Blades Court

Acquired in joint venture with Nuveen Real Estate (previously Henderson Global Investors), the campus provides an excellent opportunity for BHP to enhance returns through active management of the estate where market dynamics are very much in the Landlord’s favour. On purchasing the building, vacant possession of Unit 11 allowed a refurbishment of the offices to create evidence for use as a comparable on forthcoming rent reviews on the rest of the estate.

An application was made on the whole site, in collaboration with Populous who occupied the main office building, for Permitted Development Rights (PDR) to underpin the value for the joint venture. A further application was made allowing development of part of the site in isolation. During discussions with Populous, it emerged that they required additional space and, having initially looked at redevelopment of the entire site, BHP agreed to sell the Wandsworth Park elevation (circa 7,000 sq ft). When a large office scheme application was put in to develop the site next door, to protect the rights to develop the building in future BHP submitted a defensive planning application for two additional floors above those units fronting Wandsworth Park and a single storey on Deodar Road. The application was ultimately withdrawn in favour of a single storey addition to the Deodar Road elevation.

Planning was achieved for two additional penthouse flats on the Deodar Road elevation and the residential conversion to create 11 flats will complete in Q3 2019.