Development, Refurbishment Or Owner Occupier Opportunity in the Heart of Midtown
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LONDON WC1 Development, Refurbishment or Owner Occupier Opportunity in the Heart of Midtown 2-10 PRINCETON STREET 1 INVESTMENT HIGHLIGHTS • Commercial and residential investment • 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 • Offered by way of short-term sale and leaseback to City, University of London to 31st December 2020 (subject to tenant-only break options) • Four residential flats let on Assured Shorthold Tenancy agreements (ASTs) • Total passing rent of £488,480 per annum (reflecting £23.79 per sq ft) • Long leasehold interest of 150 years from 25 March 2005 at a peppercorn rent • Numerous asset management opportunities including refurbishment, change of use and redevelopment (subject to obtaining the necessary consents) THE PROPOSAL Offers in excess of £17,500,000 are invited for the long leasehold interest, subject to contract. This reflects anattractive capital value of £852 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 2021, 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 Completion 2020 Completion 2021 Completed 2019 25% under offer 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 Completion 2019 Completed 2019 50% let 50% under offer 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 THE MIDTOWN MARKET TENURE Midtown remains one of the most active submarkets in Central London, with almost all of the new space from 2-10 Princeton Street, WC1 is held under long leasehold, title number NGL855355.