Old Street, London, EC1

61-67oldstreet.com

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