24 Lime Street, London EC3

This freehold multi-let office and retail property situated in the City of London’s financial district on a 100% prime insurance address comprised of 6,667 sq ft of office accommodation across ground and 4 upper floors, along with 2,097 sq ft of restaurant space at lower ground and 530 sq ft of retail at ground floor. A total of 9,294 sq ft.

At acquisition for £4m in Q4 2012, the property was severely undermanaged, with 36.4% of the office space vacant and a number of tenants engaged in disputes with the property manager over a poorly run service charge regime. The property was unrefurbished and required full replacement of central plant, lift machinery and extensive redecoration.

Over an investment cycle of 17 months, Trinova’s business plan identified opportunities to significantly improve the office accommodation and common parts to increase attractiveness to occupiers who are required to be situated within walking distance of Lloyds of London. A sale price of £5.75m was achieved, reflecting £430 per sq ft and a net initial yield of 5.75%.