The following are examples of just a few of the 'off market' investment opportunities' that we have bought or sold on behalf of clients.
Off Market Sale: 151 Shaftesbury Avenue, London WC2.
This freehold office building is located on the west side of Shaftesbury Avenue, north of the junction with Charing Cross Road. It was completed in 2002 to a high specification.
We advised our client, Goodman Property Investors, to take advantage of the extremely strong market conditions mid-2007, and sell the property, realising a significant profit.
The total size of the building is circa 48,900 sq ft, over lower ground to seventh floors with a roof terrace.
The offices were let to four tenants, with expiries/breaks between two and six years away. The total passing rent reflected approximately £38 per sq ft, well below the market rent at the time of sale.
We acted on behalf of the vendor, and sold the building on an "off-market" basis, for £56,760,000 to a UK institutional investor in mid 2007. The sale price reflected a net initial yield of sub 3.5%.
Purchase: The Horseferry Building, Horseferry Road, London, SW1
Derwent London Plc are Central London refurbishment experts. They sought a property that both represented good commercial value and could be refurbished to provide luxurious office accommodation.
We purchased this remarkable building, comprising 155,000 sq ft of office accommodation in 2005 on their behalf, for £32,000,000 from the Secretary of State, on sale and leaseback terms.
The Horseferry Building was comprehensively redesigned and refurbished in 2006 by architects Alford Hall Monaghan Morris, to provide 162,897 sq ft of Grade A office accommodation on basement, ground and seven upper floors.
The entire building was subsequently pre-let to global fashion brand Burberry as their iconic new global headquarters.
Off Market Purchase: Aviation House, 125/129 Kingsway, London, WC2
Our private clients were searching for a high-quality building in a good office location, that provided very secure long term income let to investment grade tenants, with guaranteed rental uplifts.
Aviation House comprises of 132,228 sq ft of Grade A offices let to the Secretary of State for twenty years from December 2000, a 25,000 sq ft unit let to Sainsbury’s until October 2035 and a 5,000 sq ft retail unit let to Boots until 2025.
We secured the property for our clients, off-market and at sensible pricing levels, for £95,000,000 from London and Regional Properties.
(Update: The building was sold two years after initial purchase to a private investor for £112,000,000.)
Off Market Purchase: Prince’s House, 192-196 Piccadilly & 36-40 Jermyn Street, London W1
Morley Fund Management were searching for a well-located multi-let West End investment that provided a mixed income profile.
We sourced and purchased Prince’s House off-market on their behalf, for £63,500,000, from a private investor.
The total size of this distinctive building is circa 78,012 sq ft, combining offices, retail, leisure and residential.
The offices were let to nine tenants with expiries/breaks between 2006 and 2016; Retail units were let to 17 tenants, also with expiries/breaks between 2006 and 2016, with tenants including Orange and Lladro; Leisure (including the exclusive Tramp night club) was let to 2023; a two-bedroom townhouse completed the mix.