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 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.
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.
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.
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.
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.
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.
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.
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.
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.