The University of Law’s prime 0.8-acre freehold campus in the heart of Bloomsbury is to come to market for £51.7m – a 5.25% yield.
The site is occupied by four buildings including 14 Store Street, 11-13 Ridgmount Street, 2 & 23 Ridgmount Place and 15-17 Ridgmount Street, all WC1.
The university is proposing a 10-year leaseback of the buildings at a rent of £2.9m per annum, following which a
major redevelopment could be possible.
At present the site has a density of just 68%, offering potential for a substantial increase in massing.
The City of London Corporation owns much of the surrounding area and is expected to express an interest in the site, however bids are
also anticipated from several long-term investors.
Bloomsbury is the largest of the eight University of Law
campuses in the UK.
It currently comprises 40 classrooms, offices, mock courtrooms, a four-storey library and a television studio.
A University of Law spokesman said it was reorganising its portfolio “in order to provide more flexibility for growth”.
JLL is marketing the campus on behalf of the university.
