Endurance Land and funds of Angelo, Gordon & Co acquire 160 Blackfriars Road, London SE1 from UBS

160 Blackfriars Road, London SE1 has been acquired by Endurance Land and funds of Angelo, Gordon & Co from UBS.

The transaction reflects a price of £61.845m (590/sq ft), a net initial yield of approximately 5.61% on passing rents and a reversionary yield of circa 8%.

160 Blackfriars Road, London

 

The property, which was comprehensively refurbished in 2013, occupies a one-acre site and provides 105,935 sq ft of office, and retail accommodation arranged over lower ground, ground and eight upper floors. The site also includes an underutilised surface car parking lot. It is situated between the growth areas of Waterloo and Elephant & Castle, in close proximity to Southwark Underground and Blackfriars Station.

The property is currently fully let, primarily to Thomson Reuters off a low rent of circa £35.00 per sq ft with the most recent letting in the building at £57.50 per sq ft. Southwark is now one of London’s most dynamic and vibrant markets with circa 40% of the Borough under regeneration.

Endurance Land’s, Jonathan Fletcher said “We are delighted to have completed the purchase of this prime Southwark asset. With a lack of office supply in the area and vacancy rates at historic lows, we are well placed to capitalise on the asset management opportunities that the building provides. We look forward to implementing our plans for the building and surrounding area with our joint venture partner, Angelo, Gordon & Co, in due course”.

Angelo, Gordon & Coand Endurance Land will now explore a number of leasing initiatives as well as considering and reviewing the overall massing for the site.

Mike Diana from Angelo, Gordon & Co commented: “160 Blackfriars Road reflects our core principles of downside protection with upside opportunities in high quality locations. We are excited to conclude our first investment with Endurance Land and are actively looking for more investment opportunities”

Cushman & Wakefield represented Endurance Land and Angelo, Gordon & Co. Knight Frank and Tudor Toone acted for the vendor.

 

Endurance Land secures planning consent for 260 bed hotel in Shoreditch

Endurance Land, working with its partner Whitbread Plc, has secured planning consent for a 260 bedroom hotel in Shoreditch at 1-9 Quaker Street, London, E1

The planning consent was granted for:

Demolition of the roof and part side elevations, the retention and restoration of the southern and northern elevations and the construction of a two storey roof extension to provide a new hotel (Use Class C1) development comprising approximately 260 bedrooms over basement, ground and four upper floors with ancillary cafe space and servicing on the ground floor, associated plant in the basement and roof, improvements to the front pavement and associated works.

Working in the setting of a conservation area on its Victorian warehouse building Endurance Land and their professional team have achieved success via a delegated decision in April 2016. The exciting new hotel to be operated by Whitbread’s hub by Premier Inn Brand is set to add further much needed hotel accommodation in this vibrant area and perfectly complements their previous success on Brick Lane where Endurance Land recently completed a 189 bed hotel for the same brand.

From the outset Endurance Land and their team engaged with Tower Hamlets planners to ascertain their specific requirements for the asset, quickly identifying the need for retention of the façade and minimizing the visual impact of any extension. Endurance Land subsequently modified their plans, with architect Allies & Morrison, to accommodate these requirements whilst maintaining the necessary economies to make the project viable.

The hotel is schedules to open in 2018.

Endurance Land development for Whitbread’s Hub by Premier Inn, officially opens!

On the 23rd March, the third London Hub by Premier Inn was officially opened by Managing Director of Whitbread Hotels & restaurants Paul Flaum. The ceremony was attended by the developers of the site, Endurance Land.

This marks the end to a remarkable story of central London development. Endurance Land acquired the existing “BanglaCity” Cash and Carry in 2012. The central London development specialist secured planning consent for a 189 bed hotel, tailored for the emerging hub by Premier Inn brand, before commencing work in January 2014.

Having tackled the major challenges that exist on such a constrained site with such limited access, Endurance Land were delighted to have completed the building in early February before handing over to the Whitbread team who subsequently opened for trading on the 29th February.

The site’s location, close to Liverpool Street, Spitalfields Market and the bustle of Brick Lane, together with its highly innovative and evolved technically specification are likely to ensure its success as the perfect hotel for the 21st century traveller, including the world’s only hotel rooms that can be controlled from your apple wrist watch!

Jonathan Fletcher, Managing Director of Endurance Land said; “We are delighted to have completed this exceptional hotel after 2 years on site and we hope to evolve our relationship with both Whitbread (the tenant) and London Borough of Tower Hamlets Planners as we continue to prove our expertise in managing the numerous stakeholders involved in a development of this nature.

“From the outset, working in collaboration with Tower Hamlets, our neighbours and the local community whilst managing both the requirements of our tenant and investor’s needs, Endurance Land prioritised early engagement and constant evaluation in order to successfully deal with the complex and changing dynamics of the development.”

Estates Gazette Awards 2015: Endurance Land shortlisted in Specialist Company of the Year category

Endurance Land has been shortlisted by a panel of judges, composed of leading experts from the property industry, for “Specialist Company of the Year” category at the 2015 Estates Gazette Awards.

The 2015 Estates Gazette Awards ceremony will take place London Hilton on Park Lane, on 10 December where the very best property businesses and professionals will be celebrated and acclaimed.

Endurance Land’s Jonathan Fletcher said: “It is a great honour that we have been shortlisted for this prestigious award. It is a reward for the whole team following a successful year in terms of growth.

“Being recognised in this way by our peers and the property industry as a whole is a justification for our innovative and sustainable approach to development and the relationships that we take time to build with stakeholders.”

Endurance Land launches Cursitor Building website

Endurance Land and Aberdeen Asset Management have today launched the new website for The Cursitor Building, its latest development, a 65,638 sq ft office property in Chancery Lane, London.

The website’s launch features an innovative video that illustrates the building’s key features and highlights its central location.

You can watch the video here:

www.iamcursitor.com 

Endurance Land and McAleer & Rushe Top Out Whitbread’s new Hub by Premier Inn hotel, Brick Lane, London E1

Endurance Land and main contractor McAleer & Rushe have performed a traditional “Topping Out” ceremony on the roof of 86 Brick Lane, Spitalfields, London E1 – The BREEAM Excellent 189-bedroom hotel development which is pre-let to Whitbread’s will be the first new build, for their exciting Hub concept.

Endurance Land topping out ceremony at Brick Lane London

The ceremony was attended by representatives of Endurance Land, McAleer & Rushe, EC Harris, SD Structures and Taylor Wessing. Rick Rixson of EL commented “Whilst there remains a long way to go to complete the project, we are pleased to have reached this significant point and thanks go to all members of the team – a real achievement given the substantial constraints of this site”.

Topping out at Endurance Land's hotel development in Brick Lane London

L-R: Rick Rixson & Jonathan Fletcher (Endurance Land), Seamus McAleer & Martin Magee (McAteer & Rushe), Allan Sugg (EC Harris).

Jonathan Fletcher and James Hicken

Jonathan Fletcher and James Hicken

 

 

Endurance Land’s Minories project video

Endurance Land has published a time lapse video of its 291-bedroom bedroom hotel project at The Minories, London EC3 which is let to hotel group Motel One.

The video shows the demolition of the former building, the site clearance and then construction of the new hotel.

“Sweet Disposition” performed by The Temper Trap.

ENDURANCE LAND ADDS TO ITS LONDON TEAM

Endurance Land, the specialist commercial property investment and development company, has appointed Charlie Rayner as Surveyor within its London-based team.

Charlie has a 1st Class Honours Degree in Real Estate Management from Oxford Brooks University and joins Endurance Land from Deloitte Real Estate where he was on the Structured Training Programme, working across sectors and disciplines.  He will assist the Endurance Land team in sourcing and acquiring new investment and development opportunities as well as working on the company’s current development schemes.

Endurance Land’s Jonathan Fletcher said: “Charlie will be a major asset to the business going forward and his appointment is an important part of the business’ growth plan, enabling us to take advantage of the increasing number of opportunities we are being presented with across London.”

Endurance Land & AAM Complete First New Motel One Development in London EC3

Endurance Land and Aberdeen Asset Management (AAM) have completed the development of a new hotel development at 24-26 Minories, London EC3. The scheme is the firstpurpose built Motel One scheme to open in England.

The property comprises a 291-bedroom hotel, totalling 107,500 sq ft (9,955 sq m), let to affordable designer hotel operator Motel One on a 25-year lease at a rent of £2,433,000 per annum. The new 16-storey hotel is located close to Aldgate and Fenchurch Street stations.

The property, purchased in 2010 by Endurance Land and its funding partner AAM, was originally a six-story building let to Barclays Bank on the ground floor, with five floors of office space above. In August 2012 the Partnership was granted planning consent for the new hotel and, following demolition, construction started in May 2013.

Jonathan Fletcher, Founding Director of Endurance Land, comments: “Having acquired the building at the lower end of the cycle we have been able to obtain an excellent planning consent to create a first class building for a first class tenant. We are delighted with the completion of this exciting and innovative building.”

The development, designed by MacKay + Partners and constructed by McAleer & Rushe, utilised a number of intelligent building systems to help achieve a BREEAM excellent energy rating. These include the design of highly thermally efficient facades with just 35% glazing, heat recovery systems, and green roofs to help thermal efficiency and mitigate rainwater runoff.

The Minories Hotel site hit the national headlines when it was announced that archaeologists from the Museum of London Archaeology (MOLA) had discovered a pristine Roman sculpture of an eagle on the site. The sculpture which depicts an eagle in mortal combat with a writhing snake, in a graphic display of the battle between good and evil, has been on display at the Museum of London.

PRIME FREEHOLD OFFICE INVESTMENT, CLERKENWELL, SOLD FOR £31.6M

GE Capital Real Estate and Endurance Land have sold the freehold interest in The Lever Building, 85 Clerkenwell Road, London EC1 to Amsprop for £31,600,000 reflecting a net initial yield of 4.04%.

The Victorian warehouse building has been comprehensively, yet sensitively, refurbished and converted into a contemporary, highly functional, Grade A office space arranged over lower ground, ground and fiver upper floors.

Totalling 30,637 sq ft (2,846 sq m), the building has been let this year, in its entirety, to Tesco Holdings Limited on an 11-year lease at an annual rent of £1,350,000, with an upward only rent review in the fifth year. This equates to a current rent of £44 per sq ft (£473.62 per sq m).

DTZ advised the vendors and Amsprop was unrepresented.