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Grain House
Grain House is a compelling investment comprising a prime, fully consented office-led scheme in the Covent Garden area of London’s West End, consisting of five interconnected buildings on a c.0.47-acre island site.
Investment Strategy
- The Fund has acquired the project with vacant possession and will undertake significant refurbishment of the aggregated block, increasing NIA from c 61 000 sq. ft to c 93 000 sq. ft, due to complete construction in Q1 2023 with tenant occupancy expected in Q3
- The completed scheme will be one of the very best, most progressive office schemes in London, creating showcase next generation modern, creative, sustainable workspaces in a prime London office location.
- The completed scheme will offer a building of rare scale in the Covent Garden submarket and will strongly appeal to TMT and other leading occupiers with restored original features, character facades and extensive terracing.
- Hines will leverage in-house local team expertise and local relationships with contractors and tenants to execute this value add project, undertaking extensive refurbishment, and fully re-leasing before selling.
At a glance
Location
London
Property Type
Mixed use: Office and Retail
Building Details
61,000 sqft
Tenant
Hines Europe
WALT
N/A
Occupancy
Vacant
Transaction Details
Acquired
Q1 2020
Net Purchase price
EUR 55-60 million
Business Plan
Long-term hold
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