Planning was granted in March 2013 for a part 6, part 8, part 12 storey building of 115,000 sq ft with 89 apartments and restaurant/retail space. The site sold in June 2014 to a south east house builder for £62.5m, an uplift of 525%.
Just over a year on, we have completed a new letting to DHL for a 10—year term without break which will see the value of the property increase by over 40% following the completion of some improvement works to the building.
An early surrender with substantial premium was agreed with the previous tenant. The property was comprehensively refurbished and immediately re let on a new fifteen year lease with tenant’s break in the tenth year at a rent of £30 per sq ft.