2-10 PRINCETON STREET 1
Vacant Development, Refurbishment or
Owner Occupier Opportunity in the Heart of Midtown
LONDON WC1
FOR SALE LONG LEASEHOLD INTEREST
2-10 PRINCETON STREET 32 2-10 PRINCETON STREET
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 an attractive capital value of £657 per sq ft.
2-10 PRINCETON STREET 54 2-10 PRINCETON STREET
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 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.
MIDTOWN
MIDTOWN IS ONE OF THE MOST DYNAMIC AND EVOLVING LOCATIONS OF LONDON
Rosewood Hotel
Lamb’s Conduit Street
Gray’s Inn Gardens
Hubbard & Bell
2-10 PRINCETON STREET 76 2-10 PRINCETON STREET
MAYFAIRSOHOCOVENT GARDENSOUTHBANK
ST. PANCRAS INTERNATIONAL
KING’S CROSS
CHANCERY LANE
ST. PAUL’SCITY OF LONDON BARBICAN
FARRINGDON
CLERKENWELLTATE
MODERN
BLACKFRIARS HOLBORN
2-10 PRINCETON STREET 98 2-10 PRINCETON STREET
COVENT GARDEN
RUSSELL SQUARE
HOLBORN
BLACKFRIARS
CHANCERY LANE
FARRINGDON
CITY THAMESLINK
PLACES TO STAY1. The Hoxton2. Rosewood Hotel3. Premier Inn4. Grange Holborn Hotel5. L’Oscar Hotel
GREEN SPACES1. Lincoln’s Inn Fields2. Red Lion Gardens3. Bloomsbury Square Gardens4. Russell Square5. Gray’s Inn Gardens6. Brunswick Square Gardens
PLACES OF INTEREST1. Sir John Soane’s Museum2. The British Museum3. Charles Dickens Museum4. Leather Lane Market5. Lamb’s Conduit Street6. The Brunswick Centre7. Aldwych Theatre 8. Royal Opera House
RESTAURANTS & BARS1. The Espresso Room2. Great Queen Street3. Belgo Holborn4. Bill’s5. Holborn Dining Room6. Byron Burger7. Pizza Express8. Scarfes Bar9. The Constellations Restaurant
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HIGH HOLBORN HOLBORN
NEW OXFORD ST
BLOO
MSBU
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LD’S RD
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EDUCATION1. University of the Arts London2. LSE3. London School of Photography4. King’s College London5. UCL
2-10 PRINCETON STREET 9
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Gray’s Inn Gardens The Hoxton Hotel
Leather Lane Market
The Rosewood Hotel
2-10 PRINCETON STREET 1110 2-10 PRINCETON STREET
HAYES & HARLINGTON
SOUTHALL
HANWELL
WEST EALING
EALING ROADWAY
ACTON MAIN LINE
PADDINGTON
BOND STREET
TOTTENHAM COURT ROAD
FARRINGDON
LIVERPOOL STREET
WHITECHAPEL
CANARY WHARF
HEATHROW
STRATFORD
02 05OXFORD CIRCUS BANK
07LIVERPOOL STREET
03KING’S CROSS
09WATERLOO
14LONDON BRIDGE
10 37VICTORIA HEATHROW AIRPORT
2-10 Princeton Street benefits from excellent transport links across London. Holborn underground station is situated to the south of the property providing access to the Central and Piccadilly lines. Chancery Lane (Central Line) and Russell Square (Piccadilly line) stations are also 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.
TFL have announced significant improvement works to Holborn Station, including a new entrance on Procter Street, additional escalators and lifts and step free access from entrance to platform. These works are scheduled to commence in 2023/24.
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.
Travel times from tfl.gov.uk
CGI
TRAIN TIMES FROM HOLBORN STATION
CLOSE TO MAJOR TRANSPORT HUBS HOLBORN STATION IMPROVEMENT WORKS
ELIZABETH LINE (CROSSRAIL)
2-10 PRINCETON STREET 1312 2-10 PRINCETON STREET
LOCAL DEVELOPMENTS
262 HIGH HOLBORN, WC1Lazari Developments
40,687 sq ft of office and retail accommodation
Completed summer 2020
150 HOLBORN, EC1Dar Group
110,000 sq ft of office and retail accommodation
Completion 2022
FIVE NORWICH STREET, EC4Scopus Holdings Limited
29,336 sq ft of office accommodation
Completed 2019
50% let
THE POST BUILDING, WC1Brockton Capital & Oxford Properties JV (purchased by Pontegadea)
390,000 sq ft of office and retail accommodation
Completed 2019
100% let
THE BUREAU, EC4Evans Randall
74,000 sq ft of office accommodation
Completed 2018
85% let
20 RED LION STREET, WC1Mayfair Capital
37,000 sq ft of office accommodation
Completed 2019
60% let
THESE WILL HELP FURTHER MIDTOWN’S EVOLUTION AND REPUTATION AS A COMMERCIAL HUB IN CENTRAL LONDON
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:
2-10 PRINCETON STREET 1514 2-10 PRINCETON STREET
DESCRIPTION SPECIFICATION
2-10 Princeton Street is situated on the north side of Princeton Street, bounded by Theobald’s Road to the north and High Holborn to the south, two of London’s key arterial roads from east to west.
The property is of brick construction and provides a total of 17,921 sq ft of commercial accommodation and 2,616 sq ft of residential accommodation over 6 storeys comprising lower ground, ground and four upper floors.
The commercial accommodation is located from lower ground to third floor, accessed via the main reception on Princeton Street. 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.
The commercial accommodation occupied by City, University of London provides a mixture of meeting rooms and lecture rooms with ancillary offices and storage on the lower ground floor.
The majority of accommodation benefits from a VRF air conditioning system, suspended ceilings and recessed fluorescent lighting.
There are two lifts located at the north and southern entrances. The lift servicing the Princeton Street entrance has access to the commercial accommodation, whilst the rear lift at the northern entrance provides access to the residential accommodation.
2-10 PRINCETON STREET 1716 2-10 PRINCETON STREET
Reception
Residential Accommodation Seminar Room
Library
2-10 PRINCETON STREET 1918 2-10 PRINCETON STREET
ACCOMMODATION
The property provides the following areas:
RESIDENTIALFloor NSA (sq ft) NSA (sq m) GIA (sq ft) GIA (sq m)
4th 2,616 243.0 3,921 364.3
COMMERCIALFloor 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).
* IPMS measurements available on request.
THIRD FLOOR
FIRST FLOOR
FOURTH FLOOR
SECOND FLOOR
Princeton Street
3,632 sq ft / 337.4 sq m
3,632 sq ft / 337.4 sq m
2,616 sq ft / 243.0 sq m
3,629 sq ft / 337.1 sq m
NorthPrinceton Street
Flat 3Flat 4
Flat 2Flat 1
Princeton Street Princeton Street
FLOOR PLANS
LOWER GROUND FLOOR GROUND FLOOR
Princeton Street
Not to scale and indicative only Not to scale and indicative only
OfficeStorage
OfficeReception
Office
Office
Residential
Office
3,724 sq ft / 346.0 sq m 3,304 sq ft / 307.0 sq m
NorthPrinceton Street
2-10 PRINCETON STREET 2120 2-10 PRINCETON STREET
TENURE
2-10 Princeton Street, WC1 is held under long leasehold, title number NGL855355.
The long lease benefits from a term of 150 years from 25 March 2005 (c.135 years unexpired).
The passing rent is a peppercorn.
TITLE PLAN
Ordnance Survey © Crown Copyright 2019. All Rights Reserved.Licence number 100022432Plotted Scale - 1:750. Paper Size - A4
The premises have not been elected for VAT.
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.
Offers in excess of £13,500,000 are invited for the long leasehold interest, subject to contract.
This reflects an attractive capital value of £657 per sq ft.
PLANNING
The site is currently designated educational F1 (formally known as D1) use and residential (C3) use.
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.
VAT
DATA ROOM
PROPOSAL
• Refurbishment of the existing accommodation to provide modern accommodation
• Reconfiguration of the cores to improve efficiency and net lettable area
• Explore potential for massing and infill (subject to gaining necessary consents)
• Improving ground floor reception impact at street level and investigate options for Princeton Street frontage
• Explore change of use (subject to gaining necessary consents)
TENANCY
The property is to be sold vacant with 1 car parking licence (3 spaces at a total annual rent of £11,500 pa) in place which is terminable by either party on 1 months notice.
OPPORTUNITIES
22 2-10 PRINCETON STREET
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 issuedAll 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 mustsatisfy 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 orotherwise, 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
CONTACT
WEBSITE
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]
www.2-10princetonstreet.co.uk
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