Brockton purchased this 180,000 sq ft office and retail building in 2015, located close to Parliament, the Burberry global HQ and Tate Britain, in the heart of ‘old Westminster’.
At acquistion, the building was leased to HM Government on a short term lease. There were three options for Brockton to pursue: (i) re-structure the lease in order to create a new, long term Government hub; (ii) empty out the building and then rehab and reclad it into an expanded Grade A office; or (iii) develop a prime Westminster apartment building, utilising an existing change of use consent. All options were valuable and viable.
In 2016, HM Government committed to a new, long term, CPI-linked lease, further cementing the Govt’s focus on large, efficient buildings in strategic, public sector clusters. The asset was sold in 2017 for around £210m.