2 Bridge Avenue
HammersmithVIEW ALL OUR TRANSACTIONS
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.
BHP managed a competitive bid process to lease the building culminating in a sale, based on rents in excess of ERV, to a local free school.
- 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
- To increase the massing through the addition of a 3F
- To enhance aesthetics through elevation improvements
- To improve ERV through refurbishment
- The building was in need of complete refurbishment
- The car park has third party access rights over it
- Within a conservation area
- Planning risk in relation to the 3F
- Construction risk
- Void risk on speculative refurbishment
- Car park not secure