Prime Bloomsbury Freehold Development Opportunity LONDON

Home , Bloomsbury, Bloomsbury (ward), High Holborn, Shaftesbury Avenue

LONDON WC2

Prime Bloomsbury Freehold Development Opportunity BLOOMSBURY LONDON WC2

INVESTMENT SUMMARY

• Prime Bloomsbury location between Shaftesbury Avenue and High Holborn, immediately to the north of Covent Garden.

• Attractive period building arranged over lower ground, ground and three upper floors totalling 10,442 sq ft (970.0 sq m) Gross Internal Area.

• The property benefits from detailed planning permission, subject to a Section 106 agreement, for change of use and erection of a roof extension to six residential apartments (C3 use) comprising 6,339 sq ft (589.0 sq m) Net Saleable Area and four B1/A1 units totalling 2,745 sq ft (255.0 sq m) Gross Internal Area, providing a total Gross Internal Area of 12,080 sq ft (1,122.2 sq m).

• The property will be sold with vacant possession.

• The building would be suitable for owner occupiers, developers or investors seeking to undertake an office refurbishment and extension, subject to planning.

• Freehold.

• The vendor is seeking offers in excess of £8,750,000 (Eight Million, Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which equates to £838 per sq ft on the existing Gross Internal Area and £724 per sq ft on the consented Gross Internal Area. BLOOMSBURY LONDON WC2

LOCATION

The thriving Bloomsbury sub-market sits between Soho to the west, Covent Garden to the south and Fitzrovia to the north. The local area is internationally known for its unrivalled amenities with the restaurants and bars of Soho and theatres and retail provision of Covent Garden a short walk away.

SITUATION

Situated on Grape Street, in a prime Bloomsbury location between Shaftesbury Avenue and High Holborn, the property benefits from the retail and amenities of Covent Garden and Soho. The area is characterised by numerous specialist retailers, high class restaurants and hotels, together with good quality offices and attractive private residences.

COMMUNICATIONS

The property benefits from its proximity to Tottenham Court Road providing access to the Northern and Central lines, Covent Garden providing access to the Piccadilly line and Holborn providing access to the Piccadilly and Central lines.

CROSSRAIL

Tottenham Court Road is also set to significantly benefit from Crossrail Crossrail route map with trains scheduled to be running from 2018. When complete, it is estimated that Tottenham Court Road will serve c.73 million Forest Harold passengers per year making it one of London’s key transport hubs. Stratford Gate Ilford Goodmayes Romford Wood Shenfield

Tottenham Court Road Station is one of the key Central London Hayes & Ealing Bond Maryland Manor Seven Chadwell Gidea Brentwood Crossrail stations and undergoing a £1 billion redevelopment. The Taplow Slough Iver Harlington Hanwell Broadway Street Farringdon Whitechapel Park Kings Heath Park Custom Maidenhead Burnham LangleyWest Southall West Acton Paddington Liverpool Abbey project will deliver a new station with improved access to both the House Drayton Ealing Main Line Street Wood Crossrail and London Underground networks as well as creating new Tottenham Heathrow Canary Woolwich high-quality retail, office and residential accommodation above the Airport Court Road Wharf station. It is estimated that the service will enhance capacity across

Central London by 20% with over 250 million passengers a year using Surface line the service. This project will transform Central London especially in Tunnel locations close to new or updated stations. Portal (tunnel entrance and exit)

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treet Va us S ux Lup ha ll B ridg e BLOOMSBURY LONDON WC2

Commonwealth 10 Bloomsbury 21 New Royal Opera Centre 1 Oxford House Way Oxford Street House Point Street

Covent Garden

Tottenham Court Road

1 Bedford Street BLOOMSBURY LONDON WC2

LOCAL DEVELOPMENTS

The area boasts a vibrant mixture of commercial, hotel, retail and residential uses and is set to benefit from further developments as shown below:

10 Bloomsbury Way, WC1 A London & Regional scheme comprising 164,000 sq ft of office, restaurant and retail accommodation.

21 New Oxford Street, WC1 A Brockton scheme comprising 250,000 sq ft of office, restaurant and retail accommodation.

Commonwealth House, New Oxford Street, WC1 Henderson are proposing to refurbish the office building to provide 115,000 sq ft of office accommodation.

Centre Point, WC1 An Almacantar and Frogmore scheme converting the 34 storey tower to residential incorporating a new public square.

1 Oxford Street, W1 A Derwent London scheme comprising 237,000 sq ft of office, restaurant and retail accommodation.

1 Bedford Avenue, WC1 An Exemplar and Bedford Estates scheme comprising an 85,000 sq ft mixed use redevelopment. BLOOMSBURY LONDON WC2

DESCRIPTION

Attractive period building providing 10,442 sq ft (970.0 sq m) GIA of accommodation arranged over lower ground, ground and three upper floors. The property has the benefit of planning permission for the erection of a roof extension of 1,638 sq ft (152.2 sq m) GIA which will provide a total gross internal floor area of 12,080 sq ft (1,122.2 sq m). BLOOMSBURY LONDON WC2

A S 0 M 2 3 M T 5 to A P R H E 34 25.2m

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5 1 3 9 CR 4 P 2 2 78 3 H 5 4 PH 24 PLANNING sts M 2 Po 2 43 3 U

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t E 6 1 U o 5 9 S 9 T M The property benefits from detailed planning permission (Ref: 2015/0695/P), 23 18 C 1 S E 6

TCBs 2 N a T 6 2

3 T R

subject to a Section 106 agreement, for the following: 8 6 R 5 E

Albion House A

6 L

9 T

3 T 1 7 EE R

5 T

2 S • Change of use of existing building 1 ET RE ST LL A E N 7

• Erection of roof extension CK U U 2

B N 2

E 2 3

2 V n N A tio R • Six private apartments on part ground and upper floors (two 3-bedroom flats ta

2 Bloomsbury Y S O

Multistorey B 1

R 22 e

0 ir L 8 9 1 and four 2-bedroom flats) T U H O E Central le H E B e c S s Car Park y H

R G C T 8 G

E u R I S Baptist 1

L T o A H

o 1 • 2,745 sq ft (255.0 sq m) of office accommodation on part groundL and lower H t P F 1

A D N 6 E Y A n K Church S 4 C O H g ground floors U i T B T t S e R T s r 2 In 14 E 1 S e E 3

T 3 v T

R 3 o 2 PO

E S 2

E 1 66 0 1 Current Section 106 Contributions include: T 24.5m 1 PH 7 Education Contribution £9,850 24.7m

1 9 1 9 0 9 Highways Contribution £9,099 2 7 1 2 Shaftesbury 16 1

o 8

t 1 8

8 1

9 0 8 Theatre 9 1 Public Open Space Contribution £21,496 2

8 1

7 7

8 o 1 1 t 18 1 TOTAL £40,445 6 1 8 G 5

1 4

TCBs 7 4

1 7 A Mayoral CIL payment estimated at £5,350 is required on commencement of 7

development. ST GILES 24.0m 3

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3 4

a Princes Circus Hotel 1

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ital Wall (course of) 1 1 6

EXISTING ACCOMMODATION

The property provides the following approximate Third Floor Plan Second Floor Plan gross internal floor areas:

Floor sq ft sq m

Third 2,131 198.0

Second 2,067 192.0

First 2,067 192.0

Ground 2,051 190.5 First Floor Plan Ground Floor Plan

Lower Ground 2,126 197.5

Total 10,442 970.0

Lower Ground Floor Plan

Plans are indicative only & not to scale. BLOOMSBURY LONDON WC2

CONSENTED MIXED-USE SCHEME

Planning Consent was granted in March 2015 for Fourth Floor Plan Third Floor Plan C3 residential use providing six apartments over first to fourth floors and four B1/A1 units over lower ground and ground floors. Copies of the consent along with consented architectural drawings are available within the data room.

Residential NSA NSA Floor Flat Beds (sq ft) (sq m)

Third & 3.1 3 Bed 1,335 124.0 Fourth 3.2 3 Bed 1,496 139.0 Second Floor Plan First Floor Plan 2.1 2 Bed 872 81.0 Second 2.2 2 Bed 882 82.0 1.1 2 Bed 872 81.0 First 1.2 2 Bed 882 82.0

6 Flats Total 6,339 589.0

Office/Retail GIA GIA Floor Unit Use (sq ft) (sq m) Lower Gnd/ 1 B1 818 76.0 Ground Floor Plan Lower Ground Floor Plan Gnd Ground 2 B1/A1 420 39.0 Lower Gnd/ 3 B1 990 92.0 Gnd Ground 4 B1/A1 517 48.0

4 Units Total 2,745 255.0

Plans are indicative only & not to scale. All details supplied by the vendors architect Robin Partington & Partners. Key: Office Residential BLOOMSBURY LONDON WC2

BLOOMSBURY RESIDENTIAL MARKET

We expect the West End to continue to outperform the more traditional prime central London areas due to the fact that it is still an emerging prime central area. The stock within Bloomsbury is becoming infinitely better quality and the area is also improving with the arrival of Crossrail, improved shopping and restaurants. In 2015 we expect to see more buyers coming across from the more traditional areas of Mayfair and Knightsbridge. This was a trend spotted in 2014 and we expect this to continue as Bloomsbury grows in stature and comparative affordability. The table provides a selection of recent comparable sale transactions:

New/ Property Address Post Code Sale Price sq ft £/sq ft Beds Floor Exchange Date Re-Sale

Drury Lane 1/2, 42 WC2B £4,000,000 1,800 £2,222 2 First Sep-14 New

Drury Lane 3/4, 42 WC2B £4,000,000 1,800 £2,222 2 Second Aug-14 New

Broad Court PH 6, 21 WC2B £3,250,000 1,483 £2,192 3 Third/fourth Apr-15 New

Berners Street 5, A W1T £1,800,000 823 £2,187 2 First Oct-14 New

Hop House 9 WC2N £908,000 431 £2,107 1 First Feb-15 Re-sale

Soho Square 37, 2 W1D £4,050,000 1,988 £2,037 3 First Jun-14 New

Hop House 28 WC2N £1,575,000 775 £2,032 2 Third Feb-14 New

Hop House 12 WC2N £1,750,000 867 £2,017 2 First Sep-14 New BLOOMSBURY LONDON WC2

PROPOSED OFFICE SCHEME

The property could be configured to provide the Fourth Floor Plan Third Floor Plan following approximate net internal floor areas for an office scheme with the benefit of the consented fourth floor, subject to planning:

Floor sq ft sq m

Fourth 1,158 107.6

Third 1,724 160.2

Second 1,675 155.6 Second Floor Plan First Floor Plan

First 1,675 155.6

Ground 1,666 154.8

Lower Ground 1,374 127.6

Total 9,272 861.4

Ground Floor Plan Lower Ground Floor Plan

Plans are indicative only & not to scale. All details supplied by the vendors architect Robin Partington & Partners. BLOOMSBURY LONDON WC2

Proposed Ground Floor Proposed Upper Floor BLOOMSBURY LONDON WC2

BLOOMSBURY OFFICE MARKET

The Central London office market has continued its Rental Comparables strong transactional activity throughout 2014 and the first quarter of 2015 achieving some of the lowest vacancy Area Rent rates with take up levels returning to its pre-crisis peak. Address Date (sq ft) (£psf) Bloomsbury is becoming one of the West End’s premier Orion House, 5 Upper St Martins Lane, WC2 Q2 2015 5,832 £83.50 office markets and is attracting a wide range of occupiers attracted by the prestigious working environment, high quality office accommodation, extensive local amenities Dragon Court, 27-29 Macklin Street, WC2 Q2 2015 2,977 £67.50 and great transport links.

Historically underpinned by the creative and TMT sectors, 10 Bloomsbury Way, WC1 Q4 2014 8,000 £75.00 the area has more recently become a preferred option for the more corporate and financial based occupiers who have been out-priced by the more traditional areas 64-76 New Oxford Street, WC1 Q4 2014 4,575 £67.50 of Mayfair and St James’ where prime rents are well in excess of £115 per sq ft. Rents for Grade A space in Bloomsbury are in the region of £70 per sq ft offering a discount to Soho at over £85 per sq ft, Fitzrovia at over Investment Transactions £80 per sq ft and Covent Garden at over £85 per sq ft. Area NIY Cap Val Address Date Price With the availability of genuine Grade A office (sq ft) (%) (£psf) accommodation remaining extremely limited, the future development pipeline at an all-time low and Crossrail 120 New Cavendish Street, W1 Q2 2015 32,481 £44,000,000 N/A £1,355 trains scheduled to be running from 2018, strong rental growth is expected over the next few years. 21-22 Poland Street, W1 Q2 2015 8,836 £12,000,000 N/A £1,358

Hend House, 233 Shaftesbury Avenue, W1 Q1 2015 14,558 £21,350,000 3.83% £1,467

10-14 Bedford Street & Q4 2014 48,945 £65,100,000 3.91% £1,330 66-68 Chandos Place, WC2 BLOOMSBURY LONDON WC2

CAPITAL ALLOWANCES INVESTMENT RATIONALE

There are no capital allowances available. • Crossrail is scheduled to open 2018 • Unprecedented residential and office demand for Bloomsbury VAT • Limited available office supply and boutique residential schemes The property has been elected for VAT purposes and therefore VAT will be payable upon the • Opportunity to create sought after media-style office accommodation or high end purchase price. residential accommodation • Located in an area forecast for continued capital appreciation EPC

Energy Performance Certificate reference number: 0092-9068-2130-2000-5503. Rating: E101. PROPOSAL

DATA ROOM The vendor is seeking offers in excess of £8,750,000 (Eight Million, Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT, which equates to £838 An electronic data room is available for the property. For access to the data room please contact per sq ft on the existing Gross Internal Area and £724 per sq ft on the consented Gross Springer Nicolas, Pilcher Hershman or CBRE. Internal Area.

CONTACT

For further information or to arrange a viewing please contact one of:

Ryan Springer Simon Rinder Guy Passey [email protected] [email protected] [email protected] T: 020 3667 5050 T: 020 7399 8600 T: 020 7182 2394 M: 07932 792 531 M: 07734 488 286 M: 07854 328 870

Alexis Nicolas David Jackson James Mashiter [email protected] [email protected] [email protected] T: 020 3667 5050 T: 020 7399 8600 T: 020 7420 3018 M: 07932 708 881 M: 07801 415 957 M: 07866 414 050

Misrepresentation Act 1967 Messrs Springer Nicolas, Pilcher Hershman and CBRE for themselves and for the vendors or lessors of this property for whom they act, give notice that: (i) these particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract; (ii) Messrs Springer Nicolas, Pilcher Hershman and CBRE cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of fact or representations, and must satisfy themselves as to their accuracy; (iii) no employee of Messrs Springer Nicolas, Pilcher Hershman and CBRE has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property; (iv) rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; and (v) Messrs Springer Nicolas, Pilcher Hershman and CBRE will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. (vi) the reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should satisfy themselves as to the fitness of such items for their requirements. June 2015.

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