London Offices

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ADDRESS 30 St George Street, London W1

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Location	Mayfair, London W1	Investment Date	June 2000
Transaction Type	Active Management and part refurbishment	Project Cost	£3.70m
Asset Type	Offices	Disposal Date	April 2002
Funding	Senior Debt	Sale Proceeds	£4.90m

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Transaction Summary / Opportunity

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Description: A Freehold Grade II Listed building with vacant lower ground and 1st Floors. The building had been neglected and the common areas were in a very poor condition for a building in such a prime West End location

Opportunity: Throughout refurbishment of the vacant floors and the common areas the building was significantly overhauled and a contempary office environment was created to include new air-conditioning, underfloor trunking and a reconfigured entrance reception.

Acquisition Method: Private Treaty

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Value Added

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• A team of consultants were appointed to agree a specification that would be well received by the market and to project manage the construction according to that specification within an agreed budget
• Stripped out vacant floors and refurbished to high specification with a particular sensitivity to the tenants still in occupation
• Created high quality open plan office floors and converted lower ground floor (part storage / part office) into high quality offices with good natural light
• Reconfigured the entrance reception to create a high quality and contemporary environment more suiting for a prime Mayfair building
• Successfully leased out vacant space within budget and within business plan timetable
• Generally repositioned the building to an institutional standard from what was considered a “tired office building”