247 Tottenham Court Road, W1

The transaction represented a unique opportunity to acquire a 50% stake in the freehold of a best in class, mixed-use, new development midway through construction. Situated a short distance to the north of St Giles’ Circus and immediately to the west of Bedford Square, The Fitzrovia occupies a 0.50 acre peninsula site and is designed by Stiff & Trevillion to comprise 64,735 sq ft of premium office accommodation arranged over lower ground, ground and 5 upper floors, 12,174 sq ft of prime retail at ground and lower ground floors together with 8 high class residential units. The Fitzrovia is set to deliver the highest levels of sustainability targeting BREEAM Outstanding (achieved by less than 1% of assessed buildings), WELL Platinum, EPC A, Nabers 5* and WiredScore Platinum. The offices are accessed from Bayley Street at the north of the site and have been designed to a 1:8m2 density providing circa 15,000 sq ft floorplates, which will benefit from 2.8m average clear floor to ceiling heights and floor-to-ceiling glazing across three elevations. Outdoor amenity space has been provided for with over 3,000 sq ft of outside terrace space, including a communal terrace over the 6th floor and private terraces over the 4th and 5th floors, and best-in-class end of trip facilities will be delivered at lowest ground floor levels with 136 cycle spaces, 17 showers, 120 lockers and a dedicated cycle concierge service.

The transaction offered a unique opportunity to buy into a new development in a severely supply constrained sub-market of the West End, within the immediate sphere of influence of Tottenham Court Road station, with over 95% build-cost certainty. The scheme is due for PC in April 2025. Since closing the transaction the joint venture has successfully pre-let the lower ground, ground, 1st and 2nd floors to Associated British Foods off a blended rent of £90.00 per sq ft, with strong levels of interest, at the time of writing, in the remaining office floors and retail units prior to PC.