Dragon Court, Macklin Street, London, WC2

No items found.

Description

A Freehold office building, developed originally by MEPC to a high specification but subject to planning use restricting parts of the building to industrial/studio use. Leased to a variety of large and small tenants with differing covenant strength and different expirations, renewals and rent review dates.

Opportunity

‍Improve planning use, improve tenant profile and take advantage of potential rental growth; also there was potential to increase the size of the office space through structural alterations.

Value Added

  • L&O undertook the due diligence for the acquisition.
  • Following some tenant expiries, a comprehensive refurbishment of the vacant floors was undertaken along with upgrading of the common areas.
  • There were several light industrial / studio units included in the building which had higher value as offices and a change of use was agreed with Camden Council and planning for the full integration of the units was achieved.