Acquisition of site and planning consent secured for a complex and demanding project comprising a new tower with 350 high quality student apartments and 40,000 sq ft university building converting an old brewery. Strategically important location in Aldgate, on the edge of the City of London in Transport Zone 1, with 100 meters from the train station. We recognized this important location as part of the emerging City Fringe and Tech City Hub and were one of the first property companies to invest. At the time the area was undergoing major structural regeneration, including transport and community upgrades that have transformed the area from a fringe into a prime location. There are now some 3,000 new homes and 1 million sq ft of commercial space being developed within 400 metres of the property.
The scheme was completed in 2013. The marketing and leasing platform was set up, implemented and fully let in 12 weeks, producing a rent roll of £5.5 million in Year 1.
Subsequently the entire campus, including the University building, was leased to Hult International Business School. The asset was purchased by Greystar in May 2015 for circa £110 million.