Designed by internationally-renowned architects Richard Rogers Partnership, this striking building is strategically situated adjacent to Paddington Station, extending the reach of the West End and is part of one of Europe’s most important urban regeneration schemes. It is let in its entirety to Marks & Spencer plc as their corporate headquarters until 2028.
We acquired this project as the regeneration of the area was just commencing. We believed that it offered an outstanding opportunity for the provision of brand new space with large floor plates in close proximity to the West End. Rents were off £38 per sq ft and recent lettings have been achieved between £53 and £60 per sq ft representing a phenomenally successful rental growth story.
Through clever financing 90% of the original equity contributed has been repaid to investors. In addition, acquiring a 999 year leasehold interest at a nominal gearing was appealing.
We acquired this project as the regeneration of the area was just commencing. We believed that it offered an outstanding opportunity for the provision of brand new space with large floor plates in close proximity to the West End. Rents were off £38 per sq ft and recent lettings have been achieved between £53 and £60 per sq ft representing a phenomenally successful rental growth story.
Through clever financing 90% of the original equity contributed has been repaid to investors. In addition, acquiring a 999 year leasehold interest at a nominal gearing was appealing.
