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Case Study

Covent Garden - Mixed Use

Covent GardenChallenges

  • To drive value add from a prime mixed use Central London portfolio in nine buildings through active asset management.
  • Engineer / encourage possession of retail and restaurant units to enable new lettings at open market rents.
  • To co-ordinate cross-Fund holdings through active management approach Secure planning permissions for change of use from office to residential to drive value

Solutions

  • New branding established to improve occupier awareness - www.coventgardenestate.com
  • Utilised innovative marketing tools to create a high impact marketing campaign
  • Completed a systematic review of each asset to consider refurbishment, redevelopment and alternative use options
  • Identified core retail sites with growth potential

Results

  • £13 million of additional value identified through redevelopment and/or change of use since instruction
  • Residential planning consent secured on five sites delivering over £6 million in quantifiable added value.
  • Residential consent to be pursued on a further four sites
  • 10 new lettings secured in the last 12 months on 15,700 sq ft with a rent roll of £590,000 pax
  • Record retail Zone A rent of £250 sq ft achieved on Strand, up from £210 sq ft
  • Excellent tenant retention through active management resulting in void rates significantly below IPD benchmark.

Contact Matthew Connor

     

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