In July 2017 we completed a property investment to acquire a £27.5m multi-let office and retail property at the heart of London's 'Tech City' in Old Street.
Old Street Works is a 33,179 sq. ft. former Victorian warehouse over six floors situated just 300m from London's 'Silicon Roundabout', the epicentre of London's start-up tech district.
Tenants in the property are diversified and include technology, media, telecoms, marketing and design companies as well as a Nando’s and a Bodean's restaurant.
The asset management plan was to increase average and overall rents and to construct additional lettable office floor space by extending the third and fourth floors. Work would also be carried out on the rear yard to provide bicycle and bin storage within a secure gated area.
We viewed this as a great commercial property investment opportunity to gain exposure to one of London's fastest growing sub-markets and target capital returns from an uplift in the valuation of the property.