Henderson Park 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. The purchase price was not disclosed.
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)’. Located within walking distance of Tower Hill and Aldgate Underground, as well as Fenchurch Street and Liverpool Street mainline stations, the property comprises c. 191,100ft² 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. 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.
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.
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.”
