12-22...2017/09/12 · 12-22 theobalds road location 12 – 22 theobalds road is situated in a core...

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

22/ 22A 20 12-18

21 2 - 2 2 T H E O B A L D S R O A D

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

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

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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FLEET STREET

VICTORIA EMBANKMENTUPPER THAMES STREET

QUEEN VICTORIA STREET

LONDON WALL

HOLBORN VIADUCT

LOWER THAMES STREET

CANNON STREET

THREADNEED

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GRESHAM STREET

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HOLBORN

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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

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

71 2 - 2 2 T H E O B A L D S R O A D

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THEOBA

LD’S RO

AD

CLERKENWELLROAD

STRAN

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STRA

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REG

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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

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GREAT EASTERN STREETCIT

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STREET

ALDWYCH

SHAF

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HOLBORN

EUSTON

ST PAUL’S

BARBICAN

CHANCERYLANE

LEICESTERSQUARE

TEMPLEBLACKFRIARS

CITYTHAMESLINK

PICCADILLYCIRCUS

TOTTENHAMCOURT ROAD

FARRINGDON

COVENTGARDEN

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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


Completed Q1 2016

2. 40 Chancery Lane, WC2

Derwent London


Pre-let to Publicis Groupe

3. 150 Holborn, EC1

DH Real Estate


Completion 2017 +

7. Africa House, 64-78 Kingsway, WC2

Freshwater


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


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

22/ 22A 20 12-18

91 2 - 2 2 T H E O B A L D S R O A D

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.

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1 01 2 - 2 2 T H E O B A L D S R O A D

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

1 21 2 - 2 2 T H E O B A L D S R O A D

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



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


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

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



SPECIFICATION

• Laminate timber flooring


• Perimeter trunking


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.


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


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


LOWER GROUND 22A THEOBALDS ROAD

1 41 2 - 2 2 T H E O B A L D S R O A D

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

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:-

1 61 2 - 2 2 T H E O B A L D S R O A D

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

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

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)

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12-22...2017/09/12 · 12-22 theobalds road location 12 – 22 theobalds road is situated in a core...

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