Centre Point was a freehold multi-let investment purchased in 2005. We gained stakeholder support for a 180,000 sq ft extension for a mix of uses. After the successful completion of extensive refurbishments to approximately 65% of the office accommodation, it was rebranded as a landmark office obtaining 100% let status for the first time since it was built in the 1960s.
Occupiers included major multinational businesses such as William Morris, MacBride plc, Aramco Saudi Arabia as well as the Confederation of British Industry. In addition, there were extensive meeting and conference facilities managed by Targetspace, a Targetfollow subsidiary, which created an environment for many businesses to flourish within the building.
We also created a superb club, entertainment and catering facility on the top floor which is currently let to the Paramount Club. Targetfollow increased the annual rent roll from £4.4m to £6.4m. It was sold as an investment and development opportunity in 2011, achieving 48% above the initial purchase price.