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.
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.
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 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.
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 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 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.
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.
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 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.
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.
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.
5 Churchill Place comprises approximately 320,000 sq ft of Grade A office accommodation and is predominately let to JP Morgan. We were appointed to oversee the appointment of a new Property Manager and our role now incorporates the coordination of both the fit out and leasing strategy for 2 vacant floors totaling 52,000 sq ft within the property.
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.
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.
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.
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.
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.
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.
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.