Vengrove, the privately owned real estate investment and asset management firm, has announced the acquisition of 18 – 42 Wharf Road, London, N1 in partnership with Chenavari Investment Managers.
Following the completion of 18 – 42 Wharf Road, Vengrove will undertake a full CAT A refurbishment of the 45,000 sq ft space from shell and core condition providing Grade A B1 accommodation within London’s technology hub. Vengrove had pre-agreed terms on 50% of the space prior to acquisition.
Vengrove has also now fully-let its 12,000 sq ft 41 Wenlock Road office – situated across the canal from Wharf Road – just two weeks after completing the Grade A refurbishment. Terms were agreed on Unit 1 prior to acquisition with the rapidly expanding healthy popcorn brand, Propercorn. The remaining space was let to production company, Somesuch & Co Limited, on completion of the refurbishment.
Vengrove’s Chief Executive Officer, Ross Taylor, remarked: “Both acquisitions represent strong additions to the portfolio and again highlight our ability to execute with discretion and speed. At 18-42 Wharf Road the quality of end product coupled with the asset’s proximity to London’s technology, creative and financial hubs will enable us to satisfy the demand of high-quality tenants in need of good quality space”.
Commenting further, Tim Lucas, Head of Asset Management added: “The completion of the lettings at 41 Wenlock Road again delivers our business plan ahead of schedule, under budget and at greater rents than our typically conservative underwrite. The speed at which we were able to let the space underpins our confidence in this area of London. We look forward to similar success at Wharf Road”.
Vengrove was advised by Kontor London and BNP Paribas.
