Wainbridge fund nets 3 office schemes

Posted on by John Cronin

Commercial property investor Wainbridge has secured the purchase of 3 office schemes located in London and Bristol.

Wainbridge, a boutique investment management firm focusing on real estate, has spent £39m on the office schemes on behalf of the Wainbridge Global Opportunities London (WGOL) property fund. The office schemes are located in London, Croydon and Bristol and offer a combined floor space of 264,858 sq ft.

Chenies Street CrescentThe London office scheme consists of 3 adjoining office buildings in Chenies Street, Fitzrovia (pictured) providing 60,670 sq ft of floor space that is fully let to marketing group Omnicom until 2016. The purchase price for the offices was £24.5m and Wainbridge is to undertake a £4.5m refurbishment programme.

The Croydon office is the multi-let, 112,329 sq ft Sunley House building. The 12-storey premises, purchased from the receivers for £11m, are currently running at an occupancy rate of 67%. Tenants include Zurich Insurance and the Secretary of State for Communities and Local Government. The modern, Grade A rated building underwent a £4m refurbishment programme in 2008.  Sunley House is near to the No1 Croydon scheme, a 166,500 sq ft landmark office building that Waingate purchased in November, 2010.

Wainbridge also purchased a Bristol offices scheme in a tied deal linked to the Croydon scheme. The 91,859 sq ft, 15-storey Froomsgate office building is located in Bristol city centre, adjacent to the commercial district. The offices, purchased for £3m, are currently running at an occupancy rate of 74%. Wainbridge is planning to convert the offices to a student accommodation facility (pdf link).

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