The major refurishment and repositioning of a high quality 1980s office building immediately to the south of Fleet Street, to provide occupiers with highly efficient floor plates and exceptional amenity space.
Tenure
Freehold
Timeline
2014 – 2017
Area
155,000 sq ft
(14,400 sq m)
Partner
Ivanhoe Cambridge
Tenants
British Business Bank, Boult Wade Tenant, Gartner Competition Appeal Tribunal, The Health Foundation.
OPPORTUNITY
Developed by Land Securities to a very high standard in the late 1980s, the Property comprised offices over lower ground, ground and seven upper floors. It occupies a prominent position on the southern side of Salisbury Square, just off Fleet Street in the Midtown submarket.
Let to KPMG as its London HQ, an upcoming lease expiry provided an opportunity to gain vacant possession of the whole building and explore options for infill and extension, together with modernisation and aesthetic improvement.
ACTIVITY
Working with TP Bennett architects through the pre-purchase due diligence phase, Greycoat carried out extensive optioneering and secured planning consent to extend the building in several locations, including a brand new 8th floor. Combined with the infill a large existing atrium the team were able to deliver over 35,000 sq ft of new NIA.
The scheme dramatically enhanced the occupier amenity offer, providing extensive end-of-trip facilities, and business lounge, and transforming the building set-backs to create five new roof terraces providing around 6,500 sq ft of outdoor amenity space. Completed in late 2017 the Property was multi-let to variety of occupiers including the British Business Bank, consultancy business Gartner, and Boult Wade Tenant, a firm of patent lawyers.
OUTCOME
Following a successful leasing campaign and stabilisation of the income, the asset was sold in mid-2019 to a joint venture led by Hong Kong investor Wing Tai.
