posted Q2, 2018
Riverside Capital has exchanged contracts to purchase Sherborne House, a 57,777 sq. ft prime mixed-use building on Cannon Street, London for £47.15 million.
The building, which lies adjacent to what will be one of two new Bank Station entrances, comprises six floors of partly refurbished offices together with three retail units on the ground floor and basement. Retail tenants are Holland and Barrett, L’Express and Fuller Smith & Turner.
Cannon Street has seen huge development in recent years, bringing new life to the area, including the new £1 billion Bloomberg Place - the most sustainable office building in the world - as well as the nearby five-star Ned hotel and private members club. Deliveroo has also recently set up its European headquarters in the former LIFFE building on Cannon Street.
Riverside Capital is now raising £27.5 million equity from its qualifying private investors to complete the acquisition, with the minimum investment available being £25,000.
Dominic Wright, Group Chief Executive, said: “The City of London is being transformed by a new dynamic. No longer the domain of all things banking, you now find tech giants, shared working spaces, five-star hotels and a retail offering to rival London’s West End. With the growing fintech sector bolstering occupier demand and new developments providing global appeal, we believe that the prime location, in addition to the high quality of the building and outstanding connectivity, will provide levers for strong performance.”
Dominic Amey, Director of City Investment at Colliers International added: “On behalf of our private client, Colliers are delighted to have exchanged contracts with Riverside Capital on the sale of Sherborne House. The property has performed exceptionally well for our client since their acquisition in 2014, and benefitted from the continuing and exciting transformation of Cannon Street.”
Colliers International acted as adviser to the vendor, whilst Riverside Capital were unrepresented.
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posted Q1, 2018
Riverside Capital has completed a new letting at Old Street Works, 197-205 City Road, the third letting since acquiring completing on the property in June last year.
Pindrop Limited have taken a 5 year lease over 1,820 sq. ft. on the 2nd floor of 201 City Road.
Pindrop is a fast-growing anti-fraud company with offices in North and South America, Australia, New Zealand and Asia. This new London office will be its European HQ.
This latest tenancy agreement follows earlier lettings to Ocean Branding, on the 2nd floor of 205 City Road, and Hired Europe, on the 4th floor of 205 City Road.
posted Q1, 2018
Riverside Capital has sold its Travelodge in Torquay for £8.5m, returning almost 1.5x equity to investors.
The sale of the 90-bedroom hotel comes six months ahead of schedule, achieving an IRR of 17.29% over a 41 month hold period.
With the lease subject to an open RPI uplift in September, the sale is reflective of increased investor demand for long income, as well as continued growth in the budget hotel sector.
Ashley Wilcox, Investment Director at Riverside Capital, said: “Identifying the optimum time to dispose of this asset ahead of plan has provided our investors with good returns – we are naturally delighted with the outcome.”
Levy LLP and Brown Cooper Marples acted jointly for Riverside Capital, with Springer Nicholas acting for the purchaser.
posted Q1, 2018
Riverside Capital has completed its latest capital raise this February.
£4.5 million has been raised from private investors to facilitate the forward funding of the Cambridge Nutritional Sciences R&D property which has a target ERV of £9.7 million.
Construction of the property will now commence with a target completion date of early 2019.
Riverside Capital is pleased to confirm a further letting at Old Street Works.
1,541 sq. ft. on the second floor of 205 City Road have been let to Ocean Branding at a rent of £55 psf.
The former Victorian warehouse (197-205 City Road) was purchased by the company’s private investor platform last year for £27.5m. Clients invested a total of £16.2m in equity to purchase the Tech City property, which sits just 300m from Old Street or “Silicon Roundabout”, one of the world’s largest start-up clusters and a hot-spot for tech companies.
This latest letting is in line with our original business plan, and we hope to be announcing further activity in the near future.
posted Q1, 2018
Riverside Capital has exchanged contracts to purchase a forward funding development in the heart of the "Cambridge Cluster".
Plot 202 in Lancaster Way Business Park, just outside of Ely, will be developed to include a high-spec Research and Development facility and offices to meet the needs of Cambridge Nutritional Sciences Ltd (CNS).
The development has been pre-let to CNS on a 25 year lease with five yearly rent reviews linked to the Retail Price Index.
For more information, please contact a member of our team.
posted Q1, 2018
Riverside Capital has contracted to sell its Travelodge in Torquay for £8.50 million, reflecting a net initial yield of 4.43% based on the existing rent passing.
The 90-bedroom hotel, acquired in September 2015, has been sold ahead of plan and shows an IRR of 17.29%. The transaction is due to complete in March with the lease subject to an open RPI uplift in September this year.
Its sale once again highlights the thirst for index linked income within the budget hotel sector.
Ashley Wilcox, Investment Director at Riverside Capital, said: “We are delighted with the upside returns generated by this deal which have been secured ahead of schedule. Our original business plan specified increased demand for long income and the growth in the budget hotel sector as key dynamics in implementing its success. Delivery on both fronts has been particularly pleasing”.
Levy LLP and Brown Cooper Marples acted jointly for Riverside Capital with Springer Nicolas acting for the purchaser.
posted Q1, 2018
Jason Roy, England opening batsman and Riverside Capital ambassador, hit a record breaking one-day international score by an England player with 180 runs in the first ODI in Melbourne.
His 180 from 151 balls made for England’s all-time highest individual ODI score and formed the backbone of their chase, overhauling Australia’s 304 with five wickets to spare.
The incredible knock sees Jason get his international year off to a flying start. After England successfully winning the Series against Australia 4-1, Jason now joins the England T20 squad to compete against Australia and New Zealand in the upcoming Tri Series. He will then continue his time in the southern hemisphere with a five match ODI series against New Zealand. Jason also entered the recent IPL auction and will be representing Delhi Daredevils in this year's competition.
Speaking to CEO, Dominic Wright, Jason said: “Every moment I walk onto that pitch wearing the England badge is an honour. To contribute in such a way is incredibly special and a day I will never forget”.
posted Q2, 2017
The former Victorian warehouse was purchased by the company’s private investor platform for £27.5m. Clients invested a total of £16.2m in equity, with the remaining balance being provided by Lloyds Banking Group.
The building sits just 300m from Old Street or “Silicon Roundabout”, one of the world’s largest start-up clusters and a hot-spot for tech companies. The immediate area has been transformed in recent years with the likes of Derwent London developing huge office schemes, and new luxury residential and hotel developments making the area a highly desirable place to live a work.
Private clients were able to invest in the opportunity from £25,000.
Dominic Wright, Group Chief Executive, said: "We are delighted to have been able to offer our investors the chance to participate in this high quality investment, and we experienced significant demand from our private investor network from around the world. We believe that direct investment is the best way for investors to access the real benefits that commercial property has to offer, and we look forward to making this purchase a success."
posted Q2, 2017
Riverside Capital has reached practical completion on its Leeds retail investment: two new-build properties, which were forward funded in April last year.
The properties are let to Aldi supermarket, Pure Gym and discount retailer, Poundworld on 20, 15 and 12 year leases respectively.
Aldi has already begun trading, with Pure Gym and Poundworld now completing their fit-outs before commencing trade by the end of the month.
A four year loan on the investment has been secured with RBS at an interest rate of 3.22%, exceeding business plan projections.
