Acting for the freeholder, the Worshipful Company of Innholders, we negotiated a restructuring of the headlease with the tenant, Skanska, to allow Skanska to undertake a substantial refurbishment. As part of the restructuring, the existing headlease was varied and an agreement for lease was completed which provides for a new long lease to be granted when the refurbishment is completed. The refurbishment will involve stripping the building back to the frame and adding an extra floor to provide approximately 47,000 sq ft of Grade A office space. Skanska will then occupy the building as their UK headquarters.
Acting on behalf of funds managed by DWS, we advised on the forward purchase and funding of Building S9. This is our second major acquisition for this client at the International Quarter London development, which is adjacent to the Queen Elizabeth Olympic Park in Stratford. The virtual freehold interest was acquired from a 50/50 joint venture between Lend Lease and London and Continental Railways for approximately £240 million. The property is currently under construction and on completion in 2019 will comprise approximately 282,000 sq ft of predominately office accommodation over ground and 9 upper floors. Approximately 77% of the property has been pre-let to Cancer Research UK and British Council and the remaining space is subject to a vendor’s rental guarantee.
5 Churchill Place comprised approximately 320,000 sq ft of Grade A office accommodation and was predominately let to JP Morgan. Following a highly targeted marketing campaign the entire issued share capital of the company which owns 5 Churchill Place was sold for approximately £270 million.
Having advised a Private Family Trust on the acquisition of the freehold interest in 2015 we were appointed as strategic asset manager to deliver the agreed business plan, with the aim to investigate a medium term redevelopment of the property. We formed a professional team to investigate and analyse options for the property as part of feasibility study and are currently in the process of working up a comprehensive redevelopment scheme in preparation for a planning consent.
Acting on behalf of Seaforth Land we advised on the purchase of the company which holds an interest in this iconic Covent Garden tower building. Built in 1968, the Grade II listed building comprises 229,192 sq ft of office accommodation split across two interconnected buildings. The property is single let to the Civil Aviation Authority until December 2019 at which point the purchaser proposes to comprehensively refurbish the building to provide high quality office and retail accommodation with associated public realm. The purchase price was £165 million.
We provide asset management advice to the Duchy of Cornwall in relation to their commercial portfolio, which comprises properties located around the UK, including in Central London, where the properties are typically concentrated around Vauxhall and Kennington.
Acting on behalf of Chuang’s China Investments, Capital Real Estate Partners have been appointed as asset manager. The property is held freehold and comprises 76,541 sq ft of Grade A office accommodation and is multi-let to 7 office tenants and 2 retailers.
Acting on behalf of a private family office, Capital Real Estate Partners have been appointed as asset manager. The property is held by way of a long lease and comprises 204,264 sq ft of Grade A office accommodation and is multi-let to 4 office tenants and a gym operator.
Acting on behalf of a private family office, the freehold of 35 Chiswell Street was acquired for approximately £15.0 million. The property comprises 17,155 sq ft of accommodation and is multi-let to 5 office tenants, a dental practice and a gym operator. Capital Real Estate Partners have been retained post acquisition to act as asset manager.
Aldermary House is located in a prime City of London location directly opposite Bloomberg Place. The existing property is held long leasehold from the Mercers Company and comprises 63,631 sq ft of office and retail accommodation. Acting on behalf of Quintain we undertook an International marketing campaign and following a competitive bidding process we sold the long leasehold interest for approximately £48 million to an overseas investor.
Dial House is prominently located in the heart of Putney, in south west London. The property is held freehold and comprises 35,403 sq ft of office accommodation, fully let to three tenants. Acting on behalf of Ocubis, we advised on the sale of the property to an institutional purchaser for a price of approximately £23 million.
Acting on behalf of The Said Foundation the long leasehold of 72 King William Street was acquired from The Salters’ Company for over £9 million reflecting a net initial yield of approximately 5.0%. The property was comprehensively refurbished in 2013 and comprises 8,831 sq ft of Grade A office and retail accommodation arranged over basement, ground and five upper floors. The asset is multi-let to 7 tenants with a weighted unexpired term of c. 5 years to breaks and 10 years to expires. Capital Real Estate Partners have been retained post acquisition to act as asset manager.
Acting on behalf of a private overseas investor we advised on the purchase of the company which holds an interest in the City of London headquarters of HBOS, 33 Old Broad Street, for approximately £260m. Built in 1997, 33 Old Broad Street comprises 191,165 sq ft of Grade A office accommodation. The property is single let to Bank of Scotland Plc and guaranteed by HBOS Plc for a term until 24 March 2039 with fixed rental uplifts every five years. The property currently generates a rental income of £10.3m per annum at a low average rent of £53.97 per sq ft. Capital Real Estate Partners are retained to advise the overseas investor.
Acting on behalf of a private overseas investor the freehold of Dawson House, 5 Jewry Street was acquired for £36 million. The property comprises 50,147 sq ft of Grade A office accommodation arranged over basement, ground and eight upper floors. The asset is single-let to One Avenue, a serviced office operator, until July 2035 (over 18 years unexpired) at an average rent of only £44.08 per sq ft. The lease benefits from minimum rental uplifts in 2025 and 2030.
Acting on behalf of Addington Capital and Tristan Capital Partners we were initially instructed to re-gear the long leasehold interest to provide a new 150-year lease, enabling a comprehensive refurbishment to take place. Following refurbishment and a successful letting campaign we advised on the sale of the new leasehold interest. The Grade II property comprises 15,853 sq ft of newly refurbished Grade A office space and is multi-let to 4 office tenants and a dental practice. We undertook an international marketing campaign and following a competitive bidding process we sold the long leasehold interest for a price in excess of the £16.6 million guide price.
Westar House is located in the Marylebone area of Central London directly opposite the Landmark Hotel. The property is held freehold and comprises 50,940 sq ft of office accommodation and was offered with vacant possession. Acting on behalf of Receivers we undertook an international marketing campaign and sold the freehold interest for a figure in excess of £40 million to an undisclosed Asian purchaser.
Acting on behalf of the current owners, we advised on the £400 million refinancing of this prime City investment property. Working alongside Heron International, we used our contacts in the real estate finance market to run a selection process with potential lenders before agreeing indicative terms with ING and LBBW to jointly underwrite the full loan. We then worked with all parties and the lawyers to negotiate and agree the facility documentation and to ensure the successful completion of the financing on attractive terms.
Acting on behalf of a private investor, we advised on the sale of the freehold interest in Boat Race House, an office building of approximately 32,700 sq ft, overlooking the River Thames. The property was vacant at the time of sale, and had prior approval for conversion to residential. Following a full marketing campaign, the property was sold for a price significantly above the £8 million guide price.
Royal Arcade is a Grade II listed Victorian retail arcade, linking Old Bond Street with Albemarle Street. Acting on behalf of the long leaseholder, we successfully negotiated a restructuring of the long leasehold interest and provided strategic advice on improving the tenant mix and income profile.
Acting on behalf of a private investor we advised on the purchase of the freehold interest in the landmark and highly prominent Debenhams store on Oxford Street. The store is let in its entirety to Debenhams and provides a long term income stream for the purchaser. The price paid was in the order of £400 million.
We acted for Epic UK on its disposal of the freehold interest in Trevelyan House, a 60,000 sq ft vacant building in the heart of Victoria. The property was sold to an undisclosed purchaser for in excess of the £38 million asking price.
Acting on behalf of the freeholder, The Crown Estate, we advised on the headlease restructure of the London Business School’s premises at Regents Park. This permitted the school to undertake a comprehensive upgrade of the existing school premises and also comprised a restructure of the key commercial terms of the headlease.
The long leasehold of Marble Arch Tower, a large scale mixed use residential and commercial development, is held by developer Almacantar. We advised Almacantar on the restructure of this headlease to allow the proposed development to be implemented. This involved extensive discussions and agreement with the freeholder, The Portman Estate.
76 Cannon Street is located in a prime City of London location directly opposite Cannon Street Station. The existing property is held long leasehold and comprises 9,294 sq ft and was offered with vacant possession of the office accommodation. Acting on behalf of Receivers we undertook an International marketing campaign and following a competitive bidding process we sold the long leasehold interest for £7.6million to an overseas investor.
Acting on behalf of a fund managed by Deutsche Alternative Asset Management, we advised on the forward purchase and funding of the Financial Conduct Authority’s (FCA) new Headquarters. The virtual freehold interest was acquired from a 50/50 joint venture between Lend Lease and London and Continental Railways for approximately £370 million. The property is currently under construction and once completed will comprise approximately 510,000 sq ft of predominately office accommodation over ground, mezzanine and 19 upper floors. The FCA have pre-let approximately 85% of the building at a rent of £36.00 per sq ft and the remaining space is subject to a vendor’s rental guarantee. Capital Real Estate Partners have been retained post acquisition to monitor the leasing progress of the property.
Acting on behalf of Legal & General, we undertook an International marketing campaign and sold the freehold interest for in excess of the £92.5 million guide price to M&G. Bloomberg Place will be a world class contemporary new Foster + Partners designed European Headquarters for Bloomberg and the construction is due to complete in 2017. The property will comprise a total of c.750,000 sq ft of office, retail and ancillary accommodation over a 3.2 acres freehold site (larger than the Bank of England). The interest sold comprised the freehold subject to a ground lease to Bloomberg.
Acting on behalf of British Airways Pension Fund we advised on the acquisition of Block “A” and Block “C” for approximately £70 million and the co-operation arrangements with the purchaser of Block B, Ted Baker for the entire site’s comprehensive redevelopment. Canal Reach offers an exciting opportunity to participate in the regeneration of King's Cross and the surrounding areas. Block A comprises approximately 19,000 sq ft of vacant offices and Block C is a Data Centre of approximately 180,000 sq ft let to Verizon. Along with Block B, which is owner occupied by Ted Baker as their corporate Headquarters, the combined site area is approximately 2.9 acres. The site is in a rapidly improving area and represents a significant mixed used development opportunity, including a potential expansion of Ted Baker’s premises, with both parties working with developer Reef Estates. Capital Real Estate Partners have been retained post acquisition to provide ongoing development and commercial advice.
Acting for the freeholder, the Clothworkers Company, we negotiated and completed a development agreement with its tenant, Aviva Investors, allowing Aviva to redevelop Fountain House to provide a substantial new office building of approximately 290,000 sq ft net, a substantial increase over the existing building on site. Aviva can implement a scheme from 2017.
Acting on behalf of The Said Foundation the freehold of One Kingsway was acquired from Canada Life for over £18 million reflecting a net initial yield of approximately 7.0%. The property comprises 68,372 sq ft of Grade A office accommodation located in the prime district of Cardiff. The asset is multi-let to 8 office tenants including PwC, Coutts & Co, RBS, JLL and GVA with an average rent below £19 per sq ft. Capital Real Estate Partners have been retained post acquisition to act as asset manager.
Acting on behalf of British Airway Pension Fund, we advised on the acquisition of a 50% interest in Commonwealth House, in joint venture with Henderson Central London Office Fund, to develop a new building on site. The new building will comprise approximately 108,000 sq ft of office and retail accommodation on basement , ground and 9 upper floors and will have an end value on completion of approximately £145m. Capital Real Estate Partners have been retained post acquisition to advise the Fund during the course of the redevelopment.
Acting on behalf of a Private Family Trust the long leasehold of Harmsworth House was acquired from Tristan Capital Partners for in excess of the asking price of £22m. The property comprises 60,076 sq ft of predominately office accommodation together with a public house, ancillary and car parking uses arranged over basement, ground, mezzanine and six upper floors. The property is approximately 80% let to 14 tenants at an average rent is £36.00 per sq ft and has a weighted unexpired income stream of almost 5 years to breaks and 6 years to lease expiries. Capital Real Estate Partners have been retained post acquisition to act as asset manager.
Acting on behalf of a Private Family Trust we sold a 5% holding in 160 Queen Victoria Street for in excess of £16m. The property comprises 381,259 sq ft of office accommodation arranged over basement, ground, and six upper floors and is multi-let to 6 tenants including Bank of New York Mellon and Dechert LLP at an average rent of £40.00 per sq ft.
Acting on behalf of the British Airways Pension Fund we advised on the sale of the freehold interest for in excess of £20m plus overage to British Land. The attractive period arcade comprises 7,281 sq ft of retail and office accommodation and is multi-let to 11 retailers and 3 office tenants with a weighted unexpired income stream of c. 3 years to expiry.
Working on behalf of a Private Family Office we undertook a targeted marketing campaign and simultaneously sold the freehold interests in six high quality South East office buildings for approximately £135.5m to Legal & General. The properties comprise 452,233 sq ft of office accommodation and were let to Costain, Oracle, Proctor & Gamble and Honeywell. Located in Weybridge, Maidenhead, Slough, Bracknell, Basildon and Cobham the average rent passing was £20.61 per sq ft and the weighted unexpired income stream was 8.6 years to lease expiry.
Acting on behalf of Land Securities PLC, we undertook an International marketing campaign and sold the freehold interest for in excess of the £150m asking price to Hermes / CPP joint venture. The art deco 123,122 sq ft office building is multi-let to 8 office and 2 retail tenants with a weighted unexpired income stream of c. 10.3 years to expiry and 8.2 years to break.
Working on behalf of the developer, Lipton Rogers, we advised on the funding options for acquiring and developing out a revised scheme on this high profile site. The historic scheme's existing foundations and basement will be retained however the previous design has been comprehensively modified to offer approximately 1.4 million sq ft of net usable space over 62 stories (278m tall) including a public viewing gallery and London's highest restaurant and bar. Planning permission has now been acheived for the scheme and work is underway.
Acting on behalf of the Crown Estate we have been advising on the second phase of St James's Market to the south of Phase 1. This included restructuring leases to ensure a single block date for the whole site. In Q2 2015 we advised on the sale of a 50% share in Phase 2 to Phase 1 partner, Oxford Properties.
150 Holborn is located in a prime Midtown location and occupies a freehold site area of approximately 0.64 acres. The existing property comprises 93,228 sq ft and was offered with vacant possession of the office accommodation. Acting on behalf of Ocubis we undertook an International marketing campaign and following a competitive bidding process we sold the freehold interest for significantly in excess of the £65million asking price to an overseas investor.
Having advised EPIC on the acquisition of the freehold interest in 2014 we were appointed as strategic asset manager to deliver the agreed business plan. We formed a professional team to investigate and analyse options for the property which involves working up planning permission for a refurbishment scheme. Once planning had been obtained, the detailed design was then finalised, a contractor appointed and the works completed in the summer of 2016. We oversaw a succesful marketing campaign and the building is now fully let.
Since 2010, we have been advising The Crown Estate on their largest ever West End redevelopment scheme at St James’s Market. The development will provide 260,000 sq ft of offices and retail accommodation in two buildings transforming the area south of Piccadilly Circus, adjoining prime St James’s. We have worked with The Crown Estate as their strategic development advisor, acquiring various interests on and around the site. We have also worked with their development team to gain planning permission for the scheme and have advised The Crown Estate on the introduction of Oxford Properties as a new capital partner, valuing the completed scheme at in the region of £350 million. The scheme is now on site with delivery expected in early 2016. A number of significant pre-lets have already been secured for the development.
Acting on behalf of Land Securities PLC we undertook a targeted marketing campaign and sold the freehold interest for £73.3m to DTZ Investment Managers reflecting a net initial yield of 4.7%. The 102,979 sq ft office building was refurbished in the mid 2000’s and is multi-let to 9 office and 9 retail tenants with a weighted unexpired income stream of c. 6 years to expiry and 3 years to break.
Acting on behalf of Blackrock we undertook a targeted marketing campaign and sold the shares in the company that owns the freehold interest for £191m to Gaw Capital Partners. The 480,000 sq ft office building is multi-let to 18 tenants with a weighted unexpired income stream of c. 9 years to expiry and 7 years to break. The asset was acquired for £135m in 2010 and we advised the owner from the point of acquisition through to their successful exit in 2014 which included strategic advice throughout the implementation of the client’s Business Plan.
Acting on behalf of Administrators we undertook a targeted marketing campaign and sold the freehold interest for £44.5m to CCLA Investment Management reflecting a net initial yield of 4.8%. The 50,360 sq ft office building is multi-let to 10 tenants with a weighted unexpired income stream of c. 4 years to expiry and under 3 years to break.
Acting on behalf of The Said Foundation we undertook a targeted marketing campaign and sold the long leasehold interest for approximately £9.0m to Threadneedle. The 17,000 sq ft office building was built in 1875 and was last refurbished in 2004. The property is multi-let to 5 tenants with a weighted unexpired income stream of c. 2 years.
Acting on behalf of EPIC we acquired the freehold interest for c. £5.5m. The property comprises approximately 8,700 sq ft and is multi-let to 7 tenants. The average rent passing was only £22.00 per sq ft at purchase. Post securing vacant possession have overseen a comprehensive refurbishment and successful letting campaign.
Following an International marketing campaign we sold the shares in the company that owns the virtual freehold (999 year leasehold) for £165m to Blackstone. The 362,000 sq ft Grade A property is single-let to the Financial Conduct Authority (FCA) until 2018 and is likely to require a comprehensive refurbishment at lease expiry following the FCA’s announcement to relocate its Headquarters’ to Stratford.
Aliffe House is situated in the eastern fringe of the City of London. Acting on behalf of a private overseas investor we undertook an International marketing campaign and sold the freehold interest for approximately £37m to M&G. The 61,000 sq ft office building was developed in the late 1980s and is single let to Natwest who are not in occupation. The property is let at a rent of c. £40.00 per sq ft until 2022.
9 Albert Embankment comprises 8,253 sq ft of Grade A office accommodation in a mixed use development. The office accommodation is let to two tenants at low passing rents of c £20.00 per sq ft. We advised a Private Investor on the acquisition of a virtual freehold (999 year leasehold). The lot size of c. £2.5m reflected an attractive net initial yield of c. 7.0% and a capital value of only £280 per sq ft.
Acting on behalf of Columbus Capital and British Airways Pension Fund we undertook an international marketing campaign and sold the units in the unit trust which owns the long leasehold interest for £40m to Quintain reflecting a net initial yield of 6.1%. The 61,990 sq ft Grade A office building was partly refurbished in 2012 and is multi let to 18 tenants with a weighted unexpired term of 9 years to expiry and 6 years to break.
We have been advising the freeholder, the Clothworkers’ Company on part of this site for over 10 years. 120 Fenchurch Street previously compromised seven properties arranged over a near one acre site, providing c. 165,000 sq ft of office accommodation with ancillary retail. We advised on the grant of an option arrangement to allow the grant of a new headlease and development agreement to Generali to allow a 425,000 sq ft office development to be implemented on the site. This option has now been exercised and approximately 80% of the proposed new building is pre-let to M&G Investments as its new headquarters. Demolition activity has completed and the new building is being constructed.
Acting on behalf of Columbus Capital and British Airways Pension Fund we undertook an international marketing campaign and sold the units in the unit trust which owns the long leasehold interest for £65m to Cordea Savills reflecting a net initial yield of 5.2%. The 105,526 sq ft Grade A office building was comprehensively redeveloped in 2007 and is multi let to 6 tenants with a weighted unexpired term of 8 years to expiry and 4 years to break.
Acting on behalf of the owners of the More London Estate, we advised on property matters relating to a potential refinancing and in parallel advised on a targeted and highly confidential marketing strategy which resulted in the entire Estate being sold for an undisclosed sum to a Sovereign Wealth Fund. Whilst the exact purchase price remains confidential the Press have speculated at c £1.7 billion making the transaction the single largest real estate deal ever recorded in the UK. More London comprises over 2 million sq ft across 12 Grade A office and retail buildings which include the headquarters of The Greater London Authority, PwC, Norton Rose Fulbright, Ernst & Young, Lawrence Graham together with a 250 bed international business class hotel and a major health club.
Acting on behalf of Columbus Capital and British Airways Pension Fund we undertook an international marketing campaign and sold the freehold interest for £44m to a Private overseas investor reflecting a net initial yield of 5.0%. The 60,316 sq ft Grade A office building was comprehensively refurbished in 2012 and is multi let to 4 tenants with a weighted unexpired term of 9 years to expiry and 4 years to break.
One Angel Court is a prominently located tower building which currently comprises 210,000 sq ft of office accommodation arranged over basement, ground and nineteen upper floors. The long leasehold was acquired by Stanhope and Mitsui in joint venture from TIAA. Acting on behalf of the Freeholder, The Clothworkers’ Company, we have advised on the grant of a new head-leasehold interest and development agreement to Mitsui. The target building will create over 300,000 sq ft net of Grade A office accommodation with retail use at lower ground, ground and first floor levels. Work is due to complete in Q3 2016.
Acting for The Crown Estate we advised on the headlease restructure and development agreement to allow the property to be substantially refurbished by a private investor. On completion the building will provide commercial accommodation on the ground and lower ground with high-class residential apartments on the upper floors.
Acting on behalf of CPC Group we advised on the acquisition of the Freehold interest of Sugar Quay from the Worshipful Company of Fishmongers’ to allow CPC to implement a high quality residential scheme of approximately 170,000 sq ft. The Fishmongers' Company is one of the Twelve Great Livery Companies of the City of London and has owned land in the City for over 400 years. The Fishmongers’ have rarely sold freehold interests, and have a preference to grant new headleases facilitating a redevelopment but retaining control of the land interest. The site is now cleared.
Russell Square House is a freehold office and retail property comprising approximately 66,000 sq ft. When we were instructed by the owner, EPIC Properties, in 2014, the property provided basic quality unrefurbished space. Following a detailed review of the options for the property, we established that there was an opportunity to significantly enhance value and reposition the property by negotiating a phased surrender of the existing occupational leases and refurbishing to provide Grade A accommodation. A full professional team was formed and planning permission secured for a refurbishment scheme to include a garden floor extension. Once the detailed design was finalised, the project was tendered and a contractor appointed. The initial phase of works completed in mid-2015 with the remainder completed in early 2016. The refurbished property is now 100% let with tenants including University College London, Carillion Plc, Great Ormond Street Hospital, Securitas Security, CJ Clark Ltd and Brainjuicer Group Plc.
Acting on behalf of The Said Foundation the virtual freehold of College House and Assembly Hall and the long leasehold of 270 Kings Road were acquired from Beaufort Property and Irish Life for £36 million reflecting a net initial yield of 5.25% and a capital value of £935 per sq ft. The properties comprise 38,496 sq ft of award winning office and retail accommodation located on the world famous Kings Road. The assets are multi-let to 4 retailers and 4 office tenants with a weighed unexpired income stream of almost 10 years. Capital Real Estate Partners have been retained post acquisition to act as asset manager.
Acting on behalf of a private family office, the freehold of Pyramid House was acquired from the Harmsworth Pooled Property Unit Trust (Daily Mail Pension Fund). The asset was secured in competition from other investors at a price of £3.2 million reflecting a net initial yield of 5.5% and a capital value of £411 per sq ft. We are retained to advise on maximising the future performance of the asset and we have subsequently restructured the occupational lease arrangements at the property, substantially increasing rental income.
Acting on behalf of Palamoun Investors LLP we undertook a formal marketing campaign of 21 Garlick Hill. The 22,238 sq ft office building was developed in the late 1980s and is held leasehold for a further 117 years at a 7.5% gearing. It is fully let to eight tenants including The Leathersellers' Company, Instinet Global Services, Dalton Warner Davis, Vaultex and Blossoms Healthcare, at an average passing rent of approximately £36.00 per sq ft. The property was sold to the City Corporation for £10.65 million reflecting a net initial yield of 6.56% and an unadjusted capital value of £479 per sq ft.
The Prince’s Trust House comprises 33,538 sq ft of office and retail accommodation and is the headquarters of HRH The Prince of Wales’ flagship charity The Prince’s Trust. We worked with the building’s owner, British Land during the refurbishment and letting to The Prince’s Trust and then prepared the opportunity for sale. We subsequently undertook a targeted marketing campaign and sold the freehold interest for a price significantly above the asking price of £14 million.
18 Mansell Street comprises 43,658 sq ft of office accommodation arranged over basement, ground and four upper floors and is multi-let to 8 tenants. Acting on behalf of LaSalle Investment Management we undertook a targeted marketing campaign and sold the freehold interest to an overseas Property Company for £9.6 million.
Ruskin House is a Grade II listed building originally dating from the mid-19th century and extended in the late 1980s. It is arranged over basement, ground and three upper floors and provides 8,290 sq ft of office and retail accommodation. The freehold interest is subject to a 125-year head lease (c 100 years unexpired). Acting on behalf of The Clothworkers’ Company we acquired the freehold for £3.625 million reflecting a net initial yield of 3.26% and £437 per sq ft. We are retained to advise on maximising the potential returns from the asset.
2-4 Birchin Lane & 7 Cowpers Court is a 3,750 sq ft office building built in 1910 located within the City of London. Acting on behalf of The Worshipful Company of Innholders we marketed and sold a new long leasehold and development agreement to Brand Finance for £1.31 million reflecting an unadjusted capital value of £349 per sq ft. The transaction involved a back-to-back surrender deal with the current long leaseholder, Aviva Insurance Ltd which generated a substantial surrender premium payable in the favour of The Worshipful Company of Innholders. Following our advice, this transaction allowed The Worshipful Company of Innholders to retain the freehold interest but extract capital from the property whilst simultaneously securing its future refurbishment.
Acting on behalf of The Said Foundation we undertook a targeted marketing strategy and sold the freehold interest for an undisclosed sum to an overseas Property Company. The 32,546 sq ft Grade A office building was developed in 2007 by Aviva and is single let to Macfarlanes LLP for a term until 11 October 2027 subject to a tenant only break option on 31 January 2018.
Acting on behalf of EPIC we advised on the restructuring of Lloyds Bank’s single overriding lease at 125 Colmore Road. The property comprises approximately 148,000 sq ft of Grade A office accommodation and was developed in 2001. The term certain was improved from 2.25 years to 12.5 years, leading to a significant value improvement for our client.
Located just 50 metres from the Canary Wharf Estate, South Quay Plaza is an estate of three buildings comprising 387,941 sq ft of office and retail accommodation. Occupiers include The Financial Ombudsman Service, IBM and ISS Facility Services. British Airways Pension Fund acquired the whole of the South Quay Plaza estate for approximately £73 million reflecting a double digit initial yield and subsequently sold South Quay Plaza 2 and South Quay Plaza Retail Mall to Berkeley Homes. We advised the purchaser on all commercial aspects relating to the transaction and are retained on an ongoing basis to advise on strategic asset management matters.
Eldon House comprises 44,500 sq ft of office and retail accommodation. We worked with the building’s owner, British Land on preparing the opportunity for sale, including advising on sales strategy, timing and strategy with regard to vacant accommodation. We subsequently marketed the property and sold the freehold interest for approximately £17 million to Barts and The London Charity.
5 Churchill Place comprised approximately 320,000 sq ft of Grade A office accommodation and was predominately let to JP Morgan. We were appointed to oversee the appointment of a new Property Manager and our role incorporated the coordination of both the fit out and leasing strategy for 2 vacant floors totalling 52,000 sq ft.
The owner of this property/site (a Joint Venture between Clerical Medical Insurance Group and a Delancey Fund) had planning permission for redevelopment of York House as an office scheme of 345,000 sq ft which was not the most economically viable option for the land. The long leasehold interest was sold for approximately £30 million by the Joint Venture to Urbanest for a mixed use, student housing led scheme. The transaction involved a headlease variation and staged payment transaction. We advised Clerical Medical Insurance Group on the sale and were retained to advise on residual interests around the site.
The property was built in 1749 as a residential dwelling for the aristocracy and was subsequently converted to office use. The property comprises 15,600 sq ft and we advised a private investor on the acquisition of the freehold interest for an undisclosed price. The property will be refurbished to provide Grade A office accommodation. The transaction also included the acquisition of the adjoining property which is under construction to provide 13 high quality apartments. We are now advising on the letting of the refurbished offices.
As part of our strategic property advice, and linked to Regeneration House, we provided advice to the Art Fund on Millais House. Millais House is a 6,000 sq ft Grade II listed terrace property located in the Royal Borough of Kensington and Chelsea. The property has a rich history and association with the art world and former residents include artists Sir John Everett Millais and Francis Bacon. The property has been the headquarters for The Art Fund and as part of their relocation to King's Cross we advised on a capital raising strategy for the Fund. Acting on behalf of The Art Fund we oversaw a residential marketing campaign of Millais House and the property was sold for approximately £5.0 million, subject to a short term sale and leaseback.
This building comprises approximately 36,000 sq ft of office and retail accommodation in the heart of the insurance district of the City of London. We worked with the building’s owner, the Clothworkers’ Company to agree a lease surrender from its tenant in return for a reverse premium. The tenant was not in occupation and the building was subject to a number of underlessees and as a result of the transaction the Clothworkers’ Company took direct control of these sub-underlettings. We continue to advise the Clothworkers’ Company on actively managing the property to maximise its rental income.
Located in Birmingham’s city centre, the CUBE is a 25 storey mixed use development completed in 2011. The property comprises 244 apartments, retail, leisure, hotel and restaurants in addition to 111,500 sq ft of offices. Occupiers include The Highway’s Agency and the Law Society, plus restaurateurs Marco Pierre White and Rodizio Rico. EPISO 2 (a Fund advised by Tristan Capital Partners) acquired the commercial elements from PwC (as administrators of Birmingham Development Company) at a price of approximately £36 million reflecting a net initial yield of 8.5%. We advised the purchaser on all commercial aspects relating to the transaction and are retained to advise on strategic asset management matters.
Shrewsbury House is a prime mansion block situated in the Royal Borough of Kensington and Chelsea, approximately 300 metres to the south of King's Road. The Property was constructed in 1936 and is arranged over basement, ground and five upper floors. The property comprises 52 individual flats each held on separate long leaseholds with a variety of lease expiries. Shrewsbury House was acquired by the Clothworkers’ Company for £4.75 million. We advised the purchaser on all property aspects relating to the transaction and are retained to provide strategic asset management advice.
21 Moorfields comprises a 1.9 acre site located at the western entrance to Liverpool Street Crossrail station with potential for an office development of over 500,000 sq ft. Land Securities entered into a conditional agreement to acquire the site from an Administrator in December 2012 and also reached an agreement to draw down two new head leases and a development agreement with Transport for London (TfL). This complex transaction included negotiating an option for TfL to co-invest in the development and overage agreements. We advised Land Securities throughout the transaction over a 3 year period. Subsequently Land Securities have agreed terms to let the new building to Deutsche Bank, subject to planning, as their new London HQ. We continue to advise Land Securities on this asset.
The Art Fund was established in 1903 and is the national fundraising charity for art. It has helped over 700 museums and galleries throughout the UK buy thousands of works of art for the public to enjoy. We advised the Art Fund on their acquisition of a new 10,000 sq ft headquarters for owner occupation at the heart of the £2bn King's Cross Central development in London. Regeneration House lies close to the new campus for Central Saint Martin’s College of Art and Design, part of the University of the Arts London and Google's new headquarters. The transaction involved the negotiation of both a new head lease and a development agreement relating to the comprehensive refurbishment of the existing property. Works are underway with completion due by early 2014.
1 Aldermanbury Square is a substantial office building in the heart of the City of London comprising approximately 65,500 sq ft. We worked with the owners, EPIC Properties to agree an early lease surrender from Standard Chartered Bank and advised on a scheme to refurbish and extend the building. Planning permission was achieved for this scheme, the detailed design finalised, the proposed works tendered and a contractor chosen. Works were completed in early Summer 2014 and the property has been let in its entirely to Hewlett-Packard as their new London Headquarters. We provided all commercial advice and oversaw the eventual re-letting of the accommodation.
This property was owned jointly by Greater Manchester Pension Fund and the Skinners' Company in a freehold / leasehold arrangement. Greater Manchester Pension Fund wanted to refurbish the office accommodation and we therefore agreed a headlease restructure which permitted this and also increased the fund’s ownership in the property in exchange for a capital sum. This arrangement significantly enhanced the value of the Fund’s interest in the property and meant the refurbishment of the accommodation could be fully justified.
Plantation Place was developed by British Land and is one of the City’s most prestigious buildings providing some of the most efficient working environments in Central London. The property is arranged over fourteen floors and comprises approximately 550,000 sq ft of offices and retail on a freehold 1.9 acre site. The property is multi let to 4 office tenants and 7 retailers and the principle office tenant is Accenture who account for over 70% of the income. We advised the purchaser, a private investor who bought into the property via the existing corporate structure at a property equivalent price of approximately £470 million making it one of the largest investment deals of 2012.
77-95 Victoria Street is an 8-storey 53,000 sq ft office and retail building let to Santander, Pizza Express and office provider Avanta. The property was acquired in June 2009 for £19.75 million by a private property company and sold for £34.5 million in May 2012. We advised the owner throughout the process.
50 Dean Street is a freehold office and retail property comprising 7,300 sq ft owned by an overseas investor. We identified 50 Dean Street as a potential residential donor site for 77 Shaftesbury Avenue, a project we are also advising on. We were then appointed on behalf of the owners to secure a planning consent for a residential conversion of the upper floors to provide five luxury residential units, along with a refurbishment of the lower floors to provide a new high end restaurant unit. Following receipt of planning consentcompleted in summer 2015. The residential units were forward sold “off plan” to a Private Investor and the restaurant accommodation was pre-let to a high end restaurant operator. The combined lot size of the residential and restaurant interests is c. £15m.
76 East Road comprises 38,000 sq ft and was acquired on behalf of an owner occupier with full vacant possession for a price in excess of £7.1 million. We advised the purchaser on the initial freehold acquisition in Q3 2011 and have secured a planning consent for part residential conversion to include 9 units and refurbishment of the lower floors as offices by the owner occupier. Works are now fully completed and local business, Drakes, are in occupation of the commercial parts of the building.
The above property comprises 101,500 sq ft, and was let to Linklaters but became surplus to their requirements. We worked with Linklaters to introduce a new occupational tenant and restructure the existing lease arrangements to add value to the superior landlord’s interest, in exchange for a premium from the landlord. The end result allowed Linklaters to successfully transfer their lease obligations to Trowers and Hamlin.
Strategic investment and development advisor to Legal & General Assurance Society on the largest development site in the City and West End of London (950,000 sq ft net consented area). We advised Legal & General on the disposal of a newly created long leasehold interest to Bloomberg LP in December 2010 and subsequent monitoring of the development arrangements. (See also Bloomberg Place)
In conjunction with JLL, we advised UBS on their acquisition, post redevelopment, of a new headquarters building at 5 Broadgate comprising 700,000 sq ft. This complex transaction was structured on the basis of a conditional pre-let, with the building being developed by British Land and Blackstone. We were retained to advise UBS as the building was constructed.
77 Shaftesbury Avenue is a freehold office and retail property comprising 62,500 sq ft. We advised a private overseas investor on acquiring the freehold interest and are continuing to provide advice: asset managing the property on our client’s behalf to deliver the agreed business plan. We formed a professional team to investigate and analyse options for the property and achieved planning permission for a comprehensive refurbishment scheme. Detailed design was then finalised, a contractor appointed and the works completed on site in late 2015. We secured two pre-lets prior to completion of the scheme and we are now overseeing the marketing campaign of the remaining space in the building.
Exchange Tower comprises two tower buildings arranged over ground and sixteen upper floors to provide 482,000 sq ft. It is multi-let to approximately 30 tenants with a total rent roll of over £10.5 million per annum. MGPA purchased the freehold for circa £135 million and we acted on MGPA’s behalf, providing transactional advice for the purchase, and provided strategic asset management advice during their holding to assist with the implementation of MGPA’s business plan.
240 Regent Street is a trophy asset that occupies an entire island site on the east side of Regent Street. The property was completely refurbished in 2008/09 and provides a total net internal area of 208,000 sq ft. 240 Regent Street was purchased by a private overseas client for in excess of £200 million. We advised the purchaser on all commercial aspects relating to the transaction.
Investment advisor and strategic asset manager to the Clothworkers’ Company across their entire property portfolio. The role includes business planning and implementation of sales and purchases, restructuring of headleases and/or capital investment or divestment. An example of a recent project is 8-10 Moorgate, London EC2, where we acted on the Company’s behalf to consolidate freehold ownerships and grant a new headlease and development agreement over the entire site, thus facilitating a 130,000 sq ft scheme, with its development partner Mitsui Fudosan and Stanhope. The scheme is now completed and let to ING as their new headquarters. In recent years we have agreed headlease restructures and development agreements with leaseholders to facilitate over 1 million sq ft of new office developments.