london wc2 prime central london freehold refurbishment ...€¦ · in central london attracting a...

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Prime Central London Freehold Refurbishment Opportunity Suitable for Owner Occupiers

LONDON WC2

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2 PRIME LONDON FREEHOLD REFURBISHMENT OPPORTUNITY

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Freehold.

The property comprises two interconnected buildings, totalling 4,296 sq ft of office and ancillary accommodation arranged over lower ground, ground and four upper floors.

Prime Central London Location, at the heart of Midtown’s legal district.

Vacant Possession.

Excellent refurbishment potential which will be of interest to owner occupiers.

Potential for conversion to residential use (subject to necessary consents).

We are instructed to seek offers in excess of £3,000,000 for the Freehold interest, subject to contract and exclusive of VAT.

A purchase at this level reflects a low capital value of £698 per sq ft.

42 Essex Street &23 Devereux Court,London WC2

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Covent Garden

Midtown

Lincoln’s Inn Fields

Royal Courts of Justice

Holborn Station

Somerset House

The British Museum

London School of Economics

Australian High Commission

King’s College London

Middle Temple

High Commission of India

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River Thames

Kingsway

Southampton

Row

High Holborn

Strand

Fleet Street

Lincoln’s Inn Fields

Drury Lane

Bloomsbury Way

Great Q

ueen Stre

et

Parker Stre

et

Wild StreetSurrey Street

Arundel Street

Essex Street

Middle Tem

ple Lane

High Holborn

Tudor Street

Victoria Embankment

Holborn

TempleBlackfriars

42 Essex Street & 23 Devereux Court is situated in a core Midtown location, a diverse and well established sub-market located in the heart of Central London.

The property is located between Essex Street, one of the most exclusive legal addresses in London, and Devereux Court, a pedestrianised passageway leading through to both Middle and Inner Temple. The building is moments from the historic Royal Courts of Justice, further underpinning the prominence and historical importance of the property’s location.

Midtown continues to be one of the most dynamic sub-markets in Central London attracting a wide range of creative and financial occupiers, which now compliment the historical and ever-present legal and professional tenants. This sustained occupier demand, coupled with limited new or speculative developments, has led to record low vacancy rates of 2.0% which are forecast to tighten further.

Location

The building benefits from excellent transport communications providing exceptional connectivity across Central London and surrounding districts via the following Underground and Railway services:

Transport

Station Walking Time Services

Temple 2 minutes District/Circle

Blackfriars 9 minutes District/Circle/Thameslink

Holborn 10 minutes Central/Piccadilly

Chancery Lane 10 minutes Central

Covent Garden 13 minutes Piccadilly

Waterloo 15 minutes South Western Railway/Bakerloo/Northern/Jubilee/Waterloo & City Line

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42 Essex Street & 23 Devereux Court comprises approximately 4,296 sq ft of office and ancillary accommodation arranged over lower ground, ground and four upper floors. The property comprises two separate mid-terraced properties which are interconnected at the lower ground and first floor levels.

The properties are of a traditional construction and in their existing configuration provide regular floor plates ranging between 616 sq ft and 839 sq ft.

Access to the property is via either Essex Street or Devereux Court, with a lift servicing all floors. Both buildings benefit from a central core, as well as WC’s throughout.

In addition, there is a shower room on the third floor and an external lightwell providing excellent natural light to the rear.

Description

Specification

The current office accommodation specification includes the following:

Perimeter trunking

Suspending and plasterboard ceilings

Wall mounted radiators

WCs on each floor

Kitchen area in both buildings

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The measured area surveys were undertaken by CSL Surveys (Stevenage) Ltd in accordance with the guidelines of RICS property measurement 1st edition, May 2015, and comprise the following approximate net internal floor areas:

Accommodation

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GROUND FLOOR839 SQ FT

THIRD FLOOR690 SQ FT

Indicative representations of the ground floor and the third floor.

Floor UseNIA

Sq M Sq Ft

4th Office 57.21 616

3rd Office 64.09 690

2nd Office 61.49 662

1st Office 66.19 712

Ground Office 77.97 839

L. Ground Office 72.20 777

Total 399.15 4,296

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The buildings are held under separate Freehold titles. Title numbers:

42 Essex Street - NGL237879

23 Devereux Court - NGL769726

Tenure

The building is currently occupied by the vendor, with vacant possession granted upon completion.

Tenancy

42 Essex Street & 23 Devereux Court offers outstanding refurbishment potential. We have not undertaken any initial feasibility studies however likely initiatives include:

Refurbishment Potential

Refurbishment of existing office space to provide high quality office accommodation with good levels of natural light.

Upgrade the reception to enhance the arrival experience.

Refurbishment of the façade of 42 Essex Street. Please see photograph to the left showing the previous façade.

Ability to create two stand-alone buildings.

Alternatively, the building’s self-contained nature would provide a rare opportunity for an owner occupier to create a headquarters building with a highly desirable address.


This is a copy of the title plan on 9 NOV 2018 at 14:38:44. This copy does not take account of any application made after that time even if still pending in HM LandRegistry when this copy was issued.

This copy is not an 'Official Copy' of the title plan. An official copy of the title plan is admissible in evidence in a court to the same extent as the original. A person isentitled to be indemnified by the registrar if he or she suffers loss by reason of a mistake in an official copy. If you want to obtain an official copy, the HM Land Registryweb site explains how to do this.

HM Land Registry endeavours to maintain high quality and scale accuracy of title plan images.The quality and accuracy of any print will depend on your printer, yourcomputer and its print settings.This title plan shows the general position, not the exact line, of the boundaries. It may be subject to distortions in scale. Measurementsscaled from this plan may not match measurements between the same points on the ground.

This title is dealt with by HM Land Registry, Croydon Office.

Crown Copyright. Produced by HM Land Registry. Further reproduction in whole or in part is prohibited without the prior written permission of Ordnance Survey.Licence Number 100026316.

42 Essex Street - NGL237879

23 Devereux Court - NGL769726

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View from the roof of 42 Essex Street.

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The property is located within the London Borough of Westminster.

The property is within the Strand Conservation Area and Core Central Activities Zone.

23 Devereux Court is Grade II listed.

Planning

The property has not been elected for VAT.

VAT

EPC rating D(78) for 23 Devereux Court and E(104) for 42 Essex Street. Further details available upon request.

EPC

Key Investment Considerations

Freehold.

The property comprises two interconnected buildings, totalling 4,296 sq ft of office and ancillary accommodation arranged over lower ground, ground and four upper floors.

Prime Central London Location, at the heart of Midtown’s legal district.

Vacant Possession.

Excellent refurbishment potential which will be of interest to owner occupiers.



A purchase at this level reflects a low capital value of £698 per sq ft.



A purchase at this level reflects a capital value of £698 per sq ft.

Proposal

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ANTON MCGARVEY +44 20 7855 3548 [email protected]

JACK MACTAGGART +44 20 7855 3559 [email protected]

CHARLIE THOMPSON +44 20 7855 3554 [email protected]

Further Information

For further information or to arrange an inspection, please contact:

Misrepresentation Act 1967: IMPORTANT: These particulars do not constitute either the whole or any part of an invitation, offer or contract in relation to the property described in the particulars. Neither Farebrother, nor its Directors, employees and agents, have authority to make or give any representation or warranty, express or implied, on behalf of any party in relation to the property. Whilst the particulars are given in good faith, intending purchasers or tenants must satisfy themselves independently as to the accuracy of all matters on which they intend to rely.

All negotiations are subject to contract. October 2019.

Photography provided by Joas (Joas.co.uk)

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LONDON WC2

london wc2 prime central london freehold refurbishment ...€¦ · in central london attracting a...

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