Case Study: Land Acquisition

Thames House, Park St, SE1

The Southbank acquisition team advised on the purchase of Thames House a 32,000 sq ft commercial freehold with a car park for 25 cars.This is a pivotal building due to its location in the continuing regeneration of Borough Market.

Daniel Cobb’s role was to identify the opportunity, liaise with the Freeholders on behalf of a private client and a real estate venture capital fund, act to facilitate the best method to resolve issues resolution of a delayed completion. This was an incredibly sensitive off market transaction.

Thames House was a pivotal part in the redevelopment of 2.5 acres of land to the west of Borough Market, which would also include Vinopolis the Wine Museum. Reflecting a Gross Development Value of just short of £250 million, this is intended to create a high end retail led scheme.

Due to the nature and size of this transaction it was identified by our team that the initial agreement of Vacant Possession would no longer be the best case scenario, we therefore went back to renegotiate with the Freeholders and agreed new terms allowing the tenants to remain.

Asset Management – We used our experience and knowledge of the commercial market in South Bank to seek better value through agreeing new leases and renegotiating terms with existing tenants. We identified tenant needs and looked for greater value by relocating them within the building.

Commercial Management – We undertook due to the possible short nature of the occupation of the building during the planning application to take over the commercial management of the building. We sort greater value for tenant and client by analysing the budgets and looking to improve the services to the building. In a recent survey of the tenants in the building we received a high satisfaction rating from all tenants in occupation.