Red Lion Street & Lamb's Conduit Passage

Home , Bloomsbury Square, Brunswick Square

Red Lion Street & Lamb's Conduit Passage London, WC1

Mixed-Use Investment Opportunity

www.geraldeve.com Red Lion Street & Lamb's Conduit Passage, WC1

Investment summary

• Freehold

• Midtown public house, retail unit and residential flat

• 3,640 sq ft (338.16 sq m) GIA of accommodation

• WAULT of 8.1 years unexpired

• Total passing rent of £106,700 pa

• Seeking offers in excess of £1,850,000 subject to contract and exclusive of VAT

• A purchase at this price would reflect a net initial yield of 5.44%, assuming purchaser’s costs of 6.23%

www.geraldeve.com 44 Red Lion Street & Lamb’s Conduit Passage, WC1 Midtown

44 Red Lion Street & Lamb’s Conduit Passage is located in an enviable position within the heart of London’s Midtown.

Midtown offers excellent connectivity to the West End, City of London and King’s Cross, appealing to an eclectic range of occupiers.

The location is typically regarded as a hub for the legal profession, given the proximity of the Royal Courts of Justice and Lincoln’s Inn Fields, but has a diverse occupier base including, tech, media, banking and professional firms.

The area is also home to several internationally renowned educational institutions such as UCL, King’s College London, London School of Economics and the University of Arts, London.

The surrounding area attracts a range of occupiers, visitors and tourists with the Dolphin Tavern being a named location on several Midtown walking tours. The appeal of the location is derived in part from the excellent transport links but also the diverse and exciting range of local amenities and attractions on offer, including The British Museum, Somerset House, the Hoxton Hotel, The Espresso Room and the Rosewood Hotel.

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Local Occupiers 10 Parks Corporate / Legal 60 1 Lincoln’s Inn Fields 37 Bird & Bird LLP 2 Red Lion Square Gardens 38 Mischon de Reya LLP 48 6 3 Bloomsbury Square Garden 39 Sainsbury’s 24 4 Russell Square 40 Taylor Wessing 5 5 Gray’s Inn Walk Gardens 41 Deloitte LLP 6 Brunswick Square Gardens 42 Irwin Mitchell 43 WSP Group Restaurants / Bars 44 Capgemini 45 COS 7 The Espresso Room 49 61 8 46 Goldman Sachs Great Queen Street 25 50 47 LexisNexis 9 Belgo Holborn 51 10 Bill’s 4 Retail 11 Mas Q Menos 52 33 12 Holborn Dining Room 48 Brunswick Centre 26 13 Byron Burger 49 Oliver Spencer 14 Pizza Express 50 Folk 34 15 Scarfes Bar 51 J Crew 5 32 16 The Constellations Restaurant 52 Simon Carter 23 16 53 Waitrose 20 2 62 Hotels 3 Educational 17 The Hoxton 36 54 University of the Arts, London 35 18 Rosewood Hotel 57 19 Club Quarters Hotel 55 London School of Economics 56 42 21 13 14 43 20 Grange Holborn Hotel and Political Science 54 44 1812 58 21 L’Oscar Hotel 56 Bloomsbury International 53 15 39 English Language School 30 Culture & Arts 57 London School of Photography 45 17 38 22 11 7 22 Sir John Soane’s Museum 58 London School of Business and 23 The British Museum Finance 1 37 24 Charles Dickens Museum 59 Kings College London 31 10 47 25 Brunei Gallery SOAS 60 UCL School of Pharmacy 19 26 October Gallery 61 Fordham University London 9 41 8 40 27 Peacock Theatre Centre 28 Aldwych Theatre 62 City Law School 55 27 29 Royal Opera House 46

TMT 30 Amazon 29 31 Google 28 32 Grey Advertising 33 Karmarama 34 MediaCom 35 Warner Bros. 59 36 Weber Shandwick

www.geraldeve.com 44 Red Lion Street & Lamb’s Conduit Passage, WC1 Connectivity

The property benefits from excellent connectivity across London. Holborn underground station is situated just to the south and provides access to the Central and Piccadilly lines. Chancery Lane (Central line) and Russell Square (Piccadilly line) stations are also within close walking distance.

Within ten minutes walk are two future Elizabeth line stations. When opened the line will provide improved transport capacity and access across Central London.

Theobalds Road to the north and High Holborn to the south also provide a number of key bus routes, providing connectivity south to Waterloo and Southbank as well as north to King’s Cross and St Pancras, providing onward international rail links.

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Station improvement works TFL have proposed significant improvement works to Holborn Station to enhance capacity and provide easier entrance and exit and routes through the station for passengers. These works are expected to start in 2023/24 and will include a new entrance on Proctor Street, off Red Lion Square, further encouraging pedestrian flow in the direction of the property.

www.geraldeve.com 5 44 Red Lion Street & Lamb’s Conduit Passage, WC1 Description

The property comprises a prominent three-storey corner building arranged as a traditional public house, retail unit and residential flat above.

44 Red Lion Street & Lamb’s Conduit Passage provides 3,640 sq ft (338.16 sq m) GIA of accommodation, fronting Red Lion Street, with a return façade along Lamb’s Conduit Passage.

The Dolphin Tavern public house comprises basement, ground floor and ancillary accommodation above. Originally a Victorian pub, approximately half of the structure needed to be rebuilt following a ‘Zeppelin raid’ on 9th September 1915.

8 Lamb’s Conduit Passage includes a small retail unit over basement and ground floor as well as a two bedroom residential flat over first and second floors with separate access.

www.geraldeve.com 6 44 Red Lion Street & Lamb’s Conduit Passage, WC1 Accommodation

The property has been measured in accordance with the latest RICS Code of Measuring Practice (6th Ed). The property has the following approximate areas.

Pub GIA GIA Third 391 sq ft 36.3 sq m Second 540 sq ft 50.17 sq m First 544 sq ft 50.58 sq m Ground 561 sq ft 52.11 sq m Basement 649 sq ft 60.25 sq m 2,685 sq ft 249.41 sq m Retail Ground 256 sq ft 23.82 sq m Basement 274 sq ft 25.41 sq m 530 sq ft 49.23* sq m Flat Second 229 sq ft 21.28 sq m First 179 sq ft 16.68 sq m Ground 17 sq ft 1.56 sq m 425 sq ft 39.52 sq m Total 3,640 sq ft 338.16 sq m * NIA of Retail: 488 sq ft (45.33 sq m)

www.geraldeve.com 7 44 Red Lion Street & Lamb’s Conduit Passage, WC1 Floorplans

Lamb’s Conduit Passage Lamb’s Conduit Passage 44 Red Lion Street 44 Red Lion Street Basement Ground floor Basement Ground floor

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44 Red Lion Street 44 Red Lion Street 44 Red Lion Street First floor Second floor Third floor

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For indicative purposes only. Not to scale

www.geraldeve.com 8 44 Red Lion Street & Lamb’s Conduit Passage, WC1 Additional information

Tenure The property is held Freehold under Title Number NGL884510.

Planning The property is located in the London Borough of Camden. The property is not listed and is located within the Bloomsbury Conservation area.

Tenant Use Sq ft Rent (£ pa) Rent (£ psf) Lease start Rent Review Lease Expiry Break option Inside LTA 1954

The Dolphin Tavern, Public House 2,685 £60,000 £22.35 24/08/2016 24/08/2021 23/08/2031 24/08/2026 No 44 Red Lion Street * 24/08/2026 (Landlord)

Henry Herbert Tailors Limited, Retail 488 £21,500 £44.05 24/03/2016 24/03/2024 23/03/2026 n/a No 8 Lamb’s Conduit Passage (NIA)

Flat, 8 Lamb’s Conduit Passage** Residential 425 £25,200 £59.29 04/03/2019 n/a 03/08/2020 n/a No

TOTAL £106,700

* Licencee named as Kim Harold Charley ** Private individual

www.geraldeve.com 10 44 Red Lion Street & Lamb’s Conduit Passage, WC1

Further information

VAT The property is elected for VAT and it is anticipated that the transaction will be on a TOGC basis.

Proposal We are instructed to seek offers in excess of £1,850,000 subject to contract and exclusive of VAT. A purchase at this price would reflect a net initial yield of 5.44%, assuming purchasers costs of 6.23%.

Contact For further information or to arrange an inspection please contact the vendor’s retained agents, Gerald Eve.

Note, access may not be available to the residential accommodation.

Ben Nichols Tel. +44 (0)20 7333 6411 [email protected]

Lucy Cousins Tel. + 44 (0)20 3486 3483 [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. www.geraldeve.comThis statement does not affect any statutory rights you may have nor does it intend to limit Gerald Eve’s liability which cannot be excluded or limited by law. Particulars issued October 2019. 11