In excess of 100,000 sq ft of multi-let office, retail and ancillary accommodation with diverse potential
Location: 160 Blackfriars Road, London SE1
Investment type: Office and retail asset management
Investment partner: Angelo Gordon & Co
Status: Sold
160 Blackfriars Road was acquired by Endurance Land and Angelo Gordon. When Endurance Land had ownership, the building occupied a prominent 0.41 hectare site along the emerging micro location of Blackfriars Road. It consisted of 105,935 sq ft of multi-let office, retail and ancillary accommodation arranged over lower ground, ground and eight upper floors.
The high quality office building had regular and flexible office floorplates with excellent natural light, and was developed to a BREEAM Excellent rating. The building’s sustainability credentials were further endorsed by its EPC rating of B.
Active asset management, extracting value
Following the purchase of the building, Endurance Land undertook a number of asset management initiatives that included surrendering and re-gearing leases, implementing rent reviews to drive the rental income, as well as securing planning for a 169 bed hotel in the car park to the rear of the building. The hotel was pre-let to Ruby Hotels on a 30 year lease, subject to annually compounded upwards only rent reviews linked to CPI.
The reception and vacant floors were refurbished and repositioned as part of the contract to build the hotel.
Blackfriars was sold in October 2021.
