Griffin House

161 Hammersmith Road
Hammersmith

Owned by La Salle Investment Management, BHP provided its Development Management skill set in advising them in relation to the asset management and refurbishment strategy.

BHP supervised all aspects of the refurbishment and marketing process. BHP also successfully oversaw the planning application for the works and, following grant, the comprehensive rolling refurbishment of the building.

Successfully pre-letting the majority of the vacant accommodation to Virgin Media prior to PC, the remaining vacant accommodation was let within two months of PC.

The timely refurbishment and marketing campaign delivered a significant above industry return for La Salle.

STRENGTHS

  • Signs of imminent rental growth due to restricted supply
  • Large floor plates
  • Partially occupied

OPPORTUNITIES

  • To improve the ERV through a comprehensive refurbishment of the vacant suites and common parts
  • Improve the NIA through optimisation of the risers and aggressive fire strategy
  • To deliver refurbished suites into an under supplied market place

WEAKNESSES

  • Construction activity around existing occupiers
  • Partially occupied nature restricted ability to significantly alter front elevation
  • Limited floor to ceiling height

Threats

  • Construction risk associated with occupant of the office building
  • Planning risk with the proposed alterations
  • Significant CAPEX required