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
160 Blackfriars Road was acquired by Endurance Land and Angelo Gordon. The building occupies a prominent 0.41 hectare site along the emerging micro location of Blackfriars Road. It consists 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 has regular and flexible office floorplates with excellent natural light, and was developed to a BREEAM Excellent rating. The building’s sustainability credentials are further endorsed by its EPC rating of B.
Active asset management, extracting value
Following the purchase of the building, Endurance Land have undertaken a number of asset management initiatives that include 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 has been 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 will be refurbished and repositioned as part of the contract to build the hotel.