Assessing the valuation opportunity

The London Tunnels (TLT) represents a unique opportunity in the leisure sector, centred on the redevelopment of the Kingsway Exchange Tunnels into a large-scale heritage and cultural attraction in central London. The scarcity of the asset, both in its historical context and physical scale, underpins its potential appeal. As the project is still in the construction phase and currently expected to be operational in 2028, it may be some years before it reaches maturity. The valuation is highly sensitive to the timing and quantum of visitor numbers, their associated spend while visiting the attraction and the costs to attract and serve them. Our ‘central’ model, which assumes the attraction draws three million visitors per year by FY32, sugg...