Henderson Park, the European real estate investment platform, announces that it has acquired Ibex House, an iconic Grade II listed Art Deco office building in the City of London. Henderson Park has made the acquisition with Dukelease Properties.
Built in 1937, Ibex House is believed to be London’s first serviced office building with space marketed as ‘six shillings per sq foot inclusive of everything (even cleaning)’. With 85% occupancy, the building is still multi-let, with 28 occupiers from a diverse range of sectors and including BBC Media Action, PLP Architecture, CAPITA and Thomas Cooper LLP.
Ibex House occupies a prominent island site on the east side of the Minories district where average vacancy is low at around 5.6%, with demand driven by the area’s location in the heart of London’s Tech Belt and its appeal to a range of occupiers from financial services, insurance and tech to the creative industries.
Within walking distance of Tower Hill and Aldgate Underground, as well as Fenchurch Street and Liverpool Street mainline stations, the property comprises c. 191,100 sq ft of office, restaurant, retail and gym accommodation arranged over a basement, lower ground and eight upper floors, as well as a former public house which is also being acquired. Ibex House has a weighted unexpired lease term of 5.25 years (excluding the public house) and is highly reversionary with a low passing rent of £35 per sq ft.
Henderson Park intends to reposition the building through a phased refurbishment programme, taking vacant possession of space as it becomes available, with a view to improving and modernising the facilities and gradually bringing the rental tone in line with comparable properties in the area. Initial works will include the reconfiguration of the ground floor to incorporate the public house and enlarge and modernise the reception area including the introduction of a lounge and café.
The property is also set to benefit from high profile projects in the surrounding area including the new Embassy of the People’s Republic of China at Royal Mint Court and the significant residential developments underway at The Minories Estate and Royal Mint Gardens.
Source : Company