LONDON WC1 A Prime Midtown Office Investment Opportunity
Investment Summary Prime Midtown Office Investment. Virtual Freehold interest held on a 999 year Long Leasehold from 27th November 2013 at a peppercorn rent. Prominent corner position on the western side of Bedford Row at its junction with Sandland Street. Excellent transport connectivity with Holborn, Chancery Lane and Farringdon stations all within walking distance. The building comprises approximately 2,539 sq ft (235.88 sq m) of office accommodation arranged over basement and ground floors. Let to Wells Tobias Recruitment Limited for a term of 15 years from September 2013 with a mutual option to determine at the 7th anniversary of the term. The current passing rent is 85,000 per annum representing a low overall rent of 33.48 per sq ft. Offers are sought in excess of 1,525,000 (One Million Five Hundred & Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 5.25% and a capital value of 600 per sq ft, assuming purchasers costs of 6.11%.
Location 44 Bedford Row is situated in the heart of London s Midtown, an established Central London office location that is traditionally dominated by the professional and legal sector. Over recent years the area has evolved attracting a number of financial, tech, fashion and media occupiers from the UK and globally. Notable occupiers in close proximity to the property include Deloitte, Goldman Sachs and Amazon. The property is prominently positioned on the west side of Bedford Row, one of Midtown s most picturesque tree lined streets with attractive Georgian terraces on both west and east frontages. Situated on the junction with Sandland Street the property is only a short walk to High Holborn, the main arterial route connecting the City of London to the West End. As one of the most diverse and constantly changing sub-markets in Central London, Midtown offers a range of contemporary and traditional amenities including Gray s Inn Gardens, Rosewood Hotel and Leather Lane Market. Occupiers 1. Amazon 2. Warner Bros 3. Deloitte LLP 4. University of Arts London 5. Goldman Sachs International 6. Mishcon de Reya LLP 7. Fladgate LLP 8. Saatchi & Saatchi 9. MediaCom 10. LinkedIn UK Amenities & Restaurants 1. Gray s Inn Gardens 2. Bloomsbury Square Gardens 3. The Rosewood Hotel 4. The Holborn Dining Rooms 5. Lincoln s Inn Field 6. The Hoxton Hotel Holborn 7. Russell Square 8. The Delaunay 9. Leather Lane Market 10. Bounce Farringdon
Connectivity 44 Bedford Row benefits from excellent transport infrastructure being situated in close proximity to a number of well-connected Mainline Rail and London Underground Stations. Stations include Chancery Lane (Central Line), Holborn (Piccadilly & Central Lines), Russell Square (Piccadilly Line) and Farringdon (Circle, Hammersmith & City, Metropolitan and National Rail services). Kings Cross and London St Pancras are located to the north of the property which provide access to the Underground, National and International Rail services. The property is also well served by extensive bus routes operating along High Holborn, Theobald s Road and Gray s Inn Road. Elizabeth Line (Crossrail) The property is within a short walking distance (0.7 miles) of the main Crossrail entrance at Farringdon Station which will act as one of the primary central Crossrail hubs due to open towards the end of 2019. The Elizabeth Line (Crossrail) will deliver a direct connection between all of London s main employment centres including Canary Wharf, the City, the West End, Paddington and Heathrow. The railway will have an estimated 200 million travelers each year and is expected to reduce London journey times by up to 70%. The new network will support major regeneration across London and add an estimated 42Bn to the UK economy.
The Property Originally constructed in 1861, the property was converted in 2013 to provide 2,539 sq ft (235.88 sq m) of office accommodation over ground and lower ground floors with 18 residential apartments above. The upper floors, comprising residential apartments, have been sold off and do not form part of the sale. The property was measured by Allsop and comprises the following areas: Floor Area Sq Ft Sq M Ground 1,681 156.17 Lower Ground 858 79.71 Total 2,539 235.88 Tenancy The entire property is let to Wells Tobias Recruitment Limited for a term of 15 years from 29th September 2013, expiring 28th September 2028 on a lease outside the security of tenure provisions of the Landlord and Tenant Act 1954. There is a mutual option to determine at the 7th anniversary of the term. The passing rent is 85,000 per annum, equating to 33.48 per sq. ft. overall. The lease provides for 5 yearly upward only open market rent reviews.
Covenant Wells Tobias Recruitment Limited opened their London WC1 first office in 2005 and provide a full service recruitment consultancy. The company has a D&B rating of B3. Proposal Further information can be found at www.wellstobias.com EPC The property has an EPC rating of A (20). A copy We are instructed to seek offers in excess of 1,525,000 (One Million Five Hundred & Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. Tenure Planning For identification purposes only of the certificate is available upon request. VAT The property has been elected for VAT. It is anticipated that the transaction will be treated as A purchase price at this level reflects a net initial yield of 5.25% and a capital value of 600 per sq ft, assuming purchaser s costs of 6.11%. The property is held on a 999 year Long The property is situated in the London a Transfer of a Going Concern. Leasehold from Regal (Bedford Row) Borough of Camden. The building is not Limited from 27th November 2013 at a listed and is located within the Bloomsbury peppercorn rent. The property is registered Conservation Area. at the HM Land Registry under title number NGL943042. Contacts For further information or to arrange an inspection, please contact: Marsha Rabinovich 020 7588 4433 marsha.rabinovich@allsop.co.uk Andrew Lister 020 7588 4433 andrew.lister@allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. March 2019. allsop.co.uk