Borehamwood

Hertfordshire

A 240,000 sq ft suburban London office complex inside the M25 acquired, in 2004, for £58.6 million, jointly with Europa Capital Partners, Property Merchant Group and Norwich Union.

The buildings were largely let to T-Mobile, which paid St Congar Properties Ltd/PMG, following extensive negotiations, a lease surrender premium of £31.5 million. The four modern buildings were completely refurbished and re-serviced, with the marketing campaign commenced with their launch by Sir Matthew Pinsent.

Over 100,000 sq ft was let in the first 12 months of that campaign to Pizza Hut, Groupama, Bradford & Bingley and Signet before the property was sold on, for an attractive profit, to Schroder’s Gresham II Fund.

A fifth building of 20,000 sq ft was sold to Bellway for residential redevelopment after St Congar Properties/PMG secured planning consent for 88 new apartments.  These flats were subsequently built out and sold.

Total capital/sale value was c.£83 million, with a net acquisition price of £27.1m.