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.