Clerkenwell Estate, EC1

This project involved the acquisition of a large freehold block of property covering seven acres bounded to the south by Clerkenwell Road and flanked by St. John’s Street and Goswell Road. It included property on Great Sutton Street, Berry street,Dallington street and Northburgh street. The Estate comprised 50 buildings , mainly in commercial use, some vacant , and the remainder let on a range of leases from 1 year to 999 year leases.

Following acquisition we carried out an intensive asset management exercise , renegotiating existing leases, acquiring in leasehold interests to generate marriage value, and planning redevelopment where appropriate.

In particular we recognised a growing demand for residential accommodation close to The City and converted the upper parts of former commercial buildings to loft type apartments which included adding additional floors . This led to a considerable surge in residential values in the area relative to commercial values.