OFFICE, ST ALBANS
- In October 2013, together with our joint venture partners, we acquired a 7/8 storey office building in close vicinity to St Albans mainline station. The building consists of 85,500 sq ft office accommodation and parking for 228 cars, the majority on the surface car park to the southern side of Grosvenor Road.
- St Albans is an affluent cathedral town with excellent transport links to Central London (Kings Cross by rail in 19 minutes) and elsewhere in the country given its proximity to major motorways.
- Upon acquisition the building was part let to 3 tenants. We subsequently agreed lease surrenders with these tenants and obtained Permitted Development Rights approval to convert the building into 125 residential units.
- We then obtained planning permission to re-clad the building and sold it to a third party developer in August 2015 who is currently delivering the scheme.