78-110 Rochester Row

The property was a mixed use building comprising 22.814 sq ft of commercial accommodation and 19 apartments. The majority of the premises was let to Girls Day School Trust (GDST). A mutually beneficial 10 year lease extension was negotiated representing a 35 % rental increase. Lease extensions were also agreed with the 16 residential tenants and a comprehensive refurbishment of both the interior and exterior was undertaken.

The property was sold in July 2008 for £11.31m producing a project IRR of
16.7% and a RoE of 64.7%.

26-46 Lisson Grove

The building, comprising 41,373 sq ft, was acquired in early 2005 and was largely let to the Secretary of State with 2 years remaining on the lease. The intention was to obtain planning consent for a total redevelopment, comprising 150 apartments, 2,500 sq m of retail space and underground parking. However, upon purchase the tenant expressed a desire for a new lease and subsequently a new 18 year lease was negotiated with a 30 % uplift in rent.

The property was sold in July 2008 for £17.52m producing a project IRR of 120% and a RoE of 110%.