A fund manager is shelling out $269 million to buy and rejuvenate a clandestine network of tunnels under London
Kwan Wei Kevin Tan Sep 26, 2023, 2:16 AM ET
A fund manager wants to turn a secret network of tunnels in London into an iconic tourist spot.
Angus Murray told Bloomberg about his $269 million plan to transform the sprawling set of tunnels.
"Who wouldn't come here?" he said, claiming that the tunnels are "as iconic as the London Eye."
Fund manager Angus Murray is gearing up to spend millions of dollars on a secret network of tunnels under London, all with the aim of turning them into an iconic tourist spot.
The former banker told Bloomberg in a story published on Monday about his $269 million plan to rejuvenate the sprawling set of tunnels, also known as the Kingsway Telephone Exchange.
Murray bought the tunnels from the British telecommunications company BT Group. The tunnels have been owned by the company since 1986, per the BBC.
"Where can you get 8,000 square meters of historic novelty in London, that's got a billion-dollar reconstruction valuation?" Murray told Bloomberg.
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A fund manager is shelling out $269 million to buy and rejuvenate a clandestine network of tunnels under London
Kwan Wei Kevin Tan Sep 26, 2023, 2:16 AM ET
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A London Transport Museum staff member walking down an underground train tunnel.
A London Transport Museum staff member walking down an underground train tunnel. Dan Kitwood via Getty Images
A fund manager wants to turn a secret network of tunnels in London into an iconic tourist spot.
Angus Murray told Bloomberg about his $269 million plan to transform the sprawling set of tunnels.
"Who wouldn't come here?" he said, claiming that the tunnels are "as iconic as the London Eye."
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Fund manager Angus Murray is gearing up to spend millions of dollars on a secret network of tunnels under London, all with the aim of turning them into an iconic tourist spot.
The former banker told Bloomberg in a story published on Monday about his $269 million plan to rejuvenate the sprawling set of tunnels, also known as the Kingsway Telephone Exchange.
Murray bought the tunnels from the British telecommunications company BT Group. The tunnels have been owned by the company since 1986, per the BBC.
"Where can you get 8,000 square meters of historic novelty in London, that's got a billion-dollar reconstruction valuation?" Murray told Bloomberg.
The tunnels were built in 1940 and are located about 100 feet under central London, per the BBC.
The tunnels were built to be used as air raid shelters during World War Two before being used by the UK's foreign intelligence service, MI6, per the BBC. The tunnels were later used as a telephone exchange center between the White House and the Kremlin during the Cold War, per the BBC.
Some urban explorers have documented their walkthroughs of the tunnels and the rooms they've found.
Murray told Bloomberg his proposed ideas for the space include working with entertainment giants like Warner Bros. Discovery on movie-themed exhibits, to providing a slice of history to visitors by restoring artifacts in the tunnel.
Murray's company, The London Tunnels, says it intends to construct the "deepest licensed bar" in London within the tunnels.
"Imagine feeling the London Underground thundering directly above you, where 'shaken, not stirred' Vesper Martinis could be served 40 meters below ground," read Murray's company website.
The Kingsway Telephone Exchange is but one of the many tunnels under London. The London Transport Museum frequently hosts tours of such abandoned underground stations.
Murray is bullish on his investment. He told Bloomberg that the spruced-up tunnels would be a sure draw for tourists.
"Would I compare this to be as iconic as the London Eye? Yes, I would. Who wouldn't come here?" Murray told Bloomberg during a tour of the tunnels last month.
Representatives for The London Tunnels did not immediately respond to a request for comment from Insider sent outside regular business hours.
https://www.insider.com/fund-manager-shelling-out-millions-buy-rejuvenate-network-tunnels-london-2023-9