Addington Capital and BauMont Real Estate Capital have acquired Old Change House in the City of London from Coal Pensions for circa £23m.
The 56,814 sq ft detached office building at 128 Queen Victoria Street includes 3,732 sq ft of ground floor retail space. There are currently two vacant office floors in the building totalling 18,600 sq ft, with further lease expires in 2025 and 2027.
The building was acquired by Coal Pensions in 2000 and was partly refurbished in 2018, with new end of trip facilities added.
BauMont and Addington believe the acquisition provides an opportunity to complete the refurbishment of the building to create best-in-class Cat A office space, with enhanced ESG credentials.
Martin Roberts, principal of Addington Capital, said: “The opportunity to undertake a rolling refurbishment programme of an income producing asset like Old Change House offers attractive risk adjusted returns. We are actively pursuing similar ‘brown to green’ projects across Central London, allowing us to upgrade buildings with strong fundamentals to create the high quality, ESG-compliant space, sought after by today’s occupiers. We believe that there will be other similar opportunities over the coming months.”
“We are delighted to extend our working relationship with BauMont, with whom we have worked on three residential projects in the London area. This is our first venture together into the commercial property markets.
Coal Pensions was advised by Delancey. Delancey was advised by Knight Frank and Addington Capital was advised by Savills.
