LONDON WC1 - 2-10 Princeton StreetTheobald’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

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.


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


MAYFAIRSOHOCOVENT GARDENSOUTHBANK

ST. PANCRAS INTERNATIONAL

KING’S CROSS

CHANCERY LANE

ST. PAUL’SCITY OF LONDON BARBICAN

FARRINGDON

CLERKENWELLTATE

MODERN

BLACKFRIARS HOLBORN


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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STRAND

STRAN

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HIGH HOLBORN HOLBORN

NEW OXFORD ST

BLOO

MSBU

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LD’S RD

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FLEET ST

CLERKENWELL RD

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GRAY’S INN RD

SOUTHAMPTON ROW

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


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)


LOCAL DEVELOPMENTS

262 HIGH HOLBORN, WC1Lazari Developments

40,687 sq ft of office and retail accommodation

Completed summer 2020

150 HOLBORN, EC1Dar Group


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)


Completed 2019

100% let

THE BUREAU, EC4Evans Randall


Completed 2018

85% let

20 RED LION STREET, WC1Mayfair Capital


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:


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.


Reception

Residential Accommodation Seminar Room

Library


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


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

CLICK FOR VIRTUAL TOUR
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LONDON WC1 - 2-10 Princeton StreetTheobald’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

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