SCHEDULE OF AREAS
Drivers Jonas rights of light team have identified the opportunity to increase massing of the New London Theatre site at both upper and lower levels.
This envelope model should be used as a guide for design in order to limit the impact of daylight/sunlight as a planning issue and rights of light as common law. Areas of this envelope can be breached but we would recommend giving light back in the neighbouring locality in order to compensate for the increase in light loss.
We can confirm that the Title does not restrain redevelopment of the site, but we advise that you take independent advice from your own solicitors on this.
THE OPPORTUNITY
The New London Theatre occupies a prominent and significant Central London site.
There is the opportunity to consider redevelopment and alternative uses on the site.
The long lease allows for:
- (a) Alteration – improvement, rebuilding or reinstatement of the existing structure or erecting a new building on the premises.
- (b) Use – does not restrict alternative uses including office and residential.
- (c) Air – the lease retains the right for air above the demise of the New London Theatre.
PLANNING ASSESMENT
The New London Theatre is located within the Covent Garden Area of the London Borough of Camden (LBC). The Development Plan consists of the London Plan (adopted in February 2004) and the LBC Unitary Development Plan (adopted in June 2006). Both documents are currently being updated and the draft documents will be material considerations in the determination of any planning application for the theatre. The theatre is designated as being within the Central London Area, the Seven Dials (Covent Garden) conservation area, an archaeological priority area, and within the Drury Lane Neighbourhood Centre.
It is considered that refurbishment, reconfiguration, expansion and redevelopment of the theatre would be acceptable to LBC, in principle. Any new development proposals will be required to protect a form of theatre use on the site. Unless it can be demonstrated that an adequate replacement facility can be provided in an accessible location, the loss would not create a shortfall in related uses, or the theatre is no longer required. The Theatres Trust would be a statutory consultee in the determination of any planning application affecting the theatre.
Development of the existing site that would create additional floorspace of 200 sq m or more would be required to provide a mix of uses on site, with up to half of all additional floorspace being residential and half of that figure being affordable housing. High density development is encouraged in this location and acceptable uses include offices, residential and leisure uses (including tourism uses and hotels).
TENURE
The New London Theatre is held on an under lease from March 1983 for a term of 125 years to 2108 (101 years unexpired).
The under lease is between National Car Parks Ltd and New London Theatre Limited. The interest formerly held by National Car Parks Ltd is now held by Bishopsgate Parking (No2) Limited which holds a head lease in respect of the property. The freehold of the property is currently owned by ING/Rugby Estates (Convent Garden Partnership)
New London Theatre Limited has granted an under lease to Beauquest Limited (trading as Guanabara) which occupies the 1st floor banqueting and cabaret venues totalling 17,500 sq ft. This lease expires June 2029.
THE DISPOSAL
The Really Useful Group is inviting an intial expression of interest for the New London Theatre.
An information and legal pack is available from Drivers Jonas which contains:
- Lease;
- Demise plans (including air rights);
- Copy under lease to Beauquest Limited;
- Technical data;
- Floor and seating plans;
- Planning guidance;
- Rights of light/massing guidance
In addition, Harbottle and Lewis LLP will provide a full legal pack, including 10 year ticketing agreement and further financial information. Additional sensitive data can be inspected at their offices under a non-disclosure agreement.