Greycoat was initially retained as Asset Manager in 2003 when the anchor tenant, AON, was in discussions to relocate to Canary Wharf. The Estate of 12 buildings was in need of a fresh approach and a master plan was formulated to reposition the asset, including a new planning consent for retail-led landscaped courtyards, a hotel and a residential block. This was coupled with the introduction of an occupier-led service culture and a complete re-brand as Devonshire Square.
The successful implementation of this strategy meant that Greycoat were able to retain AON on enhanced lease terms through a programme of refurbishment with AON in full occupation. When the Estate was sold in 2006, Greycoat was retained by the subsequent owners, improving rental income by 25% and overseeing a financial restructuring that facilitated a successful sale in 2012.
Most recently, the Estate has changed hands again and Greycoat were brought in to advise the new owner WeWork on asset management due diligence.
Acquired
2003
Area
640,000 sq ft
59,456 sq m
Investor & Partner
Rockpoint and WeWork
Tenants
Various office occupiers including Squire Patton Boggs, Equinix and WeWork as well as the Devonshire Club and a diverse mix of restaurants including Cinnamon Kitchen and Enoteca da Luca.