Ziggurat, St Albans
St Albans is an affluent cathedral city with excellent transport links to central London (Kings Cross by rail in 19 minutes) and elsewhere in the country, given its close proximity to major motorways. As a result, both the office and residential markets are resilient with strong potential for growth.
Together with our joint venture partners, we acquired this 7/8 storey office building in close proximity to St Albans mainline station. The building consisted of 85,500 sq ft office accommodation and parking for 228 cars, the majority on the surface car park to the southern side of Grosvenor Road.
Upon acquisition, the building was part let to 3 tenants. We subsequently agreed lease surrenders with these tenants and obtained Permitted Development Rights approval to convert the whole building into 125 residential units. We then obtained planning permission to re-clad the building and sold this element of the investment to a third party developer who has now successfully delivered the scheme.