The property is located in a quiet central City street which has seen some significant improvement in recent years with the development of an Apex hotel, several office refurbishments and the development of the 290,650 sq. ft. Drapers Gardens, home of Blackrock Investment Management, which is immediately adjacent.
FINANCIALS
Ediston’s Opportunity Partnership (with Europa) acquired the property for £4.6m
Refurbishment costs:
£120 per sq. ft.
Sale price:
£11.33m
KEY ACHIEVEMENTS
Secured a beneficial dilapidations settlement at expiry from Lloyds bank at circa £40 per sq. ft.
Secured planning consent for an increase in floor area by removal of a fire escape and the conversion of the ground floor to retail.
Completed the extensive refurbishment on budget and within two weeks
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