Occupying a prominent position overlooking the River Thames, Vintners Place provided opportunities for active asset management and modernisation.
Tenure
Long Leasehold
Timeline
2015 – Ongoing
Area
266,000 sq ft
(24,700 sq m)
Partner
Goldman Sachs
Tenants
Miki Travel, Sumitomo Corporation, Tata Communications, Rothschild Bank, Medpace, FairFX
OPPORTUNITY
Vintners Place occupies a prominent riverside position overlooking the Thames, on the south side of Upper Thames Street and close to the junction with Queen Street Place and Southwark Bridge. It comprises two buildings, including the listed Thames House, and provides modern office space over basement, ground and six upper floors, arranged around a large central atrium.
The Property provides excellent amenities, with extensive terraces, a gym, 20m swimming pool, ground floor café, and an atrium business lounge that are all run for the benefit of the occupiers. However the asset was in need of some modernisation and intensive asset management to attract and retain office occupiers, addressing issues such as the unsatisfactory entrance and arrival experience, and implement upgrades to the central plant and machinery required to meet environmental and performance standards.
ACTIVITY
Greycoat was initially engaged by Crescent Heights to assist them in formulating and delivering a Business Plan that included a reconfiguration and refurbishment of the main reception, a redesign of the atrium business lounge, and a general modernisation of lifts, WCs, and other common areas.
Subsequently the Property was bought by Goldman Sachs in joint venture with Greycoat, who together implemented a second phase of these works, as well as the refurbishment of vacant office accommodation, and the creation of an extensive landscaped roof terrace at Level 5.
OUTCOME
Over the period of ownership Greycoat has delivered the Business Plan and secured a number of lease renewals and extensions, together with new lettings to occupiers including Medpace and Rothschild Bank. Detailed negotiations are ongoing for further lettings of vacant space, together with a regear with an major existing occupier.
A third phase of works is proposed including an upgrade to the existing end-of-trip facilities, and a new communal roof terrace at Level 6 accessed from a new occupier lounge.
