The Cloisters

Marlow Road

Acquired in joint venture with Milroy Holdings, this purchase marked the 7th successive partnership with BHP.

One of the property's attractions included a low rent, high initial yield and less than 2 yrs to lease expiry.

The site is under developed and aside from the usual asset management activities such as exploring a lease renewal, BHP is evaluating the redevelopment of the site.

BHP know the position intimately having developed the adjacent building, Castle Hill House, which is now occupied by Hanson Quarry Products as their UK Headquarters.


  • Premier tier town in Thames Valley
  • Little similar stock in the town
  • Cross rail timing aligned to any redevelopment of the site
  • Under developed site


  • To enhance massing upon the site
  • Re-gear the existing lease or re-develop the site
  • To benefit from a limited development pipeline in the town
  • To benefit from rental growth prior to lease expiry in Dec 2014


  • Building in need of refurbishment
  • Relatively small lot size
  • Site will be tight for any construction activity


  • Tight site constraints will lead to a difficult construction environment
  • Unknown occupier demand in future
  • Void risk if speculatively developed