21-23 Bedford Place, Bloomsbury, WC1B 5JJ

21-23 Bedford Place, Bloomsbury, WC1B 5JJUnique central London hotel repositioning or refurbishment opportunity located in prime Bloomsbury, the intellectual and literary hub of London

Available to lease on a negotiable term

geraldeve.com

Unique central London hotel repositioning or refurbishment opportunity


Highlights• Attractive Georgian Grade II listed building in the heart of Central London in a prominent position close to

Russell Square and British Museum.

• Zone 1 location with excellent public transport connections.

• Bloomsbury is renowned as the intellectual and literary hub in London.

• UCL, the 10th best university in the world, and LSE are on the doorstep of the subject hotel.

• Situated in the heart of the West End within close proximity of the retail hubs of Oxford Street and Tottenham Court Road, the restaurants and bars of Charlotte Street and Soho, and the exceptional medicine/research facilities with UCL on the doorstep.

• Established office market home to international occupiers including Warner Bros head office and Bloomsbury Publishing.

• 43 keys with excellent potential for repositioning or redevelopment.

• Unique opportunity to hold events in private gardens to the rear of the hotel (subject to agreement and licenses).

• Offered with vacant possession.

• Area 422.3 sq m (0.104 acres).

• Available on three bases:1. Long leasehold interest subject to a ground rent and proposed schedule of works2. A new 25 year lease3. A new 25 year flexible lease with a break at year five


Russell Square

Goodge Street

Holborn

Tottenham Court Road

Oxford Circus

A501TAVISTOCK PL

GRAFTON PLACE

TORRINGTON PL

HOWLAND STMAPLE ST GUILFORD ST

MONTAGUE ST

NEW OXFORD STGREAT RUSSELL ST

BLOOMSBURY ST

GRAFTON WAY

GOWER ST

ENDSLEIGH GARDENS

GORDON SQUARE

MONTAGUE PL

EUSTON ROAD

Russell Square

Gardens

Bedford SquareGarden

BloomsburySquareGarden

Tavistock Square

GardensGordonSquare

Gardens

WoburnSquare

Gardens

LOCATION

The property occupies a substantial site on Bedford Place, a quiet oasis, situated directly off Russell Square, Bloomsbury, Central London.

Bloomsbury is in heart of the West End and is a desirable location due to its cultural, educational and intellectual institutions. It is home to the British Museum as well as University College London, The Royal Academy of Dramatic Art and the British Medical Association.

The property benefits from excellent transport connections with several tube stations within walking distance including Russell Square, Holborn and Tottenham Court Road. These stations are served by the Piccadilly, Central and Northern line respectively.

Tottenham Court Road will also be served by the new Elizabeth line, which is scheduled to open in 2022 and will provide high speed connections from Reading to Essex, with plenty in between including excellent coverage of central London and direct trains to Heathrow airport.

The property is well situated within walking distance of the Euston/King’s Cross/St Pancras hub which are three of the top ten busiest train stations in the UK, generating over 100m passengers per annum. St Pancras is the main Eurostar hub in the UK with regular services to Paris, Amsterdam and Brussels.

21-23 Bedford Place


Regent’s Park

Hyde Park

Green Park

St James’s Park

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2

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62

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56

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4 56 78

910

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Education1 Slade School of Fine Art2 University College London3 University of Law4 Royal Academy of Dramatic Art5 Birkbeck University6 School of Oriental and African Studies7 UCL Institute of Education8 Institute of Advanced Legal Studies9 Senate House Library 10 London School of Hygiene and Tropical Medicine

Transport Connections1 Tottenham Court Road2 Holborn3 Euston Square4 Russell Square5 St Pancras6 King’s Cross7 Euston Station

Leisure Attractions and Museums1 The British Museum2 Charles Dickens Museum3 Foundling Museum4 Petrie Museum5 Grant Museum of Zoology 6 Sir John Soane’s Museum7 Hunterian Museum 8 Russell Square Gardens

Organisations and Occupiers1 Architectural Association2 Le Cordon Bleu3 The Bloomsbury Theatre 4 Spink & Sons5 Faber and Faber6 Bloombury Publishing

AREAS OF INTEREST

21-23 Bedford Place

21-23 Bedford Place



DESCRIPTION

This unique hotel opportunity comprises three former Victorian terraced houses dating from the mid 19th century situated on the west side of Bedford Place retaining extensive period features.

Address 21-23 Bedford Place, Holborn, London WC1B 5JJKeys 43Previous Management Charity Members Club – Independently ManagedFloors Five (Lower Ground, Ground and Three Upper Floors)Food and Beverage Dining Room totalling c20 covers (existing)Site Area 0.104 acres/ 422.25 sq m

Existing Room Type KeysSingleDouble Twin

25126

Total 43

Ordnance Survey Crown Copyright 2021. All rights reserved.

Licence number 100022432.

Plotted Scale - 1:1250. Paper Size – A4

Proposed Scheme KeysDouble 40Total 40

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The hotel benefits from:• Exceptional eves heights• Views over an immaculate private garden to the rear • Period features throughout

POTENTIAL RECONFIGURATION

• Multi award wining hotel specialist architects, Dexter Moren, has undertaken a review of the property and provided an indicative scheme to highlight the redevelopment opportunity to reposition the property to a luxury or lifestyle hotel.

• The scheme illustrates potential to reconfigure the property in order to provide 40 en suite bedrooms alongside a restaurant/ bar area with up to 24 covers.

• The plans are for indicative purposes only and potential lessees should undertake their own due diligence. Dexter Moren would be pleased to discuss the opportunities to reposition the hotel.

DumbWaiter BOH

BOH

Kitchen

Room 1Room 2

Room 3

Room 4

RefuseStorage Storage

BoilerRoom

St.

St.

Lightwell Lightwell Lightwell

Room 5

Reception

Admin

Rest/Bar

Room 4

MainEntrance

Flatroof

Flatroof

Lightwell Lightwell Lightwell

WC's WC's

Room 1Room 2 Room 3

DumbWaiter

PROPOSED LOWER GROUND FLOOR

Copies of the floor plans available on request

PROPOSED GROUND FLOOR


Room 1Room 2Room 3Room 4

Room 8

Room 7Room 9

Room 10

Room 11

LinenRoom

TerraceFlat roofTerrace Flat roof

Room 5Room 6

LinenRoom

Room 1Room 2Room 5Room 6

Room 8

Room 7 Room 9

Room 10Room 11

Room 3Room 4

St.

Room 1Room 2Room 3Room 4Room 5Room 6

Room 7 Room 8 Room 9

Flat roof Flat roof Flat roof

LinenRoom

Copies of the floor plans available on request

PROPOSED FIRST FLOOR PROPOSED SECOND FLOOR

PROPOSED THIRD FLOOR



THE OPPORTUNITY

There is a fantastic opportunity to reposition the asset to an upscale specification, with high-quality finishes and a luxury boutique feel.

By maintaining the Georgian architecture and refurbishing the property throughout, guests will have the opportunity to experience Bloomsbury living in its finest.

Staying in the heart of London, in excellent high quality accommodation and within walking distance to world renowned academic institutions, restaurants and museums will certainly generate strong customer demand.

This provides an opportunity to join an established list of operators. Firmdale, Rosewood, Radisson Blu, Academy Townhouse and Kimpton Fitzroy are all within 0.5 miles of the hotel, to name but a few.

This opportunity is available by way of a long lease subject to a ground rent and a proposed schedule of works.

We detail below and overleaf conceptual images of the property.



WHY LONDON?

London is one of the top three hotel markets in the world and exceptionally resilient due to its diverse demand drivers. By way of example RevPAR only declined by 3.9% in the GFC and rebounded 12% the following year.

TourismLondon holds global appeal as a tourism destination. In terms of the total number of international visitors, in 2019, it ranked third in the world with 21.71 million visitors to the capital. It has a plethora of famous attractions, an excellent retail offering and a vibrant culture and heritage.

Corporate London has been crowned as the corporate capital of Europe. Approximately 40% of the European headquarters of the world’s top companies are based in the capital, with 60% of top non-European companies with headquarters in Europe choosing London as their base. The global city thrives off its ability to bring in talent, investment, and business from all over the world. Visits Nights

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Source: VisitBritain

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Million Million

Overview of overseas visitor statistics

Ongoing InvestmentEurope’s largest infrastructure project, Crossrail is well underway and scheduled to open in 2022. The project has cost an estimated £18.5 billion and once completed will provide a 118km railway line which will vastly improve connectivity into the capital with Tottenham Court Road as the main London hub with direct fast links to Heathrow airport. This will transform Tottenham Court Road into the central hub from Heathrow, providing unrivalled access.


Performance was particularly strong in 2017, 2018 and 2019 as a result of increased affordability for overseas travellers to the UK following the UK’s decision to leave the EU. Coupled with the heightened cost to travel abroad and a growth in domestic tourism, the market performed exceptionally well.

In 2020, the COVID-19 pandemic caused hotel Key Performance Indicators (KPIs) to fall dramatically. We anticipate trading levels to recover to pre COVID levels by 2023/2024.

Occupancy – Consistently in excess of 82% with a reported occupancy in 2019 of 83.5%.

ADR – Grew by 3.5% in 2019 and was reportedly c£155 in 2019 and has shown steady growth since the Global Financial Crisis (GFC).

RevPAR – Strong growth since the Great Financial Crisis. RevPAR was reportedly £129 in 2019. One of the highest in Europe and shown strong growth since the GFC.

ADR OccupancyRevPAR

2009

2016

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Source: STR, Inc.

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London hotel performance

The London Hotel Market

Of the major global cities in 2019, only New York and Paris reported higher RevPAR than London.

The London hotel market has performed well in recent years absorbing new supply and taking advantage of the strong trading fundamentals enjoyed by the City.

Despite facing challenges over the past decade or so, including that of the Global Financial Crisis, the market has consistently bounced back.

2018 2019

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Source: STR Global

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RevPAR for major global cities

Republication or other re-use of this data without the express written permission of STR is strictly prohibited.

A market with excellent recovery capabilties …No doubt after the Global Financial Crisis the market was hit incredibly hard however London shows excellent and reassuring recovery after difficult times • Despite challenges, Revenue Per Available Room (RevPAR) declined by only -3.8% in 2009 and bounced back by 12.0% in 2010.• In terms of RevPAR, the market stalled in 2012 due to a decline in occupancy attributed to the London Olympic and

Paralympic Games.


• An eclectic creative environment epitomised by the picturesque Georgian facades.

• A village atmosphere in the heart of the capital city.

• An oasis of calm amongst busy London life.

• An intellectual and literary hub.

• Attractive for both residents as well as tourists with a strong sense of community spirit.

THE BLOOMSBURY COMMUNITY

70,000 office workers

17,392 residents in the area

5,900,000visitors to the British Museum between April 2019 & March 2020

Green Spaces • Ten attractive garden squares, each nestled amongst

elegant period properties.

• Blooming rooftop gardens often home to diverse plant species and beehives.


Cross Rail / Elizabeth Line • Crossrail arriving in 2022 at Tottenham Court Road tube station • Crossrail will provide 24 trains per hour in each direction increasing accessibility to Bloomsbury

Maidenhead

Heathrow

Bond Street Farringdon Canary Wharf

Literature• The home of Virginia Woolf,

one of the most influential writers of the 20th century.

• Bloomsbury Publishing located on Bedford Square, the original publisher and custodian of the Harry Potter series.

Universities• Globally renowned educational

establishments and the home of several leading academic institutions including University College London, Royal Academy of Dramatic Art and the London School of Hygiene and Tropical Medicine.

• UCL is the 10th ranked university in the world

• Over 76,000 students.

Slough PaddingtonTottenham Court Road

Liverpool Street

Whitechapel Abbey Wood

ShenfieldStratford


CORPORATE

Occupiers Bloomsbury is a renowned working area for the creative industries such as publishing, film and productions. It also has a strong medical background with the universities and Great Ormond Street Hospital.

Warner Bros head office is based on Theobald Road and Bloomsbury Publishers are based on Bedford Square for over 30 years just minutes from the subject property.

DevelopmentThe Bloomsbury office market has seen significant development in recent years with large scale developments near Tottenham Court Road/Holborn to the south and the Kings Cross/Euston ‘Knowledge Quarter’ hub to the north.

Recent developments include The Avenue, The Post Building and 1 New Oxford Street demonstrating developer confidence in the Bloomsbury office market.

DemandOffice developments in the immediate area have proven popular, benefiting from strong demand and rental growth. This transformation has attracted new occupiers to Bloomsbury including Facebook, Google, bookmaker William Hill, management consultant Mckinsey & Co and Swedish retailer Cos.



Option 2Operational Lease – Refurbishment

1. An operation lease for a term of 20 to 25 years

2. Rental offers are on an ‘as is’ basis with the intention to undertake a soft refurbishment to meet the requirements of the proposed lessee’s operational standards.

3. Five yearly full open market rent reviews.

PROPOSAL

Price Upon application to the sole agents.

Offers are invited on three bases:

Option 3 Operational Lease – Refurbishment

1. An operation lease for a term of 20 to 25 years

2. Rental offers are on an ‘as is’ basis with the intention to undertake a soft refurbishment to meet the requirements of the proposed lessee’s operational standards.

3. Five yearly full open market rent reviews.

4. Landlord only break option at year five

Option 1Reposition the hotel subject to a long lease

1. A long leasehold interest will be granted up to a term of 75 years.

2. Negotiable ground rent payable.

3. Tenant to undertake repositioning works.


Conditions under which these particulars are issued

All details in these particulars are given in good faith, but Gerald Eve LLP for themselves and the Vendors/Lessors of this property for whom they act give notice that:

1 These particulars do not and shall not constitute, in whole or in part, an offer or a contract or part thereof, and Gerald Eve LLP have no authority to make or enter into any such offer or contract. 2 All statements contained in these particulars are made without acceptance of any liability in negligence or otherwise by Gerald Eve LLP, for themselves or for the Vendors/Lessors. 3 None of the statements contained in these particulars is to be relied on as a statement or representation of fact or warranty on any matter whatsoever, and intending purchasers must satisfy themselves by whatever means as to the correctness of any statements made within these particulars.4 The Vendors/Lessors do not make, give or imply, nor do Gerald Eve LLP or any person in their employment have any authority to make, give or imply, whether in these particulars or otherwise,

any representation or warranty whatsoever in relation to the property.

This statement does not affect any statutory rights you may have nor does it intend to limit Gerald Eve’s liability which cannot be excluded or limited by law. Particulars issued July 2021.

geraldeve.com020 7493 3338

CONTACTSJonathan Clegg MRICSAssociate Mobile +44 (0)7788 368081 [email protected]

Eleanor Kilford MRICSSenior SurveyorMobile +44 (0)7385 [email protected]

VIEWING AND FURTHER INFORMATION

• EPC details – 21-23 Bedford Place is Grade II listed and is therefore exempt from holding an Energy Performance Certificate.

• VAT info• Anti Money Laundering – A successful bidder will be required to

provide information to satisfy the Anti-Money Laundering Regulations when Heads of Terms are Agreed.

Documents

21-23 Bedford Place, Bloomsbury, WC1B 5JJ