When 21–24 Chiswell Street came to market in March 2010 few valued its location and the building was considered to be firmly within the City “fringe”. With various developments in the pipeline set to enhance the area’s profile, however, location was our key value-add play. Purchasing the asset for £31.3m, we sought to enhance the already strong covenant strength by refurbishing and letting empty floors and extending leases with existing tenants. These changes, in combination with the improving location, allowed us to sell this now City asset for £48.25m, achieving a £20m profit.
“21–24 Chiswell Street had significant, large-scale development in the area. The growth achieved on the back of this alone makes it one of our best examples of how a shrewd location play can produce impressive results.”
- Purchase price £31.3m
- Sq. Ft. 76,330
- Refurb cost £2.2m
- Sale price £48.25m