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31-32 & 33-34 ALFRED PLACE REPRESENTS AN EXCITING
REFURBISHMENT / REDEVELOPMENTOPPORTUNITY IN THE HEART
OF CENTRAL LONDON
• Two prime office buildings located in the heart of Central London.
• Located close to the new Tottenham Court Road Crossrail station, due to open in 2018. Numerous other high profile developments including; Rathbone Square, Centre Point and Fitzroy Place are also nearby.
• Currently arranged as two buildings, providing a total of 4,057.7 sq m (43,676 sq ft) NIA of office accommodation over basement, ground and 6 upper floors.
• Site area of 0.106 hectares (0.261 acres).
• Offered with full vacant possession.
• Numerous refurbishment/redevelopment opportunities including:
- Immediate reinstatement of the existing buildings- Major refurbishment to include an additional 7th floor- Full redevelopment to comprise offices and four residential flats
• Held Leasehold on two separate head leases expiring in 2053 at a total current passing rent of £11,250 pa without further review.
• Seeking offers in excess of £17,000,000 (Seventeen Million Pounds) subject to contract and exclusive of VAT.
• A purchase at this level reflects an attractive capital value of £412 per sq ft after purchaser’s costs of 5.80% based on the existing NIA.
GOODGE STREET
HOLBORN
TOTTENHAM COURT ROAD
OXFORD CIRCUS
TOTTEN
HAM
CO
URT RO
AD
BLOO
MSBU
RY STREET
MO
NTAQ
UE STREET
MONTAQUE PLA
CE
SOUTHAM
PTON
ROW
RUSSELL SQUARE
RUSSELL SQUARE
MALET STREET
OXFORD STREET
NEW OXFORD STREET
BLOOMSB
URY WAY
GREAT RUSSELL
STREET
GREAT RUSSELL STREET
HIGH H
OLBORN
HIGH STREETST GILES
SOHO SQ
SOHO SQ
BEDFO
RD SQUARE
BEDFO
RD SQUARE
GOODGE STREET
PERCY ST
REET
STORE S
TREET
CHENIES
STREET
HOWLAND ST
REET
MORTIMER STREET
EASTCASTLE STREET
RATH
BON
E PLAC
E
DEA
N STREET
POLA
ND
STREETBERN
ERS STREET
NEW
MA
N STREET
RATHBONE STREET
ALFRED PLAC
E
TOTTEN
HAM
CO
URT RO
AD
CH
ARLOTTE STREET
CH
ARLOTTE STREET
GO
WER STREET
LOCAL OCCUPIERS
Havas Worldwide
Saatchi & SaatchiRoka
Sanderson HotelGardiner & TheobaldARUP
The Britsh MuseumFino
Crazy Bear
HakkasanThe Soho Hotel
Lima
The London Edition& Berners Tavern
The Dominion Theatre
Arcadia Group
Dolby Europe
20th Century Fox
Freemantle Media
Charlotte Street Hotel
AMENITIES
1
1 1
1
6
6
7
7
8
8
Imagination9
9
10
7
7
8
ArbutusL’Etoile8
9
9
2
2
11
2
2
3
3
12
3 10
10
3
4
4
13
4 11
11
4
5
5
Bloomsbury Publishing
NBC Universal
The Football Foundation10
11
12
13
14
14
5 12
12
13
13
5
31-32 & 33-34 Alfred Place occupy a commanding position on the eastern side of Alfred Place, in the heart of Bloomsbury. Alfred Place runs parallel to Tottenham Court Road and links Chenies Street to the north with Store Street to the south.
Alfred Place is situated approximately 50 metres to the east of Tottenham Court Road, which is set to benefit during the course of the next 4 years from a £26 million transformation into one of London’s premier commercial, cultural and academic districts.
Occupiers in the vicinity include Gardiner & Theobald, Havas Worldwide, Imagination, Time Warner and Saatchi & Saatchi. This provides an eclectic mix of professional, fashion and media companies along with a number of academic institutions that are attracted to the extensive local amenities offered by the area.
The area is home to numerous fine dining establishments and a number of exclusive hotels have opened up, including the Charlotte Street Hotel, the London EDITION, the Sanderson Hotel and the Hoxton Holborn Hotel.
BEDFORD SQUARE
FITZROVIACENTRAL ST GILES
COVENT GARDEN
SOHO
VICTORIA
MAYFAIR
GREEN PARK HYDE PARK
TOTTENHAM COURT ROAD
GOODGE STREET STATION
CENTRE POINT
TOTTENHAM COURT ROAD
OXFORD CIRCUS
Alfred Place benefits from excellent transport communications and is situated in close proximity to a number of Underground stations, including Tottenham Court Road which will benefit from Crossrail and London Euston which is benefitting from one of the most significant transformations of any Central London area and will become the gateway for high speed rail to the West Midlands and the North with the introduction of HS2.
BUS ROUTES
The immediate vicinity is served by numerous bus routes providing access to the West End, the City and beyond. In particular there are bus routes on Tottenham Court Road, Oxford Street, Chenies Street and Gower Street.
CROSSRAIL
Crossrail is the most significant infrastructure development in Central London since the opening of the Underground over 150 years ago. It will provide a high frequency, high capacity service across 40 stations, connecting Heathrow & Maidenhead in the west with Shenfield & Abbey Wood in the east. It will bring an additional 1.5 million people within a 45 minute commute of London, and during peak times passengers will be able to travel from Heathrow to Liverpool Street Station in approximately 32 minutes.
Construction of the Crossrail development commenced in 2011 and is due for completion in 2018, with the nearest Crossrail station to the subject property being Tottenham Court Road (5 mins). The station will form a major interchange along the route and is the only station on the route with a planned interchange with the proposed Crossrail 2 route.
Tottenham Court Road station capacity and footfall will increase to over 26,000 per day with commuters able to access a new spectacular five story underground station.
GOODGE STREET2 minutes
Northern Line
LONDON EUSTON14 minutes
Northern LineVictoria LineVirgin Trains and London Midland
LONDON KINGS CROSS ST PANCRAS20 minutes
Northern LineVictoria LinePiccadilly LineCircle LineHammersmith & City LineMetropolitan LineEurostar Service and HS1Eastcoast MainlineThameslink
A landmark station providing services to the UK & Europe
TOTTENHAM COURT ROAD5 minutes
Central LineNorthern Line. Crossrail (Completion in 2018)
The area has benefitted from numerous significant developments in recent years and continues to attract substantial inward investment, with a number of high profile developments in the pipeline. These include:
FITzROy PLACE, W1Exemplar and Aviva have combined two new office buildings with 235 private apartments and 20,000 sq ft of retail and restaurants around a new landscaped square. Estée Lauder have secured offices for their new headquarters operation. Completion is due in 2015. 1 RATHBONE SqUARE, W1Great Portland Estates have secured planning permission to create a new public square together with high quality offices and retail space and 162 residential apartments totalling approximately 412,000 sq ft overall. Completion is due in 2017.
TOTTENHAM COURT ROAD UNDERGROUND STATION & CROSSRAIL TICKET HALLThe £1 billion redevelopment by Transport for London will include a new Crossrail station, and is due for completion in 2018.
CENTRE POINT, WC1Almacantar has secured planning consent for a £750 million redevelopment of the iconic Centre Point tower to create 95 residential apartments, retail, restaurants, and a new public square.
80 CHARLOTTE STREET, W1Derwent London have gained planning consent for the major scheme which will comprise 322,000 sq ft of offices, 44,000 sq ft of residential, 14,000 sq ft of retail and a new public realm park. Completion is due in 2018.
1 BEDFORD AVENUE, WC1The Exemplar and Bedford Estates scheme will comprise an 85,000 sq ft mixed use development of office and retail accommodation. Work is expected to start on site in q1 2015.
ORIANA, OxFORD STREET, W1The Land Securities & Frogmore scheme is currently under construction and will total 220,000 sq ft of which 141,000 sq ft has been pre-let to Primark.
1 OxFORD STREET, W1The Derwent London scheme will include over 200,000 sq ft of offices and 37,000 sq ft of retail. Work is due to start on site in 2017.
80 Charlotte Street, W1 Centre Point, WC1Tottenham Court Road Underground Station & Western Crossrail Ticket Hall
GOODGE STREET
HOLBORN
TOTTENHAM COURT ROAD
OXFORD CIRCUS
TOTTEN
HAM
CO
URT RO
AD
BLOO
MSBU
RY STREET
MO
NTAQ
UE STREET
MONTAQUE PLA
CE
SOUTHAM
PTON
ROW
RUSSELL SQUARE
RUSSELL SQUARE
MALET STREET
OXFORD STREET
NEW OXFORD STREET
BLOOMSB
URY WAY
GREAT RUSSELL
STREET
GREAT RUSSELL STREET
HIGH H
OLBORN
HIGH STREETST GILES
SOHO SQ
SOHO SQ
BEDFO
RD SQUARE
BEDFO
RD SQUARE
GOODGE STREET
PERCY ST
REET
STORE S
TREET
CHENIES
STREET
HOWLAND ST
REET
MORTIMER STREET
EASTCASTLE STREET
RATH
BON
E PLAC
E
DEA
N STREET
POLA
ND
STREETBERN
ERS STREET
NEW
MA
N STREET
RATHBONE STREET
ALFRED PLAC
E
TOTTEN
HAM
CO
URT RO
AD
CH
ARLOTTE STREET
CH
ARLOTTE STREET
GO
WER STREET
1
6
7
8
2
3
4
5
31-32 ALFRED PLACE 33-34 ALFRED PLACE
Lease Date 6 October 1955 28 April 1964Expiry Date 20 May 2053 24 June 2053Term remaining 38 years 38 yearsRent (pa) £1,250 £10,000Use None specified Commercial
BUILDING 31-32
BUILDING 33-34
COMBINED
FLOOR USE NIA (Sq FT) FLOOR USE NIA (Sq FT) NIA (Sq FT)7th Ancillary 319 3196th Offices 2,214 6th Offices 967 3,1815th Offices 2,379 5th Offices 766 3,1444th Offices 2,654 4th Offices 2,439 5,0933rd Offices 2,658 3rd Offices 2,453 5,1112nd Offices 2,652 2nd Offices 2,428 5,0801st Offices 4,546 1st Offices 2,372 6,918Ground Offices 4,374 Ground Offices 1,308 5,682Basement Offices 6,080 Basement Offices 3,067 9,147
TOTAL 27, 876 15,800 43,676
The property is held Leasehold from the City Corporation under two separate head leases, summarised below:
The site area totals 0.106 hectares (0.261 acres) and the approximate extent of the Leasehold ownership is shown outlined red on the site plan below.
31-32 & 33-34 Alfred Place comprise two office buildings originally constructed in the 1960s. The buildings’ structure is an in-situ concrete frame with downstand beams under a flat asphalt covered roof. In total the buildings provide 4,057.7 sq m (43,676 sq ft) of office accommodation arranged over basement, ground and six upper floors.
31-32 ALFRED PLACE
The building is arranged over basement, ground and 6 upper floors and provides approximately 27,876 sq ft of office accommodation. The entrance to the building fronts Alfred Place, and leads to the principal stair core and a lift shaft that runs between all floors. The floor plates range in size from 2,214 - 6,080 sq ft and the upper floors benefit from excellent natural light from front and rear elevations.
Internally the accommodation has been stripped out to a shell finish.
33-34 ALFRED PLACE
The property is arranged over basement, ground and 6 upper floors and provides approximately 15,800 sq ft of office accommodation. The main entrance fronts onto Alfred Place with a secondary shared entrance to the side of the property, which provides access to the side elevation and rear element of the building. The building benefits from an existing lift shaft that serves all floors. The floor plates range in size from 766 - 3,067 sq ft and the upper floors benefit from excellent natural light from front and rear elevations.
The building has a basic specification, and the basement has been stripped out to a shell finish.
The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following net internal floor areas:
The buildings are offered with full vacant possession.
The properties are currently part occupied by Live-in Guardians. The terms under which they occupy the accommodation does not benefit from Security of Tenure under the LTA 1954.
Opportunity to carry out a basic refurbishment of the existing properties in order to capture growing demand and rising rental levels in the immediate vicinity.
The scheme will not require planning permission or Freeholder’s consent.
Not to scale33-34 Alfred Place31-32 Alfred Place
FIFTH FLOOR
BASEMENT
FIRST FLOOR
THIRD FLOOR
SIXTH FLOOR
GROUND FLOOR
SECOND FLOOR
FOURTH FLOOR
GROUND FLOOR
BASEMENT
TYPICAL UPPER FLOOR
FLOOR AREA NIA (SQ FT) AREA NIA (SQ M)
7 1,787 1666 2,616 2435 2,616 2434 4,596 4273 4,596 4272 4,596 4271 6,523 606G 4,263 396B 6,426 597
TOTAL 38,019 3,532
Opportunity to carry out a major refurbishment of the buildings to provide contemporary office accommodation that will appeal to a diverse occupier base and capture increasing rental levels in the area. The scheme will include the addition of a 7th floor and reduce the lettable area in the basement.
The scheme benefits from a resolution to grant planning consent but would be subject to Freeholder’s consent.
This would provide the following floor areas:
Artists impression/sketch of entrance and façade
GROUND FLOOR
TYPICAL UPPER FLOOR
Opportunity to demolish the existing buildings to develop an office building arranged over lower ground, ground and 5 upper floors, as well as 4 residential flats (2 x two bedrooms and 2 x three bedrooms) at 6th floor level, and ancillary servicing and access arrangements. The scheme would provide a state of the art office building only moments from Tottenham Court Road, and 4 luxury flats in prime Central London.
The scheme benefits from a resolution to grant planning consent but would be subject to Freeholder’s consent.
This would provide the following accommodation schedule:
FLOOR USE AREA NIA (SQ FT) AREA NIA (SQ M)
6 Residential 4,596 (NSA) 426.97 (NSA)5 Office 5,285 490.964 Office 8,197 761.513 Office 8,579 797.052 Office 8,550 794.341 Office 8,579 797.05G Office 5,292 491.63LG Office 9,852 915.25
TOTAL 58,930 5,475
LOWER GROUND FLOOR
PLANNING
The property is situated in the London Borough of Camden. The property lies within the boundaries of the Bloomsbury Conservation Area.
VAT
The property is elected for VAT.
EPC
Copies of the EPC’s are available in the dataroom.
DATA ROOM
A data room has been set up to provide details of all the property and legal information which is deemed relevant to the sale. This will include the following:
• Title information • Planning documentation• Head leases• Area measurement report• Building survey • Environmental report• EPC’s • Marketing details
PROPOSAL
Offers are sought in excess of £17,000,000 (Seventeen Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive capital value of £412 per sq ft after purchasers costs of 5.80% based on the existing floor area.
The property is held in a Guernsey based company structure.
CONTACT
For further information, access to the data room or to arrange an inspection please contact:
Rob Tudor BSc (Hons) MRICST: 020 7495 5550M: 07767 250 004E: [email protected]
Lee Evans BSc (Hons) MRICST: 020 7495 5550M: 07900 581 920E: [email protected]
Hugh Faith BA (Hons) MRICST: 020 7495 5550M: 07824 810 910E: [email protected]
Notices Relating to Property Misrepresentation and Property Misrepresentation Act. Tudor Toone for themselves and for the Vendors of this property whose Agents they are, give notice that:- The par-ticulars are set out as a general outline only for the guidance of intending purchases and do not constitute part of an offer or contract; All descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of them; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures & fittings referred to in these particulars were present at the date of publication. They have not, however, been tested and therefore, we give absolutely no warranty as to their condition or operation; No person in the employment of Tudor Toone has any authority to make or give any representations or warranty whatsoever in relation to this property or these particulars, nor enter into any contract on behalf of the Vendors; No responsibility can be accepted for any expenses incurred by intending purchasers in inspecting properties which have been sold or withdrawn; The date of publication is January 2015.