28/30 Park Street, London Bridge
The Riverside Studios building at 28 Park Street was acquired with Smedvig Capital as a 20,000 sq ft, fully let office building.
Improved planning permissions were obtained over several years culminating in an approved scheme for 51,000 sq ft of offices over ground and five upper floors plus 8,000 sq ft of residential penthouses.
Developed speculatively, the new building was completed in September 2008 on time and under budget with minimal risk.
Due to the added value created through new planning permissions, 100% bank funding was achieved.
The offices were all pre-let for 20 years to Hyde Housing Association at £42.50 psf pax. The office investment was subsequently sold to a German fund, reflecting over 40% profit on cost on the transaction.
The eight, luxury, duplex penthouses were all retained and furnished by Natalia Higgins of Natalia Design. They were all let within a week of marketing at record rents for the area and circa 40% higher than the original agent’s advice.
Improved planning permissions were obtained over several years culminating in an approved scheme for 51,000 sq ft of offices over ground and five upper floors plus 8,000 sq ft of residential penthouses.
Developed speculatively, the new building was completed in September 2008 on time and under budget with minimal risk.
Due to the added value created through new planning permissions, 100% bank funding was achieved.
The offices were all pre-let for 20 years to Hyde Housing Association at £42.50 psf pax. The office investment was subsequently sold to a German fund, reflecting over 40% profit on cost on the transaction.
The eight, luxury, duplex penthouses were all retained and furnished by Natalia Higgins of Natalia Design. They were all let within a week of marketing at record rents for the area and circa 40% higher than the original agent’s advice.