Boultbee LDN, the property development and investment company acting for entrepreneur Steve Brooks and other investors, has acquired a building in Shoreditch for £8.6 million to add to its pipeline of refurbishment projects in London’s up-and-coming office markets.
The company has acquired the leasehold to 39 Tabernacle Street, a vacant office building, from a fund advised by Mayfair Capital Investment Management. The 14,642 sq.ft. property backs onto the Chapel built in 1778 by the founder of Methodism, John Wesley, and the Methodist Church owns the freehold.
Simon Hosking, Boultbee LDN’s Managing Director, said: “Shoreditch is a market we know well, having already delivered half a dozen projects in the area. We are very excited to get started on this new project. We plan to refurbish the building to the level required by the modern office occupiers in this hub for London’s creative and digital economies. This will be a perfect HQ for one of the many occupiers looking to locate near to the buzz of ‘Old Street’ and everything else that comes with working in Shoreditch”
The property is in the heart of Shoreditch, the vibrant neighbourhood on the northern fringe of the City of London that has evolved into a major centre in London for established companies and start-ups in the technology, media and telecommunications sectors. With its excellent public transport links the area has flourished to attract new retail, restaurant and hotel concepts as well as a host of other companies in creative activities.
Boultbee LDN’s development partner for the Tabernacle Street project is City Innovations, with whom it has collaborated on other London development projects. Somerford Real Estate and Stirling Ackroyd advised while UBS provided acquisition and development finance for the office refurbishment project. JLL acted on behalf of the vendor.
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