Location
Canary Wharf, E14
Year
Q4 2023
Background
An off-market purchase of an iconic property in a Joint Venture with Oaktree, through a direct approach to a distressed overseas seller.
Business Plan
A comprehensive repositioning, which sought to deliver a unique property in the central heart of the Canary Wharf Estate. We aimed to set record breaking rents with top tier occupiers by developing an asset with an exemplary design and the highest sustainability credentials.
The development included a new façade to dramatically change the appearance, an infilled atrium, relocated cores, maximised use of natural light from all elevations, an additional four levels providing 100,000 sq ft of NIA (total 414,000 sq ft) and a reconfigured ground floor to create a new activated entrance which engages with the street and public plaza. Planning permission was granted in November 2020.
Achievements
- Completion of purchase in June 2019. Early surrender and dilapidations settlement achieved in April 2020, delivering office VP and allowing enabling works to begin ahead of schedule in May 2020, despite the Covid-19 global pandemic. We achieved above average retail rent collection of c. 75% throughout lockdown.
- Direct procurement of construction elements such as lifts, façade, steel and demolition to achieve significant cost and programme savings.
- Refinanced the project and negotiated third party issues including RoL, headlease and neighbouring TFL matters in Q4 2020. Achieved Practical Completion in Q4 2023.
- YY recently won the reconversion project of the year at the GRI 2024 awards.
- 30% office space let to Fintech giant – Revolut and most of the retail space is under offer or let ahead of underwritten rents.