Private Pension Fund
6 storey City office block
Strettons’ Asset Management Department was instructed to advise a private pension fund in the summer of 2014 following the purchase of a multi-let office building located close to London Liverpool Street Station.
The building is an attractive period office building built in 1912 with a total rent of £116,408 pa at the time of purchase. When purchased, the office block was in a general state of disrepair so we advised on ways to bring it to its full potential.
Strettons worked with Chartered Building Surveyors and over a 4 year period managed a capital programme with over £400,000 of expenditure to provide necessary upgrades including exterior and interior refurbishment as well as a new lift.
We identified that the building was significantly under-rented, so our City agency team was able to re-gear or re-let all leases on all floors on substantially improved terms.
The basement, which was only producing a rent of £24psf when purchased was identified to lend itself to an alternative use. We introduced our client to a firm of architects to pursue planning consent, and they have obtained planning permission for the basement to change to A3/A4 consent. Their intent is to place a restaurant or bar into the unit.
With the substantial upgrades, we believe the value of the building has increased 96% over the last 4 years and the rent roll has doubled since our client’s purchase.
020 8509 4430