The property was acquired in 2011 in a competitive bidding situation. Morgan Capital Partners carried out the subsequent development of this mixed use development to provide 25,000 sq ft of Grade A office accommodation, 1,600 sq ft of retail and 6 luxury apartments.
MCP has overseen the letting of the building, achieving one of the highest rents of 2014.
Once fully let, the commercial building was sold in January 2016 to a private buyer for £70m, reflecting a 3.25% NIY and £2,600psf. This successful project produced a profit on cost of 75% and an IRR of 18%.