24 Martin Lane,

London

24 Martin Lane,
London EC4

Sector Mixed use office and retail property

Project Scope Acquisition, investment management,
property management and disposal

Purchase Price £15.05m

Sale Price £23.75m

SQ FT 34228

Investment Rationale

  • Freehold multi-let office & retail property situated opposite the new entrance to Bank Station just announced
  • Available at a significant pricing discount to book value / quoting price due the impact on liquidity of a failing central air conditioning system
  • Presented the opportunity to reposition the entire income profile anchored around the plant replacement

Business Plan Completed

  • Property acquired in Q2 2013 at a c 20% discount
  • Completed replacement of entire air conditioning system around a fully occupied building including central equipment and on floor duct work and fan coil units through out-of-hours working
  • Restructured c 50% of the income and marked rents to market
  • Implemented a comprehensive asset and property management regime at the property with greater levels of tenant engagement resulting in a significant improvement in tenant satisfaction levels
  • Sold in 2015 realising a leveraged IRR of 46% over a 24 month period

Team Involved

Edmund Costello

Andreas Liesche

Irma Gill

Winston Luk

Sam Resouly

trinova-real-estate-management-investmentvulcan-house-riverside-embankment-sheffield-trinova-real-estate