Sherborne House, Cannon Street was brought to our investors in November 2018, via our partner Riverside Capital. Riverside Capital aims to add value through active asset management using the current rental income to refurbish the office space as it becomes vacant and re-letting at a higher price per square foot than is currently being achieved.
Since fully funding in December, Riverside Capital have been granted planning consent to improve and extend Sherborne House. This permission will allow for an additional 4,167 square feet of lettable floor area at 5th and 6th levels as well as new roof terraces to each of these floors. In addition, the consent will enable improvements to the reception area, and provide communal cycle storage and shower facilities to the building. Combined with the existing works which are currently taking place to the lifts in the building, this permission will assist Riverside Capital in repositioning the property as a prime asset in a central London location.
At present Riverside Capital are now in the process of exploring the funding options in relation to this permission, that were not envisaged as part of the original business plan. Once they have been through this process, they will provide a further update to investors. We will not be seeking any further investment from Property Partner investors in line with the above update.
To go back to the quarterly close period update click here.
Capital at risk. The value of your investment can go down as well as up. The Financial Services Compensation Scheme (FSCS) protects the cash held in your Property Partner account, however, the investments that you make through Property Partner are not protected by the FSCS in the event that you do not receive back the amount that you have invested. Past performance is not a reliable indicator of future performance. Forecasts, if stated, are not a reliable indicator of future performance. Interest and capital returned may be lower than expected. Gross rent, dividends, and capital growth may be lower than estimated. 5 yearly exit protection, exit on platform, exit in line with a specific investment case or fund strategy, subject to price and demand. Property Partner does not provide tax or investment advice and any general information is provided to help you make your own informed decisions. Customers are advised to obtain appropriate tax or investment advice where necessary. Financial promotion by London House Exchange Limited (No. 8820870); authorised and regulated by the Financial Conduct Authority (No. 613499). See Key Risks for further information.