A fund manager, Angus Murray, formerly with Macquarie Group Ltd., has recently acquired underground tunnels in central London, once utilized by the spies who inspired James Bond’s creation.
He intends to invest £220 million (equivalent to N117 billion) to transform them into a tourist attraction, with an estimated entry fee of £30 (approximately N24,210).
The acquisition was made by BT Group Plc, the former state telecom monopoly.
Murray has outlined a four-year makeover plan for the site, aiming for a safe capacity of 2 million visitors annually, equating to 625 visitors per hour, generating an estimated annual revenue of £60 million at a £30 entry price.
He envisions a precise 38% margin for earnings before interest and tax and a potential valuation of around £270 million, similar to British theme park operator Merlin Entertainments. According to Bloomberg reports.
How big are the tunnels?
The Kingsway Telephone Exchange, located 40 meters beneath London’s Holborn district, spans 8,000 square meters. London Tunnels Ltd., led by Murray, aims to transform these underground spaces into immersive entertainment venues with massive screens.
Murray seeks partnerships with major Hollywood studios like Warner Bros. (known for Harry Potter) and Amazon (holder of James Bond rights).
Simultaneously, he plans to preserve historical elements, including what he claims to be the UK’s deepest bar, once frequented by engineers and clerks.
These individuals played a vital role in maintaining the trans-Atlantic telecommunications line for diplomatic emergencies during the Cold War.
“Would I compare this to be as iconic as the London Eye? Yes, I would,” Murray says. “Who wouldn’t come here?”
What you should know about the James Bond Tunnels
Built in 1941-42 as deep shelters during the London Blitz, these tunnels were never used for their intended purpose due to the bombing’s decline.
Instead, they were covertly operated by the Special Operations Executive (SOE), an espionage organization known as “Churchill’s Secret Army,” and later became part of MI6.
Ian Fleming, the creator of James Bond, served as a liaison officer, and the group developed eccentric weapons and traps reminiscent of “Q Branch” in Bond stories.
Ownership was later passed to BT after privatization. Businessman Murray purchased the tunnels for £12 million (N9.68 billion) and plans to invest £220 million (N117 billion) to transform them into an entertainment hub, seeking partnerships with companies like Disney and tech giants for an ambitious project by 2027 workshops.
The UK Foreign Office, which is responsible for MI6, didn’t respond to a request for comment.
