the rear lift at the northern third floor, accessed via the main reception on Princeton Street. entrance provides access to the residential accommodation. The accommodation benefits from regular floor plates with good natural light. The four two-bed residential flats are located on the fourth floor of the property. These are accessed from the rear of the property. There are 20 car parking spaces to the rear of the property.

14 2-10 PRINCETON STREET 2-10 PRINCETON STREET 15 Reception Library

Residential Accommodation Seminar Room

16 2-10 PRINCETON STREET 2-10 PRINCETON STREET 17 ACCOMMODATION FIRST FLOOR SECOND FLOOR 3,632 sq ft / 337.4 sq m 3,629 sq ft / 337.1 sq m

The property provides the following areas: Office Office RESIDENTIAL Floor NSA (sq ft) NSA (sq m) GIA (sq ft) GIA (sq m) 4th 2,616 243.0 3,921 364.3

COMMERCIAL Floor NIA (sq ft) NIA (sq m) GIA (sq ft) GIA (sq m) 3rd 3,632 337.4 4,513 419.3 2nd 3,629 337.1 4,500 418.1 1st 3,632 337.4 4,500 418.1 Ground 3,304 307.0 4,116 382.4 Lower Ground 3,724 346.0 5,057 469.8 Total 17,921 1,664.9 22,686 2,107.7

The property has been measured by Plowman Craven in accordance with the RICS Code of Measuring Practice (6th Edition). Princeton Street Princeton Street * IPMS measurements available on request.

FLOOR PLANS

LOWER GROUND FLOOR GROUND FLOOR THIRD FLOOR FOURTH FLOOR 3,724 sq ft / 346.0 sq m 3,304 sq ft / 307.0 sq m 3,632 sq ft / 337.4 sq m 2,616 sq ft / 243.0 sq m

Office Office Residential Office Reception Storage

Flat 1 Flat 2

Flat 4 Flat 3

Princeton Street Princeton Street North Princeton Street Princeton Street North

Not to scale and indicative only Not to scale and indicative only

18 2-10 PRINCETON STREET 2-10 PRINCETON STREET 19 TENURE TENANCY

The property is to be sold vacant with 1 car parking licence (3 spaces at a total annual rent of £11,500 pa) 2-10 Princeton Street, WC1 is held under long leasehold, title number NGL855355. in place which is terminable by either party on 1 months notice. The long lease benefits from a term of 150 years from 25 March 2005 (c.135 years unexpired). The passing rent is a peppercorn. PLANNING

The site is currently designated educational F1 (formally known as D1) use and residential (C3) use. TITLE PLAN The property is located within the London Borough of Camden. We understand the building is not listed but is within Bloomsbury Conservation area. A Planning Statement is available in the data room. Interested Parties should make their own enquiries.

OPPORTUNITIES

• Refurbishment of the existing accommodation to provide • Improving ground floor reception impact at street level modern accommodation and investigate options for Princeton Street frontage • Reconfiguration of the cores to improve efficiency and net • Explore change of use (subject to gaining necessary consents) lettable area • Explore potential for massing and infill (subject to gaining necessary consents)

VAT

The premises have not been elected for VAT.

DATA ROOM

Further information is available in the online data room: • Plowman Craven measured survey • Registered title information • Legal documents • EPC • Floor plans • Planning statement • Sales particulars

Access to the data room is password protected and can be obtained from the Vendor’s agent.

PROPOSAL

Offers in excess of £13,500,000 are invited for the long leasehold interest, subject to contract. Ordnance Survey © Crown Copyright 2019. All Rights Reserved. Licence number 100022432 Plotted Scale - 1:750. Paper Size - A4 This reflects anattractive capital value of £657 per sq ft.

20 2-10 PRINCETON STREET 2-10 PRINCETON STREET 21 CLICK FOR VIRTUAL TOUR

WEBSITE www.2-10princetonstreet.co.uk

CONTACT

For further information or to arrange an inspection, please do not hesitate to contact the Vendor’s agent:

Fergus Jagger Ben Nichols Tel. +44 (0)20 7653 6831 Tel. +44 (0)20 7333 6411 Mob. +44 (0)7787 558756 Mob. +44 (0)7786 733198 [email protected] [email protected]

Amy Bryant Lloyd Davies Tel. +44 (0)20 7653 6825 Tel. +44 (0)20 7333 6242 Mob. +44 (0)7551 172931 Mob. +44 (0)7767 311254 [email protected] [email protected]

Conditions under which these particulars are issued All details in these particulars are given in good faith, but Gerald Eve LLP for themselves and the Vendors/Lessors of this property for whom they act give notice that: 1 These particulars do not and shall not constitute, in whole or in part, an offer or a contract or part thereof, and Gerald Eve LLP have no authority to make or enter into any such offer or contract. 2 All statements contained in these particulars are made without acceptance of any liability in negligence or otherwise by Gerald Eve LLP, for themselves or for the Vendors/Lessors. 3 None of the statements contained in these particulars is to be relied on as a statement or representation of fact or warranty on any matter whatsoever, and intending purchasers must satisfy themselves by whatever means as to the correctness of any statements made within these particulars. 4 The Vendors/Lessors do not make, give or imply, nor do Gerald Eve LLP or any person in their employment have any authority to make, give or imply, whether in these particulars or otherwise, any representation or warranty whatsoever in relation to the property. This statement does not affect any statutory rights you may have nor does it intend to limit Gerald Eve LLP’s liability which cannot be excluded or limited by law. Particulars issued September 2020.

Design and production: www.stuartchapmandesign.co.uk 020 3983 1665

22 2-10 PRINCETON STREET