Location
City of London, EC2
Year
December 2014
Background
A Joint Venture with City of London Corporation, CarVal Investors and Orion Capital Managers. A speculative office and retail development in the City of London, with planning permission for 90,000 sq ft.
Business Plan
100 Cheapside was developed in a joint venture with the City of London Corporation, CarVal Investors and Orion Capital Managers. We identified a scarcity of supply of offices in the sub-market and looked to negotiate an institutional-grade long lease from the City of London to appeal on sale to the widest pool of investors.
Acquired in 2011 with a compromised planning consent, we re-designed the office and retail building to provide greater NIA through floor-plate efficiency, an additional office floor and engineering construction elements to reduce bulk. The revised building design enhanced the commercial value of the retail elements and made greater demands of the building to achieve higher sustainability ratings.
Achievements
•Enhanced NIA by 1,830 sq ft to include consent for additional ninth floor offices and a roof terrace. We procured the development delivery and secured a competitive design and build contract with a leading contractor.
•The development was delivered on programme and within budget.
•The development was completed in November 2014. Achieved both BREEAM Excellent and LEED Platinum accreditation.
•Property sold to Standard Life Investments upon practical completion in December 2014
| Returns |
| Sold in October 2014 with an IRR of 42.0% and a 1.6x EM. |