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For Sale£55,000,000.00

Grosvenor House, 141-143 Drury Lane & 20/20 Wild Street

Other, Other Property Types & Opportunities
Property type: Other, Other Property Types & Opportunities
Tenure: For Sale Freehold
Price: £55,000,000.00
Location: Grosvenor House, 141-143 Drury Lane & 20/20 Wild Street, London, WC2B 5TB
Located 300m from the London School of Economics and Political Science (LSE) Houghton Street campus, 450m from Holborn Underground Station (Piccadilly and Central lines) and 650m from Leicester Square Underground Station (Piccadilly
and Northern lines)

169 student bedrooms, across a mix of studio units and one bed flats

Total area of 46,627 square feet (GIA) over basement, ground and six upper floors

London has the world’s largest student population for any single city and is ranked third in the global list of best student cities, with a total of 39 universities and four of the world’s top 100 Higher Education Institutions including LSE (2018 QS World
University Rankings)

There are 294,605 full time students in London (HESA 16/17) and only 29% students have access to dedicated student accommodation

There is a London-wide restrictive planning regime with respect to delivery of new purpose built student accommodation that insulates existing use values

The property benefits from a lease to the LSE from 20 March 2006 expiring 24 September 2027, subject to a mutual break on 20 March 2021

Current rent of £1,827,839.42 per annum subject to annual upward only rent reviews on 20 March to RPI with a collar of 1.5% and a cap of 3.5%

The LSE let the bedrooms to postgraduate students, academics and staff during term time and summer schools and the public during summer. A nursery
operates on part basement level and is included under the lease

Key asset management initiatives include exercising the mutual break to take advantage of the super reversion. Savills believe the ERV is in the order of £3,859,000

We are instructed to seek offers in excess of £55,000,000 for the Freehold interest in Grosvenor House.
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