With space on the surface in London becoming increasingly limited, developers are beginning to seek opportunities beneath the hustle and bustle of the city’s streets. This has seen investors come forward to redevelop unused tube stations, commuter train lines and ancient carriageways – and now, it seems even the capital’s World War II bomb shelters are set to become lucrative opportunities.
The Evening Standard reports that Westminster Council is currently offering a long lease on the Soho Square bomb shelter, with its £175,000 price tag attracting interest from at least three restaurant operators along with a national gym chain and numerous music venue moguls.
The 3,200 sq ft subterranean site lies directly under the gardens of Soho Square which, being just off Oxford Street, makes the location ideal for those seeking a central London hotspot.
During World War II, many bomb shelters were created across London in order to protect residents from the Blitz. It is believed that the Soho Square site dates back to 1939.
Agents GVA have been appointed to handle the letting and representative David Hooper believes that there may be a bidding war between restauranteurs on the unique underground site.
He says; “The restaurant market in central London is so hot at the moment that anything new and interesting is going to be well received.
“It’s going to need a couple of million spent to fit it out but people don’t seem to be put off by that.
“The floor to ceiling height is incredibly good.”
The shelter’s existing entrance is located to the west of Soho Square, but as the current emergency fire escape exit runs through a mock-Tudor gardener’s cottage on the surface level, the eventual tenant could potentially create a more impressive entrance subject to planning consent. However, as the cottage is Grade II listed, any renovations would have to be done in a sympathetic manner.
This is not the first time that Westminster Council has hit the headlines for allowing developers to transform an underground asset, as in 2013 a block of underground toilets in Fitrovia became a local café. A squeeze on local authority funding has caused numerous councils across London to examine their portfolio of assets to see which could prove attractive to developers, yet this is the first time a property of such historic significance has been put on the table.
Head of investment at Westminster City Council, Guy Slocombe, believes that the leasing of the bomb shelter will meet with the approval of the local community.
He says; “We are proud to have the lowest council tax in the country, and this is partly down to the innovative way we use the council’s assets to generate income wherever appropriate.
“We have a strong track record in delivering asset management, as well as looking after the sites that are so important to Westminster’s heritage.
“With its unusual location and unique history, we will ensure a suitable use for the Soho Square site – after all, it isn’t every day an old World War Two bunker comes on the market!”
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