The London Tunnels - Hidden reserves

Opportunity knocks at Kingsway Exchange Tunnels to participate in the proposed rejuvenation of a singular and significant national asset and its vast blank canvas for potentially lucrative commercial display. The prospect of a major visitor attraction based on heritage and culture in unusual confines begs comparison with the development of the London Eye, which was also challenging but has arguably over delivered. With full commercial launch not till 2027, protracted project risks such as execution and further funding are inevitable (planning approval is expected at the 11 July London Borough of Camden committee meeting). However, our high-level assumptions about possible year 1 returns at various attendance levels and if the site were in the hands of a content or theme park owner suggest a marked premium to the current share price.

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