Building is one of the most sought after properties in the City and offers an excellent investment opportunity
Office Space in Town, one of the UK’s leading serviced office providers, together with Forum Partners, a global real estate and asset management firm announced the £21 million acquisition of 20 St Dunstan’s Hill, EC3, one of the most sought after properties in the Square Mile and represents an excellent investment opportunity.
Situated on a prominent EC3 island site adjacent to the iconic Monument landmark and close to some of the most high-profile and exciting new developments in the City, the building is an ideal location for businesses searching for a London base. The communication and transport links are excellent with well served tube and bus connections and London Bridge national rail station only seven minutes’ walk away, providing accessible links to London’s City, Gatwick, Stansted and Heathrow airports.
Office Space in Town is planning an extensive refurbishment of the 10 storey building, which has 58,097 sq ft of office and ancillary space that is expected to increase close to 60,000 sq ft when complete. The plans include extending the reception area, potentially expanding floor plates to create more flexible space, developing high-spec office space, conference/meeting rooms, virtual and day offices. The space will be suitable for both large companies looking for a London presence as well as SMEs seeking to expand in the capital.
The property is the first acquisition of the second joint venture, between Office Space in Town and Forum Partners, which was launched last month. Over £30 million has already been committed by Forum Partners and Office Space in Town to this second joint venture and there are currently advanced negotiations with further funding commitments from blue-chip property and financial investors to raise the equity capacity to £100 million.
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The first joint venture between Office Space in Town and Forum Partners, which was launched in 2012, already includes three London serviced offices situated in Liverpool Street, St Paul’s and Waterloo. These assets have generated excellent returns and the two ventures have portfolios currently valued in excess of £100 million.
The UK’s serviced office market has enjoyed robust growth, with London, the clear leader, accounting for 25% of the UK serviced office sector. Average serviced office rates in the capital recently rose to levels not seen since the highs of 2008. Reports cite London as having the largest number of serviced offices globally, close to 10%, with New York the next largest market.
Giles Fuchs, Co-founder and CEO of Office Space in Town, commented:
“20 St Dunstan’s Hill is a fantastic building in an excellent location in the heart of the City. It’s a perfect base for businesses of all sizes and once we have completed our refurbishment plans it will offer the most up-to-date, high-spec offices and facilities. We are still actively looking to acquire further buildings primarily in London’s zone one, which will complement our existing portfolio and we remain very optimistic about the prospects of the serviced office market in the UK and, in particular, in London given its strong growth and outstanding performance in recent years.”
Andrew Walker, Managing Partner and Co-founder of Forum Partners, commented:
“We are delighted to be partnering with Office Space in Town on the acquisition of 20 St Dunstan’s Hill, one of the landmark buildings in the City surrounded by such rich heritage and history. It’s an excellent investment opportunity and we look forward to working with our partners to transform the building into one of the most contemporary and sophisticated serviced offices in London and realise its full investment potential.”