This freehold office and showroom building on Old Street, EC1, was purchased in a near-derelict condition towards the end of 2015. There was an existing planning consent to add a floor of residential but following the purchase, a new consent was secured to add two floors of office space along with a rear infill.
A comprehensive redevelopment was completed in June 2018 which has resulted in the size of the building being almost doubled.
Purchase date |
November 2015 |
Purchase price |
£6m |
Cost to date |
£4m |
Total |
£10m |
Investor equity |
£4m |
Current value |
£15m |
Levered IRR |
15.9% As at 31/12/2019 |