Sold

Prime Bloomsbury Office Investment, Overlooking One of London’s Most Prestigious Garden Squares

55-56 Russell Square, London WC1

Offers in excess of £8,000,000

Property Type:
Commercial
Sub Type:
Office
Net Initial Yield:
6.00%
Site Area:
9,036 sq.ft [840 sq.m]

Lease Term

The Property is held on a 125 year Long Leasehold from Woburn Estate Company Ltd and Bedford Estates Nominees Ltd from 25th March 1987 (approximately 91.5 years unexpired) at a nominal current ground rent of £2,000 per annum.

Tenancy

The Property is single-let to Business Cube Management Solutions Ltd for a term expiring 30th April 2024 (approximately 3.59 years unexpired). The gross passing rent is £513,790 per annum reflecting a reversionary £56.86 per sq ft overall.

Income

£513,790 pa

Features

  • Generous ceiling heights of up to 3.75 metres
  • Mixture of raised floors and perimeter trunking
  • 4 person passenger lift serving all floors
  • Substantial courtyard to the rear
  • VRF air conditioning system
  • LED lighting
  • Shower facilities
  • Male and female WCs on alternate floors
  • Self-contained entrance off Russell Square

Description

The property comprises two adjoining Georgian buildings overlooking one of London’s most prestigious garden squares, Russell Square.  It provides approximately 9,036 sq ft (839.5 sq m) NIA of modern office and ancillary accommodation arranged over basement, ground and four upper floors.  The property benefits from attractive views overlooking the square to the north, as well as the gardens to the south.

The property benefits from excellent transport connectivity located within just 3 minutes’ walk of Russell Square and 7 minutes’ walk of Holborn Underground stations.  Connectivity will be further enhanced following the delivery of The Elizabeth line (Crossrail) and HS2.