100 Leman Street,

London, England

100 Leman Street,
London E1

Sector Office property

Project Scope Acquisition, investment management,
property management and disposal

Purchase Price £30.75m

Sale Price £41m

SQ FT 99214

Investment Rationale

  • High quality low density office property fully leased to strong credit tenant at low rents (< 50% of prime City rents)
  • Situated in a City fringe location undergoing transformational change driven by a large scale regeneration project opposite
  • 50% of space sublet offering the potential to create a multi-let building in short term at higher market rents
  • Longer term redevelopment opportunity to greatly increase floor area

Business Plan Completed

  • Property acquired in Q3 2011
  • Surrender of main lease agreed with Level 3 in Q4 2013 in return for a substantial premium from tenant
  • Creation of multi-tenanted building at higher rents as the impact of the regeneration drove rental growth
  • Implemented a more efficient and effective property management regime, with material improvements noted by the subtenants who were now direct tenants
  • Asset sold Q3 2014

Team Involved

Sam Resouly

Winston Luk

Irma Gill

Andreas Liesche