June 21, 2019HENDERSON PARK ACQUIRES IBEX HOUSE, LONDON’S ORIGINAL SERVICED OFFICE
London, 21 June 2019 – Henderson Park, the European real estate investment platform, announces that it has acquired Ibex House, an iconic Grade II listed Art Deco office building in the City of London. Henderson Park has made the acquisition with Dukelease Properties.
Built in 1937, Ibex House is believed to be London’s first serviced office building with space marketed as ‘six shillings per sq foot inclusive of everything (even cleaning)’. With 85% occupancy, the building is still multi-let, with 28 occupiers from a diverse range of sectors and including BBC Media Action, PLP Architecture, CAPITA and Thomas Cooper LLP.
Ibex House occupies a prominent island site on the east side of the Minories district where average vacancy is low at around 5.6%, with demand driven by the area’s location in the heart of London’s Tech Belt and its appeal to a range of occupiers from financial services, insurance and tech to the creative industries.
Within walking distance of Tower Hill and Aldgate Underground, as well as Fenchurch Street and Liverpool Street mainline stations, the property comprises c. 191,100 sq ft of office, restaurant, retail and gym accommodation arranged over a basement, lower ground and eight upper floors, as well as a former public house which is also being acquired. Ibex House has a weighted unexpired lease term of 5.25 years (excluding the public house) and is highly reversionary with a low passing rent of £35 per sq ft.
Henderson Park intends to reposition the building through a phased refurbishment programme, taking vacant possession of space as it becomes available, with a view to improving and modernising the facilities and gradually bringing the rental tone in line with comparable properties in the area. Initial works will include the reconfiguration of the ground floor to incorporate the public house and enlarge and modernise the reception area including the introduction of a lounge and café.
The property is also set to benefit from high profile projects in the surrounding area including the new Embassy of the People’s Republic of China at Royal Mint Court and the significant residential developments underway at The Minories Estate and Royal Mint Gardens.
Nick Weber, Founding Partner of Henderson Park, said: “With so much emphasis currently on the evolution of the workplace, the acquisition of Ibex House provides a rare opportunity to acquire an original and operational Art Deco building which for its time set a new standard of what the modern office should be and was the first in London to promote the concept of all inclusive serviced offices. The building has a strong tenant line up, offers reversionary potential and is in a high demand area that is benefitting from a number of nearby developments including the new Chinese embassy. This is our third office acquisition in London and we continue to see attractive pricing levels against a backdrop of political uncertainty.”
Richard Leslie, CEO of Dukelease Properties, said: “We are pleased to be moving forward with this exciting development alongside Henderson Park. Ibex House is one of the most iconic buildings in central London and a great investment opportunity in this zone one area. We are looking forward to making improvements to the building that will further bolster its commercial offering in its prime location.”
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For Henderson Park:
Richard Sunderland/Ellie Sweeney: +44 (0)20 3727 1000
NOTES TO EDITORS:
About Henderson Park
Henderson Park is a pan-European private equity real estate manager based in London. It has invested over $5 billion in building a portfolio of real estate assets across Europe, primarily targeting Europe’s gateway and capital cities. It seeks high-quality assets in prime locations where it can identify potential to unlock or create value through asset management, or by taking on and working through complex situations. Henderson Park strives to work with and create long-term strategic relationships with best in class local operating partners. Henderson Park is led by Nick Weber, its Founding Partner and CEO.
About Dukelease Properties
Dukelease Properties is a Prime Central London property development company with more than twenty years’ experience delivering exceptional residential and mixed-use projects. A family owned and run business, Dukelease has a diverse team of in-house specialists across design, planning, development, property marketing, sales and management as well as finance.