MARCOL acquires £23million London Clerkenwell portfolio and kicks off Soho redevelopment project
4 November 2014
MARCOL has recently completed on a £23m portfolio consisting of three office and mixed use converted warehouses in the rapidly-emerging Central London sub-market of Clerkenwell.
Acquired off market for a competitive price, 104-110 Goswell Road, 77 Bastwick Street and 15-27 Gee Street will provide future opportunities for active asset management, including re-gearing, rent reviews, lease renewals and re-lettings.
The Clerkenwell portfolio is being purchased as a reinvestment of the sale proceeds of 20-22 Tudor Street, an office building in Blackfriars, and a former Norbert Dontressangle transport depot at Rowley Regis in the West Midlands, which are being disposed of as mature investments. The value-add opportunities for both properties have been exploited fully through the refurbishment and re-letting of Tudor Street and the obtaining of planning consent for residential redevelopment at Rowley Regis.
In addition, a substantial residential redevelopment is underway to create unique loft style apartments at 68-70 Wardour Street, in the heart of Soho. A multi million pound investment will see the construction of an additional fifth floor and the creation of three double aspect apartments plus a large duplex penthouse.
The reinvestments and redevelopment will add rental growth, enhanced quality of income and quality of real estate to MARCOL’s growing Central London portfolio.