Henderson Park buys BNP Paribas's Marylebone home

By Paul Norman - Tuesday, July 10, 2018 8:44

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Henderson Park, the European real estate investment platform founded by Nick Weber, has bought Woolworth House, the former London home of retail giant Woolworths, at 242/246 Marylebone Road in London NW1 for £94m from Hermes Investment Management.

The 1959 built Art Deco Woolworth House near Regents Park, on the corner of Marylebone Road and Harewood Avenue, comprises 159,000 sqft over eight storeys and was Woolworths' UK headquarters.

It is now fully let with French banking giant BNP Paribas as the main tenant occupying almost 50% of the office accommodation.

Woolworth House has multiple lease expiries with all leases due to expire by June 2022, presenting an opportunity to refurbish and relet.

The building’s facade is constructed of Portland Stone and features a number of incised carvings and a large sculpture above the portico, as well as a coloured sculpture of the Woolworths’ coat of arms on the central frieze. It was designed by Richard Seifert who also created Centre Point, Kings Reach and Tower 42.

Nick Weber, Founding Partner of Henderson Park, said: “Woolworth House is an extremely well located and highly distinctive office building which we believe offers enormous potential in London’s West End office market that has seen many office to residential conversions since 2008 and a constrained development pipeline. Our investment in Woolworth House is underpinned by the exciting asset management initiatives that we have identified for the building and our belief that London will retain its status as one of the world’s preeminent global cities and centres for international business, both of which will be key drivers of demand for the high quality product that we intend to deliver.”

Chris Taylor, Head of Private Markets at Hermes Investment Management, said: “The disposal of Woolworth House follows a proactive asset management strategy being implemented at the asset, which has included regearing of leaseholds within the building. Capital from this sale will be redeployed into new acquisitions which present an opportunity for added value to be achieved.”

Farmer Capital advised Hermes Investment Management on the transaction.

pnorman@costar.co.uk

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