Acquisition and full repositioning to create a ‘best in class’ asset in a core location
Location: 66 Shoe Lane, City of London, EC4
Investment type: Office Repositioning
Investment partner: Endurance Land
Funding partner: Henderson Park
Environmental rating: BREEAM Excellent
Endurance Land purchased the building in 2018 whilst fully let to Deloitte, in anticipation of them exercising their impending break clause. The rationale for purchase was based on Endurance Land’s key principles to be able reposition the property to provide a best in class asset in a core location.
During this interim period Endurance Land assembled a high-quality project team, led by architects Stiff and Trevillion in preparation for a full repositioning of the asset.
A new roof extension at 8th and 9th floors with double height void and provision of balconies to all floors
The refurbishment includes a single storey roof extension, atria infill, provision of balconies to all floors, additional lift core and the remodelling of the arrival experience off Shoe Lane. Upon obtaining vacant possession, following Deloitte’s break, KpH were instructed to undertake a soft strip out and early works package, whilst the proposals were being considered by the City of London planning department. Following planning approval, ISG were instructed (following a highly competitive tender) to undertake the full construction works to complete the repositioning of the asset.
Deloitte do a 360° and pre-let the entire refurbished office
During the course of the soft strip and main works, the entirety of the refurbished office accommodation (156,169 sq ft) was successfully pre-let back to Deloitte. ISG achieved practical completion on the 22nd September 2020 with the leases granted to Deloitte 5 days later.
The asset has recently been sold, completing a highly successful business plan.