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Funding
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Redevelopment, Office conversion to Residential in Canary Wharf, London

London
,
United Kingdom
DEAL
001081
POSTED ON
September 14, 2020
INVESTMENT SUMMARY
IRR
15%
Multiple
2.5x
LTV
50%
First Year CoC
0
Stabilised CoC
8%
Status
Funding
Deal #
001081
Asset Class
Residential
Strategy
Development
Capital Type
Equity
Deal Size
£
27.5
m
Investment Size
£
6.8
m
Holding Period
2 Years
INVESTMENT HIGHLIGHTS
  • Existing office accommodation comprises of ground plus seven storeys with associated leased basement car parking providing 11 spaces. The building extends to a total of 4,777 sq m (51,416 sq ft) GIA and the site 0.065 hectares (0.1607 acres). The offices are currently partially occupied and provide a total existing income of£495,757 per annum.
  • The site benefits from Prior Approval for conversion of the office space to provide 70 private residential units (35 x Studios, 21 x 1-beds and 9 x 2-beds), with a combined Net Saleable Floor Area of 3,156sq m (33,971 sqf). The proposed development will not be subject to any CIL, Section 106 contributions or provide any affordable housing.
  • The site is situated in an excellent location in Canary Wharf, situated in the London Borough of Tower Hamlets. The site fronts Millwall Inner Docks at the dock basin and the surrounding area is characterised by residential development, with the redevelopment of Westferry Printworks at the southern end of Millharbour and permission granted for the redevelopment of the adjacent site to provide 319 units. The Crossharbour and South Quay DLR Stations are approximately 300 and 600 metres from the site, whilst Canary Wharf Underground (Jubilee Line and DLR) is situated 0.7 miles north of the site.
  • In regards to the tenancy schedule, floor sixth and seven are currently vacant, and ground floor to fifth floor occupied with a break clause in October 2021 and a 6 months notice period.
  • The property is currently for sale for the price of £17.5m. The Sponsor, a developer, is looking for a co-investor to come in a JV 50/50 to develop this exceptional project with construction cost estimated at £10m (total costs of £27.5m) and GDV of £34.3m.
KEY DEAL POINTS
KEY FINANCIALS
ABOUT SPONSOR
Seasoned Sponsor
A reputable multi-cycle industry operator. Has less than 15 years of verifiable track record and less than $500m in turnover annually or less than $10bn of AUM.
FURTHER IMAGES
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LOCATION
DEAL DATA ROOM
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INVESTMENT SUMMARY
Strategy
Development
Asset Class
Residential
LTV
50%
Deal Size
£
27.5
m
Closing
Nov 2020
Capital Type
Equity
Investment Size
£
6.8
m
Net IRR
15%
Multiple
2.5x
Holding Period
2 Years
INVESTMENT DETAILS
  • Existing office accommodation comprises of ground plus seven storeys with associated leased basement car parking providing 11 spaces. The building extends to a total of 4,777 sq m (51,416 sq ft) GIA and the site 0.065 hectares (0.1607 acres). The offices are currently partially occupied and provide a total existing income of£495,757 per annum.
  • The site benefits from Prior Approval for conversion of the office space to provide 70 private residential units (35 x Studios, 21 x 1-beds and 9 x 2-beds), with a combined Net Saleable Floor Area of 3,156sq m (33,971 sqf). The proposed development will not be subject to any CIL, Section 106 contributions or provide any affordable housing.
  • The site is situated in an excellent location in Canary Wharf, situated in the London Borough of Tower Hamlets. The site fronts Millwall Inner Docks at the dock basin and the surrounding area is characterised by residential development, with the redevelopment of Westferry Printworks at the southern end of Millharbour and permission granted for the redevelopment of the adjacent site to provide 319 units. The Crossharbour and South Quay DLR Stations are approximately 300 and 600 metres from the site, whilst Canary Wharf Underground (Jubilee Line and DLR) is situated 0.7 miles north of the site.
  • In regards to the tenancy schedule, floor sixth and seven are currently vacant, and ground floor to fifth floor occupied with a break clause in October 2021 and a 6 months notice period.
  • The property is currently for sale for the price of £17.5m. The Sponsor, a developer, is looking for a co-investor to come in a JV 50/50 to develop this exceptional project with construction cost estimated at £10m (total costs of £27.5m) and GDV of £34.3m.
INVESTMENT HIGHLIGHTS
Funding
SUMMARY
Opportunity to participate in the redevelopment of an existing office building in Canary Wharf, East London. The property, a purpose built office building benefits from prior approval for conversion of the office space to 65 residential units with a combined net saleable floor area of 2,710 sqm. The Sponsor is a developer that interested in taking over this project and looking for a co-investor
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