44-46 Cannon Street, Garlic Hill & Mark Lane London EC4

EC4N 6JJ

Office

Details

A block of 5 multi let office properties built in the late 19th Century, comprising half an island site. The office properties benefited from a light touch refurbishment to include upgraded toilets, common parts and new suspended ceilings and LG7 lighting within the office suites. The listed façade was water jetted and refurbished.

The refurbishment enabled the estate to become fully income producing, showing a running yield of almost 8% on cost whilst planning consent was secured for a Serviced Apartments Scheme of 89 units.

The property was acquired for a sum of £10.35m in a new joint venture with an overseas investor. The property was held long leasehold and negotiating the change of use with the freeholder and City of London Corporation created long and complicated challenges.

The site was subsequently sold for £22m.

Office

Borneo House, London

1950s office building adjacent to Fenchurch Street main line station comprising 9,000 sq ft acquired on short leases.

Office

Reliance House, Liverpool

The property comprised a 1950s office building which had been substantially refurbished in the early 2000s and occupied by the Home Office.

Office

Australia Portfolio – Odyssey Business Park, Ruislip, London

The property comprised a late 1980s Business Park of four buildings totalling 146,000 sq ft and formerly the HQ of British Airways.