2 Bridge Avenue

Hammersmith

Acquired in joint venture with F&C REIT, this acquisition marks their third transaction in succession with BHP.

Purchased with a delayed completion, the timing allowed BHP to ensure a seamless transition from purchase to preparatory works for the refurbishment within days of ownership.

Shortly after the purchase, planning consent was successfully obtained through delegated powers for the addition of a 3F, adding 23% of net lettable area.

Following a competitive tender, construction commenced with PC being achieved within 10 months of purchase.

www.2bridgeavenue.com

STRENGTHS

  • Very positive market dynamics in Hammersmith at the time of purchase
  • Self contained office building
  • No direct competing supply
  • VP guaranteed upon purchase
  • Delayed completion

OPPORTUNITIES

  • To increase the massing through the addition of a 3F
  • To enhance aesthetics through elevation improvements
  • To improve ERV through refurbishment

WEAKNESSES

  • The building was in need of complete refurbishment
  • The car park has third party access rights over it
  • Within a conservation area

Threats

  • Planning risk in relation to the 3F
  • Construction risk
  • Void risk on speculative refurbishment
  • Car park not secure