60 Gresham Street
We raised the funds from HNW clients from the Gulf countries.
Developed high specified Grade A office.
The building consist lower ground, mezzanine and sixth floors around a substantial atrium.
Typical floor plates of 6,000 to 7,500 sq ft with restaurant at the ground and basement floors.
The main office entrance on the Gresham Street.
We sold the property after 6 years at £40 million.
We realized 22% IRR for the shareholders.
A preliminary appraisal shows £3.54 million above acquisition price.
The acquisition price reflects seller's entity to be liquidated shortly.
Attractive selling price £172 per sq ft comparing to market £251.
Location of the property is prime and accessible.
Total development costs of £28 million including acquisition price.
London, UK
EC2V 7BB
Three empty buildings on a single 147 year lease at a peppercorn rent located in the hearth of London near the Bank of England, with permit to redevelop and increase the rentable area from 45,000 sq ft to 60,000 without restriction in the head lease to create three separate sub-long leases.