Formerly known as Procession House, this Property occupies an imposing island site over the top of the City Thameslink station on the western side of the City of London.
Tenure
Long Leasehold
Timeline
2018 – 2020
Area
105,000 sq ft
(9,750 sq m)
Partner
Goldman Sachs
Tenants
Intermediate Capital Group, Crowe
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.
