Located in the heart of St James’s, this Property presented the opportunity to renvigorate an exceptional asset designed by world-renowned architect, Sir James Stirling.
Tenure
Long Leasehold
Timeline
2021 – Ongoing
Area
95,000 sq ft
(8,800 sq m)
Partner
Tristan Capital Partners
Tenants
Warburg Pincus, Citibank, Low Carbon, BAE Systems
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
.
ACTIVITY
Greycoat worked with Stiff + Trevillion Architects to secure planning consent for a high quality scheme comprising a refurbishment of the vacant top floors, creating exceptional landscaped amenity areas, and new finishes in the main reception, WCs, and other common areas.
Cundall, in collaboration with the building management team at Savills, devised a strategy to upgrade the environmental performance of the building, enhancing the EPC rating to “B” and eliminating fossil fuels setting it on a path to Net Zero Carbon.
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.
