Bloomsbury - London WC1 - Allsop
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London WC1
Bloomsbury
□ Freehold.
□ Prominent corner building in Bloomsbury that STORE STREET RIDGMOUNT STREET
has not traded in over 50 years.
□ Bloomsbury is a vibrant location in London’s
West End neighbouring Fitzrovia, Soho /
Covent Garden and Euston / King’s Cross.
□
The submarket is flanked by the major
transport hubs of Tottenham Court Road
(Central, Northern and Elizabeth lines)
and Euston station (Victoria, Northern and
Overground lines, National Rail and HS2).
□
Ridgmount Street is strategically situated a
5-minute walk from Tottenham Court Road
station, in the heart of the ongoing West End
regeneration project.
□
Existing 29,180 sq ft (2,711.0 sq m) of office
accommodation arranged over basement,
ground and four upper floors.
□
Multi-let to six tenants at a contracted rent of
£730,050 pa, equating to a highly reversionary
£41.49 psf overall (on let space).
□
Approximately 40% of the building is currently
vacant.
□
Exceptional short-term office redevelopment
opportunity, with potential to increase net
lettable area by 11,240 sq ft (39%) to 40,420 sq
Executive Summary
ft (subject to necessary consents).
□
Full vacant possession possible by 2025, an
attractive lead-in period and opportunity
to deliver a product into a constrained
development pipeline.
□
Option to explore alternative uses (subject
to necessary consents) given the building’s
proximity to London’s internationally
renowned life sciences cluster and world-class
educational institutions.
Offers are invited in excess of £27,500,000,
subject to contract. Pricing at this level reflects
£942 per sq ft on the existing NIA floor area.
REGENT’S PARK SOHO SQUARE BT TOWER BEDFORD SQUARE UCL THE BRITISH MUSEUM RUSSELL SQUARE
KING’S CROSS ST. PANCRAS
LONDON EUSTON
GREAT PORTLAND STREET EUSTON SQUARE
EUSTON ROAD
WARREN STREET
GOODGE STREET
FITZROVIA BLOOMSBURY
CHARLOTTE STREET
TOTTENHAM COURT ROAD GOWER STREET
OXFORD STREET
WARDOUR STREET
TOTTENHAM COURT ROAD
DEAN STREET NEW OXFORD STREET
SOHO
CHARING CROSS ROAD
SHAFTESBURY AVENUE
Equo in explige nimolor alibus
endam eaquatem et que mos
plabor re erspellicab ipicitatem
haribus aceste et, testi tem
7 Ridgmount Street is situated within the heart of Bloomsbury
in London’s West End, which is bounded by Euston / King’s Cross
to the north, Holborn to the east, Soho / Covent Garden to the
south and Fitzrovia to the west.
Bloomsbury is renowned for its exceptional
architecture and rich history. The location is a
sought after business location, typified by historic
architecture, literary associations, picturesque
garden squares, educational institutions, upmarket
amenities and excellent transport links.
Traditionally, the area has been associated with
publishing, legal, education and medical minds. Major
institutions established here include internationally
renowned UCL, RADA, The British Library and The
British Museum. Today, Bloomsbury’s appeal has
diversified, attracting occupiers from sectors including
advertising, media and telecommunications. Major
local occupiers include ITV’s headquarters, Warner
02
Bros, University of Law, Dentons and G Research.
Tenants are drawn to the location’s rich array of local
amenities, exceptional connectivity and the substantial
ongoing investment, regeneration and transformation
of the area, which includes new developments and
public realm improvements.
Bloomsbury
03
01
01 The British Museum
02 Dalloway Terrace, The Bloomsbury Hotel
03 Store Street
04
04 Charlotte Street Hotel
7 Ridgmount Street is located in the heart of
London’s Knowledge Quarter, which spans
from King’s Cross to encompass Euston and
Bloomsbury. The Quarter has established
itself as a global hub for knowledge,
research and life sciences, having emerged 01 British Library
as the location of choice for collaboration, 02
03
UCL
Francis Crick Institute
innovation and creative industries.
03
02
The area houses many of London’s most
important medical and research centres such as
UCL, UCL Hospitals, the Francis Crick Institute,
the Wellcome Trust and the Alan Turing Institute.
The Quarter is a consortium of 100 organisations
including leading life sciences institutions as well
as many of London’s finest museums, galleries
and academic institutions.
Knowledge Quarter
Global brands and small businesses alike are
drawn to the location due to its rich knowledge
of resources. Brand membership includes
Universal Music, Facebook and Google, whose
UK headquarters are all here.
The Quarter’s appeal is further contributed to
by the expansive array of public green spaces,
including Bedford Square, Russell Square,
Tavistock Square Gardens and Bloomsbury
Square Gardens.
03
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7 Ridgmount Street benefits from Key Rail Connections Map
exceptional connections being just a
5-minute walk from Tottenham Court Paddington Marylebone Euston King’s Cross
Road London Underground station. St. Pancras
Goodge Street, Euston, Euston
Square, Holborn and Warren
Street stations are all also within Old Street
easy walking distance. Making the Edgware
Baker Street
To Heathrow Road Warren
property easily accessible via the International Street Farringdon
Airport
Victoria, Central, Northern, Piccadilly, 2 Mins
& Liverpool
Overground, Circle, Metropolitan, and Street
Moorgate
Hammersmith & City lines. To Reading Goodge
Street
Tottenham Court Road station is set to become
a primary West End transport hub following the
arrival of the Elizabeth Line in 2022. The Elizabeth
Line is one of Europe’s largest infrastructure
projects, stretching more than 60 miles from
Bond Street Oxford Circus Holborn
Reading and Heathrow in the west through to Tottenham
Court Road
Shenfield and Abbey Wood in the east. The new
railway is expected to serve 200 million people KEY
annually. Tottenham Court Road station is National Rail
27 Mins
Bank To London City
undergoing a major transformation that includes a Elizabeth Line Station Green Park Leicester Square Airport
new underground station and ticket halls at Dean London Underground (Travelling From Bank)
Street and below St Giles Circus on Oxford Street. Gatwick Express Cannon
Piccadilly Circus Street
The interchange between the Northern, Central River Boat
and Elizabeth lines will service more than 170,000 Eurostar
passengers daily.
UNDERGROUND LINES Charing Cross
Euston Station, a short walk to the north of 7
Circle
Ridgmount Street, provides National Rail services.
Central
The ongoing redevelopment of the station as part
District
of the HS2 project will further improve connectivity Victoria Westminster
8 Mins
Hammersmith & City London To Canary
between London, the West Midlands and the Bridge Wharf
Jubilee Line
North. The total HS2 network will cover 330 miles
Metropolitan Embankment
connecting the North (Manchester) to the South
Northern
(London), and will deliver three times
Piccadilly
as many passengers into Euston via 10 new Waterloo
Victoria
high-speed platforms. To Gatwick
Waterloo & City
International Airport
Bloomsbury is one of London’s best (Travelling From Victoria)
connected locations.
Elizabeth Line (Crossrail) Route Map
Connectivity
56 mins 27 mins 11 mins 2 mins 5 mins walk 2 mins 5 mins 8 mins 11 mins
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7 Ridgmount Street
occupies a prominent RESTAURANTS AD
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corner position situated EUS
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at the junction of STREET
Gordon
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Ridgmount Street and 1 CIRCOLO POPOLARE
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Store Street. 2 LANTANA CAFÉ
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Occupiers & Amenities
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6 HEAL’S
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1 SANDERSON LONDON HOTEL
TOTTENHAM
REET COURT ROAD
2 THE LONDON EDITION X F O RD ST
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4 BLOOMSBURY HOTEL T
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5 CHARLOTTE STREET HOTEL OX FO
6 THE MANDRAKE HOTEL OXFORD
CIRCUS Soho
7 MY BLOOMSBURY Square
Championed by Camden
Council, the West End Project HEAL’S BUILDING, MINERVA HOUSE, TELEPHONE EXCHANGE
196 TOTTENHAM COURT & FITZROY HOUSE, WC1
has, and will continue to ROAD, W1
S C H R O D E R S & STA N H O P E
transform Tottenham Court KKR & GENERAL
Size: 88,000 sq ft
Road and the surrounding P R O J EC T S
Use: Offices
area into one of London’s
premier commercial, cultural
Size: 188,000 sq ft (Existing)
Use: Office & Retail (Existing)
Status: Pre-Planning
Status: Planning Pending
Completion: Ongoing ↓
and academic districts. Completion: Ongoing
With £35 million total investment, the
project is being delivered in phases.
Major changes include Tottenham Court
Road and Gower Street / Bloomsbury →
Street becoming two way to traffic,
reducing congestion and air pollution
and speeding up bus routes. There will
be new safer provisions for cyclists as
well as new and regenerated public
and green spaces for residents and
visitors helping to attract, sustain and
boost local businesses. This includes
wider pavements with new high-quality
247 TOTTENHAM COURT ROAD, W1
M&G & CO-RE ↑
Size: 88,000 sq ft
materials, the removal of street clutter Use: Office, Retail & Residential
and new pedestrian crossings. Status: Under Construction
Completion: 2024
25-27 STORE STREET, WC1
AVA I L A B L E - B I D S R EC E I V E D
Size: 95,000 sq ft (Existing)
Use: Offices & Showroom (Existing)
Status: Pre-Planning
Completion: Ongoing ↓
The West End Project
& Developments
OUTERNET, ST GILES CIRCUS, WC2
CO N S O L I D AT E D D E V E LO P M E N T S ↑ 1 SOHO PLACE, W1
D E R W E N T LO N D O N ↑
Size: 200,000 sq ft Size: 285,000 sq ft
Use: Office, Gallery, Music Venue & Hotel Use: Office, Retail, Theatre & Public Realm
Status: Under Construction Status: Under Construction
Completion: 2022 Completion: 20227 Ridgmount Street is a 29,180 sq ft
(2,711.0 sq m) purpose-built office property,
originally constructed in 1965, with a fourth
floor office extension added in 1999. Today,
the building comprises a six-storey corner
office property, with prominent frontage
onto Ridgmount Street and return frontages
onto Store Street and Ridgmount Place.
There is also a surface car park fronting
Ridgmount Street.
The offices are accessed from a raised ground floor reception
at Ridgmount Street and arranged over basement, ground
and four upper floors, with two passenger lifts linking all floors.
The floorplates average 5,000 sq ft and benefit from excellent
natural light on all sides.
Current Specification
Two 6-person passenger lifts serving all floors
Comfort cooling
Perimeter trunking
Suspended ceilings
Male and female WCs
The Building
Shower facilities
Cycle parking
Three onsite surface parking spacesGround Floor Plan Key
Office
Reception
4,875 sq ft / 452.9 sq m (NIA) Core
Storage
Click to view
virtual tour
RIDGMOUNT PLACE
STORE STREET
RIDGMOUNT STREET
N
Schedule of Areas Third Floor Plan Key
Office
Reception
4,993 sq ft / 463.9 sq m (NIA) Core
FLOOR USE NIA NIA GIA GIA
(SQ FT) (SQ M) (SQ FT) (SQ M)
Fourth Office 4,578 425.3 5,367 498.6
Third Office 4,993 463.9 6,012 558.5
Accommodation
RIDGMOUNT PLACE
Second Office 5,221 485.1 6,242 579.9
STORE STREET
First Office 5,366 498.5 6,224 578.2
Office 4,859 451.4
Ground Storage 16 1.5 6,971 647.6
Reception 984 91.4
Office 3,200 297.3
Basement 6,466 600.7
Storage 947 88.0
RIDGMOUNT STREET
TOTALS 29,180 2,711.0 37,282 3,463.5
N
* Total NIA including reception 30,164 sq ft (2,802.4 sq m).
Plans for indicative purposes only (not to scale).Tenancy Schedule
7 Ridgmount Street is part-let to six tenants producing a total income of £730,050 pa, equating to a highly reversionary £41.49 psf (on let space). The building has an average weighted unexpired term of 2.8 years to expiries and 1.9 years to break options
(on let space), with full vacant possession possible in 2025.
DEMISE TENANT AREA LEASE LEASE END RENT RENT 1954 COMMENTS
(SQ FT) START (BREAK) £PA £PSF ACT
Fourth 4,578
The Institute for Fiscal Studies 24 Jun 2014 23 Jun 2025 £375,000 £30.17 Inside Lease includes part basement space.
Third 4,993
Mutual break option exercisable on 3 months’ notice from 16 Jun 2022.
Second Floor - Part 15 Jun 2024
Engineeria Ltd 818 16 Dec 2021 £64,800 £79.22 Outside Rent paid monthly inclusive of S/C & insurance.
(The Lorna Paulin Room) (Rolling) Rent deposit held.
Mutual break option exercisable on 6 months’ notice from 30 Sep 2022.
First Floor - Part 30 Sep 2024
Minimax Labs Ltd 349 17 Nov 2020 £29,400 £84.24 Outside Rent paid monthly inclusive of S/C & insurance.
(Office Room 3A) (Rolling) Rent deposit held.
First Floor - Part Rent paid monthly inclusive of S/C & insurance.
ECA (Legal) Ltd 169 07 Oct 2019 06 Oct 2023 £14,700 £86.98 Outside
(Office Room 2) Rent deposit held.
Mutual break option exercisable on 6 months’ notice from 01 Oct 2022.
First Floor - Part 01 July 2025
Revelation Films Ltd 1,318 01 April 2022 £66,150 £50.19 Outside Rent paid monthly inclusive of S/C & insurance.
(Suites 1 & 2) (Rolling) Rent deposit held.
Tenant only break option exercisable on 3 months’ notice.
Ground Floor - Part 31 Aug 2024
Cilantro Engineering UK Ltd 2,511 01 Sep 2020 £180,000 £71.68 Outside Rent paid monthly inclusive of S/C & insurance.
(South Suite & Offices 1, 2, 3, 5 & 6) (31 Aug 2022) Rent deposit held.
Basement - Part The Institute for Fiscal Studies 2,859 24 Jun 2014 23 Jun 2025 - - Inside Included in third & fourth floor lease.
TOTALS £730,050
Approximately 40% of the building is currently vacant.STORE STREET RIDGMOUNT STREET
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Plans for indicative purposes only (not to scale).7 Ridgmount Street is a prominent Proposed West Facing Aerial View
corner plot offering a rare repositioning
and additional massing opportunity on
an underutilised site.
Renowned architects Trehearne have produced
STORE STREET RIDGMOUNT STREET
a feasibility study that proposes to carry out a
comprehensive refurbishment and reconfiguration
of the existing office building including regularising
the current building line fronting Ridgmount Street.
Massing is proposed to be further maximised
by rebuilding the fourth floor and creating a new
fifth floor.
The scheme proposes the following:
□ Additional fifth floor totalling 3,645 sq ft NIA.
□
Rebuilding of fourth floor to create a 5,736 sq ft
floorplate.
□
Building line infill from ground to third floors
creating a further 6,437 sq ft NIA.
□ P
roposals include a green roof and terraces
on the fourth and fifth floors.
The scheme would deliver a 40,420 sq ft NIA
office building (subject to obtaining all necessary
consents), which increases the existing NIA by 39%.
Planning
7 Ridgmount Street is situated in the London
Borough of Camden and sits within the Bloomsbury
Conservation Area. The building is not listed.
Site Massing
The FutureSite Massing
Proposed 3D Massing Proposed Fifth Floor Plan
Deconstruction to fourth
floor of existing building and
massing introduced.
STORE STREET
STORE STREET Terrace (5th Floor)
Terrace (4th Floor)
RIDGMOUNT STREET
RIDGMOUNT STREET
Schedule of Areas Section Elevation Proposed Massing Elevation
RIDGMOUNT STREET Massing proposal to include a green roof and terrace areas.
Existing Proposed Uplift
FLOOR USE NIA NIA NIA
(SQ FT) (SQ FT) (SQ FT)
Fifth Offices - 3,645 3,645
Fourth Offices 4,578 5,736 1,158
Third Offices 4,993 6,715 1,722
Second Offices 5,221 6,943 1,722
First Offices 5,366 7,073 1,707
Ground Offices 4,859 6,145 1,286
Ground Reception 984 984 -
Ground Storage 16 16 -
Basement Offices 3,200 3,200 -
Storage
Basement 947 947 -
(End of Journey) STORE STREET RIDGMOUNT STREET
TOTAL 29,180 40,420 11,240
* Total proposed NIA including reception 41,404 sq ft. STORE STREETLondon, despite the tumultuous past couple 01. BOSTON HOUSE, 03. 95 NEW CAVENDISH STREET, 05. 68-71 NEWMAN STREET, 07. 7-15 GRESSE STREET,
36-38 FITZROY SQUARE, W1 W1 W1 W1
of years, has retained its safe haven status Date: Q1 2022 Date: Q3 2021 Date: Q4 2021 Date: Q1 2022
and position as a top Global Tier 1 City, with Tenure: FH Tenure: FH Tenure: FH Tenure: LLH
Size (sq ft): 20,951 Size (sq ft): 20,446 Size (sq ft): 17,535 Size (sq ft): 43,069
persistent worldwide demand continuing Price: £29.00M Price: £21.00M Price: £21.00M Price: £36.50M
to put downward pressure on prime yields NIY: VP NIY: 4.46% NIY: 4.06% NIY: 5.43%
Cap Val (psf): £1,384 Cap Val (psf): £1,027 Cap Val (psf): £1,198 Cap Val (psf): £847
across London. Investors remain attracted
by the established legal system, favourable 02. 19-24 DERING STREET, 04. ORWELL HOUSE, 06. 1 27 CHARING CROSS ROAD, 08. 25 & 26-27 STORE STREET,
currency conditions and London’s ability to W1 16-18 BERNERS STREET, W1 WC2 WC1
Date: Q1 2022 Date: Q4 2020 Date: Q1 2021
attract and sustain a skilled talent pool. Tenure: FH Tenure: LLH Tenure: FH
Date: Bids Received
Tenure: LLH
Size (sq ft): 34,431 Size (sq ft): 28,649 Size (sq ft): 40,091 Size (sq ft): 52,045 & 38,064
Price: £62.50M Price: £22.70M
01 Price: £59.25M
The resilience of London’s West End market saw total deal Price: £30.0M & £35.00M
NIY: 3.16% NIY: 5.75% NIY: 3.34% NIY: 3.68% (overall)
volume in 2021 reaching £6.4bn, comfortably ahead of Cap Val (psf): £1,815 Cap Val (psf): £792 Cap Val (psf): £1,478 Cap Val (psf): £576 & £919
2020 volumes (£5.5bn). Capital looking to deploy into the
West End remains focussed on both Core and Value-Add
type assets. The rationale is an emphasis on ‘prime’ real GOODGE
estate - either the ability to acquire a ready-made trophy 03 EET
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West End real estate product as a Core transaction or C AV
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the ability to create a prime product by pursuing a
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Value-Add strategy.
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7 Ridgmount Street provides a rare future opportunity,
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particularly in this micro-location, for an investor to deliver THE BRITISH MUSEUM
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an institutional grade office development that capitalises Square
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on the ongoing shortage of office availability, which keeps
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the strength of the pre-let market.
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Plans for indicative purposes only (not to scale).-
London’s occupational office market is West End Examples
recovering following the historic low figures
recorded in 2020 (the principal pandemic year),
DATE ADDRESS TENANT SQ FT RENT TERM COMMENT
and as we emerge from ‘work-from-home’ (£PSF) (BREAK)
guidance, the heightened importance of an
Annual rental uplifts of 2.25% for first 15 years. Assignment from Arup who
Feb-22 80 Charlotte Street, W1 Perella Weinberg Partners 110,000 c.£85.00 20 years
office work place is recognised. The way offices originally pre-let 2.75 years before 2020 PC.
are utilised is evolving rapidly in the post– Feb-22 The Outernet, 2 St Giles Square, WC2 Clintons 10,500 £85.00 10 years -
pandemic world, with distinct requirements Nov-21 Colegrave House, 68-70 Berners Street, W1 Gamesys
97,000 £80.00
5 years Pre-let 0.5 years before PC. Option to extend for further 5 years.
(whole) (overall)
being developed by individual occupier groups.
Oct-21 12/13 Wells Mews, W1 Adyen 14,000 £90.00 10 years -
18,400 £120.00 Pre-let 0.75 years before PC.
We have seen some occupiers delaying key decisions whilst they Sep-21 SkyGardens, Two Soho Place, W1 Osbourne Partners
(whole) (overall)
5 years Option to extend for further 5 years.
clarify what hybrid working means for their business, others have
Sep-21 The Avenue, 1 Bedford Avenue, WC1 PineBridge 11,404 £82.00 6 years Sublease.
already reduced their office footprint and many have concluded
no-change as collaboration means continual capacity for all £97.50 - 3F
Jun-21 60 Charlotte Street, W1 Revcap 9,200 10 years -
£92.50 - 2F
staff. What remains clear is demand for well-located, high-quality
May-21 The Avenue, 1 Bedford Avenue, WC1 G Research 23,809 £85.00 -£92.00 6 years Assignment.
office space with top ESG credentials (for both brand and talent
reasons) is here to stay and is applying upward pressure on prime 87,000
Oct-20 Copyright Buildings, Berners Street, W1 Netflix £86.00 16 years Assignment.
(whole)
rents. The fundamentals of the way businesses invest in their
Exercised additional space option.
workspaces and talent bodes well for the ongoing rebound of the Oct-20 One Soho Place, W1 Apollo 5,100 £95.00 15 years Pre-let 1.75 years before PC.
West End office market.
£100.00
May-20 One Newman Street, W1 Exane BNP Paribas 39,970 15 years Pre-let 1.5 years before PC.
The fight for office quality, and the West End’s constrained (overall)
development pipeline, means the market has been experiencing £95.00
Nov-19 One Soho Place, W1 Apollo 83,100 15 years Pre-let 2.75 years before PC.
an ongoing, unprecedented, pre-letting market as occupiers seek (overall)
to secure top quality space and an address befitting their future Apr-19 One Soho Place, W1 G Research 102,600 £95.00 15 years Pre-let 3.0 years before PC.
occupational needs. Almost half of space scheduled for delivery in £88.33 17 years
Dec-18 The Post Building, New Oxford Street, WC1 Rothesay Life 49,211 Pre-let 1.0 year before PC.
2022 has been pre-let. (overall) (year 11)
£85.00 15 years
Future delivery of 7 Rigdmount Street is set to be ideally timed to Nov-17 80 Charlotte Street, W1 The Boston Consulting Group 123,500
(overall) (year 12)
Pre-let 2.5 years before PC.
deliver an institutional grade office building to the submarket at
£87.50
an opportune moment that capitalises on the location’s sustained Jan-17 The Post Building, New Oxford Street, WC1 McKinsey & Co 130,000 15 years Pre-let 2.5 years before PC.
(overall)
rental performance, established demand and stock scarcity.
Business Sector Take-up 2021 Pre-Let Examples
The Occupational
6% 7%
3%
Public Admin
Banking & Finance
Professional Services
34% 29%
Service Industries
TMT
Manufacturing SKYGARDENS, COLEGRAVE HOUSE, ONE SOHO PLACE, W1
Market
TWO SOHO PLACE, W1 68-70 BERNERS STREET, W1
Other Date: Oct 2020
4% Date: Sep 2021 Date: Nov 2021 Tenant(s): G-Research & Apollo
Tenant(s): Osbourne Partners Tenant(s): Gamesys Size: 191,000 sq ft (87%)
Size: 18,400 sq ft (whole) Size: 97,000 sq ft (whole) Rent: £95.00 psf (overall)
17% Rent: £120.00 psf (overall) Rent: £80.00 psf (overall) Completion: Q2 2022
Completion: Q2 2022 Completion: Q2 2022Data Room
Please contact Allsop for access to the data room.
EPC available in the data room.
VAT
The property is not elected for VAT and therefore VAT will not be
chargeable on the purchase price.
Proposal
Offers are invited in excess of £27,500,000, subject to contract.
Pricing at this level reflects £942 per sq ft on the existing NIA
floor area.
Nick Pemberton
+44 (0)20 7543 6775
+44 (0)7711 070 131
Further Information
nick.pemberton@allsop.co.uk
Chloe Newton
+44 (0)20 7543 6887
+44 (0)7825 032284
chloe.newton@allsop.co.uk
DISCLAIMER
Allsop LLP 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 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. The market statistics, rental
and investments comparables have been supplied by third parties and their accuracy cannot be
guaranteed. April 2022
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