James Harrop-Griffiths Investment Manager
Piccadilly Buildings form part of a prominent and historically valuable area of St James’s. Through asset enhancement and working closely with our existing tenants, we have created additional value and rental income whilst paying tribute to this history.
Reinvigorating historic buildings
When purchased, it was clear from the outset that the buildings needed some ‘TLC’, especially the listed arcade and the common parts of the office buildings. The Arcade was in a poor condition with many empty units and its impressive Edwardian features hidden behind poorly executed refurbishments.
We carried out a detailed yet sympathetic programme of works including a discrete lighting design to bring back the arcade to its former glory. The result of the refurbishment was the arcade emerging from being a dark and unloved ‘cut through’, to an architecturally impressive destination venue for high end boutique shops.
Market appropriate refurbishment
Using our property Asset Management skills, we were able to quickly assess the condition of the common parts and empty office units and prioritise the level of refurbishment, on a unit by unit basis, in order to give the best returns.
Varying the office specifications meant the units were not competing with each other and reduced letting voids. Piccadilly Buildings now offers desirable contemporary office space in the heart of St James’s.
Working around existing occupiers
Having a good working relationship with our occupiers is key. With our works at Piccadilly Buildings, we engaged with our existing occupiers extensively before the refurbishment works started and our contracting team had a proven track record of working sympathetically around existing occupiers. Once the works started, communication was continued with weekly newsletters and regular liaison by the contractor to minimise any inconvenience.