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Asset Management

Old Street


Client

London Borough of Hackney

Property

1960’s built mixed-use block comprising a two storey front/podium section in commercial use with a residential tower block set back from the podium level

Project Summary

The clients' property in Old Street is a 1960’s built mixed use  block comprising a two storey front/podium section in commercial use with a residential tower block set back from the podium level.

The basement comprised of an ‘open air’ 11,500 sq. ft car park which had fallen into dis-use and was attracting anti-social behaviour. As a result, the car park had been sealed and offered no amenity value to local residents as well as not generating any income for the landlord. 

In early 2013 Strettons identified the unit as a possible change of use redevelopment opportunity and offered advice on the several potential occupier types which would likely be interested in the unit.

After a wide ranging marketing campaign which targeted a range of users including, leisure, office, storage & distribution, hotel and light industrial, Bounce Leisure Ltd were identified as the preferred bidder for the site. Terms were agreed on a ‘subject to planning’ basis. Planning was successful (D1/A4) and Bounce Leisure Ltd took a 25 year term on the whole of the lower ground floor car park space plus a 300 sq ft ground floor kiosk which gave direct access from Old Street.

After around 6 months of fitting out the result is an impressive operation which has brought much needed amenity value to this area of Old Street. In addition, the client now enjoys a rental income and a positive capital value.

Simon Tilsiter

020 8509 4430
simon.tilsiter@strettons.co.uk