One Chapel Place, 5-7 Vere Street, W1All Properties
One Chapel Place was purchased in 2010 on behalf of WELPUT for £23 million. At purchase, the property – which was originally built in the 1880s – was single let and approaching its lease expiry, but in an area due for improvements through the introduction of the Elizabeth Line (Crossrail) at nearby Bond Street station.
Grafton Advisors obtained planning consent for a 34,000 sq ft refurbishment and extension and subsequently secured vacant possession from the tenant. The works were completed in 2012, following which a multi-let leasing campaign was carried out and rents of up to £84.00 psf were achieved, 44% ahead of the refurbished ERVs at purchase.
The property was sold to a private overseas investor in 2015 for £59 million.
|Village:||North of Oxford Street|
|Uses:||Offices, Retail & Restaurant|
|Size:||34,000 sq ft (3,200 sq m)|
|Status:||Completed and Sold (2015)|
|Architect:||Sawkings + Norton|
One Chapel Place, 5-7 Vere Street, W1