The Point, Paddington, W2All Properties
A 50% interest in The Point, alongside Hermes Real Estate, was acquired in 2004 on behalf of WELPUT for £64 million. The building was fully let to Orange, with a number of sub-tenants in occupation including M&S.
Grafton Advisors managed the entire building throughout the Joint Venture's ownership, improving the rental profile of the building through a combination of surrenders, refurbishments, re-lettings and regears. Notably, a lease regear was carried out with Orange (Everything Everywhere) to extend the term to 2028 and increase the rent.
Following M&S’s decision to exercise a break clause on its four floors of the building, these floors were refurbished and re-let achieving rents of up to £62.50 psf, at the time a top rent in Paddington.
The team sold the entire interest of the property, on behalf of WELPUT and its JV partner, in 2014 for £210 million.
|Size:||235,000 sq ft (21,800 sq m)|
|Freeholder:||The Canal and River Trust|
|Architect:||Griffiths Design Associates (floor refurbishments)|
The Point, Paddington, W2