5 Lloyd's Avenue London, EC3

5 Llyod's Avenue 1
5 llyod's avenue 2

Description

A Freehold building, originally constructed in the 1970's providing offices on ground and 5 upper floors with storage accommodation in the basement and car parking on the ground floor.

Opportunity

To improve planning use, comprehensively refurbish the building and increase the floor area. Potential to benefit from rental growth in a sub-market of London where insurance company tenant demand was perceived to be strong.

Value Added

  • A team of consultants was 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.
  • Obtained 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%.
  • Office floors were leased to good quality tenants including Hays plc, ROK plc, JamesHallam, Americorp, Barnard Jacobs Mellet and Tokyo Marine at rents 15% over budget.
  • Repositioned the building to an institutional standard from what was considered a tired office building.