OPPORTUNITY

120 Aldersgate is a characterful, contemporary building conveniently located on top of the Elizabeth line, on the borders of Clerkenwell and just a short walk from the city core. The building comprises 45,000 sq ft of contemporary workspace in one of the most vibrant and well connected business and cultural areas in London, providing appealing office space to occupiers of all sizes. As a well appointed multi-let, the building offers scope for long term asset management and future modernisation.

OUTCOME

Strategy is in place to continue to deliver asset management of a multi-let building with long term tenants. Plans are underway for refurbishments and modernisations which will serve to enhance the building’s environmental status and provide best-in-class workspaces to its occupiers.

OPPORTUNITY

This 1930s Sir Edwin Lutyens designed building comprises 45,000 sq ft of prime office and retail space in a premium London location. Situated between the modern buildings of the Eastern Tower Cluster and opposite the iconic Lloyds building, the space offers flexible floor plates of 3,500 to 6,000 sq ft, providing appeal to various sized occupiers. The building presents opportunities for long term asset management and longer term transformation.

OUTCOME

Our business plan addresses design and build updates in line with our environmental, social and governance responsibilities and commitment to developing Grade A office spaces for the future.

OPPORTUNITY

In 2023, Greycoat in partnership with Goldman Sachs acquired 20 Finsbury Dials, the former London home of J.P. Morgan. The Property comprises approx. 140,000 sq ft arranged over Lower Ground, Ground and six upper floors, located a short distance from Liverpool Street and Moorgate stations. The building has been bought with vacant possession and our Business Plan allows for a comprehensive refurbishment and repositioning.

OUTCOME

Our Project at Finbsury Dials is due to complete end of 2025.

OPPORTUNITY

In December 2021, Greycoat and Oaktree Capital Management formed a Joint Venture named Halley Developments to purchase Powers Farm from Hansen. Powers Farm forms part of the North-East Chelmsford Garden Community that will deliver over 5,000 homes.

OUTCOME

Greycoat on behalf of Halley Developments are in the process of securing planning consents and installing critical infrastructure to accelerate the delivery of much needed new homes.

This approach has enabled Halley Developments to secure a land sale to a national house builder that will allow that party to deliver more than 500 homes.

OPPORTUNITY

Having been home to private bank Stonehage Fleming for 15 years, a lease expiry presented the opportunity to gain vacant possession of the Property and implement a major refurbishment and repositioning.

Arranged over lower ground, ground, and four upper floors, this Grade II Listed Property occupies a prominent position at the end of an attractive mews terrace. Greycoat identified a gap in market to create a unique product that is not readily available to smaller occupiers in central London.

OUTCOME

The scheme was completed in September 2023, demonstrating significant reductions in operational energy of the building, achieving an EPC “A” and a BREEAM “Excellent” rating.

Greycoat acquired the 1st and part ground floors for their own premises, ahead of the project being completed in September 2023. A further 13,000 sq ft is available to let.

OPPORTUNITY

Located on a unique island site in the heart of St James’s, Greycoat completed the off-market acquisition of Stirling Square in mid-2021. The Property was designed by the late Sir James Stirling (later Michael Wilford & Partners) and comprises seven floors of offices, with residential above.

Originally developed to an exceptionally high standard in 1999, the Property provides large efficient floors with generous roof terraces benefitting from stunning views over Carlton Gardens. Upcoming lease expiries provided the opportunity for active asset management and modernisation of the existing building

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OUTCOME

Immediately post purchase Greycoat engaged with a handful of occupiers with active occupational requirements, including private equity business, Warburg Pincus. They acquired the top floors of the building on new 10yr leases prior to Practical Completion at around 20% ahead of Business Plan. Subsequent lease surrenders and regears enabled Greycoat to improve the rental value and unexpired lease term significantly, agreeing new terms with both to Citibank and Low Carbon.

OPPORTUNITY

The Lime Street Estate comprises two interlinking buildings, situated on a prominent corner directly opposite the entrance to Leadenhall Market and the iconic Lloyds of London, the world’s leading specialist insurance market.

This multi-let property provides excellent short to medium term asset management potential, although its location in the heart of the City of London’s “Eastern Tower Cluster” provides the opportunity to significantly increase the height and massing.

ACTIVITY

Post acquisition Greycoat immediately set about implementing an active asset management plan of rolling refurbishment and leasing. This has included various building improvements, including upgrading the central services to move towards an all-electric MEP solution.

With a professional team led by Pilbrow & Partners, Greycoat is exploring opportunities to transform the existing low-rise buildings through for refurbishment and extension, as well as creating a new state-of-the-art tall building.

OUTCOME

The project is ongoing.

OPPORTUNITY

The Property was acquired from an overseas developer in early 2023, as a comprehensive refurbishment and extension scheme was nearing completion. Despite its location and commanding views of St Paul’s Cathedral from the new rooftop terrace, the building remained 100% vacant.

The opportunity arose to refine the scheme, complete the refurbishment, and implement a full leasing campaign.

OUTCOME

The project is ongoing and achieved Practical Completion in Q1 2024, with a further 45% of the office accommodation in advanced legal negotiations.

OPPORTUNITY

Adjacent to the Eastern Tower Cluster, at the meeting point of Shoreditch and the City’s financial district, the Property is located just a short walk from the new Elizabeth Line at Liverpool Street.

Early design work showed that this vacant former Royal Bank of Scotland building could be transformed into a best-in-class office asset with the potential to appeal to a wide range of occupiers.

OUTCOME

A successful pre-leasing campaign led to 70% of the office space being let to Jane Street Europe in the early stages of construction, including a package of works to enhance the specification to meet the tenant’s business needs. The remaining upper three floors were let to global law firm Squire Patton Boggs prior to Practical Completion of the refurbishment works.

This facilitated the pre-sale of the asset in April 2020, triggered upon completion of the refurbishment works, which was achieved during the challenging conditions of the first COVID lockdown..

OPPORTUNITY

Ludgate London is located on Ludgate Hill close to St. Paul’s Cathedral and the new Crossrail interchange at Farringdon Station. The Property comprises ground floor retail space and five upper floors of office accommodation, benefitting from dual entrances from Ludgate Hill and New Bridge Street.

Although providing large efficient office floor plates benefitting from excellent levels of natural light, the Property was in desperate need of repair and modernisation. However the opportunity arose to agree the early surrender of Goldman Sach’s occupational lease, secure vacant possession, and undertake a major refurbishment and repositioning.

ACTIVITY

Greycoat oversaw the purchase of the asset, carrying out property, corporate, financial and legal due diligence. Working with the incumbent Professional Team led by John Robertson Architects, Greycoat refined the existing consented scheme to deliver newly refurbished office floors with new all-electric building services, stunning new rooftop terraces, two new entrances, and new end-of-trip facilities.

OUTCOME

During construction Greycoat implemented a thorough pre-leasing campaign and secured new leases on 95% of the Property to Intermediate Capital Group and Crowe UK prior to achieving Practical Completion.

This facilitated the pre-sale of the asset in April 2020 to Union, triggered upon completion of the project, which was achieved during the challenging conditions of the first COVID lockdown.

OPPORTUNITY

Vintners Place occupies a prominent riverside position overlooking the Thames, on the south side of Upper Thames Street and close to the junction with Queen Street Place and Southwark Bridge. It comprises two buildings, including the listed Thames House, and provides modern office space over basement, ground and six upper floors, arranged around a large central atrium.

The Property provides excellent amenities, with extensive terraces, a gym, 20m swimming pool, ground floor café, and an atrium business lounge that are all run for the benefit of the occupiers. However the asset was in need of some modernisation and intensive asset management to attract and retain office occupiers, addressing issues such as the unsatisfactory entrance and arrival experience, and implement upgrades to the central plant and machinery required to meet environmental and performance standards.

ACTIVITY

Greycoat was initially engaged by Crescent Heights to assist them in formulating and delivering a Business Plan that included a reconfiguration and refurbishment of the main reception, a redesign of the atrium business lounge, and a general modernisation of lifts, WCs, and other common areas.

Subsequently the Property was bought by Goldman Sachs in joint venture with Greycoat, who together implemented a second phase of these works, as well as the refurbishment of vacant office accommodation, and the creation of an extensive landscaped roof terrace at Level 5.

OUTCOME

Over the period of ownership Greycoat has delivered the Business Plan and secured a number of lease renewals and extensions, together with new lettings to occupiers including Medpace and Rothschild Bank. Detailed negotiations are ongoing for further lettings of vacant space, together with a regear with an major existing occupier.

A third phase of works is proposed including an upgrade to the existing end-of-trip facilities, and a new communal roof terrace at Level 6 accessed from a new occupier lounge.

OPPORTUNITY

Arranged around a central courtyard on an island site just to the north of Fleet Street, the existing buildings were relatively inefficient and coming to the end of their economic life. Adjacent to the New Street Square office campus, the lease to Deloitte was coming to an end, and new developments in the local area demonstrated that there was the potential to achieve greater height and massing on the site.

OPPORTUNITY

Located in the heart of London’s EC3 insurance district, for 25 years The Minster Building (formerly known as 3 Minster Court) was home to the London Underwriting Centre. Established as a rival to Lloyds of London, it latterly operated as a serviced office centre for insurance-related occupiers. Arranged over basement, mezzanine, lower ground, ground and seven upper levels, the Property provides well-specified office floor plates of approx. 35,000 sq ft set around a large circular atrium.

However it had a number of physical shortcomings, including multiple undersized entrances and an outdated aesthetic. Although well maintained, at the expiry of the existing lease in mid-2016 the building required significant modernisation and repositioning away from its historic use as the LUC. This was further complicated by the existing ownership structure, a dysfunctional 50/50 long leasehold arrangement that provided limited scope for the owners to collaborate to improve the asset.

ACTIVITY

Greycoat carried out pre-purchase due diligence and led the commercial negotiations with the existing owners to successfully merge the two investment interests. Acting as Development and Asset Manager and working alongside a team led by Buckley Grey Yeoman architects, Greycoat secured planning consent for external alterations to improve the appearance and permeability of the building at street level, combined with a change of use to facilitate retail and leisure uses.

The Property was comprehensively refurbished, including the removal of a tower of escalators running the full height of the atrium (still the largest project of its kind in Europe), creating a new double-height entrance with a large occupier amenity space leading to a new main reception at the base of the atrium.

OUTCOME

Approx. 1/3 of the Property was let prior to Practical Completion to insurance company Charles Taylor and to Spaces, a serviced office operator. A further 100,000 sq ft of letting followed shortly after, including leases to high-end gym operator Third Space, and to Brewdog, which opened their first micro-brewery outside of Scotland. Following completion of the leasing campaign, the asset was sold to the Singaporean investor, Suntec REIT.

OPPORTUNITY

Developed by Land Securities to a very high standard in the late 1980s, the Property comprised offices over lower ground, ground and seven upper floors. It occupies a prominent position on the southern side of Salisbury Square, just off Fleet Street in the Midtown submarket.

Let to KPMG as its London HQ, an upcoming lease expiry provided an opportunity to gain vacant possession of the whole building and explore options for infill and extension, together with modernisation and aesthetic improvement.

ACTIVITY

Working with TP Bennett architects through the pre-purchase due diligence phase, Greycoat carried out extensive optioneering and secured planning consent to extend the building in several locations, including a brand new 8th floor. Combined with the infill a large existing atrium the team were able to deliver over 35,000 sq ft of new NIA.

The scheme dramatically enhanced the occupier amenity offer, providing extensive end-of-trip facilities, and business lounge, and transforming the building set-backs to create five new roof terraces providing around 6,500 sq ft of outdoor amenity space. Completed in late 2017 the Property was multi-let to variety of occupiers including the British Business Bank, consultancy business Gartner, and Boult Wade Tenant, a firm of patent lawyers.

OUTCOME

Following a successful leasing campaign and stabilisation of the income, the asset was sold in mid-2019 to a joint venture led by Hong Kong investor Wing Tai.

OPPORTUNITY

Originally designed and delivered in the early 1980’s as the London HQ of NatWest Bank, Tower 42 comprises 322,000 sq ft over 42 floors, arranged in “leaves” cantilevered off of a central core. The wider Estate includes three further office buildings, 20 and 30 Old Broad Street, together with 15 Bishopsgate. Gibson’s Hall, a Grade I Listed building fronting Bishopsgate, completed the Estate.

Following their decision to relocate, Greycoat purchased the iconic Tower and surrounding buildings from NatWest in 1998, putting in place a Business Plan to rejuvenate the entire Estate.

ACTIVITY

Greycoat oversaw the reinvention of the Estate, re-branding it as Tower 42 and creating an “Office Hotel” concept that still exists today, promoting an occupier-orientated culture with a flexible leasing policy and high level of customer service.

A new three-storey glazed entrance was created at ground floor, with new amenities including the creation of the Level 42 cocktail bar, a new restaurant and private dining suite in the middle of the building, and a business lounge at mezzanine level. A concierge service provided access to a myriad of services, and a ground floor cafe and other retail uses completed the offer.

Over time 20 and 30 Old Broad Street were redeveloped, and more latterly 15 Bishopsgate provided new Grade A office space in conjunction with the opening of The Avenue, the City’s latest retail arcade with retailers including that include Marks & Spencer, Joe & The Juice, Scarpetta.

OUTCOME

Although Greycoat no longer owns a stake in the Property, it has retained its role as Asset Manager for over 20 years, through multiple ownerships and market cycles. We continue to play an active role in the continued evolution of the Tower 42 Estate, driving performance through income management, ongoing redevelopment, and close engagement with over 65 tenants.

The Tower continues to offer a unique flexible office solution, providing occupiers with unrivalled access to a range of services and amazing views across central London. In the past 10 years there have been over 800,000 sq ft of new leases and extensions totalling generating a £6.50m uplift in annual rent.