New Loom House
112,000 sq ft / 10,405 sq m
Characterful, listed, multi-let office building of 112,000 sq ft acquired in July 2013 for £34.4m, a yield of 4.8%, let at average rents of £18.25 per sq ft. Located in Whitechapel, an emerging village in Central London where a step change in rents was expected.
By March 2015, the asset was valued at £49.1m following £1.4m of capex on vacant units and the ERV increasing from £2.6m at purchase to £3.9m (£37.50 per sq ft). Planning consent had been gained and work had started on a major repositioning and refurbishment of the building to add ‘life’ to it by introducing a café and other amenities at ground floor level. This lead, over time, to rental values of over £50 per sq ft being achieved after completion of the refurbishment works. The investment is currently unrealised.
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