Kean House, Covent Garden

Double fronted site with retail frontage to Kingsway and new office entrance to Kean Street. Substantially refurbished 9 storey office building over retail at ground floor.

• Comprising 21,500 sq ft offices
• 1,650 sq ft retail unit 1
• 460 sq ft retail unit 2
• 2,009 sq ft basement

Acquisition of the former Awdry House, 11 Kingsway from UK & European (a Jersey based company).

The existing building comprised of approximately 18,500 sq ft of secondary office accommodation (without air conditioning, suspended ceilings or raised floors). A WH Smith retail outlet occupied the ground floor with basement storage.

To substantially redevelop the site and transfer the office entrance from Kingsway to Kean Street thereby providing a Covent Garden aspect to development. Provide A1/A2 use as retail frontage from Kingsway. Terrace Hill looked to provide a substantially refurbished Category A office space with air conditioning, suspended ceilings and raised floor.

The development was a joint venture with Close Brothers Group (7th Special Opportunities Fund) and has now been fully let with the exception of the third floor on a mix of 11 year leases with no breaks and 10 year leases with 5 year breaks.

Tenants include Adecco, Costa Coffee and Virgin Group.

Re-use of an existing building to provide improved accommodation.

• Purchased in April 2006
• Planning application submitted in July 2005
• Planning consent granted in Nov 2005
• Started on site in July 2006
• Practical Completion achieved in Nov 2007

Ken Grundy