Burleigh House is a substantial listed building on the north side of Strand in central London comprising 15,000 sq ft of offices and 6,000 sq ft of retail accommodation. Having been appointed by Legal & General as asset managers, Cube devised a strategy to combine three existing shops at the property to create a single larger unit which would appeal to major restaurant chain operators.
The new ground floor restaurant unit was let to Garfunkels on a new 25-year lease while Cube negotiated a 10-year lease renewal with Starbucks for the building's other retail unit. A comprehensive £1.5m refurbishment of the offices was carried out and a new leasing and marketing strategy was devised. Three floors have now been let on rents rising to £48.50 per sq ft on five and 10-year terms.
Jonathan Lawes comments: "This is exactly the type of situation which Cube relishes. By devising a strategy that addressed the various issues and showing how the building could be repositioned in the market, we were able to work with the owners to transform the asset and its future value.
"It was a very detailed project but one which has resulted in the transformation of the property and a significant increase in its value."