138 Cheapside, formally Cheapside House, is situated in the City of London core approximately 0.1 mile east of St Paul’s Cathedral and 0.4 miles west of the Bank of England. The building benefits from approximately 70 metres of retail frontage onto Cheapside and is bounded by Foster Lane to the west and Gutter Lane to the east.
James acquired 138 Cheapside off market in October 2016 for £83.5m from CPPIB/Hermes. It comprises approximately 82,500 sq ft of multi let office, retail and ancillary accommodation over basement, ground and 8 upper floors.
Post-acquisition, a number of successful rent reviews and regears were concluded, including breaking £300 Zone A for the first time in the City of London for a retail unit.
Within the office floors, negotiations with tenants on part floors in the upper sections of the building were then moved to partly vacant lower floors to consolidate these and free up the upper floors for entire refurbishment.
Planning Permission was achieved late 2018 for a new roof terrace on the 7th floor and a reconfiguration of the common areas, including a new reception area. The works provided 42,000 sq ft of modern new office floors, together with a complete overhaul of the central plant, maximising the building’s efficiencies.
The works have completed and a marketing strategy is currently underway.
Acquisition | Asset Management | Commercial & Negotiation | Planning Permission | Design Advice & Viability | Procurement| Development Management | Assemble & Lead Professional Team | Budget & Review | Scheme Optimisation | Leasing Feasibility | Advice & Analysis