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Cavendish Gate

(Image of 120 Moorgate)
(Image of 120 Moorgate)

Totalling over 80,000 sq ft, three adjoining buildings, all fully let, originally in separate ownerships, on Regent Street, two blocks north of Oxford Circus, were acquired, in late 2006, for £64 million.

The investments offered considerable potential for enhancement of value through the refurbishment and reletting of vacant accomodation, restructuring of existing leases, implementation of rent reviews and resolution of title issues (now completed) as well as for longer term refurbishment/reconfiguration or redevelopment.

Planning consent was subsequently obtained for a  Hamiltons Architects designed redevelopment of the properties, behind the retained traditional Regent Street façade, as around 120,000 sq ft of new, state of the art, offices to the highest environmental standards, and two retail units.

Another office investment, at 23-24 Newman Street was subsequently acquired. As well as offering typical asset management/value enhancement potential, planning consent was also obtained to convert and extend the building to 22 high quality apartments. This allowed the removal of the previously required (under Westminster planning policy)residential element of Cavendish Gate itself which, on redevelopment, would allow the creation of a truly world class headquarters office building with a separate, modern apartment building, with a combined completed value in excess of £200 million

www.cavendishgate.com