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FREEHOLD MIDTOWN UNBROKEN MIXED USE REFURBISHMENT OPPORTUNITY
12-22 THEOBALDS ROAD WC1 AND 116-117 SAFFRON HILL EC1A PORTFOLIO OF FOUR CENTRAL LONDON REFURBISHMENT OPPORTUNITIES
12-22T H E O B A L D S R O A D
L O N D O N W C 1
UPDA
TED
DECE
MBER
2017
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22/ 22A 20 12-18
21 2 - 2 2 T H E O B A L D S R O A D
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Freehold.
Grade II Listed.
22,652 sq ft (2,104.4 sq m) of NIA accommodation over three self-contained terrace buildings and a separate self-contained lower ground floor unit at 22A Theobalds Road.
Attractive floor plates ranging from 500 sq ft – 4,100 sq ft.
22a Theobalds let to Media and Data Services Ltd for a term of five years, from 01 March 2016, at a passing rent of £70,000 per annum, outside of the security of tenure provisions of the Landlord & Tenant Act 1954.
12 -18 Theobalds Road to be sold with the benefit of vacant possession.
A surrender is being negotiated at 22 Theobalds Road. It is envisaged that vacant possession will be granted on completion.
A planning application has been submitted in relation to 22 Theobalds Road for 2 x studio flats and 1 x 3 bedroom maisonette under application no. 2016/2284/P
20 Theobalds is let on five Assured Shorthold Tenancy (AST) Agreements currently producing an income of £146,739.84 per annum.
Outstanding asset management opportunities to enhance value through comprehensive refurbishment or alternative uses, subject to obtaining necessary consents.
To be sold as part of the Diamond Collection which also includes the Freehold interest of 116-117 Saffron Hill, London EC1.
Offers are sought in excess of £18,250,000 for 100% of the shares in the UK Limited Company that owns the Freehold interest of 12-22 Theobalds Road and 116-117 Saffron Hill, subject to contract and exclusive of VAT.
Assuming acquisition costs of 1.8% a purchase at this level reflects a capital value of £709 per sq ft overall.
I N V E S T M E N T S U M M A RY
31 2 - 2 2 T H E O B A L D S R O A D
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12-22T H E O B A L D S R O A D
L O N D O N W C 1
BRITISH MUSEUM
RUSSELL SQUARE
BT TOWER GRAY’S INN SQUARE
RED LION SQUARE
BEDFORD ROW
THEOBALDSROAD
GRAY’S INN ROAD
MOUNT PLEASANT ROYAL MAIL SCHEME
(BERKELEY GROUP)
GOOGLE HQREGENT’S PARK
FARRINGDON
HOLBORN
CHANCERY LANE
ST PANCRAS INTERNATIONAL
KING’S CROSS
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1 2 - 2 2 T h e o b a l d s R O A D
L O C AT I O N
12 – 22 Theobalds Road is situated in a core Central London location prominently positioned in Midtown, one of London’s most dynamic and exciting sub-markets.
The buildings are strategically positioned at the heart of Central London, with the West End and Covent Garden to the west, the City of London and Farringdon to the east, Kings Cross to the north and Southbank and Waterloo to the south.
The vibrant location has attracted a diverse range of occupiers including Time Warner, Disney, ITV, Goldman Sachs, Amazon, Skype, Lego and Hogan Lovells.
The diversity of occupiers encapsulates Midtown’s evolution as an office market in recent years with tenants attracted by its accessibility to the renowned bars and restaurants of Lambs Conduit Street and Leather Lane Street Market as well as the more contemporary establishments including The Rosewood Hotel, The Holborn Dining Rooms and Soho House’s Chicken Shop.
The property benefits from excellent connections with Chancery Lane, Farringdon, Holborn and Russell Square Underground and Mainline Stations all within a close proximity. Connectivity will be further enhanced with the opening of Crossrail at Farringdon in 2018.
51 2 - 2 2 T H E O B A L D S R O A D
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WA
TERLO
O B
RID
GE
LON
DO
N B
RID
GE
SOU
THW
AR
K B
RID
GE
HIGH HOLBOR
NHOLBORN
FETT
ERLA
NE
HA
TT
ON
GA
RD
EN CH
ARTER
HOUSE
STREE
T
ST
JOH
N S
TR
EE
T
RO
SE
BE
RY
AV
EN
UE
KIN
GSW
AY
WO
BURN
PLACE
SOUTHA
MPTO
N RO
W
OXFORD STRE
ET
CH
AR
ING
CR
OSS R
OA
D
BLOO
MSBU
RY W
AY
HIGH
HOLB
ORN
GR
AY
’S INN
RO
AD
FARRINGDON RO
AD
FA
RR
ING
DO
N R
OA
DF
AR
RIN
GD
ON
ST
RE
ET
THEOBA
LD’S RO
AD
CLERKENWELLROAD
STRAN
D
STRA
ND
REG
ENT STR
EET
FLEET STREET
VICTORIA EMBANKMENTUPPER THAMES STREET
QUEEN VICTORIA STREET
LONDON WALL
HOLBORN VIADUCT
LOWER THAMES STREET
CANNON STREET
THREADNEED
LE STREET
GRESHAM STREET
MO
OR
GA
TE
GR
AC
ECH
UR
CH
STR
EET
BISH
OPS
GA
TE
COM
MERCIAL STREET
GREAT EASTERN STREETCIT
Y R
OA
D
OLD ST
REET
ALD
ER
SG
AT
E S
TR
EE
T
KIN
G W
ILLIAM
STREET
ALDWYCH
SHAF
TESB
URY
AV
ENU
E
RUSSELLSQUARE
HOLBORN
EUSTON
ST PAUL’S
BARBICAN
CHANCERYLANE
LEICESTERSQUARE
TEMPLEBLACKFRIARS
CITYTHAMESLINK
PICCADILLYCIRCUS
TOTTENHAMCOURT ROAD
FARRINGDON
COVENTGARDEN
12-22
The Property is situated in close proximity to a number of Mainline rail and Underground stations, providing excellent connections across London, with Chancery Lane (0.4 miles away) providing access to the Underground via the Central line, Farringdon Station (0.5 miles away) providing access to Underground, Mainline, Thameslink and Crossrail services, Russell Square Station (0.6 miles away) providing access to the Underground via the Piccadilly line and Holborn Station (0.5 miles away) providing access to the Underground network via the Central and Piccadilly lines.
C O N N E C T I O N S
13 minutes
9 minutes 7 minutes
10 minutes
CROSSRAIL
THAMESLINK
CENTRAL LINE
CIRCLE LINE
HAMMERSMITH & CITY LINE
METROPOLITAN LINE
NORTHERN LINE
PICCADILLY LINE
61 2 - 2 2 T H E O B A L D S R O A D
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The opening of Crossrail will transform connections across Central London. 12-22 Theobalds Road is in an excellent position to benefit significantly from this, located a short walk away from the main Crossrail entrance at Farringdon Station.
Due for completion in 2018, Crossrail at Farringdon will become one of Britain’s busiest train stations and will be a key link in bringing passengers from outer London to the business hubs in the City and Canary Wharf as well as providing access to the Underground, City Thameslink and Mainline services.
Crossrail will provide a high frequency and capacity service across Central London to Reading in the West, Shenfield in the East and connecting to London Heathrow International Airport.
Expected travel times across Central London from Farringdon Crossrail station are expected to be as follows:
C R O S S R A I L ( E L I Z A B E T H L I N E )
HEATHROWAIRPORT
PADDINGTON TOTTENHAMCOURT ROAD
MAIDENHEAD
BOND STREET
STRATFORD
SHENFIELDFARRINGDON
LUTONGATWICK
READING
LIVERPOOLSTREET
STANSTED
CANARYWHARF
57 45 32 8 4 2 2 8 10 43
12-22
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WA
TERLO
O B
RID
GE
LON
DO
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RID
GE
SOU
THW
AR
K B
RID
GE
HIGH HOLBOR
NHOLBORN
FETT
ERLA
NE
HA
TT
ON
GA
RD
EN CH
ARTER
HOUSE
STREE
T
ST
JOH
N S
TR
EE
T
RO
SE
BE
RY
AV
EN
UE
KIN
GSW
AY
WO
BURN
PLACE
SOUTHA
MPTO
N RO
W
OXFORD STRE
ET
CH
AR
ING
CR
OSS R
OA
D
BLOO
MSBU
RY W
AY
HIGH
HOLB
ORN
GR
AY
’S INN
RO
AD
FARRINGDON RO
AD
FA
RR
ING
DO
N R
OA
DF
AR
RIN
GD
ON
ST
RE
ET
THEOBA
LD’S RO
AD
CLERKENWELLROAD
STRAN
D
STRA
ND
REG
ENT STR
EET
FLEET STREET
VICTORIA EMBANKMENTUPPER THAMES STREET
QUEEN VICTORIA STREET
LONDON WALL
HOLBORN VIADUCT
LOWER THAMES STREET
CANNON STREET
THREADNEED
LE STREET
GRESHAM STREET
MO
OR
GA
TE
GR
AC
ECH
UR
CH
STR
EET
BISH
OPS
GA
TE
COM
MERCIAL STREET
GREAT EASTERN STREETCIT
Y R
OA
DOLD
STREE
T
GO
SW
ELLRO
AD
ALD
ER
SG
AT
E S
TR
EE
T
KIN
G W
ILLIAM
STREET
ALDWYCH
SHAF
TESB
URY
AV
ENU
E
RUSSELLSQUARE
HOLBORN
EUSTON
ST PAUL’S
BARBICAN
CHANCERYLANE
LEICESTERSQUARE
TEMPLEBLACKFRIARS
CITYTHAMESLINK
PICCADILLYCIRCUS
TOTTENHAMCOURT ROAD
FARRINGDON
COVENTGARDEN
1
2
6
3
8
7
4
9
5
4. 200 Grays Inn Road, WC1
Great Ropemaker Partnership
291,600 sq ft offices and TV studio accommodation
Majority let to ITV and ITN
5. Mount Pleasant, Royal Mail Scheme, WC1
Berkeley Homes
600 luxury residential homes
PC 2022 +
6. 98 Fetter Lane, EC4
Blackstone
58,432 sq ft offices
Pre-let to Macfarlanes
1. Lacon London, 84 Theobalds Road, WC1
Blackstone
222,000 sq ft offices
Completed Q1 2016
2. 40 Chancery Lane, WC2
Derwent London
101,800 sq ft offices
Pre-let to Publicis Groupe
3. 150 Holborn, EC1
DH Real Estate
112,000 sq ft offices
Completion 2017 +
7. Africa House, 64-78 Kingsway, WC2
Freshwater
119,000 sq ft offices
Pre-let to Mishcon de Reya
8. Panther House, 156 – 164 Gray’s Inn Road, WC1
Panther House Developments Ltd
75,000 sq ft offices, A1/A3 and 13 x residential units
PC 2022 +
9. 12 – 14 New Fetter Lane EC4
Great Portland Estates
147,000 sq ft offices
Pre-let to Bird & Bird
L O C A L D E V E L O P M E N T S
81 2 - 2 2 T H E O B A L D S R O A D
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22/ 22A 20 12-18
91 2 - 2 2 T H E O B A L D S R O A D
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12-18
2022
22
22
22
22A
20
20
20
20
12-18
12-18
12-18
12-18
NIA Sq Ft
22 22A 20 12-18
3 580 - 576 2,081
2 550 - 548 3,594
1 531 - 524 3,755
G 519 - 520 4,108
LG - 2,178 468 2,120
Total 2,180 2,178 2,636 15,658
D E S C R I P T I O N
The properties comprise a terrace of six Grade II Listed office buildings constructed in the late 18th century with a rear annex, estimated to have been constructed in the 1970s. The properties are arranged over lower ground, ground and three upper floors totalling approximately 22,652 sq ft (2,104.4 sq m) NIA.
3
2
1
G
LG
LOW
ER
GR
OU
ND
GR
OU
ND
FLO
OR
1ST
FLO
OR
2ND
FLO
OR
3RD
FLO
OR
22
22A
20 12-18
1 01 2 - 2 2 T H E O B A L D S R O A D
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1 2 - 2 2 T h e o b a l d s R O A D | 1 1
T H E P R O P E R T Y1 2 - 1 8 T H E O B A L D S R OA D
12-18 Theobalds Road comprises 15,658 sq ft (1,454.6 sq m) of net office and ancillary accommodation over lower ground, ground and three upper floors.
12-18 Theobalds Road is being sold with the benefit of full Vacant Possession.
SPECIFICATION
• Period Features
• Part Comfort Cooled
• Perimeter Trunking
• Fully accessible metal tile suspended ceilings
• Access to Courtyard
Floor GIA SQ M GIA SQ FT NIA SQ M NIA SQ FT
3RD 243.4 2,619 193.3 2,081
2ND 410.0 4,413 333.9 3,594
1ST 455.6 4,904 348.8 3,755
Ground 501.0 5,392 381.6 4,108
Lower Ground 274.1 2,951 196.9 2,120
TOTAL 1,884.0 20,279 1,454.6 15,658
C O U R T Y A R D
T H E O B A L D ’ S R O A D
2 2
E N T R A N C E E N T R A N C E E N T R A N C E E N T R A N C E
2 0 1 8 1 6 1 4 1 2
GROUND FLOOR 12-18 THEOBALDS ROAD
FIRST FLOOR 12-18 THEOBALDS ROAD
Not to scale. For identification purposes only.
1 11 2 - 2 2 T H E O B A L D S R O A D
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1 21 2 - 2 2 T H E O B A L D S R O A D
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SECOND FLOOR 20 THEOBALDS ROAD
T H E P R O P E R T Y2 0 T H E O B A L D S R OA D
20 Theobalds Road comprises 2,636 sq ft (244.9 sq m) of net accommodation over lower ground, ground and three upper floors.
20 Theobalds is let on five Assured Shorthold Tenancy (AST) Agreements currently producing an income of £146,739.84 per annum.
Whilst occupied as residential there is no residential planning permission, although the lower ground and third floor have been in continuous residential use since October 2003 and the whole building has been in continuous residential use since March 2010.
SPECIFICATION
• Period Features
• Carpeted solid floors
• Plasterboard ceilings
• Access to Courtyard
Floor GIA SQ M GIA SQ FT NIA SQ M NIA SQ FT
3RD 57.5 619 53.5 576
2ND 66.4 715 50.9 548
1ST 64.6 695 48.7 524
Ground 64.3 692 48.3 520
Lower Ground 62.0 667 43.5 468
TOTAL 314.8 3,388 244.9 2,636
Not to scale. For identification purposes only.
GROUND FLOOR 20 THEOBALDS ROAD
C O U R T Y A R D
T H E O B A L D ’ S R O A D
2 2
E N T R A N C E E N T R A N C E E N T R A N C E E N T R A N C E
2 0 1 8 1 6 1 4 1 2
1 31 2 - 2 2 T H E O B A L D S R O A D
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T H E P R O P E R T Y2 2 A N D 2 2 A T H E O B A L D S R OA D
22 Theobalds Road comprises 2,180 sq ft (202.5 sq m) of net accommodation over ground and three upper floors.
A planning application has been submitted in relation to 22 Theobalds Road for 2 x studio flats and 1 x 3 bedroom maisonette under application no. 2016/2284/P
A surrender is being negotiated at 22 Theobalds Road. It is envisaged that vacant possession will be granted on completion.
The entirety of this building was in continuous residential use from October 2003 until early 2016.
SPECIFICATION
• Period Features
• Carpeted solid floors
• Plasterboard ceilings
• Access to Courtyard
SPECIFICATION
• Laminate timber flooring
• Plasterboard ceilings
• Perimeter trunking
• Access to Courtyard
22A Theobalds Road comprises 2,178 sq ft (202.3 sq m) of net refurbished office accommodation over the lower ground floor.
The basement and rear annexe of 22A Theobalds Road is let to Media and Data Services Ltd on a 5 year term, expiring 28 February 2021 at a total passing rent of £70,000 per annum (£32.13 per sq ft overall), outside of the security of tenure provisions of the Landlord and Tenant Act 1954.
Floor GIA SQ M GIA SQ FT NIA SQ M NIA SQ FT
3RD 57.0 614 53.9 580
2ND 66.9 720 51.1 550
1ST 65.3 703 49.3 531
Ground 64.2 691 48.2 519
SUB TOTAL 253.4 2,728 202.5 2,180
Floor GIA SQ M GIA SQ FT NIA SQ M NIA SQ FT
Lower Ground (22A Theobalds Road)
239.8 2,581 202.3 2,178
TOTAL 493.2 5,309 408.8 4,358
SECOND FLOOR 22 THEOBALDS ROAD
Not to scale. For identification purposes only.
LOWER GROUND 22A THEOBALDS ROAD
1 41 2 - 2 2 T H E O B A L D S R O A D
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1 2 - 2 2 T h e o b a l d s R O A D | 1 51 51 2 - 2 2 T H E O B A L D S R O A D
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T E N A N C Y S U M M A RY
Property NIA (sq ft)
Floors Tenant Term Rent (PA) Comments
12-18 Theobalds Road
15,658 Lower Ground – 3rd
VP - - -
20 Theobalds Road
2,636 3rd AST Agreement TBC £31,800.00 -
2nd AST Agreement 6 months from 28th June 2014 (Holding Over)
£19,759.92 -
1st AST Agreement 12 months from 16th August 2016 (Holding Over)
£35,880.00 -
Ground AST Agreement 12 months from 28th August 2017
£30,679.92 -
Lower Ground
AST Agreement 12 months from 17th July 2017
£28,620.00 -
22 Theobalds Road
2,180 Ground – 3rd - - - A surrender is being negotiated at 22 Theobalds Road. It is envisaged that vacant possession will be granted on completion
22A Theobalds Road
2,178 Lower Ground and Rear Annexe
Media & Data Services LTD
5 years from 01/03/2016
£70,000.00 Outside the security and tenure provisions of the Landlord and Tenant Act 1954
Total 22,652 £216,739.84
Copies of the AST Agreements and the lease for 22A Theobalds Road can be accessed on the data room.
The property is let in accordance with the following schedule:-
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A S S E T M A N AG E M E N T O P P O R T U N I T I E S
REFURBISHMENT
The Property offers an excellent opportunity to either rationalise or extend the existing floors through refurbishment, utilising the site more efficiently and improving its current site coverage and density. Alternatively, the unbroken Freehold parade provides the opportunity to reinstate the individual buildings as self-contained properties.
ALTERNATIVE USES
Given surrounding uses, the property may offer opportunities for residential, student accommodation, hotel or other uses subject to necessary consents.
1 71 2 - 2 2 T H E O B A L D S R O A D
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T E N U R E
The building is held Freehold under title number NGL300977.
Gray's Inn W
alk
Verulam Bldgs
KING'S M
EWS
A D D I T I O N A L I N F O R M AT I O N
VAT
The property is not elected for the purposes of VAT.
EPC
The Property is Grade II Listed and does not require an EPC.
PLANNING
12-22 Theobalds Road is situated in the London Borough of Camden. The property is Grade II Listed under list entry numbers 1379004 and 1379005. The Property lies within the Bloomsbury Conservation Area
DATA ROOM
Further information can be downloaded on the data room at www.theobaldsaffron.co.uk
Not to scale. For identification purposes only. This plan is based upon an Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved.
1 81 2 - 2 2 T H E O B A L D S R O A D
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P R O P O S A L
C O N TAC T S
12-22 Theobalds Road is to be sold as part of the Diamond Collection which also includes the Freehold interest of 116-117 Saffron Hill, EC1.
Offers are sought in excess of £18,250,000 for 100% of the shares in the UK Limited Company that owns the Freehold interest of 12-22 Theobalds Road and 116-117 Saffron Hill, subject to contract and exclusive of VAT.
Assuming acquisition costs of 1.8% a purchase at this level reflects a capital value of £709 per sq ft overall.
Marsha Rabinovich
[email protected] 7588 4433
Jonathan Ruback
[email protected] 020 7588 4433
Christopher James
[email protected] 7588 4433
John Sexton
[email protected] 407328
DISCLAIMER: Allsop LLP and Michael Richards & Co on their behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP nor Michael Richards & Co has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. December 2017.
For further information or to arrange an inspection of the property which is to be strictly by appointment only, please contact the Joint Sole Agents:
www.cube-design.co.uk (Q3786)
1 91 2 - 2 2 T H E O B A L D S R O A D