Kelvin House

Springfield Drive

BHP unconditionally acquired the property in JV with Lumina Real Estate Capital from LPA receivers with the benefit of a short unexpired term. The receivers had recently failed to sell the property to an institution with adjacent ownership considering land assembly and their reduced pricing aspirations reflected this situation.

Through BHP’s involvement with other assets in Leatherhead leased to the tenant, they have direct contact with the Head of Estates and their retained advisors - therefore comfort in terms of their future occupational intentions were obtained prior to the property’s purchase. Should a re-gear with the tenant not be possible in due course, BHP are very content with future supply of offices in the local maket and off the purchase price, a comprehensive refurbishment is equally profitable to the re-gear opportunity.


  • Receivership sale
  • Institutional grade tenant with Freehold HQ in adjacent building
  • Business park setting
  • Excellent car parking ratio


  • Re-gear the occupational lease with the tenant
  • Refurbish the M&E plant to modernise the air-conditioning and replace R22
  • Opportunity to provide Grade A accommodation should the tenants vacate


  • Short unexpired term
  • Tenants desire to re-gear lease not yet ratified by US parent
  • R22 within the air conditioning system
  • Location remote from tenant amenity


  • Void risk a possibility if parent authorisation for re-gear not forthcoming
  • Business park location lacks amenity
  • Exact CAPEX and timing uncertain