21 Tothill Street, SW1

21 Tothill Street was purchased on behalf of WELPUT in 2010 for £29 million. At purchase, the building was let on 3 leases to the same occupier for a further 5 years.

Grafton Advisors regeared the leases onto a single lease to ensure there would be either vacant possession or a lease extension of the whole at the end of the lease. Later, the team prepared proposals for a refurbishment and agreed a surrender with the tenant. 

The building was sold in 2015 for £55 million to Whitbread for a hotel, crystallising a profit in excess of that expected to be achievable in carrying out a refurbishment, whilst avoiding development risk.