The West End of London Property Unit Trust ('WELPUT'/the 'Trust'), advised by Grafton Advisors and managed by Schroders, has today launched its most recent completed redevelopment, One Chapel Place, Vere Street, London, W1.
Located at the northern end of Bond Street, between the iconic department stores of John Lewis and Selfridges, the 34,000 ft² (approx. 3,158 m²) building provides 25,500 ft² (approx. 2,368 m²) of space consisting of the ground floor plus four floors of high specification, bright, open plan office accommodation, a dramatic reception area and a 640 ft² (approx. 59 m²) roof terrace.
In addition to the office space there is a 5,000 ft² (approx. 3,158 m²) restaurant unit and 3,500 ft² (approx. 3,158 m²) retail/coffee shop unit. The asking rent for the offices will be £77.50 (approx. 97) per ft² but will vary upwards or downwards according to the floor and the general terms.
One Chapel Place is situated in a prime West End location on the north side of Oxford Street, at its western end between Oxford Circus and Marble Arch. This location, offers immediate access to the West End's core shopping district and Bond Street tube station, which will provide access to Crossrail in due course.
WELPUT originally purchased the freehold interest of One Chapel Place in July 2010 for £22 million (approx. 27.5) million. The asset was acquired with imminent vacant possession. This enabled the WELPUT team to fast-track its redevelopment and the Trust to capitalize on the continued demand for high quality West End offices.
Commenting, Nigel Kempner of Grafton Advisors, said:
"One Chapel Place offered a significant opportunity for WELPUT to quickly deploy capital into a prime office development during a time when very little new space is coming to the market. The completed building provides top class modern office accommodation within a very short walk from core Mayfair but at rents which reflect the location."
John Harding, WELPUT Product Manager, Schroders comments:
"Our strategy for driving future performance is supported by the range of assets that we have at various stages of the investment and redevelopment cycle. We are very pleased with the completed quality of this building and believe this, together with its central location, will help drive the future performance of this asset and WELPUT."
Cushman & Wakefield and Strutt & Parker are acting as joint leasing agents on the offices.
Source: FTI Consulting