you are here home » Properties
London Offices
ADDRESS 5 Lloyds Avenue, London EC3
| Location | City of London EC3 | Investment Date | June 2005 |
| Transaction Type | Vacant possession major refurbishment | Project Cost | Site £6.013m Construction £2.8m |
| Asset Type | Offices | Disposal Date | Unrealised |
| Funding | Senior Debt | Sale Proceeds | Unrealised |
Transaction Summary / Opportunity
Description: A vacant Freehold building, originally constructed in the 1970’s providing office on ground and 5 upper floors with storage accommodation in the basement and car parking on the ground floor.
Opportunity: Improve planning use, comprehensively refurbish the building and increase the floor area. Potential to benefit from rental growth in a submarket of London where insurance company tenant demand was perceived to be strong
The property was fully leased within 6 months of completion and is currently fully occupied.
The building is asset managed by London & Oriental.
Acquisition Method: Private Treaty
Value Added
- 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.
- Obtaining planning permission for change of use for car parking to A1 retail use and consent to enlarge floor plate thus increasing lettable space by 20%.
- Stripped building back to concrete frame, reclad entire facade and refurbished building to high specifications.
- Created a ground floor A1 retail unit which was subsequently leased to PODfood.
- Successfully leased office floors to good quality tenants including Hays Plc, ROK Plc, James Hallam, Americorp, Barnard Jacobs Mellet and Tokyo Marine.
- Rents achieved 15% above budget.
- Generally repositioned the building to an institutional standard from what was considered a “tired office building”.
