A prime Central London development opportunity, comprising a portfolio of three Grade II and Grade II* listed freehold properties in the heart of Bloomsbury in London, has been put up for sale.
The site offers a combined gross development value of approximately £20m and the properties are available as a portfolio or individually.
The Bloomsbury Square Portfolio comprises 20-21 Southampton Place, 22 Southampton Place and 46-47 Bloomsbury Square. Formerly occupied as educational space, the historic vacant buildings overlook Bloomsbury Square Gardens and provide circa 19,400 sq ft. Each building offers significant development potential and, following refurbishment, could be re-let within their existing use class or considered for a range of alternative uses, subject to the necessary planning consents.
All three buildings have received positive pre-application feedback supporting conversion to residential use (C3), with current proposals envisaging the creation of four townhouses and four apartments across the portfolio.
However, the opportunity also offers scope for a range of uses, including hotel accommodation, alongside Class E and Class F uses encompassing retail, restaurants and cafés, educational facilities, art galleries, medical practices and private members’ clubs.
Nick Alderman, head of Central London land at Knight Frank, which alongside Farebrother has been appointed to market the opportunity, said: “The Bloomsbury Square Portfolio combines significant development potential with an outstanding location in one of London’s most characterful and well-connected districts. These buildings offer a unique opportunity for a developer or investor to create exceptional homes in the heart of the capital, while sensitively restoring and celebrating their rich architectural and cultural heritage. The option to acquire the assets either as a portfolio or individually, alongside the flexibility to accommodate a wide variety of uses, is likely to appeal to a broad range of buyers.”
Alistair Subba Row, partner at Farebrother, added: “London’s Bloomsbury district has seen over £1bn of inward investment over the last few years including major office developments, high end residential schemes and the regeneration of the famous Sicilian Avenue leading from Holborn to Bloomsbury Square. The local area, often described as one of London’s finest villages surrounding The British Museum, has also been buoyed by the opening of the capital’s east/west Elizabeth line bringing significant increases in footfall and accessibility.”
