Coda Studios, Munster Road, Fulham, West London
Moorevale brought in their partner of previous projects, Rockspring (now trading as Patrizia), for the acquisition of Coda Studios, Munster Road, Fulham, West London in October 2018 at c. £39m. Coda is home to some 40 tenants across the approx. 70,000 sf of offices that caters particularly for SMEs. It provides a hybrid occupational offer which includes access to meeting rooms, break out areas, covered car parking, showers and on site gym and coffee shop with all occupational costs bundled together. Flexible work space and attentiveness to occupiers’ changing needs marks the strategy for the asset management plan for Coda which we have devised and are implementing.
Whytecliffe Road, Purley, Croydon
Following the acquisition of this freehold office building located adjacent to the mainline station in Purley, Moorevale undertook a comprehensive review of the various options to enhance the building's capital value. This included an extensive dialogue with the incumbent tenant, HM Department of Works and Pensions, which resulted in a new reversionary lease for 10 years being agreed alongside marking the rent to market levels. Upon successfully concluding these negotiations, Moorevale received approaches from a number of investors which subsequently resulted in the sale at a significant increase in value.
Studio 40, Farnborough
We have comprehensively refurbished this attractive freehold period office building, to provide 6,000 sq ft of cool contemporary space, available in suites from 175 sq ft at a rent of £19.50psf.
63 St Mary Axe sold to Axa
Moorevale, on behalf of the JV partners, Rockspring, have completed the sale of this building to client funds of Axa. This completes the refurbishment project which saw a repositioning of a well located but tired office building into high grade, multi-tenanted office accommodation.
63 St Mary Axe lettings
Quality will out!
63 SMA is letting up at a rate of knots now. Approximately 60% of the floors have been let over a five month period. New tenants include Caixa Bank, Impellam Plc and MTR in additional to a brand new upmarket gym concept – 1 Rebel – which is the new venture by the Balfour family who founded the Fitness First chain. Interest in the remaining floors continues apace as occupiers respond favourably to the high quality office environment and increasing demand for space in the market place.
110 Cannon Street letting
Job Done !
The last floor has signed to QuestBack, an integrated corporate performance review IT based platform, at the end of January. This completes a successful end to the marketing phase of the project which has delivered a range a high grade occupiers from within the financial sector. The 11 office occupiers have been joined by two new food and leisure operators – Scarpetta – the Italian coffee and pasta House and Athlete Lab – the specialist cycle fitness operator.
Sherborne House sale
Acting on behalf of Allianz Real Estate, Moorevale has successfully disposed of the freehold interest in this multi-tenanted office and retail property to a private Middle Eastern investor for a price of £34.75m reflecting a yield of 4.2% and £786psf.
Weston House sale
Acting on behalf of Allianz Real Estate, Moorevale has implemented a successful sales campaign and sold this Holborn office and retail property for a price in excess of £60m showing £696psf. The guide price was £55m.
110 Cannon Street lettings
Five occupiers have agreed to take over 25,000 sq ft at 110 Cannon Street.
It will become home to the UK’s first Athlete Lab which already has a presence in Singapore and Sydney. The next generation indoor cycling concept has taken 4,131 sq ft on the lower ground and basement floors.
Global construction consultancy, Driver Group, will occupy 5,746 sq ft on the third floor and business psychology group Kiddy & Partners LLP will take 2,569 sq ft of space on the ground floor. Insolvency practitioners, FRP Advisory will take 6,804 sq ft on the second floor.
In addition, Source, an asset manager and Exchange Traded Product provider, has expanded its presence in the building. The company already occupies the ninth floor and has agreed to take the eighth floor comprising 5,739 sq ft.
Finally, the ground floor retail unit has been secured by Scarpetta – a brand new coffee outlet.
The Harlequin Building, 65 Southwark Street, London SE1 completes
We are pleased to announce that this project has been successfully concluded following completion of the letting programme to tenants including Zoopla, ITSU and Maris. The building has subsequently been sold to a UK pension Fund at a price of £40m reflecting a yield of 5%.
110 Cannon Street, London EC4 lettings
The marketing strategy of adopting a multi-tenanted, flexible lease term approach reaps its rewards as over 60% of the floors are let or under offer. Top rents in the building have hit £60.00psf. The retail unit is to be the first unit of a brand new high quality food and coffee offer. We are also close to announcing the identity of a new fitness operator for the lower ground and basement floors.